SigmaWay Blog

Web-Connected devices that can talk to each other, transfer data, and carry out tasks without human interaction, are what make up the Internet of Things (IoT). These devices/ things are becoming popular among any firm looking for an edge. Generally IoT refers to devices in Consumer products such as Smart Phones, Smart cars etc. In Industrial sector these devices are used to build smart factories by integrating sensors and software to complex machinery. Growth of these devices will be very high as suggested by a report from Deloitte and there are only few firms working in IoT/Industrial Internet implying that there will be enormous opportunities for entrepreneurs in this sector.

As is the case with any budding technology, this area also faces challenges. Some of which are data security, addressing potential customers’ concerns about privacy, the lack of common standards between companies developing software for these devices; and the need to build physical infrastructure to support the collection and analysis of the data.Read more at: 

http://www.wamda.com/memakersge/2015/05/5-minute-guide-internet-of-things

IOT refers to sensors that communicate over the Internet without human intervention. According to McKinsey and the Global Semiconductor Alliance report, surveyed 30 GSA members who were senior executives at semiconductor companies, “IOT has potential, but it has several hurdles which can delay it.” These hurdles are:
• Security and data privacy
• Customer demand
• Limited consensus on standards
• Market fragmentation
• Elusive new revenue sources
• Technology shortcomings
To know more about these hurdles and how they can affect IOT implementation processes, read an article “Internet Of Things: 6 Obstacles” given in the informationweek.com by Thomas Claburn (Writer at InformationWeek) at: http://www.informationweek.com/mobile/mobile-devices/internet-of-things-6-obstacles/d/d-id/1320434