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The cost of connectivity is decreasing and more devices are being created with communication capabilities and sensors built in. Data is being generated by devices continuously. This has value. A lot of value. By Riaan Rudman and Natasha Sexton
According to Gartner, by 2020 there will be over 26 billion connected devices, while CisCo Consulting Services say that by 2022 the Internet ofThings could generate $4,6 trillion in value. ISACA concluded that 73% of cybersecurity professionals believe that the risk an organisation is hacked via an loT device is medium or high.
The Internet no longer connects people and businesses. The next evolution in connectivity is creating a network of interconnected 'objects'. These 'objects'harvest information from their environment, analyses, interprets and exchange the data, and interact with the physical world. In essence everyday'objects'become sources of information for analysis and data recipients for instruction, in most cases without human intervention.
So what are these'objects'? In essence, anything that can connect to the Internet to which an IP address can be assigned and therefore can send and receive data ... a tracking device, industrial machines, fridges, televisions, human implants, parking meters, a car... anything.The concept is not new. Some call it the'lnternet ofThings' (loT), others the'lnternet of Everything'. loT was first conceptualised in the 1990s, with the popularisation of RFID-connected (radio-frequency identification-connected) objects. loT has three elements:
* Sensing and communication technologies record the data and connect all these objects by means of, for example, RFID sensors and wireless networks.
* Data storage and analytic programs are used to store, analyse and process data received from these objects in real time. Cloud computing has a significant role to play.
* Applications - software on the objects use the data to decide on the best course of action.
The questions are: How does this impact business, and what are the challenges.
WILL IT IMPACT ME?
IoT is making an impact in business as well as in people's lives....