It’s easy to get caught up in the noise around IoT. Knowing fact from fiction on how IoT works can go a long way toward helping you better assess the needs of your customers and develop IoT strategies and approaches to generate additional revenue streams.
While most IoT misconceptions can easily be debunked with a little research, there are a few persistent myths worth noting.
IoT myth #1: IoT is strictly a consumer play
Although the IoT concept has been around in various stages for decades, what’s new is the popularity of the technologies for things like smart homes and other consumer-focused applications.
The global consumer IoT market is expected to rise from around $47.5 billion in 2018 to an estimated $172.3 billion by 2026, an annual growth rate of more than 17%, according to Data Bridge Market Research. Such heady numbers have put a lot of IoT focus on the consumer space, where the growing number of internet users and increased adoption of connected devices continue to fuel much growth.
However, there are plenty of IoT opportunities for businesses to go after—especially when considering long-term cost reductions. Like their consumer counterparts, many businesses in industries ranging from healthcare to retail are investing heavily in IoT. In fact, according to Zebra Technologies’ Intelligent Enterprise Index, the average investment in IoT for an enterprise is $4.6 million
The opportunity in B2B IoT is there for those solution providers willing and able to address the desires of businesses to leverage the technology to reduce costs, improve organizational efficiency and boost revenue.
IoT myth #2: IoT is just about the devices
By year 2025, there will be more than 75 billion IoT devices worldwide
the number itself is staggering, it shouldn’t be the focus when developing, implementing and assessing IoT strategies and best practices for business customers.
The same goes for data collected by connected devices. Even though Cisco estimates that IoT generated more than 500 zettabytes per year in data
by the end of 2019, the value isn’t in data collection alone.
The true value of the Internet of Things resides in the ability to analyze all the data generated by connected devices and sensors deployed in the field. Raw data must be processed into real-time insights. Selecting the right applications to process the collected data is where IT solution providers play an essential role in delivering IoT business value to customers.
Partners who truly understand the goals of their clients can assist in choosing optimal, full-featured IoT solutions that embrace the entire device, data and analytics lifecycle as part of a digital transformation initiative.
IoT myth #3: IoT is inherently insecure
Cybercriminals do like to target IoT devices. One study by Cyxtera threat researcher Martin Ochoa and researchers from the Singapore University of Technology and Design revealed the persistent nature of attacks on IoT devices
, detailing more than 150 million connection attempts to 4,642 distinct IP addresses over the course of 15 months.
But while attacks on IoT devices may be common, industry leaders continue to do a strong job addressing vulnerabilities and reducing risk. All of the major players—household names like IBM, Cisco, Infineon, Symantec and Fortinet—have taken bold, holistic approaches to IoT security.
As a result, the global IoT security market is expected to grow from $8.2 billion in 2018 to $32.2 billion by 2023, according to a report published by MarketsandMarkets.
The fact is, IoT systems are as safe as users and service providers make them. Overcoming misconceptions and evangelizing to users about the security capabilities in an IoT environment can lead to opportunities for partners able to deliver risk mitigation solutions for devices, networks and data stores.
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