Is IoT Changing the World for Better or Worse?

The world around us has changed, and connected technology has made the biggest difference in the past decade. Intel states that 200 billion IoT devices will be working in our homes and offices in 2020. Some examples of what connected devices are capable of include:

  • Monitoring friends in our homes while we are in office.
  • Keeping track of our daily physical activity
  • Brewing the perfect cup of coffee
  • Collecting and analyzing huge amounts of business data

We at Doynt Technologies will now explain what connected devices are capable of, and why some people 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. A smart thermostat can take off 15% from your power bill right away. Businesses too are making huge savings in manpower by automating cumbersome tasks.

Making billions of dollars

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

Making a real difference

Time is one of the most valuable resources in the world. Generally, we spend a lot of time every day attending to chores that are important yet time-consuming. IoT devices have taken the responsibility of handling such chores as cooking food, controlling temperature, and scheduling the perfect shower. By taking all the cumbersome chores out of the way, connected devices are helping us focus on things that really matter.

There is no doubt that IoT is changing the way we live and work but this doesn’t mean that connected devices have come without some 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 ones are –

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 which can be handled only by robust protection development.

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 huge amounts of data are not 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 that 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 mandatory.

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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