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IOT – Business Transformation by 2025

 

Internet of Things connected devices installed base worldwide from 2015 to 2025

 

By 2025, International Data Corporation (IDC) estimates that worldwide data will grow to 79.4 zettabytes (ZB), generated by 41.6 billion connected IoT devices, or “things,”. To be noted that there were an estimated 22 billion internet of things (IoT) connected devices in use around the world by the end of 2018.

 

This exponential  growth in the amount of data is explained by the growth in the number of connected devices, no matter of what size they are, they are everywhere in our daily life such as smart appliances (stoves, refrigerators, washers and dryers, coffee machines, slow cookers), Smart security systems, smart locks, and smart doorbells), Smart home hubs (that control lighting, home heating and cooling, etc.), Smart assistants (like Amazon Alexa or Apple’s Siri), Fitness and health trackers, sleep trackers, and smart scales, videos surveillance cameras etc. Thus, the link between the data creation and smart devices is obvious. Data is not only being gathered by smart home and smart surveillance but also via industrial and medical IOT as well by creating an increasing demand of the IT infrastructures, therefore more and more enterprises and service providers are now looking at IoT as a powerful source to drive digital transformation and to unlock the operational efficiencies.

 

IDC forecasts that the amount of data created by these connected IOT smart devices will reach to an annual growth CAGR (Compound Annual Growth Rate) of 28.7% between 2018-2020. This data is sent directly by sensors or via gateways to centralized platforms that gather, process, store, analyse and visualize this data to create insights and improve operational efficiencies of processes. Advances in AI and real-time communication are the main cause of this exponential growth in IOT. Enterprises are extracting a maximum of advantage from the data generated by IOT for better and faster decision-making, predictive analytics and automation of workforce. These digital transformations are bringing them numerous benefits such as higher productivity, GDP growth, improved corporate performance, and new prosperity.

 

IOT is not only shaping our lives but changing the traditional legacy business at a rate of change never seen before in history. Empowered by exponential increase in AI, computing power and availability of large amount of data, machines are fast learning to become workforce of future in several areas. As machines and products have started communicating with each other without any human intervention, the real value of data is getting generated and helping business leaders in better and faster decision-making, predictive analytics and automation.

 

In addition to that, 5G will reshape IOT and smart devices by boosting the speed, coverage and responsiveness of wireless networks. According to Aleksander Poniewierski, EY Global IoT Leader and partner, “IoT cannot thrive without effective and affordable wireless connectivity, interoperability and common standards. We believe 5G has the potential to make a ground-breaking impact on the way in which future IoT ecosystems are designed, especially in the areas of scalability, latency, reliability, security and the level of individual control on connectivity parameters.”

 

As IOT adoption in enterprises will reach to 65% in 2020, a 35% increase from 2017, IT and business leaders need to consider the extent to which they can use IOT to improve ROI, market competitiveness, and brand differentiation. They must be able to build digital security around potential sensitive personal and corporate data.

 

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Age of Smart Building: Are we ready for Smart Buildings Revolution?  

 

 

We are living in a new age where innovation is attacking constructions sector. Today, many future-oriented companies are already using smart technologies in their offices and other workplaces. Also, with today’s technological evolution it’s possible deliver all the services that occupants need while making the building as efficient as possible, providing better functionality,minimizing costs and reducing the environmental impact of the building over its life.

 

A very common example of these smart buildings and connected building technologies is the use of smart thermostats. They measure the temperature in the building and turn on the heating systems as needed and control the air conditioning. There are also intelligent lighting systems that are controlled via remote maintenance and automatically adapted to the respective time of day. When a building is transformed into a smart building, one of the key attributes is to collect the data provided by the technology and use it to make smart decisions.

 

Features of Smart Buildings Benefits of Smart Buildings
Their core systems, such as, water meters, pumps, fire alarms, power, lighting etc. are all connected, and have the ability of the to talk to one another. Smart buildings leverage IoT connectivity, sensors and the cloud to remotely monitor and control a range of building systems from heating and air conditioning, to lighting and security systems.
When talking about smart the first thing that comes into our mind is the use of sensors as they play a huge role in collecting data to inform decisions about where to allocate resources. A combination of IoT solutions is used to automate access control, security systems, lighting, HVAC (Heating, Ventilation and Air Conditioning) systems and more. that’s what makes smart buildings greener, energy efficient and cost effective.
Data is gathered and analyzed constantly in real time. This ongoing monitoring allows for automated adjustments that can control conditions across an entire building.

 

 The use of sensors and cameras provides precise data on how the building is being used, which can be useful for decision making.
Smart buildings generate a large volume of valuable data about their own use, which is something that regular buildings don’t do. The savings can be made in terms of everyday spend and maintenance on equipment.

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Smart buildings make a substantial contribution to improving the living and working conditions of the respective building users. Everything, such as clocks, speakers, lights, door bells, cameras, windows, window blinds, hot water heaters, appliances, cooking utensils, are all connected and can communicate, send you information, and take your commands. These IOT gives you the ability to control items around the house, with a simple push of a button (or a voice command).

 

Smart Homes: An open invitation to hackers?

 

As listed above, the smart and connected home provides many benefits, but it also brings security concerns. As any connected device is a door between your home and the entire world, you must consider the consequences of getting hacked before walking on this path, because if a hacker manages to gain access to a smart building, it opens up a world of possibilities. Therefore, security must be carefully considered for every single Internet-enabled device, whether lighting systems or refrigerators, before these technologies are used in smart buildings.

 

If you want to enjoy the many advantages that connectivity offers in smart buildings, it is essential to fully protect and secure all networks and devices. As every one of these devices is a potential entry point for a hacker, the operators of smart buildings must manage all devices accordingly. Every software and every hardware have to import current patches to minimize vulnerabilities that could be exploited by hackers. Last but not least, a comparatively traditional method such as phishing is still extremely successful. One should know what signs point to a phishing campaign and manipulated attachments. Ultimately, it is crucial to install security measures at different levels. From network security itself to real-time monitoring. The latter allows to detect anomalies that indicate a potential cyber threat.

 

Smart Buildings have a variety of sensors, control systems, networks and applications. The underlying technologies have been introduced primarily to make buildings and workplaces more efficient, reduce costs and, not least, to improve the global environmental footprint. However, these technologies have equally ensured that the attack surface has increased significantly. As a result, security considerations for the devices in question should come first and foremost before they become part of the corporate network.

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