Internet of Things - The next IT revolution?
People's lives have been transformed in the past by three groundbreaking innovations: the steam engine, mass production, and the internet. These three Industrial Revolutions each transformed the way we live and work.
We are well on our way into the fourth Industrial Revolution: the Internet of Things (IoT). And each of us – maybe even in ways that we don't realize – are already party of it. IoT is an IT revolution built on the billions of smart devices rapidly spreading around the world. Since coming of age between 2008 and 2009, when the number of connected objects exceeded the number of people on the planet, IoT has been changing the way businesses, governments, and consumers interact with the physical and digital world.
What is IoT?
Do you have a smart phone, a computer, and a tablet? If you do, then you have an IoT device and are part of the next revolution. But it doesn't stop there.
The Internet of Things is a network of connected objects, systems, platforms, and applications that contain embedded technology to communicate and share intelligence with each other, the external environment, and people.
But IoT goes well beyond being online and using computers and smartphones. Nowadays, your fridge could be a connected object, telling when you are low on milk and placing an order at your local grocery store for more. And your contact lenses can let your doctor know if it's time for a checkup. The improved availability and affordability of sensors, processors, and other technologies to capture and access real-time data have fueled the recent rise of the Internet of Things.
What's connected to IoT?
In a nutshell, IoT connects us to data that we can gather, analyze, distribute, and turn into information and knowledge. As connected objects spread across every industry and economic sector, previously offline businesses and processes will come online. You'll notice companies reconfiguring their entire business models, customer relationships, and organizational structures, to be part of the revolution.
What impact will IoT have?
You may already be feeling the effects that IoT is having on your day-to-day life. That's only the tip of the iceberg.
The Internet of Things is more than a technological revolution. It will impact the economy, the environment, and our society. Companies will start seeing a drop in operating costs, a rise in productivity, and the ability to break into new markets, developing new products and services. The possibilities are endless. Cities will benefit by saving energy, companies and people will improve the way they manage resources, hospitals and healthcare systems will become more efficient and provide better services, new jobs and business models will spring up, and so much more.
What are the IoT markets?
The IoT market is divided into two segments: consumer applications, such as consumer devices and smart homes, and business applications, such as manufacturing, energy, and smart cities.
You might not realize just how much you are a part of the Internet of Things. Do you wear an activity tracker like a fitness band? Have you ever connected your car to your smartphone, or to your TV? Or maybe you're extra tech savvy and have already outfitted your home with a smart, app-controlled lighting system. If so, then you're already using connected objects and tapping into the power of IoT.
For end-users, the Internet of Things means more convenience, access to richer environments and individualized experiences. IoT allows you to automate many everyday tasks, making your life simpler and more convenient. And it allows service providers to gather intelligence and customize their products and services to better suit your needs.
Which industries are using IoT?
Retail and Payment in IoT
The retail and payment industries were early adopters of IoT, using connected objects to leverage real-time transaction data, analyze consumer behavior, and create customized offers.
Have you ever noticed that the store you are in already knows you are there? And maybe even knows what you are looking for? Some companies are working with contactless in-store payment solutions for smartphones, tablets, and wearables, and introducing IoT security to make this new and convenient payment world safe and secure.
The Internet of Things is the foundation for these solutions and the omni-channel shopping experience consumers are coming to expect. Whether shopping at the store, on smartphones, or on laptops at home, consumers don't want to be limited by their location.
In the future, the Internet of Things will be the key to automatic purchasing − or programmatic commerce. That coffee machine in your office could detect when supplies are running low and automatically place an order for you. That will be the next big thing in retail, and IoT will make it happen.
Telecom in IoT
The telecom industry is also a major player in IoT. Both established mobile network operators (MNOs) and rising IoT-device start-ups are moving to capitalize on the potential of this dynamic and growing market. Connectivity standards are also now in place to accommodate the needs of this new market segment.
The next evolution of mobile data will provide a big boost to IoT in the telecom industry. You may be proudly surfing the internet with your super fancy 4G connection now, but your current speeds will soon feel like a snail's pace. Say hello to 5G.
5G technology is on its way and promises higher speeds, reduced latency, new levels of reliability, and the ability to connect even more devices − advances that will create an environment ripe for IoT deployment. This ultra-high-speed internet of the future will be more agile and better equipped for new products and services based on innovative technologies like virtual reality (VR) and artificial intelligence (AI). And there will be more data available to develop business models and create new and more personalized products. 5G will pave the way for many new IoT projects and an even larger Internet of Things.
What does the future hold for IoT?
Whether you see the Internet of Things as the next Industrial Revolution or the next IT Revolution, IoT is the wave of the future. It will transform the way all of us interact with the physical world. But the road to IoT is a long one, and there is much to be done before the technology reaches its full potential.
One of the greatest challenges will be IoT security. We'll all need a trusted Internet of Things, ensuring that all connected objects are as secure as possible. Without it, mass, worldwide adoption is all but a dream. The challenge to the business world is providing for this security and assuring us that they indeed have built and tested future-proof solutions to bring about the needed scalability and adoption. But there will be no "one size fits all" IoT security solution. The market is evolving rapidly and industry players are racing to offer their own trusted security solutions customized to customer or industry needs. One thing's for sure: It's not a matter of if, it's only a matter of when.
Industry analysts expect the number of connected devices in use for IoT to reach 50 billion (Source: Software.org: the BSA Foundation) units by 2020.
Introducing our IoT solutions
OT-Morpho offers next generation IoT security solutions to a wide wage of industry sectors to bring about a trustworthy Internet of Things. With our embedded SIM – or eSIM – technology and special secure elements, our customers get all the components they need to build trusted IoT infrastructures. And with our first-to-market, end-to-end IoT environment security solutions, they have the power to take full control of their entire IoT security chain.
Our IoT solutions alleviate security concerns so that our customers can deliver innovative and trusted IoT services to their customers around the world.
At OT-Morpho, we bring trust to IoT security so that you can bring trust to your Internet of Things.