The Internet of Things (IoT) has been growing steadily in recent years. In the last five years, consumer spending on IoT solutions has skyrocketed and continues to rise. Despite its mounting popularity, there are still many misconceptions that remain around what the benefits are and how best to implement these new technologies. Consequently, focusing on these misconceptions can lead your business to miss out on discovering the true innovation of IoT.

Since its emergence back in 1999, the Internet of Things (IoT) has steadily gathered momentum and recognition. Today, you can thank the IoT infrastructure for bridging the gap between both our physical and digital worlds. Internet-connected devices have become a significant part of the mainstream electronics culture with more individuals choosing to integrate smart technology into their homes and businesses than ever before.

Have you ever wondered whether sci-fi movies inspire new technology or reality happens to be portrayed in movies slightly ahead of time? There are massive digital transformations that we see around our personal lives, as well as businesses have become intertwined with the Internet of Things (IoT). From smart homes, driverless cars and auto-calibrated stoplights, to app-based alerts for shopping, social interaction and professional requirements, gadgets and appliances have made our lives easy, intelligent and efficient. Virtually every device that we use hooks up to the internet through sensors, electronics, software, actuators or other embedded items that enable non-stop connection, collection or exchange of data and information.   

Increased Connectivity Can Potentially Mean an Increased Risk of Attack

In 2013, there were approximately 9.9 million objects and/or devices connected to the Internet of Things (IoT), and by the year 2020, that figure is expected to jump astronomically. According to the Spark Labs Global Ventures’ Internet of Things & Hardware Industry Report 2016, Verizon predicts that the number of B2B IoT connections will increase to 5.4 billion by 2020. According to Gartner, the overall number is predicted to be 20.8 billion by 2020. Virtually all the devices which we use around the home and in the work place to make life easier will be connected to the Internet, which will present some amazing opportunities for innovation and enhanced usability. On the other hand, it will also provide a plethora of targets for hacking by the criminal-minded, and open up a whole new area of risk for security systems.