Technology is becoming smarter and smarter.
Daring entrepreneurs and innovative companies are creating amazing new devices every day. Many of these devices form a part of what we call the Internet of Things (Or IoT).
What is the Internet of Things?
Many devices, systems and services are being connected to the Internet.
An oven is no longer just an oven. It’s a computer that cooks. A watch is not just a watch. It’s got a CPU and comes loaded with apps. We can do more with these spectacular connected devices than we ever could in the past.
4 Things You Need To Understand About The Future of The IoT
Like any wave of technological change, the Internet of Things is going through a process of evolution.
#1 – The Number Of Practical Uses For The IoT Will Increase
The IoT will touch virtually every industry. Companies will leverage both small and large applications for it in their field.
#2 – 75% of IoT Projects Will Take Longer And Cost More Than Expected
Most projects are likely to be both ambitious and complicated. We will see many schedule extensions and budget overruns through 2018.
#3 – The IoT Will Enable A New Black Market To Arise
Fake sensor and video data will help to enable criminal activity. The market for this data is expected to exceed $5 billion USD by 2020.
#4 – Addressing IoT Security Concerns Will Become a Bigger Part of Budgets
As the IoT touches more industries, it will require more security precautions. The budget for these precautions will increase from less than 1% of IT, OT and IoT security budgets to 20%.
This Fascinating Infographic Shows How The IoT Is Evolving
Lucas Blake took data from Gartner to put together an eye-opening infographic. It shows some interesting predictions for the Internet of Things.
(Infographic Source: Lucas Blake)
Is Your Company Developing Innovative High Tech Products?
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If you’re looking for a manufacturing partner, request a quote from us. Our team of experts will be happy to answer any questions you have.