The Internet of Things can predominantly be explained as a network of physical objects, which is capable of storing and transmitting digital information between themselves. One of the pivotal role of IOT in the modern world can easily be perceived by the fact that, we are connected to the entire world, through the Internet. We are no longer the citizen of a specific country, but we are global citizens in the vast labyrinth of Internet. Our smartphones and laptops are synced with one another, our browse histories synced, and we are always connected to the outside world
Now, talking about devices,can be anything, from the smallest sensor to the biggest practical model of a production process. The potential of IOT in industry and economics is so wide that as a per a recent study by Accenture, if IOT is implemented in industries, then Britain and US will have a max profit of $531 Billion and $7.1 Trillion. IOT can not only change the way we work, but it will completely change the global paradigm of how we live.
Now, we know about the application of IOT in the modern-day scenario, but what about the future? What are the necessary changes that will come in IOT, in the future, and how will it change our professional and personal space? Standing at the modern-day scenario, we already have smartphones and connected devices which is greater than that of the global population. By 2020, this number will be doubled, and about 5 billion people would be connected with another 50 billion things.
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The main challenge for companies to adopt Internet of Technology is, the lack of skills in adopting the skillset to implement IOT. Since, IOT demands the introduction of a whole set of new technology and skillset, most of the companies cannot cope up with the advancement, and hence fall out on the advancement. Therefore, coping up with the change to implement the IOT, and then managing the risks coming with the implementation is the primary challenge that the companies will face in the future.
But, saying this, in the future, IOT will have extensive influence in the commercial sector, affecting risk management and business strategy as a whole.
Gartner, an American Research and Advisory firm, produced the following list of top IOT technologies for 2017 and 2018.
IOT Security-: IOT security will become a fast-evolving area, with the advancements in the software and the hardware. The skill shortages will also decrease in the coming years. Today, in the industry, most of the security problems are due to poor design, and the lack of training, and it would be interesting to see how the leaders adopt IOT in order to make their business more secure.
IOT Analytics-: Analytics is a very important part of IOT, and with the advent of new machine learning algorithms, the analytics and prediction from the real-time data values will only improve. So, IOT analytics would also improve the functioning of a business in future.
IOT Device Management-: As we said, in the next 3 years, the world will have 5 million smart devices. Therefore, making devices which are location, context and state aware, and at the same time consistent with data, is a field which will obviously see a lot of improvements in the future.
Low Power IOT Networks-: Low power and short range IOT infused networks, will take the world by 2025, as predicted by Gartner, since, it will be far more efficient than traditional wide area networks.
Besides this, IOT Operating Systems, IOT Processors, IOT Ecosystems and Standards and IOT platforms will see a lot of innovation in the near future. These innovations will improve the way, a business functions, and may even change the paradigm of how a business works.
Open Automation Software or OAS, has been developing solutions to implement IOT in industries and has been hugely successful in it. They are the frontrunners in providing solutions with business automation in various environments, which is helping the industry in a large way. Contact them to know more.