What is the “Internet of Things”, and what will it mean for business?

The internet of things (IoT) isn’t new, the first internet-connected toaster was unveiled at a conference in 1989.

The basic premise of IoT is simple: it’s about connecting devices over the internet, letting them talk to us, applications, and each other.

A recent report from CompTIA, “the world’s leading tech association”, sets out what it found when it surveyed 512 business and IT executives.

In their minds, the IoT is associated with “ever-greater levels of connectivity; more intelligence built into devices, objects, and systems; and a strong data and applied learning orientation.”

These views “sync-up well with the macro trends of more powerful and pervasive computing and storage, the further blurring of the physical and the virtual and the harnessing of big data for real-world functional activities.”

According to the survey, 80% of organisations have a more positive view of IoT today compared to a year ago, which “… reflects greater levels of attention and a better understanding of how the many different elements of the IoT ecosystem are starting to come together.”

How big is the IoT and how fast is it growing?

The number of connected things, from computers to household monitors to cars, is projected to grow at an annual compound rate of 23.1% between 2014 to 2020, reaching 50.1 billion things in 2020.

 What is the perceived impact of the IoT compared to other new technologies?

The IoT leads other much-discussed technologies, including robotics and artificial intelligence, as the technology that is having the most impact on the business.

What are the expected benefits from IoT and how do they relate to existing activities and operations?

The top 5 expected benefits are:

1. Cost savings from operational efficiencies
2. New/better streams of data to improve decision-making
3. Staff productivity gains
4. Better visibility/monitoring of assets throughout the organization
5. New/better customer experiences.

Are they too optimistic or too pessimistic? 57% of respondents believe their organization is very well equipped or mostly well equipped to manage the security component of IoT.

Many in the industry feel that IoT has serious security implications and tempers enthusiasm for its speedy development.

“Given the number of security unknowns with IoT,” says CompITA, “especially in areas that may be beyond the control of the operator, this confidence may be misplaced.”

Like it or not, the IoT is already with us. And it is big, and it is clever. At Utopia technology, we’re working closely with our world class vendors to make sure that our resellers and their customers are able to maximise business benefit of the IoT whilst helping reassure them that we have addressed security issues.

Read in full a survey of 512 IT and business executives by CompTIA.