Analyst house Gartner has argued that over 50% major new business processes and systems will make use of some element of the IoT by 2020.
Adoption of the IoT among consumers and enterprises is set to see a sharp rise as the cost of hardware and the process of connecting it continues to decline. W. Roy Schulte, vice president and distinguished analyst at Gartner, said: “Uses of the IoT that were previously impractical will increasingly become practical. The IoT is relevant in virtually every industry, although not in every application.”
He added: “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. As a result, business analysts and developers of information-centric processes need to have the expertise and the tools to implement IoT aspects that play a role in their systems.”
The research firm anticipates a 100% increase in schedule extensions, along with cost overruns, at 75% of IoT projects through 2018. The amount of schedule overruns will be directly proportional to the complexity of the project. However, projects that compromise for the sake of schedule adherence may have to be refactored and perhaps even recalled and redeployed.
Through 2020, there will exist a black market, worth over $5 billion, which will ensure the sale of fake sensor and video data in order to facilitate criminal activity and protect personal privacy. Such scenarios are raising new security and privacy implications for the enterprise that will result in complexity that is hard to handle as regards IT and business leaders.
By 2020, enterprises are expected to spend 20% of their annual security budgets on addressing compromises in IoT security as compared to 1% in 2015.
Interested in hearing industry leaders discuss subjects like this and sharing their IoT use-cases? Attend the IoT Tech Expo World Series events with upcoming shows in Silicon Valley, London and Amsterdam to learn more.