IoT Job Statistics

IoT Job Statistics

The Internet of Things (IoT) has the potential to bring the next industrial revolution, transform society and establish a new ecosystem to serve not just humans but humanity. In an IoT-enabled world, people will receive uniquely personalised services on demand, while societies will benefit from optimised resource use with minimal impact on the environment.

Interactions between humans and machines are on the verge of a radical shift with the potential to unlock immense possibilities facilitated through the concept known as the IoT. With simultaneous advances in technologies such as artificial intelligence (AI) and machine learning, these conversations can enable devices to anticipate, react, respond and enhance the physical world.

The IoT is well-poised to usher in the next technological revolution since the time of the Internet. It has been drawing more and more attention as the world turns increasingly digital. There is no doubt about the value the IoT has unlocked so far and its potential to change lives.

As the world gets increasingly connected, the global IoT spending is set to increase significantly over the coming years. Though there are still nagging security concerns with the IoT—that are yet to be addressed—a study by Cradlepoint (industry leader in cloud-delivered 4G LTE network solutions for businesses, service providers and government organisations) reveals that close to 70 per cent organisations have adopted, or plan to adopt, IoT solutions within the next year. Gartner forecasts 20.8 billion connected devices by 2020. Bain predicts the combined markets of the IoT will grow to about US$ 520 billion in 2021, more than double the US$ 235 billion spent in 2017.

Consumer applications of the IoT

While organisations expect the IoT to increase automation and therefore improve productivity, consumers expect it to improve the overall quality of life. A research conducted by Tata Communications, presented, showcases consumer expectations from the IoT.

The perception of the common people regarding the IoT is limited. A large number (~35 per cent) of people from the same survey mentioned above relate the IoT with only smartphones. Although this is not incorrect, the IoT is much more than just phones. Only ~14 per cent of all people surveyed mentioned all connected devices.

Although most of the current developments in the IoT are focussed on industrial opportunities, there has been traction in the consumer space, too. The IoT applications for consumers are opening new and intimate entertainment experiences. Shifting consumer preferences towards smart sensors, wearables and clustered systems, like fitness trackers or smart homes, are triggering growth in the consumer application of the IoT.

Smartphone applications that can lock doors, reset thermostats and more already exist. Firms are coming up with ways of cooking that can be done and monitored from the comfort of the living room sofa through the smartphone. Increasing sophistication of sensors makes it possible for devices to understand consumers at unprecedented levels.

Public sector applications of the IoT

The IoT has significant applications in the public sector as well. In India, the government’s push for smart cities is expected to be a key enabler for IoT adoption across manyof the areas of Public Transportation, Public Bikes, Tourism, Industry, Water Supply etc.

Challenges to be addressed

Even though the IoT is creating, and will likely continue to create, immense opportunities for both industry and consumers, it is not without its share of risks.

As is common when anything new comes onto the stage, legislators across the world are looking for ways to incorporate new regulatory frameworks to plug relevant holes of the IoT and ensure its smooth functioning. To realize the full potential of the IoT, businesses and governments need to work together to overcome the impediments that lay in its path.

Cyber security has already gained notoriety across the world due to increased incidents of cyber-attacks, espionage and data breaches. With the number of connected devices increasing and virtual and physical worlds seamlessly integrating, present security measures will no longer remain adequate. Organisations will require enhanced security frameworks from device-level authentication and application security to system-wide assurance, resiliency and incidence response models.

Another critical hurdle is the lack of interoperability among existing systems, which will significantly increase the complexity and costs of IoT deployments. Present-day technologies work largely in silos. However, in the future, a full-functional digital ecosystem will require seamless data sharing between machines and other physical systems from different manufacturers.