Category: Guides

The Internet of Things, or IoT, is already making life easier and opening up a world of possibilities in many areas of our lives. In this blog post, we’ll discuss one of its most promising and practical applications — IoT healthcare.

In seemingly countless ways, IoT has demonstrated to improve patient care. One such widely used application is IoT-connected sensors on medical devices and hospital wristbands. These sensors can collect patient information that healthcare workers can view in real-time.

Before we dive into the wondrous world of healthcare and smart medical devices, let’s go through the basics.

What Is the Internet of Medical Things?

It is the Internet of Things technology that’s used in the healthcare industry. It consists of medical devices and tools connected to a healthcare provider’s system via the internet. Such devices can collect, generate, analyze, and convey patient and healthcare data.

This system allows exchanging healthcare information electronically or wirelessly, streamlining workflow in the clinical setting, and improving the overall quality of care provided to patients in remote areas or medical facilities.

Benefits of Internet of Things in Healthcare

The implementation of IoT solutions has undoubtedly improved the healthcare industry, so it has become one of the most useful tools medical professionals have at their disposal.

Read on to see some of the positive impacts this technology has on patients, medical staff, and hospital administrators.

Benefits for Patients

Here are some of the positive things IoT brings to those in need of medical assistance:

• Continuous Monitoring of Medical Conditions

Remote patient monitoring has been one of the biggest advancements in the healthcare industry in the past few decades. Patients with chronic conditions such as diabetes, asthma, and cancer can now get wearable or surgically implanted devices that monitor their condition.

An IoT smart device can, for instance, constantly monitor diabetics’ blood sugar levels and automatically administer doses of insulin when required.

• Automatic Transmission and Analysis of Data

IoT medical devices can transmit patient data they gather automatically, which makes them indispensable diagnostic tools.

For example, patients suffering from heart disease can wear a smart device that monitors their condition while they perform their regular daily tasks. This device provides doctors with all the data necessary to diagnose and treat those conditions properly.

• Remote Consultations

Patients can contact their doctors for a consultation without ever leaving the comfort of their home, as a doctor has real-time access to all the essential data. Smart healthcare devices that enable this type of patient care will become more common in the coming years.

• Automatic Reminders

Automatic reminders for medication and appointments are a true game-changer, especially for elderly patients. These devices can make forgetful patients’ lives much easier.

Benefits for Medical Staff

Medical professionals can do their jobs more efficiently and effectively, thanks to healthcare IoT devices. Here are some of the benefits IoT tech has brought them:

• Easy Access to Patients’ Medical History

As medical technology grows, it will become easier for doctors to treat new patients. Transferring from another hospital or, even worse, another country used to cause many problems when medical records were kept on paper. But with connected medical devices, doctors can share vital medical information safely and securely.

• Easy Access to Patients’ (or Devices’) Location

Another important use of this technology in geriatric care is equipment tracking. It’s common for patients who have Alzheimer’s or dementia to become confused and get lost.

However, if they’re wearing a smart device, it will be much easier to locate them. Medical professionals can ensure people’s safety thanks to patient tracking and IoT healthcare applications.

• Quicker and More Accurate Diagnoses

Even the best doctors can misdiagnose a patient. Luckily, some smart devices run complex algorithms that can detect abnormalities, reducing the chance of human error in medical treatment.

Benefits for Non-Medical Staff

• (Management and I.T.)

The Internet of Things benefits all healthcare departments, even the non-medical ones. Here are some examples of how managerial and IT departments use this technology to optimize their workflow:

• Analysis and Control of Resource Consumption

Every hospital administration in the world wants to cut costs. By using IoT, administrators can track the use of both medical and non-medical resources.

For example, hospital management can track and analyze electricity consumption and decide which parts of the facility need more or less heating, cooling, or lighting. This shows that the Internet of Medical Things isn’t useful only to doctors and patients.

• Security and Protection

Hospitals around the world are starting to rely more and more on IoT security and protection devices. Smart alarms, motion sensors, and camera systems are being implemented to increase patients’ and staff members’ safety.

• Preventive Maintenance

Another great advantage of IoT is that it can help prevent fatal equipment failures. IoT healthcare networks automatically share the data they’ve gathered, including information on bugs or hardware failures, making life a lot easier for the maintenance team. By identifying failures in advance, devices can protect themselves and patients from harm.

• Fast Data Transfer

The ability to quickly send or receive patient data can sometimes make the difference between life and death. Having quick access to essential data, such as disease history and allergies, has become the norm with connected healthcare.

• Automation

One of the most cost-effective IoT benefits for hospital administrators is automation. Some processes can rely on automation, which reduces hospitals’ need for staff. Buying and maintaining a cleaning robot that resembles a Roomba is far cheaper than paying a full-time janitor’s salary.

Internet of Things Examples

Millions of people around the world have become dependent on these devices. People who used to need constant care due to their conditions can now relax in the comfort of their homes while medical professionals monitor their health remotely.

Here are 10 examples of these devices, the illnesses they help with, and the companies that manufacture these medical IoT devices:

1. Apple Watch and Parkinson’s disease

Apple, the third global highest-valued company, has introduced the Movement Disorder API to the Apple Watch. This means the watch can now keep an eye out for early symptoms of Parkinson’s disease.

If you’re wondering whether wearable technology is considered IoT, the answer would be “yes” since these devices are connected to the internet, and they share data with other devices. When appropriately used in healthcare, smartwatches can help with the early detection of debilitating diseases.

2. Google Smart Contact Lenses and Diabetes

Believe it or not, even some contact lenses are connected to the internet these days. The concept of smart contact lenses was an optimistic one; this new medical technology was designed to measure tear glucose levels, allowing people with diabetes to track blood sugar.

Google partnered up with Novartis for the project, but the suggested glucose monitoring method was quickly discarded as untrustworthy by researchers. The company has since changed the smart lenses’ purpose to treating eye defects, such as long-sightedness and cataracts.

Sensimed, a company based in Switzerland, is working on a similar project: glaucoma prevention through automatic monitoring of eye dimensions.

3. Proteus Digital Health Ingestible Sensors and Hypertension, Diabetes, and Mental Health

A World Health Organization study has found that around half of all prescribed medications are not taken as per doctors’ instructions. Proteus Digital Health has been working hard to reduce that figure.

The company is trying to achieve this goal by producing pills that dissolve in the stomach and send a weak signal to an external sensor. This information then pings users’ mobile app, confirming that they followed the proper consumption directions.

What makes this one of the most impressive items on our IoT healthcare devices list is the variety of patients these sensors can help. Everybody from patients with hypertension or type 2 diabetes to those taking antipsychotics could benefit from it.

4. CYCORE and Cancer

Presented in 2018 at the American Society of Clinical Oncology annual meeting, the CYCORE system consists of a Bluetooth-enabled weight scale, a blood pressure monitor, and a smart health app that tracks patient’s symptoms to gather data and send daily reports to the oncologist, who can alter the treatment as needed.

Users of this technology reported less severe cancer-related symptoms than those who visited their doctor weekly with no remote monitoring.

5. CGMs and Diabetes

Smart continuous glucose monitors (CGMs) have been used in the US since 1999. Internet of things medical devices like Eversense and FreeStyle Libre track wearers’ blood sugar levels and transmit them to a smart device, such as a phone, tablet, or watch.

The devices can then detect spikes and dips in blood sugar and administer medication accordingly. These remote patient monitoring devices are beneficial for parents with diabetic children or those caring for elderly patients.

6. Insulin Pens and Diabetes

By connecting to the patient’s phone using a smartphone app, newer models of insulin pens record data on when each dose is administered, the type of insulin used, and the quantity of the insulin injected.

This data helps doctors determine parameters for future use, increasing the overall effectiveness of the treatment. The most popular smart insulin pen devices include products like Gocap, InPen, CLIPSULIN, and NovoPen.

7. Smart Inhalers and Asthma

Smart inhalers have a lot in common with smart devices for diabetes management. Both provide patients with more insight into their conditions, gain more control over their symptoms, and get better treatment results.

Propeller Health is one of the biggest smart inhaler technology developers in the US. This company doesn’t manufacture inhalers, but rather the sensors that are attached to them. Sensors connect to the user’s smartphone app and track the use of the inhaler.

Smart inhalers have shown to improve patients’ use of the device by helping them follow their doctor’s orders.

8. Smart Monitors and Asthma

ADAMM smart asthma monitor is just what it sounds like — a wearable smart device that detects and monitors asthma attacks. Its main purpose is to recognize the earliest asthma attack symptoms and give a wearer a head start before things get serious.

The device vibrates to notify the wearer and can also send simultaneous notifications to other people. In addition to the early detection of asthma attacks, an IoT healthcare device also tracks inhaler usage.

9. Bluetooth-Enabled Coagulation System

The first smart device for those prone to blood clotting disorders appeared on the market in 2016. Roche created a device that allowed patients to self-administer a test that identifies whether they are at risk of stroke or bleeding.

Like other devices on this list, Roche’s system also transmits data to the patient’s healthcare provider, reducing the need for in-person visits.

10. SmartPill and GI Disorders

Developed by Medtronic, this is an ingestible smart capsule that monitors gastrointestinal health by measuring the temperature, pressure, and pH levels in the entire GI tract. This simple test provides valuable diagnostic information about the entire gastrointestinal tract.

The pill is used to test and treat patients with chronic constipation, idiopathic and diabetic gastroparesis, and functional non-ulcer dyspepsia.

Statistics on IoT in Healthcare

The Internet of Things has had a huge impact on the healthcare industry over the past few years. But don’t take our word for it; we’ll let these statistics do the talking.

1. The global healthcare market size of the Internet of Things was $147.1 billion in 2018.

(Grand View Research)

In 2018, the global healthcare market size of the Internet of Things was over $147 billion. This is a huge increase from $21.7 billion in 2014, and IoT analytics show that the biggest growth has yet to be achieved.

2. The global market size of IoT in healthcare is expected to reach $534.3 billion by 2025.

(Grand View Research)

Experts predict that the industry’s global market size will reach $534.3 billion by 2025, expanding at a CAGR of 19.9%.

3. Almost 60% of medical organizations have adopted IoT services.

(PR Newswire)

Almost a third of all medical organizations in the world have already adopted IoMT technology.

4. 73% of healthcare organizations use IoT for monitoring and maintenance.

(ScienceDirect)

Most healthcare organizations use IoT to monitor their patients; however, the technology can also help with equipment monitoring and maintenance.

According to Becker’s, IoT patient monitors are used in 64% of healthcare organizations in the 20 surveyed countries. Second on the list are energy meters that are used in 56% of facilities.

5.The global IoT in the healthcare market is predicted to grow to $188.2 billion by 2025.

(BusinessWire)

By 2025, IoT healthcare solutions are expected to become the norm in developed nations’ healthcare. The global IoT use in the healthcare market is projected to grow from $72.5 billion in 2020 to $188.2 billion in 2025.

The use is mainly driven by factors such as advancement in technology, rising demand for self-health management service, the rise of digitalization, and an increase in the overall level of connectivity in the modern healthcare ecosystem.

6. BMU helped reduce wait times for 50% of patients.

(NCBI)

Thanks to GE Healthcare’s Bed Management Unit (BMU), wait times for 50% of patients who required an inpatient bed in emergency departments across the US were reduced.

Even though it sounds like it belongs in the smart beds category, BMU actually is a software solution.

7. 89% of healthcare organizations have experienced an IoT security breach.

(HIPAA Journal)

Of course, security is essential for health organizations, and especially those handling IoT healthcare data. However, with 89% of them that have had a negative experience with security, healthcare data breaches are much more common than similar issues in other industries. In fact, approximately 24% of data breaches occur in the healthcare sector.

8. 80% of IoT users in the healthcare industry cite innovation as the primary benefit.

(Becker’s Healthcare)

Becker’s surveyed health professionals across 20 countries, with 80% of respondents identifying innovation as the primary benefit of IoT in healthcare use cases.

9. Increased workforce productivity (57%) and reduced costs (57%) are the most important future benefits of IoT.

(Becker’s Healthcare)

When asked about the future benefits they expect from IoT, the respondents were split down the middle on this issue. Roughly half of them said the greatest future benefit of IoT healthcare projects would be increased workforce productivity, while many people believed cost-saving was the answer.

10. The US could save $175 billion on healthcare by halving administrative costs.

(The Virginia Gazette)

By cutting administrative costs in half, the US could save $175 billion in healthcare costs every year. This data can be found in an IoT healthcare case study published in the International Journal of Current Trends in Engineering & Research.

Conclusion

Nowadays, we’re surrounded by IoT devices almost all the time, and IoT healthcare companies are growing rapidly. Our phones, watches, doorbells, cars — almost everything can now be connected to the internet to make our everyday lives easier.

People who live far from their doctor or have limited mobility can now get the best possible healthcare remotely. Parents can monitor their children’s health conditions, and carers can ensure that their elderly patients are getting the treatment they need. We can’t wait to see what more this technology has in store for the future of healthcare.

People Also Ask

IoT has proven to be useful in healthcare in several ways, and we have seen that its use is only increasing with time despite some challenges.

The most common healthcare application of IoT devices revolves around remote monitoring of patients, telemedicine, and home care. It is also used to monitor, track, and maintain medical devices, healthcare assets, and even non-medical assets in medical facilities.

However, this is just the beginning, as IoT will pave the way for more innovations in revolutionizing healthcare and changing the way we take care of patients.

The Internet of Things has been one of the hot topics in the tech world in the last few years. People have already found ways to use it for commercial, industrial, infrastructural, and consumer purposes.

IoT has made its way to the general public, spreading like wildfire, and people have become curious about its inner workings. Now they want to learn more about its applications and the technology’s impact on their daily lives.

Since the Internet of Things allows real-time monitoring of patients, the need for doctors’ attention in the hospitals can be reduced, but the quality of care is improved at the same time.

Due to close monitoring with IoT devices, medical intervention can be done before an attack, chronic diseases are better managed, and the risk of diseases like heart attacks can be reduced.

This results in a fully connected and digitized healthcare continuum, allowing seamless processes and communication within the healthcare system. This is why in the next coming years, we’re bound to see an increase in the number of devices connected to the internet.

Healthcare was one of the first industries to realize the potential of IoT and begin to adopt it. Thanks to a range of cutting-edge devices, the technology is already bringing benefits to healthcare for both patients and medical staff.

It shows great potential in revolutionizing the healthcare industry by reducing medical errors in the field, providing better diagnosis and treatment to patients, giving personalized and targeted medicine, and improving communication and efficiency within medical facilities. This is all thanks to IoT healthcare.

• Becker’s Healthcare
• BusinessWire
• Forbes
• Grand View Research
• Grand View Research
• HIPAA Journal
• NCBI
• PR Newswire
• ScienceDirect
• The Virginia Gazette

Doorbells, dog fitness collars, cars, MRI machines, even beer coasters are getting smarter, more connected, and frankly, more chatty. Internet of Things devices are taking the world by storm, changing the way we receive medical treatment and play video games, and they are even improving the air we breathe.

Devices/Items

A teddy bear, a TV, an airplane part, or a wearable fitness tracker. All of these devices have microchips inserted into them and are assigned unique identifiers (a 128-bit number that uniquely identifies an object or entity on the internet). Smart devices collect data from their environment like temperature, motion, or even full videos. Then they send the collected data to the cloud.

Connectivity

Depending on the type of device, the data can travel to the cloud via various methods: WiFi, satellite, Bluetooth, cellular, low-power wide-area networks (LPWAN), or the ethernet. 

Data Analysis

Once the data reaches the cloud, it’s analyzed. This analysis could include checking if the room is too hot or checking whether there’s movement in your home while you’re away on vacation. What is the IoT doing when it comes to analyzing a potential emergency as opposed to fulfilling your daily whims? The difference between the two will affect the way the information from the cloud is communicated to the user.

User Interface 

What happens when there is, in fact, an intruder in your house, or maybe a fire? You receive a push notification, an email or a text, depending on the degree of urgency and your preference. 

Most people use internet of things applications on their phones or web browsers to send requests to a device via the cloud. In doing so, they can dim the lights, turn on the coffee machine, or increase the temperature in the bathroom before taking a shower. You could also send requests via a smart voice assistant like Alexa, Cortana, or Siri. 

Mobile phones and computers don’t count as IoT devices even though they’re regularly connected to the internet. Your phone or computer instead become remote controls for all of your connected devices, meaning they make it easy for you to check if you’ve turned off the oven before leaving the house, and you can even turn it off via said device if you need to. 

The standard internet of things definition would best be illustrated with an example. A smart thermostat measures your home’s temperature and then delivers the collected data using the IoT software hosted in the cloud. The data is then stored and analyzed on a cloud-based IoT platform (which also keeps information on millions of other devices). Once there, the data is sent to an authorized user when they request it. A user can view the data using a web-based app. 

Top IoT Companies

The world’s top IoT companies have begun developing intuitive technology and infrastructure that will change our everyday lives. Smart devices and sensors are no longer a party trick to impress guests and help us secure our homes while we’re away; we’ll soon live in a world where smart thermostats, buildings, and vehicles combine to create entire IoT-enabled cities. 

To help you gain a better understanding of what’s in store, we’ve compiled an IoT company list of the top 31 players in this field. All of these pioneers are using Internet of Things components to create technology that we could previously only dream about. 

What companies are involved in the Internet of Things?

Experts estimate that there’ll be over 30 billion connected devices by 2020. IoT companies are linking everything from health devices and trucks to fridges and oil drills, and it’s making them millions of dollars. Forecasters have estimated that the market will double in size to a staggering $520 billion (USD) by 2021. 

Connected machines can now sense, observe, and measure the world around them, and communicate the collected data between each other with no intervention from humans. This means machines no longer have to bother with our inaccurate, subjective interpretations to make logical conclusions.

IoT-enabled businesses can collect accurate data in real time, run post-production analyses, and optimize their processes based on those findings. Companies involved in the Internet of Things have already recognized the value of automation and accurate data collection; now their competitors are taking notice, which is leading to an increase in market share and profitability.

What is IoT software?

The Internet of Things is a giant network of connected mechanical and digital devices that operate autonomously. This includes devices we wear, such as fitness trackers, as well as medical implants and chip sensors we embed in animals. Many of these devices use sensors to interpret information from the outside world, then share that information with other connected devices over the network. 

IoT software allows all of this to happen. It enables machines to collect and share data, operates the (mostly) cloud-based platforms where that data is stored, and analyzes said data. IoT software can also use information from a range of devices to help identify its faults and improve its efficiency. 

What is an IoT chip?

An IoT chip is a tiny electronic device embedded in smart objects and machines. It connects to wireless networks, sends and receives data, and generates commands. In reality, these chips use the same data circuits and technology we see in mobile devices, only they do so without the human-friendly aspects, such as displays or user interfaces. 

IoT chips are almost always connected so they can send and receive data automatically and in real time. Many companies use IoT devices as replacements for human-controlled systems in remote, hard-to-reach environments like offshore oil rigs or underwater developments. As such, most IoT chips are built for durability and longevity. 

What is MEMS and NEMS?

MEMS and NEMS sensors enable IoT devices and applications worldwide and across industries. MEMS stands for microelectromechanical system, even though the term mainly refers to microdevices with tiny embedded systems that permit higher-level functionality.

There are several types of MEMS:

Micro-engines, which serve as highly compact energy sources; 

Optical MEMS, which send optical signals; 

Inertial sensors like accelerometers or gyroscopic sensors;

Fluidic MEMS, which are known for being particularly precise. 

Fluidic MEMS, for example, are used both in high-end digital printing and in medical devices that measure blood sugar levels or medication dosages. The term NEMS, on the other hand, refers to nanoelectromechanical systems. These serve the same purpose as MEMS, but on a nano scale. 

Compared to other similar sensors, MEMS and NEMS have proven more efficient, sensitive, and precise. The technology’s fail-safe performance in extreme conditions has made it vital for safety features like airbag activation and vehicle stability.

Who invented MEMS?

You might be surprised to learn how long ago this technology was conceived. American electrical engineer Harvey C. Nathanson (born October 22, 1936) invented the first device using microelectromechanical systems way back in 1965. It was similar to what we now use in cell phones and digital projectors, although obviously the technology has improved significantly over the years.

Taking all of this into account, we decided to research the world’s best IoT companies. We compared companies’ annual revenue, teams, innovations, and growth. Using that information, we eventually came up with a list of the top 100 IoT companies from all over the world. Comparing those businesses across industries, we narrowed the list down to the top 50 IoT companies, and eventually ended up with 31.

Here are the top IoT companies of 2018

1. Alibaba Group

Who are the big players in the Internet of things? You can’t answer that question without first looking at Alibaba. The enormous Chinese multi-industry conglomerate is not only a leader in IoT and AI; it’s one of the world’s biggest companies, full stop. 

Alibaba recently partnered with Siemens to launch MindSphere, a groundbreaking IoT development billed to arrive in 2019. This cloud-based, open-IoT OS can connect all of a company’s plants, machines, and systems to provide advanced data analysis and improve efficiency.

MindSphere’s internet of all things technology incorporates sensors so accurate that they function as a sort of digital “mirror” for real-life products. These insights increase product efficiency, make people’s everyday lives easier, and could even be used to monitor city-level events and usher in the era of smart cities.

2. JD.com

One of the two massive B2C online retailers in China and a member of the Fortune Global 500 list, JD.com is one of the world’s top tech companies, having reported a net revenue of $19.6 billion for the final quarter of last year. 

IoT technology was crucial in JD.com successfully building the world’s largest drone delivery system. This took a high-tech combination of IoT, AI, and machine learning. After all, designing, executing, controlling, and monitoring the supply chain of one of the world’s biggest retailers is no mean feat. 

In December 2018, the company partnered with Intel to explore the potential applications of IoT in smart retail. JD.com is now using Intel tech to track consumer purchasing habits and behaviors.

3. DHL

Who makes sensors for Internet of Things? You asked, DHL answered.

The world’s largest logistics company started implementing IoT solutions with a series of pilot programs in 2017. Now, DHL has implemented sensors throughout road networks in several countries to offer real-time data that helps drivers optimize their routes. This solution has slashed transit times by 50%, with over 95% reliability for real-time tracking.

There’s one more question worth asking: What are IoT companies doing to improve the lives of their own employees? Once again, DHL is at the forefront. The company’s CEO of eCommerce in India, Malcolm Monteiro, said: “This transportation model not only helps optimize efficiency, but also reduces fatigue among drivers who spend less time on the road, enabling them to go home to their families every two to three days.” 

4. Konux

Founded in 2014, this start-up is now one of the world’s leading IoT companies. Konux builds smart sensors for industrial use, predominantly in railways. By recording vibrations and temperature changes in the tracks, these sensors can detect minor problems before they become serious. This helps railway companies plan their maintenance and avoid safety problems. And, of course, it saves a lot of time and money. In June 2018, Konux won a CogX Award for “Outstanding Innovations with Artificial Intelligence in Sensor Technology.”

5. Nexiot

A brainchild of ETH Zürich university, Nexiot is now one of the world’s leading IoT sensors manufacturers. More than 10 years of in-depth research resulted in the development of Globehopper, an industrial IoT smart sensor employed in rail freight, container shipping, and asset security. Operations and sensors are fully integrated to provide remote connectivity to enterprise software. 

Nexiot also offers a cloud processing engine and a top-level connectivity platform for maximum usability. One of the perks of this solution is the no-battery management option; devices are power-independent thanks to low power consumption and an integrated energy-harvesting system.

6. Hitachi

Hitachi was founded in 1910 as an elevator manufacturer. Now, nearly 110 years later, this Japanese giant is one of the world’s most recognized technology brands. Modern-day Hitachi is also a leader in internet of things hardware and software solutions, from next-gen manufacturing equipment to premium diagnostic ultrasound systems. 

In May 2016, the company announced it was investing $2.8 billion into improving its IoT technology. A year later, Hitachi released Lumada 2.0, a highly adaptable IoT platform. Users can apply it to almost any industry and tailor it to meet their specific needs. The platform analyzes machine and human data to provide accurate and detailed asset avatars, also known as “digital twins.” The collected sensor data is so accurate that NASA proposed the concept behind it for its next-generation aircraft development. Hitachi confirmed its place as one of the best internet of things software companies when it announced its whopping 2018 annual revenue: $92.3 billion.

7. Huawei

This Chinese telecommunications company does more than just make phones; it’s also one of the global IoT market leaders. In 2017, the company launched NarrowBand, a city-wide IoT network. To build this, Huawei combined big data, cloud computing, and other cutting-edge technologies. NarrowBand works on its own cellular IoT with a bandwidth of 180 kHz. Deployment options include networks like GSM (Global System for Mobile communications), LTE (Long-Term Evolution, a standard for mobile devices and data terminals), and UMTS (Universal Mobile Telecommunications System, a mobile cellular system based on the GSM standard). In partnership with DHL, Huawei is building superior cellular IoT technology capable of connecting devices across large distances with minimal power consumption.

8. SAP

SAP has earned a reputation as one of the best IoT services companies for businesses that want tailor-made solutions. The company provides the tools for clients to develop, deploy, and manage real-time IoT and machine-to-machine apps. 

In 2017, SAP launched Leonardo, a stand-alone IoT platform that allows users to track data from connected sensors. Leonardo combines IoT, blockchain, and machine learning on a cloud platform. Clients can then access that data instantly to identify and fix potential problems.

9. GE

As far as IoT providers go, few have as rich a history as GE. The company’s diverse portfolio includes aviation, healthcare, power, renewable energy, digital industry, additive manufacturing, venture capital, lighting, oil, and gas. With all that in mind, it’s no wonder GE ranked 18th on the Fortune 500 list in 2018. This company has had not one, but two Nobel Prize winners among its ranks: Irving Langmuir in 1932 and Ivar Giaever in 1973. 

GE Digital’s IoT platform-as-a-service (PaaS), Predix, is a software platform that integrates machine-generated data with traditional and cloud databases. GE has also joined forces with Accenture to create Taleris, which diagnoses and predicts aircraft maintenance issues before they happen. This kind of application doesn’t just save time and money; it could also save lives.

10. Rolls Royce

Once upon a time, Rolls Royce made fancy cars. Nowadays, this household name is a major player in the defense, aerospace, marine, and energy industries. And, you guessed it, Rolls Royce has even managed to become one of the world’s top IoT companies. 

Rolls Royce has developed sensors for jet engines that transmit data directly to and from air traffic control. This data gives relevant parties a clear picture of the jet’s health, route, fuel usage, and the local weather conditions. Not only does the constant monitoring increase efficiency and reduce costs; it could also prevent tragedy.

11. Dell

Known for building high-end servers and affordable PCs, Dell is now one of just a few IoT hardware companies that also offers software, security, and consulting services for IoT-enabled projects. What makes Dell special is its unique full stack IoT deployment service. With IoT spreading like wildfire and prices plummeting, IoT solution providers like Dell have found a perfect niche in this huge market. 

Now, Dell offers an independent ecosystem combining IoT and AI, from the edge to the core of the cloud. Few companies could pull of a project requiring this much in-depth research and knowledge, but Dell has managed to succeed.

12. Bosch

Which company makes MEMS? Well, there are plenty, but none do it better than Bosch. After years of building top-quality microelectromechanical systems – MEMS – this company made IoT a priority in 2015. It launched IoT Suite, which helps developers build, implement, and operate IoT applications via the cloud. One example is its smart home thermostat, which detects temperature drops due to open windows, and it adjusts the heating to save energy. The thermostat even offers a frost-protection setting, which activates automatically at temperatures below 4 °C. 

What’s more, this company offers some sophisticated options for farmers. Bosch-run start-up Deepfield Robotics has developed a solution that involves embedding several temperature sensors at various depths in the ground. The collected data can, for example, measure and ensure the perfect temperature for growing commercial asparagus. 

In 2016, Bosch launched a cloud service for all its web-based IoT technology,  in the process becoming a full-service provider for connectivity and the Internet of Things.

13. Cisco

What is Cisco IoT? This Silicon Valley tech conglomerate develops networking hardware, telecommunications equipment, and other high-tech products and services. Cisco’s IoT infrastructure covers a range of industries: education, retail, manufacturing, transportation, and energy. Smart grids, oil and gas refineries, transit operators, and smart factories all use Cisco’s best Internet of Things devices to be as efficient and scalable as possible. 

The company also provides infrastructure for energy distribution, embedded networks, and IoT-enabled cybersecurity products. Now, it appears this giant is extending its ambitions towards creating smart cities.

14. Ingenu

Ingenu is a combination of IoT and M2M companies (machine-to-machine). A host of world-renowned brands have turned to Ingenu’s IoT projects to help them improve efficiency and reduce costs. Shell, for example, managed to save $1 million with its “Digital Oilfield” RPMA (random-phase multiple access) connectivity platform. Ingenu created the platform, in the process proving itself to be one of the leading IoT sensor companies. This low-power, wide-area network required a relatively minor infrastructure investment and it paid off handsomely. 

Ingenu collected data including pipeline pressure, temperature, and flow to improve operations in the oilfield. In 2017, the company partnered with Microsoft Azure to bring Ingenu’s RPMA device-management platform to Microsoft IoT customers. With partnerships like these, we see an even brighter future ahead for Ingenu.

15. Amazon Web Services

As the world’s largest “public cloud” provider (as opposed to “private clouds” hosted by companies like Apple, Facebook, and Dropbox), Amazon held 47% of the market in 2017. One of the undisputed global IoT leaders, Amazon Web Services (AWS) has a number of IoT-related platforms, including Amazon Machine Learning, Amazon S3, Amazon DynamoDB, Lambda, and Amazon Kinesis.

AWS is also reportedly building new IoT chips for its Alexa home-management system. By improving data analysis on Echo devices, the company also hopes to reduce the price of Echo and its reliance on the cloud, while improving security and response time. Now, AWS is even helping users create their own IoT apps to control sensors remotely.

16. Qualcomm

This multinational company based in the United States is one of the top IoT semiconductor companies on the market. Known for building wireless telecommunications products and services, Qualcomm’s IoT ventures range from smart bodies and homes to smart cities. 

Qualcomm co-created AllJoyn, a collaborative open-source IoT framework managed by the Linux Foundation. Developers are free to download the software and write their applications regardless of the manufacturer, and cloud connection is optional. In 2018, Qualcomm reported an annual revenue of $22.732 billion, a 1.98% increase from 2017.

17. Centrica

This multinational British energy company supplies electricity and gas to consumers and businesses in the U.K. and the U.S.A. In 2015, Centrica acquired AlertMe, one of a handful of top IoT companies that designs household energy-management systems. Since then, Centrica has been at the forefront of creating IoT technology that enables consumers to control their household energy usage remotely via a smart app.

Centrica’s partnership with SAP allowed the company to become one of the leading IoT device manufacturers focused on smart sensors and industrial asset management. The company’s revenue up to December 2018 was an impressive £29.7 billion.

18. AT&T

AT&T is the biggest telecommunications company on Earth. Soon, it could be the planet’s go-to IoT provider, too. In what we can only describe as an effort to become the most powerful company in the world, AT&T has partnered with GE, Intel, Cisco, and IBM to take its IoT game up a level.

With these partnerships going along nicely, AT&T is making significant investments in creating IoT cars, fleets, and energy-management systems. The company ranked #9 on the Fortune 500 list of the largest US corporations by revenue in 2018, and we can only see it going up from here.

19. Fujitsu

This Japanese multinational IT company has approximately 140,000 employees in more than 100 countries around the world. It offers a range of industrial internet solutions: smart logistics, transportation, manufacturing, energy, and retail. Fujitsu also offers comprehensive analytics services to help its clients make use of the mountains of data those smart systems collect.

Fujitsu’s partnerships with the most successful companies involved in the Internet of Things – including Intel, Cisco, and Microsoft – show that it’s willing to collaborate to achieve common IoT goals. This approach seems to be working; Fujitsu amassed $36.89 billion in net sales in 2018.

20. Google

When it comes to tech, there isn’t a bigger name than Google. This Silicon Valley giant began as a humble search engine, but now holds an obscene amount of data on almost everything you could imagine. Its Google Cloud platform was revolutionary in allowing businesses to process, store, and analyze data, and now the company is charging towards an IoT-powered future.

Perhaps Google’s biggest move in the IoT market was spending $3.2 billion to acquire Nest, one of the first big-name brands to succeed in the smart home industry. Nest manufactures smart home products, including thermostats, smoke detectors, and security systems. These smart devices use AI and machine learning to optimize energy usage and adapt to their owners’ needs. Indeed, Google has seamlessly made the transition from the world’s top search engine to an IoT heavyweight.

21. IBM

There aren’t many tech companies that have been around for more than a century like IBM has. The grandfather of IT has kept up with the times and now operates across more than 170 countries, manufacturing hardware, middleware, and software. Now, IBM is pushing to become one of the top IoT companies in the world.

Modern-day IBM offers hosting and consulting services in everything from nanotechnology to mainframe computers. The company’s list of IoT success stories includes MessageSight – a messaging platform for machine-to-machine data, MobileFirst – which connects mobile and IoT devices – and Bluemix, an app-development platform for data collection and analysis.

What sets IBM apart, however, is Watson. This AI platform for cognitive computing has been a huge success, making the company’s smart networks even smarter. IBM’s cloud division alone clocked up a revenue of $19.2 billion in 2018, up 12% from the previous financial year.

22. Intel

One of the best IoT companies in California and the world, this multinational corporation is the world’s second-largest semiconductor chip manufacturer. Intel’s IoT platform connects devices with one another, then delivers the data it collects to the cloud. The company makes smart IoT products for everything from cars and buildings to entire cities.

Among Intel’s IoT products are its Quark and Xeon processors, as well as the DK300 Series Gateway Solution, which allows interconnected devices to safely analyze, share, and filter encrypted data between each other. The company ranked #46 in the 2018 Fortune 500 list of the best big companies in America by total revenue. In 2019, Bob Swan took over the reigns as the company’s CEO.

23. Microsoft

The most famous tech company in the world is making waves in the IoT market. In order to bring IoT to everyday businesses, Microsoft has created its customized Windows IoT operating systems for data collection and processing.

Of course, when you’re looking at Microsoft IoT projects, there’s none more famous that Azure IoT, which brings the Internet of Things and the cloud together. In 2016, Microsoft acquired Solair to promote its IoT projects to a number of sectors, including transport, retail, and manufacturing. With Solair fully integrated into Microsoft Azure, we can expect Microsoft to build sound, intelligent cloud networks in the coming years.

24. Oracle

This Californian corporation develops database software and technology, cloud-engineered systems, and enterprise software products. Its main focus, however, is creating database-management systems. With its prophetic view of the future of IoT, Oracle decided to address what’s likely to become the biggest issue of the future: building a place to store the overwhelming amount of data created by IoT devices.

The company has also built a platform for integrating Java into embedded sensor devices and a middleware platform for data-capture apps. Led by co-founder Larry Ellison, Oracle posted a 2018 revenue of $39.83 billion, making it one of the best IoT companies today.

25. Honeywell

This IT conglomerate creates commercial and consumer tech products, as well as offering engineering services and aerospace systems for customers ranging from private consumers to governments. Honeywell’s Industrial Internet of Things (IIoT) is a network connecting consumers, assets, and processes, which emphasizes secure cloud-based data and advanced analytics.

Honeywell has also staked its claim as one of the best Internet of Things sensor companies with its Sensing and Internet of Things (Honeywell SIoT), which has generated more than 50,000 products. These products include limit, toggle, and pressure switches, as well as speed and airflow sensors. In 2018, Honeywell ranked 77th on the Fortune 500 list. The company’s annual revenue in 2018 was $41.8 billion, a 3.13% increase from 2017.

26. Samsung

As far as IoT vendors go, Samsung has diversified its portfolio nicely. The world-famous cell phone company now makes its own IoT infrastructure equipment, including IoT gateways and low-power, wide-area networks (LPWANs). On top of that, Samsung provides top-of-the-line solutions in a range of IoT fields, from smart homes to large-scale industries. The company’s consumer smart-home division produces the SmartThings Starter Kit, which includes smart motion sensors and plugs connected to a central hub. Users can control all of this via a mobile app.

27. Armis Security (startup)

Founded in 2015, Armis Security does exactly what its name suggests by ensuring you can use IoT devices safely and securely. The start-up’s tailored approach to device security relies on visibility; Armis treats every IoT-enabled device as a potential threat. Its customers include businesses at risk of cyberattacks, including IoT healthcare companies, high-tech industries, manufacturing, and finance. The company uses strict security protocols to prohibit criminal access to sensitive devices and networks.

What sets Armis apart is how it adapts to each individual enterprise’s infrastructure to increase deployment speed. The company’s success as one of the top IoT startups in the world today has helped it collect around $47 million in funding. While its reported annual revenue pales in comparison to that of its larger rivals, we’re predicting big things for this young start-up.

28. Ingersoll-Rand

This Irish-American manufacturing firm is one the oldest companies on our list, having been formed in a merger way back in 1905. Don’t let its age fool you, though; Ingersoll-Rand has a 21st-century outlook when it comes to IoT technology.

Ingersoll-Rand’s brands — including Club Car, Thermo King, and Trane — are top-of-the-line IoT manufacturers that work together to make everyday life more comfortable, efficient, and sustainable. The company works on projects like enhancing air quality in buildings and homes, and making sure sensitive food and perishables are properly protected during transportation. Under the guidance of chairman and CEO Mike Lamach, Ingersoll-Rand’s 2018 revenue was $15.67 billion.

29. Johnson Controls

Johnson Controls manufactures automotive parts, including batteries and electronics, as well as HVAC equipment for buildings. In the 2019 IoT Breakthrough Awards, the company was named “IoT Innovator of the Year” in recognition of its efforts to drive digital transformation, as well as its extensive portfolio of industrial IoT and digital innovations.

In terms of Internet of Things manufacturing, Johnson Controls has excelled in making equipment and systems that communicate with one another in real-time. The company’s IoT equipment leverages embedded controls and safe connectivity to create systems that optimize efficiency and reduce energy costs. Johnson Controls posted an annual revenue of $31.4 billion in 2018, a 4.07% increase from the previous year.

30. Schneider Electric

Coming in at #30 on our list of the top Internet of Things companies, this French corporation has invested €10 billion into innovation for sustainable development between 2015 and 2025. The company holds 20,000 patents worldwide and invests 5% of its annual revenue into R&D. Now, Schneider Electric is putting a significant amount of that funding towards growing IoT companies and technology.

In 2016, the company launched EcoStruxure, its IoT-enabled architecture. This interoperable plug-and-play solution has since been used in homes, buildings, data centers, industries, and infrastructure projects. Led by CEO Jean-Pascal Tricoire, Schneider Electric posted a 2018 revenue of €25.70 billion.

31. Altiux

Last but not least on our list of the best IoT software companies is Altiux, whose software engineering services include making IoT-enabled products for smart homes, buildings, and cities, as well as helping create industrial automation solutions. The company also offers an off-the-shelf IoT accelerator toolkit.

Already one of the top IoT companies in India, Altiux is now expanding its horizons to cater to a wider global market under the guidance of co-founder and CEO Shyam Vedantam.

What Is the Internet of Things for Consumers?

As far as consumers are concerned, an ideal IoT-enabled home might as well be a fully automated, eco-friendly spaceship. Due to the price requirements, however, they tend to start small and build from there. 

Smart lighting is one of the most popular features: it’s cheap, it’s easy and quick to install, and it helps with security and energy conservation. According to a 2017 Crime Lab New York study, the implementation of smart lighting cut night-time crime by 39%. Internet of things devices and sensors are therefore not to be overlooked. The types of sensors include home security motion sensors, smoke detectors, and contact sensors. Some examples of home devices are smart locks, smart door controls, and even smart power outlets and water heaters. 

If you want to receive a notification as soon as your motion sensors detect movement near your front door, you can simply program your internet of things software to send you one. You can also connect your smart light bulbs with your front door or garage door and have welcoming light greet you as you come home from work. 

The whole point of a smart thermostat is to help you save money on your heating and cooling bill. It can start a scheduled heating process just in time for you to come back from work into a cozy, homey environment. It can also turn itself off when you’re asleep, to save energy.

Internet of things home security is no longer just about remote access to on-site cameras. Motion and heat sensors are connected to each other and to your web-based app. They will send you a notification as soon as they detect any alarming changes. Add security cameras to the equation, and you’ll get excellent burglary and home invasion protection. An IoT-enabled system connected via a common hub also offers protection from floods and fires.

And finally, no internet of things network is complete without some lean and mean smart entertainment. You can ask your smart speaker to play music for you. Your hub will transfer data and set a timer while you’re baking a carrot cake. Your AV (audiovisual) system will call you an Uber and deliver a weather report, even check the traffic to see why your ride isn’t there yet. 

Some people only use the IoT for entertainment purposes, integrating their smart TV and smart speakers for a full-blown immersive experience. First-party Xbox games like Forza are using the IoT to enhance their gaming experience by adding connectivity. Developers can now benefit from IoT data collection from gamers, which is then sent back out to other gamers. This creates a great live experience, even for players who aren’t playing together. 

The IoT’s ability to communicate between devices helped the game Fortnite connect players all over the world through their console, PC, or phone. The IoT connects the players to the viewers, via Twitch and YouTube. As the gaming application shows, the internet of things’ benefits expand to unique communication between a customer and a business. Once gamers could be connected to the games, and then to devices, and finally to platforms, both the gaming industry and the opportunities created by the internet of things grew tremendously.

Basically, consumers automate their homes for many reasons—the IoT saves power and energy, facilitates one’s everyday life, and makes it more pleasant (room temperature and voice-activated earworm included). 

How many devices does an average person have? It’s estimated that by 2020 (counting the estimated population of 7.6 billion), there will be 6.5 IoT devices per person. This means that the overall quality of many services will also likely improve. Connected devices can gather user data, allowing companies to produce targeted ads and even improve their products or services depending on what people enjoy the most. 

Commercial IoT

In 2017, consumer spending on IoT devices amounted to $725 billion. Businesses, in spite of owning fewer IoT products, spent $964 billion. By 2020, business and consumer spending on IoT hardware is expected to hit $3 trillion. So what is the IoT going to do in order to improve these industries? 

First of all, commercial IoT covers a wide range of businesses: healthcare, transportation, and building automation services, to name a few.

There are many benefits to IoT in healthcare: Mt. Sinai Medical Center in New York City, for example, effectively reduced wait times for their emergency room patients by 50% with the new IoT-driven software, AutoBed. A 2015 Goldman Sachs report concluded that IoT devices in healthcare “can save the United States more than $300 billion in annual healthcare expenditures by increasing revenue and decreasing cost.”

Many other benefits of the IoT in healthcare include tracking patient’s fitness activities or heart rate, or knowing when to replace malfunctioning machines. In fact, Philips’ new IoT system monitors medical hardware and alerts hospital staff members in case of malfunction.

Fitbit uses the IoT to monitor personal health. Health Net Connect developed a diabetic management program for improving treatment and reducing medical costs. Both the long-term and short-term health and financial benefits from the  IoT are becoming more and more apparent, prompting businesses all over the world to make investments. 

Internet of things companies are thriving along with their clients. The IoT in the automotive industry is another profitable matter. It incorporates specific types of communication that improve the driver’s experience, such as V2N (vehicle-to-network), V2V (vehicle-to-vehicle), V2I (vehicle-to-infrastructure), V2P (vehicle-to-pedestrian), and others.

Users can track the real-time status of vehicles, demand weather reports, and track traffic changes, making appropriate decisions along the way. When combined with the concept of machine learning, the IoT also helps reduce the number of traffic accidents. Additionally, drowsiness alerts examine driver fatigue and send warnings before tragedy strikes.

One more way for internet-connected devices to save lives is via break-down alerts. After a long road trip, a person might get a notification from their car to check the engine. At the same time, the IoT app on their phone can find the nearest certified mechanic in the area and make an appointment. The IoT sensors inside the car can even find out which part should be replaced, order it online, and send it to the mechanic before your appointment.

Consumer and enterprise IoT applications therefore cooperate to build you a better future, save you a lot of time, and reduce the risk of injury, and even death. The term “Enterprise IoT” refers to devices used in business and corporate settings. By 2019, it’s estimated that the EIoT will account for 9.1 billion devices worldwide. 

What Is the Internet of Things for Industries?

The industrial IoT covers many sectors and is usually a sound investment, currently making the market more competitive than ever. Technologies using the IoT are especially present and useful in contemporary agriculture. A high degree of asset control, as well as objective data, translates into better livestock and crop quality. 

Drones, i.e. ground-based and aerial-based internet-enabled devices, provide unique data collection for crop-health assessment, planting, soil and field analysis, and irrigation. In fact, agriculture has become one of the major industries incorporating this technology into everyday activities. Overall, precision farming, livestock monitoring, smart greenhouses, and expert water management are generating top-notch results for modern farmers and slashing resource waste.

In manufacturing, the IoT has a way of collecting and sending information to improve product quality, and keep workers safe and sound. For example, an employee covers more ground when checking the soil on a giant property with a smart device. Also, IoT sensors in a boiler about to reach dangerous pressure conditions would send a warning long before it explodes and causes serious damage. 

In case of a flood or a fire, worker monitors can determine every person’s location and help them evacuate. Receiving and acting on information, even when dealing with huge corporations, has become quicker, easier, and safer than ever. 

Infrastructure IoT

Over 50% of the global population lives in cities, and this figure is projected to grow to over two-thirds by 2050. With cities growing at an amazing rate in most of the developed world, it is becoming more difficult to combat the strain of growth, from traffic control to environmental issues. This is where smart cities can make a difference. 

A smart city is a municipality that uses information and communication technologies to increase operational efficiency. Cities share information with the public and improve the quality of government services and citizen welfare. With the IoT developing and growing so quickly to accommodate these new needs, it makes us wonder, How many IoT devices will there be in 2020? Well, by 2025, it’s estimated that there will be 30.73 billion, and many of them will be integrated into municipal systems.

Both the authorities and citizens need access to correct and relevant data. An automated network on a city scale could significantly improve how we tackle an array of municipal activities, like overflowing trash cans, traffic jams, traffic accidents, or air pollution. Traffic jams, environmental problems, and safety issues can be avoided to a degree when the scope of the IoT expands to the city level. 

Currently, the most prevalent smart city programs include visual surveillance systems, public transport and smart outdoor lighting. Put together, these three areas account for nearly 25% of smart city spending. With a smart vehicle or an appropriate app, you can easily search your area for available parking spaces and avoid slow traffic. The current smart city programs using artificial intelligence are working toward achieving superior transportation and parking management. 

Mobile operators are helping authorities reduce pollution with smart air quality sensors. Updates on pollution are delivered in real-time, and accurate monitoring helps officials find sustainable solutions. The combination of AI, smart sensors, and cloud computing should result in the more affluent cities reducing their environmental impact. 

IoT Security and Privacy Issues

The IoT market is relatively new, and more and more companies are fighting to get ahead to be the next person to contribute something innovative, needed, and original. Unfortunately, the ubiquity of connected devices was met with an almost proportional rise in cybercrimes. This is even more problematic now that the number of devices connected to the internet in 2019 exceeds 26.6 billion. 

On top of that, the number of IoT devices that will be out there by the end of this year is expected to hit 22.66 billion. So, odds are, the market is expanding way too quickly to stay safe.

The risks of becoming a target of a cybercrime attack via your connected mobile device or IP security camera is significant. The password protection is usually uncomplicated, unfit to fend off even brute-force attacks. The convenience and brilliant simplicity of IoT usage becomes a cyber-bug, depending on your perspective. 

Sure, you can easily connect to your IoT device remotely and make yourself a nice cup of coffee before you get home from work. And while on vacation, you’re one click away from checking your home security cameras. But precisely because the internet of things and the cloud provide easy access to users, they are easy to hack. 

Considering how IoT devices can be a liability if not properly secured, attacks involving an IoT botnet have been creeping up on contemporary analysts. Wired suggests that hacked IoT water heaters could trigger mass blackouts in the future, emphasizing the dangers of particularly large IoT botnets. An IoT botnet is a group of IoT devices and appliances secretly co-opted for illicit purposes by third-party criminals. Needless to say, the concerns authorities have about the IoT and cyberwarfare seem to be well justified.

To minimize the risks of problems affecting your cybersecurity, three main protocols need to be followed. First of all, IoT devices typically come with default passwords, and many users make do with these default settings. Start out by setting a unique username and password. 

Then, you’ll want to identify which devices in your home or office are part of the IoT. In enterprises and even large, tech-friendly households, listing all internet of things products can be a challenge. Once devices are identified, a centralized control mechanism should start enforcing regular updates of the latest security software patches. 

Finally, don’t forget to segment your IoT devices from the rest of your systems or data. Laptops, tablets, and smartphones containing confidential data need to be in separate, secured network zones. Firewalls should be deployed separately. Do this, and you’ll be able to enjoy all the benefits the IoT can offer today without having to worry about safety. 

Is the Internet of Things the Future?

If you ask German Professor Dr. Detlef Zühlke, the head of one of the largest research centers for smart factory technology, “We will have a fourth industrial revolution.” China, the United States, South Korea, Japan, and Germany are all making big steps toward building smart factories and establishing global quality standards. 

Connected homes, buildings, and even cities could revolutionize the way we organize these huge municipalities. Huge reductions in the number of traffic accidents, pollution-related health hazards, and energy waste could be the future of the IoT. 

Life and the way we do things would become immensely easier, saving us a significant amount of time, money, and emissions. Day-to-day issues would become a breeze with novel opportunities utilizing the internet of things—finding a parking space in a busy area would be a breeze, movie night with friends can become a mind-blowing experience with pristine connected entertainment systems, and even your fridge webcams can help you order a healthy meal once you’re out of eggs or vegetables. 

An internet of things overview wouldn’t be complete without accounting for people with disabilities and the elderly. Never-before-seen home care—aided by strong sensors for easier movement and dependable, scheduled medication use—is changing the world for the better as we speak. Remote health monitoring, for various illnesses like arrhythmia, is already saving lives, reducing medical costs by 50%. In a world of IoT, industrial, healthcare, agricultural, and even entertainment products could achieve better quality with an ear for user demands.

These new concepts sound swell, but a clever bystander ought to be careful. Only in a well-secured environment can an individual, a business, or a city enjoy the IoT’s benefits while hoping for a progressive, bright future. And what is IoT technology good for if not to give hope for a better, technology-enabled future? So if you’re reading this, schedule regular updates for your security system and consider changing your usernames and passwords. 

Final Notes

The fastest growing IoT companies are among the most successful businesses in the world, as more and more people realize the potential profitability of connecting their devices. The highly competitive market brings out the best in the biggest players, and as customers we’re already reaping the benefits. 

Indeed, the IoT revolution has progressed beyond even the most optimistic forecasts. Facility management has changed forever, as worn-down equipment can now notify its owner before any major damage occurs, and even order its own replacement. Inventory management has also had a facelift, with IoT technology streamlining the supply chain process and dramatically reducing errors. 

In particular, the Internet of Things companies to watch are those that save energy and money in an environmentally friendly double-whammy. Smart monitoring of resource consumption has already helped both households and businesses save on electricity, water, and fuel bills, while also protecting the planet we live in. Most importantly, IoT technology has improved both asset and employee safety. Combined with the long-term health benefits of wearable IoT and eco-friendly benefits like reduced air pollution, IoT is literally saving lives. 

The top IoT companies are leading this charge towards the sci-fi-like future. Now that humanity has come up with a smarter way of living, we can’t wait to see what tomorrow will bring. 

• IoT for All
• MarketWatch
• TechCrunch
• Cision
• nside the IoT
• Sandia National Labs
• Conference Series.com
• Gemalto

How secure are IoT devices? Considering just how many of them are out there, you might expect security to be at a high level. Users are not informed enough on the topic of IoT safety and security, however, and IoT product manufacturers aren’t putting enough emphasis on this aspect of their business. Devices aren’t as secure as they should be.

That’s why the field of IoT security will boom over the next few years. Billions of devices are being interconnected across the globe, and most of them are vulnerable to a large list of IoT security concerns.

With a projected 50 billion devices on the Internet of Things by 2020, the security of the data they share is a large and growing concern. IoT security risks are a big deal.

We’ve cleared up What is the IoT? We’ve estimated How many IoT devices are there? We’ve researched IoT growth and market size. The time has come to discuss the biggest concern of all regarding IoT technology.

Main IoT Security Concerns

Here are some of the main concerns that keep IoT security engineers awake at night:

Insecure Devices

Experts agree that insecure devices pose a threat to the IoT. Bringing just one insecure device into your home or work environment can jeopardize the safety of your family or lead to a significant business loss. Someone could gain access to your home security system or your bank account because you thought it would be cool to start your morning coffee brewing by pressing a couple of buttons on your smartphone. If your new coffee machine isn’t secure, your home network could be compromised.

DDoS Attacks

Distributed denial of service attacks can run an online business into the ground. It has never been easier for a competitor (or a bored kid with too much time on her hands) to gain access to your network and prevent customers from accessing the services your business provides. Securing your devices is the first step in preventing these attacks. You should also develop a Plan B in case you lose access to the key components of your business despite hardening your security profile with Plan A.

Smartphone Security

A network is only a secure as the weakest link, and for many homes and businesses, that weak link is the smartphone. Using a secure password on your phone is increasingly important. Apps should be downloaded only from official stores – and even then, caution is required. Pay attention to the permissions that a new app requires. If anything seems suspicious, don’t install it.

Lack of Updates

As time passes, hackers get more sophisticated and more software vulnerabilities are discovered. Internet of Things safety and security erodes over time. That’s why it is essential to install manufacturer updates regularly – preferably automatically. Vendors who are alerted to security vulnerabilities patch them in updates, so your devices should always be running the latest version of their operating software.

Sometimes the flow of updates stops. If a product doesn’t sell in large numbers, the vendor may not find it worthwhile to assign technicians to security updates. The manufacturer could be acquired or go out of business. If your IoT network relies upon devices that are no longer being updated, consider replacing the devices with newer ones that will pose less of a security risk.

Raw Data Storage

Developers would rather save the data they gather in raw form than take the time and trouble to encrypt it. When this lack of care is combined with a lack of scruples, users can find their data being sold to advertisers and others. But that is a minor concern. You certainly don’t want your network to store sensitive health, political, or financial information in unencrypted form.

Data Breaches

When the data collected by the IoT devices is stored or transmitted with concern for security, breaches become likely – and potentially devastating. With petabytes upon petabytes of data gathered from our security systems, phones, Fitbits, and other devices, hackers have never had a higher incentive to steal data and sell it for a profit. Data breaches are significant IoT security problems.

IoT Security Protocols

IoT protection protocols haven’t kept pace with the explosive growth of the installed base and the number of hackers who are targeting IoT devices. IoT security issues are among the industry’s top priorities, and several promising technologies are under development. Significant progress has already been made, and some of today’s protocols could serve as solid foundations for upgrades that meet emerging needs.

Five major safety protocols currently work together to keep IoT data security intact:

1. WirelessHART

This security protocol is considered solid, a model to be emulated by security specialists. It is used primarily in wireless networks of industrial sensors. WirelessHART requires all the devices that want to join a network to be verified with a secret Join key as well as a Network ID.

2. 6LowPAN

6LowPAN addresses Internet of Things security concerns by dealing with confidentiality, authentication, data protection, and data integrity. The protocol is designed to allow access only to authorized users. This ensures that data enters the network only from trusted sources and that the data remains unchanged during transmission.

3. IEEE 802.15.4

Defined in 2003, IEEE 802.15.4 protects communication among IoT devices. In practice, it provides a single shared key for all of the parties involved. This means that if device or workstation is compromised by an attack, the attacker can easily gain access to the entire network, according to an Internet of Things security report published by Washington University in St. Louis.

4. IPSec

Internet Protocol Security, or IPSec, supports two security services. The first is called Authentication Header. It allows authentication of the sender of data. The second is named Encapsulating Security Payload, or ESP. It supports both authentication of the sender and encryption of data.

5. Embedded Security

Embedded security is what the manufacturers of IoT devices should be developing: security measures built into devices from the get-go. Critics say today’s embedded security protocols are based on cryptographic algorithms that improve the speed of basic security functions but don’t actually provide protection against most types of attacks.

How Many IoT Devices Have Been Hacked?

The pace of hacks has matched the IoT’s rapid growth. In 2018, some regions recorded large increases in attempted security breaches. For example, Japan had an increase of 45% compared to 2017, with an average of 2,752 intrusions per sensor per day.

The effects of IoT cyber security threats can be devastating. In this section, we’ll provide examples that answer the question “what is IoT attack?” and illustrate just how dangerous such attacks can be. These are examples of why these attacks are significant Internet of Things security issues.

Stuxnet

The Stuxnet virus first emerged in 2010. As soon as it was discovered, it was clear that a group of extremely talented programmers had been working on it for a long time. The virus was used to attack and physically damage Iranian nuclear facilities and their centrifuges. In addition to Iran, other countries, including Indonesia, India, and the US, were affected by this virus.

IoT botnet

In late 2013, data integrity was compromised on a large scale by IoT botnet malware. A researcher noticed that around 750,000 spam messages were sent using bot accounts, with a quarter of them originating from devices other than computers, including  TVs, refrigerators, and other household appliances. Blocking the attack proved to be almost impossible, as no more than 10 emails were sent from any one IP address.

The Uconnect incident

In 2015, security researchers Charlie Miller and Chris Valasek made a dramatic demonstration of the vulnerability in IoT systems. Using a Chrysler media system called Uconnect, they were able to gain access to a vehicle and change the radio station. They found they could also turn on the air conditioning and control the windshield wipers. They demonstrated that they could prevent the car from taking the driver’s accelerator commands. The researchers said they could also shut down the engine and engage or disable the brakes.

Mirai

The Mirai botnet attack of 2016 shut down Amazon, Netflix, Twitter, and The New York Times for hours. It is believed that the attackers gained access to the networks through unsecured IP cameras and routers.

The FDA warning

In 2017 the U.S. Food and Drug Administration warned that some pacemakers, defibrillators, and similar devices aimed at cardiac health could be exposed to attacks and intrusions via their wireless connections.

Insecure IoT devices

Some IoT devices are more tempting targets than others. Here is a list of some of the most vulnerable devices:

Cameras

Hackers can easily gain access to cameras with live video feeds and, through them, entire networks. Once hackers have found the IP address of a livestream camera, fast computers make it possible to conduct a brute-force attack to ascertain the password and access the entire network.

Printers

Wireless printers are rarely secured, and there are millions of them in use. Internet of Things security fact sheets commonly list the example of a troll sending white supremacist literature to thousands of printers around the world a few years ago.

Smart Cars

These days, even our cars are connected to the Internet. Hackers can gain full control over crucial elements such as steering, brakes, and engine. Hacking can cause serious damage or even loss of life.

Laptops

Laptops have been a common target for hackers since they were introduced. Bloatware was been a common vector for transmission and infection with malware. Current security issues with laptops can be minimized by making sure that your new laptop has no such programs installed.

Smart TVs

Even our TVs can be hacked and used against us, as they collect data on our watching habits constantly for advertisement purposes. They are most commonly attacked by trolls who display inappropriate content or annoy users by performing random actions such as turning the television on and off or raising and lowering the volume. They are tempting targets for data pirates too, however.

Smart Locks

Internet of Things security threats sometimes put us and our loved ones in danger. Researchers have found that some popular smart locks can easily be hacked using a simple Bluetooth connection. Doing your research prior to obtaining a new lock is a must.

Garage Doors

Data from your garage doors gives intruders information such as when you typically leave your home. That lets them know when it’s safe to strike.

Smart Lights

Smart lights have become common in energy-conscious households. They represent one of the most significant IoT security challenges. Like smart locks, lights can be affected from up to 100 yards away using simple radio signals. This vulnerability is most often exploited for pranks, but it’s easy to imagine circumstances under which control of a home or business lighting system could be part of a larger, more dangerous attack.

Vacuum Cleaners

Even vacuum cleaners are not safe from modern-day burglars. Hackers can use automatic vacuums to obtain data on your home layout, which helps them find valuables easier during the burglary.

Routers

Routers serve as the communications hub for all of the Internet devices we use in our homes, so you can see why they’re considered one of the largest IoT security concerns.

Protecting Home-Connected Devices

One of the most important steps you can take to protect a home or small-business network is to beef up the security around your router. Here are a few things you might try:

Change Your Router’s Default Name

The first thing you should do once you buy a new router or get one from your Internet provider is to access its settings and change the default name. The default name is most commonly the router’s make and model, which is exactly what those looking to gain access to it are looking for. Practical Internet of Things security basics call for you to make the name unique and unrelated to data routing.

Change the Router’s Default Username and Password

Every router manufacturer establishes a default username and password to let users log in to the router’s settings. These are most commonly the same for every router provided by the company. Changing them will ensure that those trying to get in are discouraged from doing so.

Reset Your Router Occasionally

No less a data-protection authority than the FBI recommends occasionally resetting your router. Hackers who are collecting data commonly rely on VPN filters and malware that depend on the routers’ continuous work.

Create a New Account for Guests

It’s not rude to deny outsiders full access to your network. Guest accounts with limited permissions can help ensure that your devices are secure even if your guest’s laptop is compromised. Create a separate Wi-Fi network just for visitors and avoid common IoT problems.

Update Your Software Regularly

Updates are an important safety feature. Make sure you update your Internet-connected devices, including the router, as soon as you receive the notification that an update is available. Better yet, set your devices to download and install updates automatically.

The Industries Most Vulnerable to IoT Attacks

No business that relies upon IoT technology is safe from attacks. However, some industries are more tempting targets and are more vulnerable to serious IoT cybersecurity threats:

Automobile Industry

The effects of a breach in IoT security could have in the auto industry cannot be overstated. In the case of a serious breach, thousands of cars could be accessed remotely, leading to injuries and deaths all over the world.

Medical Industry

Life-threatening attacks can occur in the medical industry, as well. Just a few clicks could deactivate a patient’s remotely monitored pacemaker or insulin pump.

Pharmaceutical Industry

Poorly managed security for IoT devices that monitor medicine storage could jeopardize the well-being of countless people who depend on those drugs. Imagine if someone got access to refrigeration controls for temperature-sensitive meds.

Others

Other important aspects of our lives, such as water and electricity utilities, can be affected by IoT breaches, as these industries use internet technology to monitor and control vital systems. It is not an overstatement to say that each of us could find our lives in danger with just a few clicks from a determined bad guy.

Industrial IoT System Protection Measures

Still wondering why security is important in IoT? As we’ve seen, it’s of critical importance. To guard against the next generation of attackers, manufacturers and business users must begin employing advanced protection measures. Here are some security measures that experts such as IoT Agenda suggest:

Security as a Design Feature

Security should be considered a baseline requirement for any device under development, not a measure to be implemented once the main work has been completed. That’s true whether the device is targeting home or commercial users. Hardware and software security measures should be architected during the design phase and implemented on a pervasive basis in order to reduce IoT security concerns.

Public Key Infrastructure and Digital Certificates

Public key infrastructures and digital identity certificates are proven safety protocols for networked systems. They should be routinely implemented in IoT devices.

API Security

APIs that let IoT devices contribute data or processing to third-party applications must be hardened to ensure that outside systems don’t gain access to sensitive back-end data.

Identity Management

Internet of Things security and privacy issues will be simpler to address when identity management is more widely and uniformly implemented. Giving each device its own identifier is the key to ensuring that data is shared appropriately.

Hardware Security

Most of these measures are implemented in computer code, but it would be a mistake to overlook physical security issues. Hardware should resist tampering and should report evidence of unauthorized access in IoT ecosystems.

Network Security

Businesses that use IoT technology in their day-to-day operation need to pay attention to the following things:

• Port forwarding should be disabled, especially when the ports are not in use.
• Always use reliable anti-malware applications, firewalls, and software that detects and prevents unauthorized access.
• Unauthorized IP addresses should always be blocked.
• System software should be updated immediately when updates become available.

Team Education

Keeping the staff educated and up-to-date is as critical as installing software updates. This is especially true for companies that deploy newer systems that the security teams are not familiar with.

Team Integration

Integrating programming and security personnel during the product development process has proved to provide a more secure final product.

Consumer Education

Finally, a major point in every IoT manufacturer’s business should be addressing users and ensuring they are aware of IoT security concerns related to improper use, system vulnerabilities, the importance of updates, and more.

The Internet of Things is here to stay. It can improve our lives and make businesses run more efficiently, but they come with substantial security risks too. In the years to come, we must all take those risks to heart and take measures to minimize them.

The US has the strongest economy, it boasts an average life expectancy of more than 79 years, and it’s one of the leading countries in the field of technology. But that doesn’t make it a crime-free utopia.

Security is still a big priority. Both businesses and homeowners allocate portions of their budgets toward protecting their properties. And that’s why home insurance is such a large market in the US.

Smart security may just be the answer millions of people are looking for. Plus, securing your property with recognized security measures should help you find some useful home insurance discounts. Let’s see how this works.

What Is Smart Security?

Almost any digital device can connect to the internet nowadays. And when your security products can connect to the internet it’s referred to as “smart” security.

Thanks to the internet of things (IoT), smart home products of all sorts and kinds can connect to the internet. You’re now able to control these smart products from anywhere in the world as long as you have an internet connection. 76% of smart home products in the US are currently controlled by smartphones. This remote control ability helps give smart security its effectivity and versatility. And these unique attributes are what lead to homeowners insurance discounts.

What Is the Internet of Things?

People aren’t the only ones on the internet any more thanks to the internet of things (IoT). “Things” like computers, smart home products, and robots also use the internet. Hence the name. The IoT is like a vast network that stretches across the planet. Internet connectivity enables an IoT-ready product to work its magic.

The internet of things has made it possible for all kinds of devices to interact on a global scale. You can access your smart CCTV camera at home as long as you have a smart device in your hand and a stable internet connection. The IoT has created a new kind of market, and it’s changing every industry in the world—even the insurance market. Shopping for home insurance will never be the same again.

Some Home Security Statistics

Let’s have a look at the prevailing home security statistics in the US before we go any deeper into the world of home insurance. These numbers will help you understand how and why insurance companies make their decisions and determine prices.

1.4 Million Home Burglaries Occur per Year

You might be shielded from it. Your own neighborhood could have a relatively low crime rate. But the numbers don’t lie. Insurance companies are exposed to 1.4 million break-ins per year. That’s a burglary every 13 seconds. Keep this in mind next time you discuss prices on home insurance quotes.

88% of Burglaries are Residential

The vast majority of burglaries are residential in nature. Thieves are generally after cash goods and other resellable items commonly found in homes. Here we’ve compiled a list of the entry points burglars like to use.

The Most Common Entry Points

• Front door (34%)
• First-floor window (23%)
• Back door (22%)
• Garage door (9%)
• Unlocked entrances (4%)
• Second-floor entrances (2%)

Securing these entry points will definitely help you save on your home insurance premiums. We’ll discuss why it works in a little while.

Items Most Commonly Stolen

Home insurance isn’t cheap. The following items are the reason why. You can lower the risk of these items being stolen by installing certain smart security features, which can lead to homeowners insurance discounts.

Commonly Stolen Items

• Cash
• Electronics
• Jewelry
• Medications
• Firearms or guns
• Tools
• Identification documents
• Cars
• Bikes

Most of these items are small and easy to transport. They’re also easy to hide. Thieves don’t want to be caught, but they also don’t want to leave empty-handed. They’ll try and take as many small expensive items possible. While cars are large items, the underground market for stolen parts has been on the rise according to a report by the National Insurance Crime Bureau (NICB). Thieves steal cars to strip them for parts.

When do Burglaries Happen?

Having some smart security installed at home will help you prevent burglaries when you aren’t there. This, in turn, will help lower home insurance costs. Interestingly enough, most burglaries don’t actually happen at night. According to the FBI, about 65% of home burglaries happen between 6 am and 6 pm. Burglars prefer times when the occupants of a home are at work or school. The most common time for a burglary is between 10 am and 3 pm. A victim is present in a burgled home in 30% of home burglaries.

Do Repeat Burglaries Occur?

Keep in mind when you’re seeking home insurance discounts that a few more factors are working against you. Police can only solve 13% of property crimes due to a lack of evidence or witnesses. Therefore, many thieves decide to repeat their former successes. 51% of homes suffer repeat burglaries within a month of the first incident. But smart security products will, first of all, prevent burglaries, and second, they’ll supply evidence to help catch the perpetrators. These statistics help justify lower insurance costs for protected homes.

Does Smart Security Prevent Burglaries?

Homes without security systems are 300% more likely to be broken into. Criminals don’t like their chances against sophisticated security systems. You can lower your risk of being burgled significantly by installing a smart security system, which will help you get a discount on your homeowners insurance.

Why Is Home Insurance so Expensive?

Insurance companies have shareholders. These companies need to make a profit every year to prove their profitability and keep their investors happy. But there’s a second group to serve as well. Insurance companies fork over billions per year to cover their customers’ claims. This is why they use risk models to determine the prices to charge.

Insurance companies have all kinds of ways to determine the risk you pose. For example, they determine the likelihood that your house will be broken into based on the demographic statistics of your neighborhood. By taking the crime rate, mortality rate, and other statistics (like how susceptible your house is to a natural disaster), they come up with your premium. Those with a lower risk profile will save on insurance.

What Are the Most Common Smart Security Products?

Smart home products are taking the world by storm. And smart security is a big part of the industry. Three out of five Americans buy smart home products (like a smart CCTV) that let them monitor their home via their smartphone.

Smart security doesn’t just save you money on your home insurance. It also helps you save on other things, like utility bills. Before we go into those statistics, let’s take a look at the most common smart security products.

Smart Alarm Systems

You have a good chance of getting a discount on your homeowners insurance for your alarm system. Smart alarms take the whole home security system and make it one functioning unit. Essentially, it connects all your different smart devices so they work in unison.

This provides you with a single point of access from which you can control your whole security system. Apps from all kinds of service providers and manufacturers can be used to interconnect your different products. Alerts from different units can set off the alarm. A smoke sensor can call the fire department, and a broken window will call the police. An integrated security system helps improve the overall level of security in your home.

Smart Security Cameras

A smart CCTV helps give you that extra piece of mind. It will also lead to cheaper home insurance. You can access it over something as simple as a smartphone. If you install these units at the entrances to your home, they will help keep an eye on things when you can’t.

This device also can to record what it captures. These images serve as evidence when you must report a crime. They’ll also help support a claim you have to make with your insurer. Then again, say you’re out of town for the day. You can check up on your dogs to see if they’re fine. Just open the app on your phone and see for yourself.

Smart Lights

Smart lights are a game changer. First, they help you save on your electricity bill. You can toggle light switches through another smart device. You can even program your lights to operate on schedules when you aren’t at home.

Finally, the ways they help with your security can lower home insurance quotes. Put simply, you can connect your smart lights to your smart security system. Motion sensors can trigger your lights to deter any unwelcome intruders. Or you can program certain lights to automatically switch on when your alarm system is triggered. This way, smart lights help lower both your electricity bill and your home insurance premium.

Smart Motion Sensors

Smart motion sensors coupled with your alarm system and smart lights create a proactive security system. They’re adept enough to know the difference between an animal and a human. Most importantly, they can detect intruders before they enter your home and then set off your alarm system or call for help. And buying these products together should get you a decent home security discount. In fact, several products and service providers have packages that include the whole system necessary to guard your home.

Smart Locks

Smart locks are some of the most used smart security products on the market. 63% of smart home product buyers use them to govern the access points to their homes. Forgot to lock the front door? Just do it over your phone. Need to open the door for a friend while you’re at work? No problem.

Smart locks are also integrated into your whole security system. Depending on your preferences, they will either lock or unlock the door depending on the emergency. A fire alarm could cause all locks to unlock. A triggered motion sensor could automatically lock the doors. These locks will also put your insurer at ease and help you save on home insurance.

Smart Smoke Sensors

Security systems aren’t the only devices that protect your property. There are others designed to help save your life. Carbon monoxide detectors and smoke sensors can also connect to the internet. Pair them with your security system, and you’ll lower your home’s risk profile. Not only does this save your property from being destroyed, but it will prevent personal harm. Smart sensors can even alert the fire department to come help.

Leak Detectors

Water leaks can cause lots of damage to a home, damage that an insurance company has to cover. But adequate flood sensors installed in the right places help lower that risk. Lowering your insurance needs this way will be music to your insurer’s ears. Plus, along with preventing water damage, you can save on your water bill. Pair these units with freeze detectors, and you’ll know when a pipe has burst. Better yet, install a smart thermostat to regulate your home temperature when you aren’t there.

Smart Thermostat

Now, this may not be a security-related product, but it can be integrated into your smart home security system. You can go onto your app to check the status of your security system, toggle the light switches, and change your home temperature to prevent your water pipes from bursting in the fall. Once again, your insurance company will appreciate every method you employ to lower the overall risk profile of your home.

How Can I Reduce My Homeowners Insurance?

So a lot has been said, but let’s make it easy. How can you reduce your home insurance costs? Here are the best ways available for you to try.

Improve Your Home Security System

If you don’t have a security system, you might want to consider buying one. As mentioned before, the probability of someone burgling your home decreases rapidly when you install this kind of system. Insurance companies know the risk is less, which will help in lowering your homeowners insurance premium for the service they provide.

Lower Your Risk Profile

Some things aren’t really a security matter, but they can still help you save on home insurance. Smart leak detectors, flood detectors, and smart thermostats help lower the chances that your house may suffer water damage. All these measures reduce the likelihood of you having to make any insurance claims in the first place. You don’t want to miss out on the benefits of home insurance. But you also don’t want to pay too much.

Don’t Over-Insure

Insuring your home is a balancing act. Of course, it could be devastating to miss the payout you need to repair certain damage to your home. But by over-insuring, you pay an unnecessarily high premium. You want to declare the value of your property and goods at their exact price. You won’t lose out when you make a claim, and you also won’t lose on your insurance premium.

Pay a Yearly Premium

Pay a yearly amount for your insurance service instead of paying monthly. You can ask for homeowners insurance discounts when you pay the amount upfront. You save if you can afford to pay the amount all at once.

Increase Your Excess Payment

An excess payment is the lump sum you need to pay before your insurer will pay out on a claim. There are many different ways in which an excess is calculated. But in short, it will lower the monthly (or yearly) premium you need to pay to your insurance company. The higher excess you pay, the less your insurer needs to cover.

However, don’t opt for an excess that you aren’t able to cover once you need to make a claim. Your insurance company won’t pay your claim if you can’t first pay the excess.

How Much Do You Save on Home Insurance with a Security System?

Let’s talk bottom line. What can you expect to save when the insurance bill arrives? First of all, most insurers require that your security system be professionally monitored before they enter into any discount talks. The majority of security packages offered by service providers have a monitoring service included. These features may reduce your premium by 25% if your insurance company recognizes the system you’ve installed.

Water and gas leak devices also help mitigate risk. Insurance companies rest easy knowing that your chances of stopping this kind of damage are higher. These devices (if recognized by your insurer) can save you about 10% on your insurance premium.

What Are Typical Homeowners Insurance Rates?

Each person has a different risk profile. People live in different areas and neighborhoods. They engage in different kinds of activities and the contents of their homes differ. This will all determine how much you pay for your insurance.

Your insurer will tally the total value of your goods and property (or at least that which you wish to insure). Then, depending on your risk profile, you will pay a percentage of the total value as your insurance premium. Currently, an average person in the US can expect to pay about $3.50 for every $1,000 they want insured.

Why Are There Home Insurance Increases Every Year?

The value of your home isn’t fixed—it changes every year. In rare circumstances, it’s even possible that your home value will decrease. However, as a rule, you can expect your home value to increase over time.

This means the total value for which you’re insured will have to increase alongside the value of your home. Remember, basically your home insurance payment is a percentage of the total value you’re insured for.

Perhaps you’ve bought more stuff, as well. The moment you require more things to be insured, you increase the total value of everything you’re insured for. This will, in turn, push up your premium. Still, as mentioned earlier, you don’t want to be underinsured because you won’t be able to repurchase or restore certain damaged or stolen possessions.

Do You Get Home Insurance Discounts if You Have a Security System?

By now this should probably have answered itself. The right smart security system will help you save on your insurance costs. This is because you lower your risk profile when you prove that your home and possessions are better protected. Make sure the security products and services are recognized by your insurer before you take the time to buy and install them.

While you will likely get a home insurance discount for your security system, you are also protecting your family. An insurance company helps pay the bill after a theft. But they can’t prevent the burglaries from happening. Smart security gives you the peace of mind you need while you’re away at work, and it helps keep everyone safe at night. Not to mention, it keeps an eye on things when you get to take a well-earned vacation.

So employ the extra tactics we’ve given you, and don’t miss out on the benefits of insuring your home. But do it right, and enjoy the home insurance discounts you’ll find after installing your smart security system.

It’s a term that’s being used more frequently nowadays. The internet of things (IoT) is no longer reserved for the use of large corporations or inventors programming in their garages. You might not even know it yet, but the IoT market size has grown with such ferocity that it has already entered your life—most likely without you noticing it.

Here you can find some more information about the staggering growth produced by this relatively new technology. You might even see an opportunity to automate your own business or house.

What Is the Internet of Things?

You already know what the internet is. People use it to communicate, trade, do commerce, do research, etc. Ultimately, it’s used to send and receive information.

Today, computers, smartphones, everyday appliances, and other digital devices (all collectively known as “things” in this context) are fitted with the capability of using the internet. These things are able to send and receive information over the internet. Because of this, the internet of things’ market size has grown to cover the whole globe. Now add to that the fact that these things are also fitted with artificial intelligence (AI). This creates an endless stream of opportunities.

IoT technology reaches wherever the internet exists. If there’s 3G reception (or better), you can be sure that an IoT-based product or service will be able to operate. IoT-enabled devices (given the proper command by its user) can control other things connected to the internet. In other words, IoT technology offers a worldwide network that you can use to expand your business or home network—no doubt a reason for the continued increase in the IoT market size.

What Are the Domestic Uses of the Internet of Things?

To make things easier, let’s look at some practical ways in which IoT market leaders are putting this technology to use.

One of the most accessible forms of the IoT is found in the smart home industry. Smart home services and products have one purpose: to make your life easier. How does it do that? It automates your home experience by interconnecting your smart home appliances and devices. This helps your home become a living being of sorts. Your devices can now communicate, helping you track, monitor, and control important processes through something as simple as an app on your smartphone.

Did you forget to switch off the oven? No problem, do it while you’re waiting for your Lyft or train to arrive. Are you on holiday and worried about your home? Install a smart security system to help you keep an eye on things while you’re away.

IoT market research has shown that smart security products are some of the most used and loved devices in the smart home industry. More than half of the smart home industry in America considers smart security the top benefit brought on by the smart home movement. Smart locks, smart alarms, and smart smoke sensors are the three most-used smart security products on the market.

How Does the Internet of Things Save Time?

As mentioned before, the IoT is used to automate things. This means that processes can be interconnected on a new level. Devices and systems that were manually operated previously can now be triggered by each other, and the IoT market size will grow more and more as the IoT further simplifies our everyday tasks.

When you drive home from work, you can prompt your smart oven to start preheating itself to the desired temperature. The target temperature was in the recipe you downloaded onto your smart refrigerator earlier in the day. And as soon as you asked your smart refrigerator to cue that recipe, it immediately searched your inventory to check if you had enough ingredients to cook the meal you want.

Your smart home products help you save time by performing the more tedious tasks for you. Set a smart vacuum robot up to clean your floors when you’re at work, saving you time and giving you a clean floor to return home to. Time saved is one of the top benefits pushing IoT market growth.

How Does the Internet of Things Save Money?

The automation of processes doesn’t only save time. The IoT also helps save money. The age-old saying proclaims that time saved is money earned. But IoT-based solutions also include some clever money-saving tricks.

Look at something as simple as a smart thermostat. Get it installed with your home warming and cooling system and operate it through your other smart devices. Preprogram it according to when it should adjust your home temperature. Or just change it over the dedicated smartphone app. IoT market analysis has shown that people save about 20% per year on average in home warming and cooling costs due to this piece of technology.

Now think of all the other processes you can complete more efficiently. Things that normally cost people and businesses fortunes can be managed better, thus preventing unnecessary expenditures. Every person and business will love to saving more this way.

How Does the Internet of Things Save Effort?

As mentioned previously, devices can now govern other devices. You can set up schedules to program the actions of your smart devices. Some smart devices will use AI to create even smarter and better solutions to your problems (without you even asking for it). IoT growth is most certainly spurred on by its effort-saving benefits.

Take the smart lawn mower, for instance. You set it up in your backyard according to the instructions supplied by the manufacturer. Then, you map out your lawn on the online system and program the cutting schedule. Finally, just make a cup of coffee as you watch your lawn mow itself. The integrated AI capabilities on some of these units will stop the mower from operating during bad weather. It may even alter cutting schedules during periods of sustained bad weather. You don’t need to intervene, and best of all, you don’t have to push a large chunk of metal on Saturday morning, anymore.

How Does the Internet of Things Improve Security Measures?

An internet of things industry report has shown that 63% of American smart home customers buy products to improve their home security. But don’t think these types of security solutions are only for domestic use. Businesses alike enjoy the monitoring and control capabilities these devices have.

Smart CCTVs, smart locks, integrated alarm systems, smart smoke and flood sensors, and many other security-focused devices can connect to the internet. This helps its users have more control over the people and property they want to protect.

65% of home burglaries happen while people are at work. Criminals target places when they’re left unattended. It’s logical to expect that criminals will also target businesses when there are fewer people on the premises.

Having a security measure that you can control and monitor remotely through the global IoT market will help deter illicit activity on your property. Researchers have found that homes without security systems are 300% more likely to be broken into. It’s probably about time to get yourself secured if you haven’t yet.

How Do Businesses Use the Internet of Things?

So it’s clear that people benefit from the use of this technology. But how do businesses apply the IoT to get those same benefits?

Automatic Check-out Points

The world of retail is constantly looking for ways to make customers’ in-store experiences more comfortable. And so, they’ve found a new way to revolutionize it.

The internet of things market has grown to include smart beacons, scanners, and cameras. These devices are fitted to products and store shelves. Customers can now fill a basket as they shop and simply walk out the door. Automatic check-out points will tally the customer’s total bill and will charge it on their preferred automatic payment option.

In-Store Apps

In-store apps will recognize customers’ likes and preferences. These apps scan the unique profiles of their customers to guide them to in-store specials. It will help a customer find what they need as they scan the shelves with a smartphone camera.

These apps will even be able to apply customer-specific specials. It may be according to coupons or even certain loyalty systems.

Value Chain Automation

IoT market segments like the manufacturing industry have many moving parts in their systems. It’s sometimes hard and expensive to keep track of every piece of information that will help speed things up. But now, IoT-based products and solutions can help these industries keep track of every part of their value chains with greater ease. It will also help create cheaper solutions to their problems.

Shortening and cheapening a value chain will lead to higher profits. Businesses in every industry use IoT services and solutions to help them simplify their business systems. For this purpose, less is definitely more (and cheaper).

Data Harvesting

Certain industries are heavily dependent on information. Large marketing and consulting corporations need information on a very wide scale to supply effective strategies to their customers. Internet of things market analysis tools help these businesses gather information at unprecedented levels never known before. Detailed information about customer behavior and other types of data that prove valuable to their customers help create better marketing and investment strategies.

Contextual Marketing

Businesses want to know what their customers want. It’s unfortunately not that easy to find the answer. There’s a large cavity of miscommunication between a business and its customer. But information supplied by IoT services and products can help bridge the chasm between.

IoT technology can inform a business about the current behavior and needs of a specific customer. This helps the business supply the customer with the right solutions to their problems. IoT market segmentation will be much easier than previous market segmentation efforts. A business that knows its customers will be much more effective, leading to happier clients and higher sales figures.

Improved Workplace Safety

Neglecting the safety measures of a business is a large risk. Medical expenses and lawsuits can be very costly. Since these expenses are seldom budgeted for, they may cause significant damage to a business’s cash flow.

IoT services and solutions can help improve workplace safety. There may be a monthly cost, but that’s small when compared to the expenses it prevents. In fact, improving workplace safety may very well save your business.

Stock Management Systems

Managing a business’s stock used to be a time-consuming, archaic task. Today, the IoT market can help supply faster, more effective solutions. Sensors, beacons, and scanners help automate the systems that govern a business’s stock management. It also requires less labor in the process, which helps reduce expenses.

Smart refrigerators also have some stock management features. Some of these units can inform their users when specific contents have reached their expiration date. It’s not only convenient to use, but it will also save you time and money.

New Inventions

Necessity is the mother of all invention. This technology will cause new problems to arise. Take the smart home display, for instance. Who would have thought that you’d get a smart tablet specifically designed for and dedicated to domestic use only? Someone saw the need, and they created a product that helps you to operate your smart home products from one simple device. Inventions like these helped grow the global IoT market size in 2019 to $1.7 trillion. This is just the start of the massive jump in growth expected to happen later in 2019. More inventions and new types of IoT services will form part of the global market as new customer needs are identified.

How Big Is the Internet of Things?

So just how big is the internet of things? As mentioned, it has grown from a mere $182.2 billion in the year 2018 to a massive $1.7 trillion in the year 2019. The compound annual growth rate (CAGR) over these 10 years falls within 20–25%. But some economists predict the global market will reach a tipping point somewhere in 2019. They say a massive flood of demand will stream into the IoT market and may drive growth as much as 30%.

Although that’s impressive, you’ll have to consider whether the number of devices and users will have also grown in this time period. It’s believed by some that there were 12.5 billion connected devices in the global market in the year 2010. That leaped to 25 billion connected devices in the year 2015. Now economists say there will be around 50 billion connected devices in the year 2020. That means there will be at least 6 connected devices for every human on earth.

The industrial IoT market will be leading a charge of their own during this time. A rise in the use of IoT services and products will cheapen the supply of IoT technology solutions. The accessibility of IoT-based technology will be easier. It will only hasten the growth trends in the years to come.

What About the Safety of the Internet of Things?

Things all over the world will connect (and many already do). Does this cause damage to the data privacy of individuals’ and businesses’ information? Here are a few things to keep in mind. Considering the internet of things’ market size in 2019 already, it may be a good idea to follow certain good data privacy and safety practices.

Encrypt Networks

Some smart devices don’t yet have the dedicated antivirus software for dealing with every kind of malicious online attack. These devices are therefore still vulnerable considering that they aren’t able to fight back when someone or something tries to gain unauthorized access.

However, encrypting your network will help you stop something or someone from gaining access to an unprotected device. Encrypting your network with something like WPA2 (Wireless Protected Access) will mask your network signal. This helps mask the information that’s traveling in and out of the devices on your network. The internet of things market size stretches all across the world, so all types of attacks need to be averted.

Use IoT Security Solutions

Gartner, a large-scale consulting corporation, has estimated a CAGR of 27.87% in expenditures on IoT security solutions between the years 2016 and 2021. This means it will grow from $912 million to $3.1 billion. Needless to say, the security expenditures of the IoT market size (Gartner believes) will grow significantly. It’s obvious that there will have to be measures to secure IoT networks as the application of this technology grows over time.

Follow Good Data Privacy Principles

It’s very simple. However, this must be mentioned for a reason. People around the world still reuse old passwords. They don’t change passwords often enough, and they even use the same passwords across different platforms and accounts.

This makes it very easy for hackers and other types of online attackers to get hold of your login credentials. Keep applying good data privacy principles. It will help protect the information you submit on IoT-based solutions.

Is the IoT the Future?

Many types of inventions have come and gone. Some saw a flurry of immediate sales only to die a quick death. Others have fought to stay in the market only to see a slow decline and ultimate death. Will the IoT market share also decline over time? Or is it the future?

Boston Consulting Group Prediction for 2020

The Boston Consulting Group is an international business with more than 90 offices in 50 countries. Their headquarters are in Boston Massachusetts (hence the name). They supply consulting services in more than 15 of the world’s largest industries. They estimate the IoT market size for 2020 to reach $267 billion. They certainly believe the future of the internet of things to be bright.

Growth in Total Devices

As mentioned before, the number of devices connected to the internet is expected to grow. Some economists believe the total will grow from around 50 billion in 2020 to a staggering 75 billion in the year 2025. The internet of things market forecast shows that it’s here to stay.

What to Expect from the Internet of Things

IoT technology has swept across the world. Billions of people depend on some form of IoT-based technology. So what can be expected from the internet of things for the future?

There are a few factors that will determine the rate at which IoT products and services are adopted by the market. Some of these predictions may take longer to manifest than others. But it’s just a matter of time before something of the like is established.

Growing Demand for 5G Networks

The most common IoT market forecast speaks of widespread growth. But the internet of things needs fast network speeds to help with the communication of large data loads. Current data infrastructures are capable of facilitating IoT services, but it comes at a cost. Current 4G networks don’t yet supply the type of network needed to help the internet of things work its best results.

That’s why demand for 5G networks will grow steadily as the demand for IoT products and services grow. The roll-out of 5G networks will typically be completed in first-world countries in its early stages. Third-world countries will follow suit as soon as they have the expendable income and technical expertise to launch and maintain such projects. IoT market growth and the demand for 5G networks will walk hand in hand.

Initial IoT Skills Shortage

The demand for the benefits brought on by the internet of things may very well be more than the initial supply available. The market will initially struggle to find enough IoT skilled labor. This may lead to higher salaries for the few who are adept in the field of IoT-based services and products.

This may also lead to new kinds of schools and educational opportunities that produce more IoT-related skilled labor. The fast rise in this technology’s demand within the manufacturing sectors will create a shortage in the supply of labor in the industrial internet of things.

More Smart Cities

Governments and municipalities are the slowest sectors of the economy to adopt the internet of things. This can be due to a whole host of barriers like policy issues, budget constraints, and political climates. However, federal and institutional organizations will soon realize the benefits of cultivating smart cities. Some governments (like China’s) have already recognized the technology as the future.

Smart cities will eliminate the need for tedious, archaic operational tasks. The reading and servicing of meters will be done electronically. Electronic systems with IoT capabilities will help these institutions supply faster and better services. The internet of things and the marketing industry aren’t the only two sectors that will collaborate. Even governments will use it to grow their smart city portfolios.

Artificial Intelligence Will Gain More Ground

In the past, AI had to be loaded via software or already embedded in a device, and that device had to have its very own dedicated tools to perform the AI’s complex computing. However, now, any device fitted with IoT capabilities can be controlled by another device. This means that a person or program from across the planet can influence IoT-enabled products.

AI no longer needs to be physically installed on a device. If a device is using IoT technology, it can simply connect to another device that already has AI capabilities. In this manner, AI can be spread much faster and at a much lower cost. IoT marketing will most definitely want to highlight the fact that almost any IoT device can enjoy the benefits of AI capabilities.

Cars Will Become Even Smarter

Cars have been connected to the internet for some time now. Satellite navigation, internet radio, mobile notifications, you name it. Some cars can even be started with a phone app. But cars will become smarter. The internet of things will help the automotive industry to roll out new kinds of smart features.

Widespread IoT technology may very well be the major breakthrough that helps self-driving cars become a common form of transportation. Faster 5G networks and the interactive nature of smart cities may help increase the number of eyes available to driverless cars. Who knows? Self-driving vehicles may soon be safer than a ride on the subway.

A Call to Action for Regulators and Legislators

The IoT market size in 2021 will be huge. By this time, it will have all kinds of international trade implications, data privacy issues, and other matters regarding international communication.

There will be a big shift in the way governments and industries treat this technology, especially the way it regards sensitive data. Regulatory and legislative institutions will have to pass laws and strike agreements to guide and govern this disruptive technology.

IoT Market Size – Conclusion

The internet of things has changed the way we communicate. It has changed the way we interact with our homes. Its effects have changed the way business is done in every industry all over the world. The IoT market size is about to explode with growth. Life as we know it is about to change.

The history of the world is riddled with the effects of great inventions. Penicillin drastically improved life expectancy worldwide. The motorcar forever changed transport. And the internet permanently changed international communication.

You may not know it yet, but the internet has a new use. “Things” (like tablets, TVs, and refrigerators) are also able to send and receive information all over the internet. This is called the “internet of things” (IoT), and it’s about to change every facet of our lives.

Here, you can read about the magnitude of IoT growth so far. You can also find some predictions about this extraordinary invention’s future. After all, so many devices that you wouldn’t expect are now equipped with the ability to access the internet, meaning the IoT’s capabilities are available to these smart devices so long as they’re connected.

What Are the Most Common IoT Uses and Benefits?

Humans use the internet in many different ways to access all kinds of information. But most smart devices don’t care about updating social media profiles. Instead, they use the internet with other intentions, often using a variety of functions to supply clever solutions to everyday problems. These solutions may seem simple at first glance, but once you understand the internet of things’ market size, you’ll realize the magnitude of these functions.

Remote Control

Most IoT devices can be controlled by their user through something as simple as a smartphone. In fact, 76% of smart devices are currently controlled by smartphones since IoT technology enables its users to control their smart devices remotely.

A greater sense of control and influence is available to the people and computers using IoT technology. Managing processes and controlling systems are much easier now. You can log onto your connected devices and systems using IoT technology from anywhere in the world. The devices will even work on their own accord according to the mandate they’ve been given. This is probably the greatest benefit driving IoT growth in 2019.

Automation

The ability to control things remotely also opens new doors. Automating systems and processes are among the top benefits of owning IoT-capable devices. You can program a computer nowadays to do almost anything. So giving it the capability to connect to other devices worldwide will help automate businesses, services, and many more industries.

Smart home products love to market home automation as a major benefit. Automation-based smart home technology leads to four specific benefits for its users:

• Saved time
• Saved money
• Saved effort
• Improved personal security (smart security products)

Automation will be one of the key value propositions to grow the consumer IoT market in the coming years.

AI Integration

Interestingly enough, artificial intelligence is older than the internet. John McCarthy is widely referred to as the father of AI. The term “artificial intelligence” was adopted back in the 1950s at a Dartmouth Conference. Research centers all across the US, and subsequently the world, started looking into the nature and uses of AI.

Today we find traces of AI within some of the most basic smartphone apps, like predictive text. But generally speaking, a computer will only have AI capabilities if the software is installed directly onto the device. Thanks to the global IoT market, you don’t need to download AI software to gain its benefits. AI can be integrated into any system or device that logs onto IoT networks.

Some brief AI benefits:

• Saving humans from monotonous tasks
• Eliminating human error
• Enhancing automation
• Combining technology and creativity

Big Data Harvesting

IoT devices have the unique advantage of recording data and sending it to a service that will store the information. The simplest IoT devices will record specific types of data that are useful for a wide array of things. Information from different IoT market segments will be used by companies to do the following things:                                                                                                          

Automation of Production Facilities

Manufacturing plants can track all kinds of metrics in real time to monitor and control their value chains. Identifying malfunctions and rectifying problems will be much faster. This will help automate production facilities at a faster and cheaper rate. Robots may soon even be deployed to service machines that can notify their operating systems of any malfunctions.

Healthcare Improvements

Devices that source information in an ethical way can assist a country’s healthcare programs and improve its services. IoT market forecast tools will help product suppliers stock enough medicine in locations with the greatest need. Patient information will be kept anonymous, but information on a greater scale can pinpoint trends in diseases and illnesses. It will help with the accurate distribution of medicine and medical personnel. Knowing the prevalent illnesses in a geographical area can help medical services better understand and provide the quantity and type of medicine necessary for that location.

Marketing Improvement

One of the biggest needs in the marketing world is customer data. Companies pay millions of dollars for market research and customer surveys to improve their value propositions. IoT market analysis functions can help. Information about customer habits and the way they use a product can assist companies in improving their products. It may even help those same companies launch services that aid their customers in ways that have never before been possible. IoT devices will connect straight to the manufacturer and speed up the logging of any manufacturing faults. Tedious and expensive endeavors like product recalls will be much easier to orchestrate. The manufacturer can communicate with the product owner via the product itself.

Launching of New Services

Big data harvesting is only useful when the information can be interpreted and presented in a valuable way. IoT market report services will spring up all over the world to help large companies with services for IoT data harvesting and analysis. IoT big data will be the precious metals of the digital world with IoT devices across the globe recording all kinds of data stored in large servers. This information is acquired, refined, and presented in a way that the customer (primarily large corporations) can use to improve their business models.

Contextual Marketing

Marketing improvements have already made an appearance here, but contextual marketing is a whole different ball game. It’s difficult and costly for companies to track a customer’s decision process. IoT market research tools and services will help a company better understand and even predict their customers’ decisions. Knowing the needs of your customer will help you guide them and close a sale much more easily. It will also help predict new needs.

As an example, a smart car will know when the tire of a vehicle has blown. It’s reasonable to assume that its driver will be looking to buy a new tire. IoT technology will consider the customer and present them with tire specials in their immediate location.

Bridging the Gap

The growth of the internet of things will soon cover every imaginable industry and market in the world. This places it in a unique position to bridge gaps that exist in various services and industries.

Devices like refrigerators have never been able to communicate over the internet. But now a smart fridge can make contact with other devices. It can contact the manufacturer to log any manufacturing faults. The product owner can even authorize a smart refrigerator to buy things at scheduled times. Your refrigerator may soon be able to order your groceries online.

Industries may, of course, experience certain information gaps in the collaboration process. Some IoT predictions have said that industries will find new ways to collaborate with the use of IoT-enabled devices. It may very well be cheaper and faster to collaborate through the use of IoT technology.

The Birth of New Industries and Devices

The world is constantly changing, and industries that are unwilling to adapt are dying. It was evident at the turn of the millennium that companies with a reluctance to accept the information age would see crippling blows to their sales figures. The IoT market has brought the latest changes to a world dominated by information. New industries and devices are invented as IoT demand and hardware needs increase.

Take the smart home display, for instance. Simply put, it’s an iPad for your home. Not too many years ago, humans went through life without mobile phones. Today, people want a touch screen device for the sole purpose of controlling their IoT-enabled domestic devices. And this is bringing about new inventions. After all, need truly is the mother of all invention.

New industries, too, are birthed by this technology. IoT-driven products and services want faster network speeds, hence the need for 5G mobile connectivity. So 5G product and service providers have created a new type of stock in the world’s financial markets. The IoT in the stock market is now tradable. You can buy and sell stocks like Qualcomm Inc. (NASDAQ: QCOM), Marvell Technology Group Ltd (NASDAQ: MRVL), and Sierra Wireless Inc. (NASDAQ: SWIR), which plays a major part among the companies involved in the IoT. The world is changing again, and those willing to surf the wave will smoothly ride to a beach full of opportunities and sales.

Some Myths About the IoT

As with anything related to wide-scale change, some people will only get on board with the internet of things trend the day they are forced to change. These people may have individual reasons for their reluctance, but mostly it consists of fear of IoT-based solutions.

Here are a few busted myths about this new technology to help those who are concerned about the IoT’s capabilities and reach. It will certainly help put your mind at ease, and you may even pick up a few tips to improve your IoT-based skills.

Will the IoT Rob Me of My Privacy?

Now it’s true that IoT devices are able to record data about any area it’s placed in. This may cause alarm about the possible breach of its users’ privacy. Some technology forecasters believe the IoT growth rate will reach its tipping point somewhere in 2019. This means an exponential curve of growth and adoption of the technology is about to happen. This shouldn’t cause you any unwelcome worry. Here are the ways in which you can stop this from even being a problem:

Remember that devices will only share the information you allow

You own the product. You can decide what information is made public. Understand the ways your devices operate to restrict them from sharing the information you would rather keep private. According to IoT market trends, it may soon reach a rapid adoption rate. Know how IoT technology affects your everyday life, and only allow it as far as you’re comfortable.

Disable unwanted product features

You don’t have to enable all product features. You are the king of your castle, and you lay down the rules. If you don’t want your smart oven’s IoT capabilities to function you can simply disable it. Or better yet, don’t buy IoT-enabled products if you aren’t comfortable with the practices of IoT service providers. It’s once again in your best interest to understand the product or service you’re buying in its entirety. That way you’ll be able to limit the information you’re willing to share.

Cultivate good data-privacy practices

Your information will only be at risk if you have bad data-privacy habits. Do you use the same password for every account? When was the last time you updated your device’s software? Do you visit dubious websites that pose a high risk of contracting computer viruses and malware? You need to review your data-privacy habits before you enter the internet of things market.

Read the fine print

Understanding the value proposition of your service and hardware providers is key. Read the fine print of the contracts you agree to with anyone that provides you with a service or device that facilitates the flow of sensitive information. You don’t want to accept a product or service that can put your private information at risk. The IoT value of services is found in the share-ability of information. And you don’t want your service provider to share your information with any third parties you don’t approve of.

IoT Technology Will Never Be Safe

There will always be people who want to use IoT technology for unethical personal gain. But their presence does not disqualify IoT solutions as a safe value-adding service. You need to ensure a healthy and safe IoT strategy for your business or home. In so doing you can limit and even stop the effect of malicious online attempts made on IoT-enabled devices and services.

Some Tips For IoT Newbies

As mentioned previously, IoT forecasts predict that IoT growth and adoption will reach a tipping point somewhere in 2019. The rate at which the technology will spread across the world will be staggering. IoT-enabled solutions will fill everyday life at every bend. So to help those who are unfamiliar with the technology, here are a few basic tips you can apply to help you navigate this disruptive invention with relative safety.

Change Stock Usernames & Passwords

Smart home products are manufactured by many different companies. The smart home industry is also a large driving force behind IoT growth. Some smart home products are issued with stock usernames and passwords found in the owner’s manual. It’s possible for hackers to access these device-specific credentials before you even buy the product. Change the username and give it a unique password that you haven’t used before. This will stop someone from accessing your devices through the stock passwords and usernames assigned by the manufacturer.

Encrypt Networks

Some IoT-enabled products don’t yet have their own antivirus software, leaving them unable to prevent hackers and other malicious software attacks from accessing your device. Internet of things projections say smart home products (and other IoT-enabled hardware) will be as common as smartphones within the next 10 years.

The following problem then arises: someone or something can access anything on your network once they gain access to a single device on it. You need to encrypt your network with something like WPA2 (wireless protected access) or stronger to secure and mask any information that flows on it. Encrypting a network will serve as a wall of defense for devices that don’t have their own protection software.

Stay Connected

IoT products and services need a connection to the internet to serve their ultimate purpose. The internet of things industry operates over the internet. You need to be sure about two things whenever you want to expand the IoT-enabled reach of your business or home. First, you need enough bandwidth on your network to carry the new influx of data. The data load will increase, and your systems need to be ready to carry the weight.

Second, you need to stay connected to the internet. IoT devices will make use of both wireless and hard line connections. But it’s imperative that these devices stay connected to the internet. You don’t want to buy an expensive service or product to find that your network capabilities aren’t enough to deliver the goods. The internet of things trend is about to take off. Be ready by using Wi-Fi extenders to reach devices in need of wireless internet connections—or connect devices with a hard line to the internet if you aren’t comfortable creating a larger wireless reach.

Understand the Product/Service Operations

This technology is still relatively new compared to the age of the industries it’s about to change. But there are enough resources about the technology available to educate yourself on its use.

Learn about the possibilities and, more importantly, exactly how this technology operates. Take the simple smart lawn mower, for instance. IoT market segmentation currently places it in the smart home industry. It’s used to cut a designated lawn at regular pre-scheduled intervals. But the user needs to install it close to their lawn and with easy access to its charging docks. And these charging docks need to be installed under a roof of some kind that shields the unit from bad weather. The owner should know about these needs before purchasing the unit. These extra measures and installations will determine the lawn mower’s effectiveness.

Other IoT services and products for larger corporations will follow the same principles. Internet of things market analysis services and products may have some added costs and expenses that you aren’t aware of yet. This may cause your project to fail if you aren’t ready to bear the load it will place on your cash flow.

How Big Is the Market?

There are some smart people out there with deep insight into the IoT world. Here are a few astounding statistics regarding the internet of things. The IoT’s reach will soon spread across the digital world (if it hasn’t already), and with it comes billions of dollars in revenue for companies across the globe.

IoT Market Growth

Two things determine its market growth. The first factor is the market’s willingness to buy the technology. With this in mind, the adoption of technology plays a key role. There can’t be any trade if there aren’t any customers.

The second factor that determines the market’s growth is the rate at which the technology can facilitate growth. Is the technology ready to be rolled out to the public? Can the supply of IoT-enabled technology keep up with the demand?

It’s the age-old game of supply and demand. The global IoT market size was a respectable $235 billion (USD) in 2017. Forecasters believe the market will double in size to a staggering $520 billion (USD) by the year 2021 as both the demand and supply for these products and other related services increase over the coming years.

IoT Market Share 2018

At the beginning of 2018, the US market share was estimated at $171 billion. That’s more than the GDPs of Uruguay, Costa Rica, and Paraguay combined. The US enjoys a big chunk of the market due to high innovation in the field, high average incomes, high consumer spending, and a relatively high investment rate into the country’s infrastructure. The US can be expected to be one of the leaders in the global IoT industry. While some manufacturing contracts for IoT products may be given to producers in foreign countries, the headquarters of many of these companies will be in the US.

IoT Market – Gartner

Gartner, Inc. is a large corporation in the US that currently supplies a whole host of services to its customers. They are a worldwide research and advisory firm with services to help companies in the fields of finance, IT, human resources, legal and compliance, customer service and support, sales, marketing, and supply chain management. Their revenue exceeded $3 billion in 2017.

They’re expected to adopt several IoT-enabled services that will help revolutionize the way their customers have previously been doing business—making Gartner a company worth watching. The IoT market size Gartner has will grow as their services start incorporating more IoT technology.

IoT Growth Forecasts

Much has been said about this technology’s growth. You can type a few keywords regarding IoT predictions and forecasts into your search engine, and you’ll get hundreds of articles detailing the growth trends. One thing’s sure, though. History has a way of repeating itself, and more often than not it happens in faster and more frequent cycles.

Before any growth trends become relevant, you only need to look at how the internet has changed the world. Think about how rapidly and how abruptly it changed every sphere of society. Think of the inventions and new services brought about by the internet. Now see the changes coming as the market position of the IoT becomes established.

Growth forecasts differ among different industries. After all, there are unique constraints, barriers to change, social dynamics, laws, and regulations that may determine the rate at which sustainable adoption of the technology can take place. But it seems that an average CAGR (compound annual growth rate) between 7% and 15% is expected across the board.

Barriers to the Adoption of IoT Technology

Businesses, healthcare, education, transport and logistics, research, manufacturing, and every industry imaginable will adopt and benefit from this technology. The appeal is clear, and who doesn’t want the advantages gained by it? The internet of things market forecast certainly points in a healthy direction. However, there are a couple of things that will hinder the adoption of IoT technology.

High Product/Service Cost at Initial Rollout

The old economic principles are still at play. At first, the supply of new IoT technology will be quite expensive. It’s one of a kind, so you can’t really use anything as a measuring stick to account for its value. Demand will be high, and supply, relatively low. IoT solutions will be expensive at the inception stage.

The first farmer at the market can name his price. However, the first IoT solutions won’t have a monopoly. The IoT market size in 2019 is not yet the forecasted $520 billion for 2021. Without much competition, the prices of these services and products will soar high. That may make it too expensive for SMEs (small to medium-sized entities) to purchase or pay for the subscription fees.

All these high-cost constraints will slow the adoption rate of the technology. But as competition and innovation increases, IoT-enabled solutions will become cheaper.

Human Adoption Rate

The greatest internet of things value and benefits will go to the industries that show the most willingness to innovate and change. Humans are naturally drawn to comfort. One of the hardest parts of implementing new systems and interfaces at a business is its employees’ willingness to make a change. Once they adapt, they will naturally experience the greatest growth in IoT adoption. The rate at which humans are willing to adopt the technology will determine IoT growth to a large extent.

Legislation and Regulation

Some countries may have a problem with the free-flowing nature of information over IoT-based technologies. There isn’t much history to fall back on to predict how governments across the world will legislate IoT technology. In fact, it’s totally possible that some countries may ban its use. IoT solutions may be used on a national level in certain countries with a prohibition on international data sharing.

IoT projections say the technology will soon reach a critical point in its growth and adoption rate. Nevertheless, it’s yet to be seen how it will be regulated in industries that contain high-risk elements like data privacy, federal government regulation, foreign investment, and artificial intelligence. The IoT is still in its infancy, and a catch 22 of some sorts may still be on the books. Time will tell how these issues will be addressed.

Infrastructure

The IoT’s reach is global. But it will only be able to go where the internet exists. It is, of course, possible to take data readings from devices that have recorded information in areas that were out of reach. But the IoT market size (in its purest form) will only grow according to the places it can reach that have a sufficient data infrastructure.

Countries and places without the necessary bandwidth and data capabilities will not be able to use IoT services and products. A geographical location may be able to support the data hardware demands needed for the smooth operation of IoT solutions. But a lack of IoT support on the ground will also cause a slower IoT adoption rate.

Interesting Predictions About the IoT Growth

Word is going round, and the stars are lining up. Here are some interesting predictions for the IoT in the near future. Some of these predictions are even expected for the growth of IoT in 2019.

Growth in Every IoT-Based Technology

Scientists and economists believe IoT-based solutions in every industry will experience growth. The demand for IoT services and products are rising, further driving this technology’s development.

As more 5G mobile infrastructure and services roll out around the world, we’ll see faster growth curves in IoT-enabled solutions. IoT products and services need a large bandwidth and fast network speeds to operate optimally. IoT solutions will have more network capacity at their disposal as 5G connectivity becomes more available.

IoT Market Segments with Healthcare and Manufacturing Will Gain Deeper Penetration

Healthcare all around the world makes use of digital technologies to improve human care. All kinds of gadgets and tools connect to the internet to help improve the services these facilities offer their patients. The healthcare industry will see more IoT-enabled solutions to its problems.

The manufacturing industries already have amazing amounts of AI and IoT involved in their value chains. It’s logical to see a fast adoption rate of new IoT developments there. Sensors, beacons, and smart beams will help automate processes at an unexpected pace. The fast-paced worlds of both healthcare and manufacturing already demand faster solutions to their problems. The IoT is here to serve that need.

IoT Market Trends Point to Smart Cities

Smart cities are becoming a greater reality, even for the year 2019. Sensors, cameras, and other recording units will help monitor and control a city’s most basic functions and needs. Water distribution, sewage control, traffic control, and crime prevention (just to name a few) will be automated in smart cities. The control and servicing of these basic needs can be operated with great ease. Central command posts can track a whole city’s “vital signs” when fitted with smart technology enabled with IoT capabilities.

More Cars Will Connect to the Internet

The car industry has been one of the first to join the global IoT market. Increased communication capabilities between cars, their owners, and manufacturers benefit all the stakeholders in this situation. More motor vehicles will be fitted with IoT-enabled tools to help improve the overall driving experience.

IoT technology will not only help car owners but the manufacturers as well. Manufacturers can utilize the data generated by vehicles fitted with IoT technology to gain unprecedented insight into product performance.

A Rise in Home Internet Router Security

Many IoT-enabled products don’t yet have the capability to fight digital and malicious software attacks. So the security demands are placed upon the router that provides the internet—but this may be another area of IoT growth.

Home appliance manufacturers are predominantly concerned with the sales of their products. They aren’t currently required to provide their IoT-enabled products with sufficient antivirus software. The user of these products needs to ensure that their home network is secured by a router with sufficient security measures. This will better secure every device on their network. We might even see clever security inventions from IoT service providers soon.

Legislation and Regulations Caused by Data Security and Privacy Risks

IoT technology is still so new that there isn’t much legislation and regulation in this field. The risks regarding the information contained in IoT-based solutions are enormous. This is partly due to the type and value of the information flowing through the IoT.

The second risk regards the ramifications caused by the hacking of IoT systems. Hackers are now able to gain access to and even control things like vehicles. It’s possible (but currently very unlikely) that someone with enough resources can hack into a car and take over control. Due to these concerns, we will likely experience the actions of activist groups regarding the internet security measures behind IoT devices.

Last but not least, the consumer IoT market is a global one. It stretches from one country and government to another. How will governments treat it? Will some governments ban the commercial use of the IoT? And if so, what will happen to tourists who use IoT-enabled products and services in countries with bans?

A New Wave of Change

Life as we know it is about to change again. One IoT forecast says living like the cartoon family from The Jetsons may soon be possible. One thing is for sure. The IoT industry will see billions of dollars in revenue from all over the world. Economies will shift, industries will be shaken, and everyday life will be changed by the internet of things. New inventions will line store shelves, and it may even be possible for IoT technology to replace many retail stores.

IoT growth is staggering. Its effects will shape the future, and its disruptive nature will forever be recorded in history. Only time will tell just how much effect the IoT will have on the world.