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Internet of Things (IoT): The Challenges Ahead
The Internet of Things (IoT) movement is about making common object smart. It’s about enabling ‘dumb’ objects to be able to communicate information that they’ve sensed or related to their proximity. Associated with the move to smart objects is the generation of huge masses of data being collected and which can potentially be analyzed and mined for identifying trends.
The McKinsey Global Institute predicts that IoT could add somewhere between $2.7 trillion to $6.2 trillion to the world economy annually by 2025.
Already technology vendors are reporting healthy interest in supplying chips and devices for IoT. Derek Aberle, for example, president of Qualcomm, says that Qualcomm is already generating $1 billion in annual revenues from IoT and he predicts that his company will sell more than 5 billion non-smartphone IoT devices by 2018.
But despite the great potential for IoT, the McKinsey report identifies a number of challenges:
- Data privacy and security
- Fragmented market with many niche products
- Building customer demand in a Market that is very fragmented
- Lack of consistent standards
- Too much focus on hardware rather than a complete solution, including software, security, systems integration and complete applications
- Overcoming technology issues like reducing power consumption of devices
