The Great Benefits and Challenges of IoT In Business

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The usage of Internet of Things (IoT) devices in business is increasing at an exponential rate. According to Gartner, the amount of global IoT connections is predicted to go up to approximately 25 billion by 2025.

Simply put, IoT covers each device connected to the internet, from wearables to industrial sensors. It is increasingly being used to define connected objects that talk to each other through sensors together with the capacity to collect data and use it in order to make business more efficient and our own lives easier.

Initially recommended as a way to improve organizational processes, IoT apparatus have quickly become a way of enhancing our personal lives as well. While this led them to gain popularity in devices such as smartphones, watches and voice assistants, they still have a strong impact in organizations.

Here, connected apparatus impact nearly every business industry, with devices such as machine learning for predictive maintenance, smart grid, sensors for shipping and logistics, automated manufacturing process, and connected HVAC (Heating, Venting, and Air Conditioning) systems among others. These give way for data collection, exchange and analysis of many more touch-points across the full set of business procedures.

Together with the addition of large quantities of data from all these components, businesses can gain actionable insights to help them better understand their workflow, drive productivity and increase efficiency — as well as ultimately transform their business strategies.

As well as streamlining existing businesses, organizations are able to think about potential new instructions, development of new products or services and expanding lines, all thanks to IoT capabilities.

Yet, with this rise in related apparatus also comes increased demand for safety. Gartner has highlighted that nearly 20% of organizations have already observed cyberattacks on IoT devices in the past 3 years.

Because of their levels of connectivity and access to business networks, IoT methods increase the potential cyberattack surface at any organization. Therefore, the most crucial consideration for organizations seeking to introduce IoT devices into their business procedures is to make sure they provide strong IoT system security.

This report assists technology suppliers, service providers, organizations and security professionals who are planning (or already implementing) IoT systems to understand the expanding IoT landscape.

It looks at the range of opportunities that IoT offers for organizations, along with the challenges these new systems present. It also provides cybersecurity recommendations for IT security professionals to follow along, to make the most of their IoT platform and protect it from potential data breaches and attacks on the whole network.

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