How IoT is Changing the World for Better & Worse?

The world around us has changed, and connected technology has made the biggest difference is past decade. Intel states that 200 billion IoT devices will be working in our homes and offices in 2020. Connected devices are already:

  • Letting friends in our homes while we are in office.
  • Keeping track of our everyday physical activity
  • Brewing the perfect cup of coffee for us
  • Collecting and analyzing huge amount of business data
  • And doing tons of other things.

But Doynt Technologies is here to tell you what connected devices are doing with their capabilities, and why some are worried by their explosive adoption:

Saving millions of dollars

Connected devices have facilitated savings worth billions but we will share the brightest example. Barcelona is saving more than $37 million every year by promoting the use of IoT driven lighting. Want personal figure? A smart thermostat can take off 15% from your power bill right away. Businesses too are making huge manpower savings by automating cumbersome tasks.

Making billions of dollars

IoT will add $10 to $15 trillion in global GDP by 2030 if believed in estmates. The connected devices have created a market that has generated millions of jobs and given rise to billion dollar companies. So, a bunch of money is to be made from the IoT boom. All you need is correct product idea, impeccable planning, and amazing software development.

Making a real difference

The reason is why time stated as the most valuable resource in the world. Every day, all of us spent time doing chores that are important but not really worthy of our time. IoT devices have taken up the responsibility to handle chores like cooking food, temperature control, and scheduling the perfect shower. By taking all the cumbersome chores out of our way, connected devices are helping us focus on things that really matter to us.

There is no debating that IoT is changing we way we live and work but this doesn’t mean connected devices have come without their share of concerns.

Challenges associated with IoT

While connected devices have simplified lives, improved productivity, and increased profits across the world, it has brought glaring challenges as well. The biggest being:

Cyber security – When plenty of devices are communicating & exchanging data, the scope of vulnerabilities automatically increases. Preventing DoS attacks and data breaches are the biggest challenges, and this can handle by robust development protection.

Privacy – From cars to your TV, everything is getting the ‘smart’ upgrade. A scary lot of data is going to be gathered by these devices, without you knowing. Cloud is the backbone of IoT and since private cloud is not the most feasible option, third parties will get involved. This raises some serious questions about privacy.

Regulation – While most of the talk around IoT is focused on security and privacy, regulation is another major issue that needs the attention of the development community & government bodies. Network protocols, communication protocols, and data aggregation standards have to be set to make sure that the scary amount of data doesn’t leak away or is handled in a questionable manner.

According to a Business Insider report, spend on IoT by businesses will reach $6 trillion by 2021. There is no denying the potential of IoT is huge, be it home, office or public spaces but the same potential gives way to a wide range of threats. So, what’s important is moving ahead with caution. For startups working on connected devices, a technology partner with deep IoT insights and security focus is must.

Have an IoT startup idea in mind or need help with software development? Connect with top developers for a free consultation session.

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