WiFi-enabled devices or “smart” devices are everywhere and the IoT (Internet of Things) is steadily making its way into our homes. In 2021, the world had about 10 billion active devices; it is predicted that the number of active devices will cross 25.4 billion by 2030.
Regular household devices are now communicating with one another, making our daily lives easier and less stressful. Whether it’s smartphones, wearables, or smart home products like lights, motion sensors, and doorbells, IoT adoption is going mainstream. The IoT market is expected to hit $142 billion in 2026 and data generated through these is expected to touch 73 zettabytes by 2025.
Let us look at the opportunities for IoT adoption:
- Business Opportunities: The Internet of Things offers endless opportunities for businesses. Look around and you will see many businesses that run on small margins. For them, using automation in their operations to boost efficiency can be very helpful. It will also guarantee higher profits. Easy access to big data will prove to be profitable for businesses.
- Cloud Computing: IoT and cloud computing are inextricably linked. With the big tech companies devoting their resources to data storage and helping in the growth of cloud computing, they are also building technical alliances among one another for expanding cloud services. Consumers, on their part, are benefitting from better application performances and lower network congestion.
- Connectivity: IoT devices use the web to communicate with each other; this automatically means that connectivity is one of the biggest growth areas. To guarantee mass adoption of IoT, reliability and uninterrupted connectivity must be ensured. Consumers won’t buy a device that is internet-dependent, and yet communication is continuously disrupted.
- Device Opportunities: Consider the huge number of IoT devices that are in the market today. Almost everyone is using a smartwatch or smartphone and the possibilities for innovations are limitless. Look at Tesla’s self-driven vehicles and you will know what this is all about. A few years back also these innovations were unheard of, but now, consumers are eagerly waiting for more exciting innovations to come their way.
Now, let’s look at the challenges posed by IoT:
- Security: Risks of hacks and security breaches are higher than ever as technology keeps progressing. Software developers are now faced with the tough task of coming out with the most secure apps that can withstand threats and hacks to IoT devices.
- Regulatory problems: Since the IoT industry is still in a nascent stage, there are not enough regulations or oversight. Without this, one cannot be sure that all devices are made with the right level of security and protection in mind.
- Compatibility issues: In IoT, all devices are expected to connect and interact with one another for data to get transferred. But, once again, this industry doesn’t have compatibility standards. Devices run on different standards and this causes difficulty in effective communication.
- Bandwidth problems: It goes without saying that devices that interact with each other all the time need access to a huge amount of data. This can create bandwidth problems for those using multiple devices at the same time. When you consider this with the regular demand for broadband in a home, you will realize why it can pose a challenge.
- Consumer perceptions: This is possibly the biggest challenge for the IoT industry. People have to be able to trust technology enough for it to be adopted by them.
Considering both the opportunities and challenges posed by IoT, it seems fair to conclude that the opportunities easily outweigh the challenges. The future of IoT looks rather promising and it would be a mistake not to be a part of this change.
