The disruptive changes, which IoT brings in the socio-economic growth of the nations is not a figment of the imagination; it is the power of the Internet that has galvanized the Device to Device (D2D) Communication to an unprecedented extent. According to a recent study by BI Intelligence, the world population of IoT devices will be around 22.5 billion in 2020, which is 3 times more than the human population, and their total worth would be as large as $4.8 trillion, the value that is greater than the annual GDPs of the most of the world economies. And it’s all due to the realization of governments, economies, and businesses about the un-ignorable power of IoT revolution. In 2017, the pace of IoT would be accelerated by the five techno trends discussed below.
Cognitive Computing Will Emerge as the Engine of IoT
Cognitive computing is considered as the most extrovert and interactive agent of Artificial Intelligence. A technology that primarily works on data-feed sensors with minimum human intervention is the base for many smart gadgets in present times. Another reason for the widespread growth of cognitive computing in the IoT environment is the parallel advancements in Big Data Analytics because data is the fuel of this highly interactive technology. In 2017, the role of cognitive computing in IoT escalation would also be due to the promotion of the Digital Economy in India.
Mr. Sanjay Sharma, the founder & MD of Cloudatix, an IT firm that develops IoT security solutions says, “After the implementation of demonetization policy in the country, total number of e-wallet transactions jumped up by 271 percent and the point of sale terminals have increased by 95 percent. So, there is an urgent need to enhance the safety of online transactions using Big Data and Cognitive Computing.”
Blockchain Will Facilitate IoT Transactions
Blockchain works like the BlackBox of a spacecraft that records every technical detail of a journey and is resistant to an alteration like the DNA Coding in humans and animals. It is an authentic source to trace every big and small detail of an online transaction or exchange of information in the form of data. Blockchain helps to reduce the cost as well as the duration of a business transaction and makes a deal trustworthy between the two partners due to its unalterable nature. As more transactions are expected in 2017, and beyond, the usage of Blockchain will increase to manifolds so as to complement the changing trend.
IoT Security Will Be the Top Priority for Governments and Businesses
Be it data transfer, online shopping on e-commerce portals or sharing a confidential file through Whatsapp, security is an unavoidable concern in an IoT ecosystem. By default, IoT devices remain vulnerable to attacks and remain as easy targets for fraudsters and hackers. As the number of devices is increasing day after day, security is a big issue for governments and businesses.
Mr. Tarun Wig, Co-founder of Innefu Labs, the IoT security firm to RBI, DRDO, CRPF, and other institutes of reputes under Government of India, says, “The most advanced and cost effective bespoke security solutions such as Multifactor Authentication, Data Loss Prevention, Advanced Persistent Threat Protection (APTP), and IPS/ Firewall will be the part of security trend in 2017.
APIs Will Strengthen IoT Interfaces
Application Programming Interfaces (APIs) help developers in writing/coding the programmes that facilitate software to software communication and provide an interface between IoT devices, that’s why it is one of the main elements of an IoT framework. The quality of APIs decides the quality of IoT networks. So, to make the IoT more efficient and effective, the API will play a significant role in 2017.
More Scalable Platforms Will Boost the IoT Growth
The next big thing in the IoT framework is research and developments in the creation of scalable IoT Platforms for connecting devices of the varied operating system. Every leading platform has 3 Sub-platforms – viz, Software Platform, Application Development Platform, and Analytics Platform. With the advancements in computer and mobility technology, IoT demands advanced platforms that may fulfill the needs of the latest operating system. That’s why 2017 will witness some drastic developments in the area of IoT Platforms.
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