The Internet of Things (IoT) refers to the ever-growing network of physical objects that feature an IP address for internet connectivity, and the communication that occurs between these objects and other Internet-enabled devices and systems (Stroud, n.d.). The concept of IoT deals with bringing devices on to the network that weren’t traditionally intended to be used as network devices. A recent study conducted by Business Insider suggests there will be 34 billion devices connected to the internet by 2020, up from 10 billion in 2015. IoT devices will account for 24 billion, while traditional computing devices (e.g. smartphones, tablets, smartwatches, etc.) will comprise 10 billion (Greenough, 2016).
The rapid growth of IoT devices on the network will likely bring up issues pertaining to spectrum capacity and bandwidth in general. With a rapid increase in devices being put on the network comes the potential for some great opportunity and the potential for chaos.
Opportunity presents itself through connecting devices and gathering data on information in order to better serve the people and businesses. Opportunity also presents itself in the form of investment, investing in the right companies now can pay off big time in the future if IoT takes off like analysts are predicting. It is all a matter of betting on the right companies.
Some chaos can be associated with too many devices bogging down the network or potentially shutting it down overall due to a massive increase in data traffic. Another potential risk presents itself in the form of security. With so many additional devices on a network, it allows for more access points into someone’s private network. Many potential IoT devices such as coffee pots and baby monitors will not contain the highest of security and data encryption making them more vulnerable and susceptible to hackers or other threats.
More information pertaining to the future of IoT and the topic overall can be found at the following links:
Greenough, J. (2016, July 18). The Internet of Things: Market Size, Share & Growth Forecasts – Business Insider. Retrieved from http://www.businessinsider.com/how-the-internet-of- things-market-will-grow-2014-10
Stroud, F. (n.d.). What Is Internet of Things (IoT)? Webopedia Definition. Retrieved from http://www.webopedia.com/TERM/I/internet_of_things.html