IoT: Are we ready for it ?

The size of IoT market will be in trillions of US Dollars, how much? That nobody knows now, everyone has its own figures about it. It is estimated that over 20 billion devices will be part of IoT by 2020. Ever since this term popped up we are hearing its tremendous benefits on society as well as on our businesses such as better management of devices, removal of human error and saving of money. Though it has many benefits, IoT introduces many technical challenges in IT world. These challenges with time have now turned into serious concerns of consumers and experts working on IoT products. So it's time to answer the most feared question about IoT "are we ready for it?".

The answer to this question is twofold. We start with Capgemini Consulting report which says, "67% of organizations have little to no infrastructure for analyzing and acting on streaming big data while 50% of US-based IT professionals report not being ready to secure an ecosystem of connected devices". IoT is all about data, we have no problem in generating and storing data. According to vcloudnews everyday 2.5 Quintillion Bytes of data is being generated and our data centers are capable enough to handle and store all such enormous data. The problem is to align this data in some structured format, so that it can be analyzed using techniques like data mining and data warehouse, by passing these filters only then data can be of any use for us. Banks and Insurance companies are able to analyze only 10 to 15% of data available at their disposal. Lack of skilled manpower for analysis of this mountain of data is another reason not to utilize this data for meaningful purpose. Even with so much data and technology, banks for risk assessment in grant of loan still have to rely mostly on user data.

IoT will make everything digital even those things that were not considered near to technology, and in digital world we are yet to achieve anything that is 100% secure and safe. With time to time techniques have been upgraded like introduction of 128-bit encryption but bad guys are also upgrading themselves. Recently in Nov 2016 Tesco Bank Uk has to pay its 9000 account holders 2.5million pounds after bank hit by an unprecedented cyber crime. With everything getting digital means we are giving hackers more and more ground to find their prey and these hackers need only one door for entering the network, while we have to secure infinite no of doors. This security is another big reason of people feared IoT based system.

Around 15 - 20% of Americans don't use internet at all, this percentage is much higher in underdeveloped countries. Means they are not the target audience of IoT products. We may say large population of world is yet not ready to use these products. Giving such consumers products like smart home security or smart banking system will result in catastrophic losses.

There are some social issue also related with connecting so many devices with internet that can gather every of your information and forward it to third party. Of course nobody wants that his health insurance company will get to know that he is eating more and more fast food, banks the info that I have cash and I still looking for loan. Your privacy will no more be a privacy. Lastly, do we really need so much automation in our life? Do we really want to be dependent on technology to an extent that it will tell us when it's time to order eggs for breakfast. Then what we will do if all of our work is to be done by technology. when we will go out and socialize with our community. This impact of IoT on social aspect is main factor why consumers are afraid of IoT solutions.

IoT is no more a fancy term, its coming sooner or later. The technologists working on these solutions should address all these vulnerabilities and social concerns  of people to make it acceptable for all walks of life.

Tags: IoT   Technology  

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