The Internet of Things can predominantly be explained as a network of physical objects capable of storing and transmitting digital information between themselves. One of the pivotal roles of IOT in the modern world can easily be perceived because 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 the Internet. Our smartphones and laptops are synced with one another, our browse histories are 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 per a recent study by Accenture, if IOT is implemented in industries, then Britain and the US will have a max profit of $531 Billion and $7.1 Trillion. IOT can 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 in IOT in the future, and how will it change our professional and personal space? In 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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Companies’ main challenge to adopting the 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 companies cannot cope with the advancement and hence fall out on the advancement. Therefore, coping 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, IOT will have extensive influence in the commercial sector in the future, 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 software and hardware advancements. 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 to make their business more secure.
IOT Analytics-: Analytics is an essential part of IOT. 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 the future.
IOT Device Management-: As we said, in the next 3 years, the world will have 5 million smart devices. Therefore, making devices that are location, context, and the state aware, and at the same time consistent with data, is a field that 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 Gartner predicted, 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 shortly. These innovations will improve the way business functions and may even change how a business works.
Open Automation Software, or OAS, has been developing solutions to implement IOT in industries and has been hugely successful. They are the frontrunners in providing solutions with business automation in various environments, which helps the industry. Contact them to know more.