Are We Prepared for the IoT?

Gartner Says By 2020, More Than Half of Major New Business Processes and Systems Will Incorporate Some Element of the Internet of Things

More than half of major new business processes and systems will incorporate some element of the Internet of Things (IoT) by 2020, according to Gartner. The impact of the IoT on consumers’ lives and corporate business models is rapidly increasing as the cost of “instrumenting” physical things with sensors and connecting them to other things — devices, systems and people — continues to drop.

W. Roy Schulte, Vice President and Distinguished Analyst at Gartner says,”The IoT is relevant in virtually every industry, although not in every application. There will be no purely ‘IoT applications.’ Rather, there will be many applications that leverage the IoT in some small or large aspect of their work.”

Predicting the future of IoT, Gartner says that, through 2018, 75 percent of IoT projects will take up to twice as long as planned. “Product-centered enterprises will be the worst affected,” said Alfonso Velosa, Research VP at Gartner. Gartner also predicts that by 2020, a black market exceeding $5 billion will exist to sell fake sensor and video data for enabling criminal activity and protecting personal privacy and by 2020, addressing compromises in IoT security will have increased security costs to 20 percent of annual security budgets, from less than one percent in 2015.