Internet of things (iot)

What NEEDS TO be done?

• Consumer education
• Product reviews and comparisons
• Vulnerability disclosure and vulnerability markets
• Self-certification and voluntary codes of practice
• Trust marks and labels like Internet Society’s Online Trust Alliance (OTA) IoT Trust Framework
• Government initiatives
• Mandated security requirements
• Mandated certification
• Liability reform
• Etc.
• No intervention!?

The future of iot

• Bain & Company expects annual IoT revenue of hardware and software to exceed $450 billion by 2020.
• McKinsey & Company estimates IoT will have an $11.1 trillion impact by 2025.
• IHS Markit believes the number of connected IoT devices will increase 12% annually to reach 125 billion in 2030.
• Gartner assesses that 20.8 billion connected things will be in use by 2020, with total spend on IoT devices and services to reach $3.7 trillion in 2021.
• By 2023, the average CIO will be responsible for more than three times as many endpoints as this year – Gartner
• Garter forecasts that worldwide IoT Security Spending will be 3.11 billion by 2021 largely driven by regulatory compliance.
• Great improvements in the security of IoT devices driven by manufacturers’ own initiatives as well users’ demand for better secure devices.
• Global manufacturers will use analytics data recorded from connected devices to analyze processes and identify optimization possibilities, according to IDC and SAP.
• Business Insider forecasts that by 2020, 75 percent of new cars will come with built-in IoT connectivity. 

References

• https://internetofthingsagenda.techtarget.com
• https://www.forbes.com/sites/jacobmorgan/2014/05/13/simple-explanation-internet-things-that-anyone-can-understand/#ef2433f1d091
• https://www.gartner.com/en/newsroom/press-releases/2018-11-07-gartner-identifies-top-10-strategic-iot-technologies-and-trends
• https://www.gartner.com/en/newsroom/press-releases/2018-03-21-gartner-says-worldwide-iot-security-spending-will-reach-1-point-5-billion-in-2018
• https://www.makeuseof.com/tag/internet-things-10-useful-products-must-try-2016/
• “Internet of Things Research Study”, http://www8.hp.com/us/en/hp-news/press-release.html?id=1909050 [Hewlett Packard (2015)]
• https://security.radware.com/ddos-threats-attacks/threat-advisories-attack-reports/iot-devices-threat-spreading/
• https://www2.deloitte.com/ng/en/pages/technology-media-and-telecommunications/articles/global-mobile-consumer-survey.html
• https://www.newgenapps.com/blog/8-uses-applications-and-benefits-of-industrial-iot-in-manufacturing
• https://cdn2.hubspot.net/hubfs/202339/Industry%2040%20eBook.pdf
• https://www.iotforall.com/iot-applications-in-agriculture/

End

Thanks for listening