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The central idea of Internet of Things (IoT) is to connect each and every device through the internet to achieve things-things, people-things, people-people connection with the help of software, network connectivity, sensors, and actuators.

Internet of things Global Standard Initiative defines it as “as a global infrastructure for the information society, enabling advanced services by interconnecting (physical and virtual) things based on existing and evolving interoperable information and communication technologies.” Research firm Gartner for 2017 and beyond states an estimate that by 2020 there will be as many as 20.8 billion devices connected to the internet and hardware spending on IoT would amount more than 3 trillion dollars.

Importance of IoT

Today, the idea of IoT is being adopted widely in almost all the sectors, since it revolutionizes relationships with people as well as surroundings. The networking is helping to create myriad of innovative instruments since the market for IoT devices and services are expected to grow into a multi-trillion dollar industry in the near future. It has emerged as an important field, attracting prospective high-end investors and value of the market in future will rise on both the consumer’s end as well as on the investor’s end. The IoT will make our lives easier, and hassle free; also the interconnectivity between people can increase and times spend on doing things manually will be saved. Resources and infrastructures can be used to their maximum potential while diverting the manual attention towards the important matter. It helps to create smarter cities, homes, devices; improves healthcare systems; and develops other important sectors and industries. Data generated from IoT facilitates services, based on the needs of a specific individual.

Uncertainties Regarding IoT

  • Security: It’s the major concerns regarding IoT, since more devices are added to the internet, further opening a greater possibility for a cyber attack.
     
  • Data Privacy: it is concerned regarding the fact as to who owns, views, and uses the data generated by us. It has emerged as a major concern among different nations as multitudes of people are demanding transparency of regulations from the cloud providers and big data accumulating companies.
     
  • Fragmentation: There is no specific and unified standard to maintain and conduct the internet of things. There are various solutions and each company, configuration or network use a different set of standards, thus, there is no unity across the networking.

Trends

  • The relationship between IoT, Containers and Artificial Intelligence: IoT is creating an internetwork between devices and people. It is generating mass data that are becoming part of the cloud and is being analyzed by various applications to create a report. Thus, the demand for such applications is on the rise and more of these applications are being created through containers, which provide suitable deployment environment. Machine learning clouds and artificial intelligence is being used to mine big data accumulations.
     
  • Business prospect: Due to the new digital revolution, IoT has gained a considerable momentum in the path of innovation. New innovative ideas are constantly being created and implemented. Thus at the moment, it is a field being heavily invested on, with more businesses are coming up with new solutions that is attracting investors as well as talents. New prospects in the smart marketers are about to follow where the cost of devices will be shared with the consumer and one way to achieve it is to bundle services with products.

 

 

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