The way in which the businesses, governments and the consumers interact with the world is undergoing a major change. This change is not small in nature but revolutionary in the kind of disruption it is going to bring about.
With the advent of IoT, the dream for a connected world seemsnot too far. IoT has been deemed as the next industrial revolution.The way in which the businesses, governments and the consumers interact with the world is undergoing a major change. This change is not small in nature but revolutionary in the kind of disruption it is going to bring about. This could definitely be the next industrial revolution.
According to a forecast, the IoT market is expected to grow from USD 157.05 Billion in 2016 to a whopping USD 661.74 billion by 2021, at a CAGR of 33.3% on a global scale. First of all we have to look at the advent of smart mobiles. That was the point which radically changed the way people used to connect with each other. Once people got connected the next step was to connect the products and the machines, and thus things were set in motion. The benefits that IoT will bring about will be in terms of operational cost which will be lowered along with the increase in productivity. It will also expand IT to new markets and create a new product offering. These basic factors have helped and given a momentum to IoT.
With smart objects steering us through our daily activities, IoT has huge impact on our daily lives.
First of all, let’s not look at IoT as ‘Internet of Things’ but rather look at it as the ‘Innovation of Things’. When we talk about innovation, it is going to impact everything that we do in our daily lives. For example, to get up in morning I have a smart watch which automatically aligns with my sleeping habits and also messages to my cook for healthy food. So right from the time I wake up till I go back to sleep there are a wide array of other devices in between. With connected cars, connected factories and connected offices, we see that there exists a complete ecosystem. This will impact the health care sector as doctors will now be able to know your health as and when things are happening to you. It is reshaping your workplaces where now you know how much production is happening with the information coming directly from sensors.
Despite the overwhelming growth of IoT market, CIOs have expressed security concerns. A malicious command and the software could lead to major malfunction affecting businesses and our personal lives too. After the industrial revolution in India in 1990, the awareness about IT security came about in late 1990s. At that time security was still evolving. IT was limited to more automation aspects, and businesses preferred an IT security document and framework for implementing security standards. With IoT coming in, it has a huge impact on the core regular operations, personal health etc. As I said, it is a part of your ecosystem. So the major challenge would be to have security channels around IoT. Therefore it is very important for organizations to have a robust IT security policy. This has to be an evolving policy that should to be updated with relevant changes.
A major challenge faced for IOT adaptation is standardization which has not happened around sensors. Once you talk about IoT, it is all about sensors. So standardization of sensors with your own protocol has still not happened. The second part is the cost of sensors. Lastly, the third part is LAS file connectivity. It is all dependent on how robust your LAS file connectivity is. If you are talking about bringing IoT towards rural market it is very important to have robust back end connectivity for IoT to really give the expected results.
Major challenge is information privacy and the second is security. The third is the robustness of Las file connectivity because if you are looking to push data to cloud from the IoT devices, you require a very robust Las File connectivity. These are the three basic challenges which I see.
I think it is important for manufacturing industry, software industry and industry bodies like NASSCOM and FICCI to work together and not in isolation. Earlier the world was not connected and IT worked in its own way. But now IT is a business and IoT is a business of businesses. It is very important that these bodies work together and come up with a nationwide policy which could be a part of Digital India as well. We need an IoT policy where we have the entire framework lined up. This will impact the cyber laws as well. That is why we should look at an angle which is generally ignored by the people. IoT is not simply about putting in a sensor and connecting it. It depends on how the country is geared up, what kind of laws you have, how aware is the public. Whenever you talk about an industrial revolution, you require a framework policy from the top.
Let us wait for exciting future to unfold in front of us and we are lucky to be part of this innovative journey.
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