Manufacturing is increasingly turning to next-generation networks to propel their businesses. After years of hype and steady uptake, Internet of Things (IoT) technology is all set to become a part of mainstream adoption. Right from industrial goods, retail, utilities, healthcare, agriculture, logistics to aviation, startups are offering IoT-enabled solutions ranging from connected cars, automated home, medical IoT, wearable technology to smart cities. Innovation in IoT is entering into a stabilization phase, as evident by the decline in new patent applications and venture capital (VC) deals activity but its adoption is increasing as corroborated by increase in hiring activity and corporate filing mentions with more companies mentioning their IOT related initiatives. GlobalData’s recent report, Future Internet of Things (IoT) Unicorns reveals that in Q2 2021, the IoT industry reported investment in excess of $6.4bn spanning 268 deals globally.
The rapid increase in IoT deployments over the last few years highlights the considerable progress global industry has made to overcome some of the world’s most challenging forces. During the period, Asia-Pacific accounted for nearly half of the overall VC deal volume, followed by North America (primarily the US) with 34%. When it comes to social media discussions, ‘IoT’ and its use cases in autonomous driving, cellular IoT, port operations and education are increasingly being mentioned by social media influencers. In the post-COVID-19 era, several organizations considered digitalization as their top priority, and saw IoT as one of the enablers. Fuelled by this digital transformation wave, the demand for new IoT applications will continue to increase in 2021 and beyond led by its applications in industries, connected cars, automated home, smart offices, medical devices, remote asset monitoring, drones, and location tracking services. Driven by this underlying demand, the IoT market is expected to reach $1 trilli.
Manufacturing is increasingly turning to next-generation networks to propel their businesses. After years of hype and steady uptake, Internet of Things (IoT) technology is all set to become a part of mainstream adoption. Right from industrial goods, retail, utilities, healthcare, agriculture, logistics to aviation, startups are offering IoT-enabled solutions ranging from connected cars, automated home, medical IoT, wearable technology to smart cities. Innovation in IoT is entering into a stabilization phase, as evident by the decline in new patent applications and venture capital (VC) deals activity but its adoption is increasing as corroborated by increase in hiring activity and corporate filing mentions with more companies mentioning their IOT related initiatives. GlobalData’s recent report, Future Internet of Things (IoT) Unicorns reveals that in Q2 2021, the IoT industry reported investment in excess of $6.4bn spanning 268 deals globally.
The rapid increase in IoT deployments over the last few years highlights the considerable progress global industry has made to overcome some of the world’s most challenging forces. During the period, Asia-Pacific accounted for nearly half of the overall VC deal volume, followed by North America (primarily the US) with 34%. When it comes to social media discussions, ‘IoT’ and its use cases in autonomous driving, cellular IoT, port operations and education are increasingly being mentioned by social media influencers. In the post-COVID-19 era, several organizations considered digitalization as their top priority, and saw IoT as one of the enablers. Fuelled by this digital transformation wave, the demand for new IoT applications will continue to increase in 2021 and beyond led by its applications in industries, connected cars, automated home, smart offices, medical devices, remote asset monitoring, drones, and location tracking services. Driven by this underlying demand, the IoT market is expected to reach $1 trilli
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IoT technology has changed the game for healthcare providers seeking to reduce costs and improve delivery of patient care. The advances are promising, and the medical IoT market is set to explode. At the same time, there is a growing threat to the healthcare sector to come under cyber-attacks, with the implementation of IoT. These are usually connected with medical devices like MRI and X-ray equipment, typically obtained from third-party sources. Since these medical devices aren’t built with security as a priority, they are vulnerable to cyber attacks that try to access their sensitive data. Healthcare institutions are targeted by cyber attackers for many reasons. One is that they safeguard and hold large amounts of sensitive data, including intellectual property such as vaccine research. They also contain identifiable information like medical and insurance details to be sold on the black market. In recent years, India has seen IoT adoption in education, governance, and financial services. The technology has also enabled doctors to see and interact with patients in remote telemedicine centers – with the case history and medical data automatically transmitted to the doctor for analysis.
India has an acute shortage of doctors which impacts both the quality and reach of healthcare services in rural and urban centers. A report says, a digital platform powered by advanced digital technologies can enable continuous remote patient monitoring and reporting, allowing hospitals to extend care to more people, and reduce the burden on healthcare infrastructure. However, most of these IoT devices are hackable, and introduce cybersecurity risks that could negatively impact patient care and the bottom line. Hence, the need for operational technology (OT) security is changing as more and more of these environments are being connected to enterprise networks and exposed to threats on the internet. While this online connection makes data gathering and remote management of the
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Shri Syam Madanapalli at SIITF-2015
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IoT Industry to touch $1 Trillion
The global IoT market will grow from worth $622 billion in 2020 to $1.077 trillion by 2024, with a CAGR of 13% over the period, according to GlobalData. The figure comes with the increasing development of wireless networking technologies, rise in cloud platform adoption, miniaturization, and the emergence of advanced data analytics are the factors that are driving the global IoT market. The other factors that are propelling the growth of the market include advancement in data analytics, computing economies, and demand from varied domains including manufacturing, automotive, energy, and others. IoT brings different physical objects to be linked by a common network. The IoT market is split into various major segments such as analytics, security, cloud, mobile technologies, and platforms. integration, automation, and cloud computing are major driving forces behind the IoT market. The issues such as Security and Privacy are restraining the market growth.
Further, the IoT technology also assists in connecting various devices to provide ease in the operation and sharing of data amongst themselves. The IoT market caters to every sector from retail, energy, healthcare, infrastructure, and so on. Smart homes, wearable's, and smart cities are the most effective and high-growth applications in the IoT market. Smart devices connected to the internet enable unified connectivity with people, things, and networks. These seamless network connections create an efficient and customized user experience for both end-users and manufacturers. End-to-end security of IoT is critical for both device and network connection. However, today’s IoT systems lack three critical features: Firstly, unstructured and fragmented security regulations are major roadblocks to broader IoT adoption: be it in consumer or enterprise IoT.
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Global IT spending is projected to climb by 5.1% to $4.6 trillion in 2023, according to Gartner, driven by a 11.3% increase in investments in cloud applications to $879.62 billion. This growth comes as an opportunity for the hackers to attack, these are evolving from those that shut down computers or stole data, to include those that could more directly wreak havoc on everyday life.
IoT devices are a key entry point for many attacks, according to Microsoft’s Digital Defense Report 2022. “While the security of IT hardware and software has strengthened in recent years, the security of Internet of Things has not kept pace,” according to a report.
The dark web's criminal minds see the Internet of Things as the next big hacking prize. Due to the rapid proliferation of Internet of Things devices. Cybersecurity experts say 2022 may have marked an inflection point due to the rapid proliferation of IoT devices.
There are now an estimated 17 billion IoT devices in the world, from printers to garage door openers, each one packed with software (some of it open-source software) that can be easily hacked. Cars and medical devices are critical to everyday life, and vulnerable entry points for hackers.
Last year, it was ransomware, as criminal hacking groups figured out how to shut down servers through what’s called directed denial of service attacks. But 2022, say experts, may have marked an inflection point due to the rapid proliferation of IoT devices.
Finally, IoT devices can be the entry points for attacks on parts of countries’ critical infrastructure, like electrical grids or pipelines, or they can be the specific targets of criminals, as in the case of cars or medical devices that contain software.
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India got 23 new unicorns this year #shortsvideo
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India is home to one of the world's largest start-up eco systems with several unicorns.
India offers what innovators & investors need. I invite the world to invest in India based on the five pillars:
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India is home to one of the world's largest start-up eco systems with several unicorns: PM Modi
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Several Indian Start Ups & unicorns are becoming the image of the nation. 7-8 years ago, India had just 3-4 unicorns. Today, there are nearly 60 unicorns in India!
Out of these 60, 21 of them have been developed in the last few months: PM
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21 unicorns in India have developed in the last few months: PM Modi
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