IoT – the trillion-pound industry
The Internet of Things (IoT) is a term used to describe the connectivity of devices.
With the growth and development in technology and the internet, the IoT is expected to be worth more than a trillion pounds in the next two years!
It’s no longer just about personal devices such as laptops, tablets, and smartphones. Thanks to the IoT, we now have the ability to make our offices ‘smart’. By connecting ventilation, heating, air conditioning, security and other network systems. The infrastructure that it creates enables users to collect data and manage the services and requirements of each business. Therefore increasing efficiency, improving how space is used, health and safety and providing environmental benefits.
What may have seemed like something only witnessed in Hollywood films, is now becoming a reality. As a result, our world and the technology within it is connecting, monitoring and optimising at a rapid rate.
Here are the top five things and trends that we see in the IoT world over the next five years.
Data Protection is a must if wanting to exploit IoT
New EU General Data Protection regulations come into force on Friday, May 25th 2018
Sanctions and obligations will force companies to make changes to organisational and technical infrastructure. Companies will need to invest in their privacy compliance. Or risk having to destroy data that doesn’t comply with the new regulations.
Businesses will become connected
Our research shows that companies under utilise their space by 30-40 per cent. This not only wastes money on property costs, but can also use up more energy. Our solutions can help to connect room-booking, desk-booking, visitor management, and catering. One seamless solution – allowing businesses to keep a track on everything with our detailed analytics.
More cities will become “smart”
According to Norton Anti-Virus, consumers won’t be the only ones using IoT devices. Cities are always trying to become more efficient and save both time and money. By adopting “smart” technologies, they will be able to automate, remotely manage, and collect data through visitor kiosks, video camera surveillance systems, bike rental stations, and even taxis.
It will revolutionise the banking sector
Traditional banks, who have been successful for the last few centuries, are now struggling to meet the growing demands of the “technology led” generation. More and more Fin-Tech “disruptor” banks are surfacing. So it’ll be an interesting few years in the financial services world, as we see whether these new types of banks survive.
Security will be key!
The downside of connecting all of our devices via IoT is that we leave ourselves vulnerable to hacking. However, blockchain might be the key to ensure this security.
One of the main strengths of the blockchain is its high level of security. Therefore it may become a major resource for IoT technologies; helping to create a higher level of trust around these technologies.