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10 Things you need to know about Internet of Things
What is IoT?
A global network of connected people & devices. The phrase “Internet of Things” was coined in 1999 by Kevin Ashton. The concept is to connect all devices to the internet so that they will be able to communicate with each other.
Is it enabled by?
It can be enabled by decreasing technology cost, sensor, connectivity, APIs & more. With only 0.6% of things connected to the internet at present.
What devices are involved?
The first appliance connected to the internet was coke vending machine. Below are the more devices which are connected to IoT.
- Parking Spaces
- Pace Maker
- Kitchen Appliances
- Wearable Devices
- Jet Engines
- Cars Lights
- Medical Devices
- Home Security Systems
- Anything that has an On & Off button
What are ways to connect?
- Human to Human
- Human to Device
- Device to Device
What industries will be impacted?
Virtually all including manufacturing, Retail, Transportation & Logistics, Healthcare, Energy, Agriculture, Financial. The market potential for IoT has been projected at over 1.7 trillion annually. However, the risk of the connected devices hacked remains the same.
What are the business challenges?
- Enabling customer privacy & property rights
- Managing Vast amounts of data
- Over-reliance on technology
- Meeting customer needs & expectation
What are the business opportunities in IoT?
- Improved customers & customer personalization
- Improved & accelerated process optimisation
- Address real-time need, threats & opportunities
- More effective forecasting
2017 Industrial Internet of Things Security Survey
51% – Don’t feel prepared security attacks that leverage insecure IoT Device
64% – Already recognize the need to protect against IoT attacks
90% – Expect IoT Deployment to rise
96% – Expect to see in increase in security attacks on IoT in 2017
What will IoT Do?
- Over 80% of IT experts believe that IoT will be beneficial to the world
- IoT will enhance data exchange & living standards
- IoT promises a high level of efficiency & will reduce costs in our homes, workplaces & cities
- Nearly 24 million cars will have access to the internet by 2018.