IoT has been touted as the next Industrial Revolution or the Next Internet as the wide range of devices, software, hardware and application shaping the Internet of Things ensures that these devices are termed as ‘smart.’ Gartner predicts that by the year 2020, there would be 20 billion smart devices. IoT’s potential is widely regarded as a major breakthrough in the digital technology space as many global organizations are capitalizing on IoT’s capabilities. Nearly 6 trillion dollars are being invested in IoT devices today as many organizations are adopting IoT based solutions to drive productivity, expanding to new markets and to lower operating costs. Utilizing the embedded technology to communicate is made possible with the internet connectivity from devices like smartphones, laptops, tablets, and other new smart devices.
The applications of the Internet of Things are prevalent in a plethora of sectors like healthcare, bank, infrastructure, and many other fields. Irrespective of the potential of IoT, all the sectors face a common issue –– security. Security is a major drawback for consumers as there are incessant reports of hackers and spammers intercepting data from these connected devices thus making it extremely vulnerable to scams and misuse of private information.
IoT security is critical in every industry as organizations are taking measures to protect sensitive data through security platforms and encryption. At the rate the volume of digital data is growing, securing it will become ever more pivotal for organizations. Since the internet of things is still an area under exploration, it is exciting to see the impact it has on the digital technology space.