Analysts at Gartner are predicting that more than half of major new business processes and systems will incorporate some element of the Internet of Things (IoT) by 2020 as part of their recent study, ‘Predicts 2016: Unexpected Implications Arising From the Internet of Things’.
The research points out that the unprecedented growth of the IoT will lead to some unexpected business impacts over the next five years – at unprecedented scale, naturally.
“Uses of the IoT that were previously impractical will increasingly become practical,” said W. Roy Schulte, vice president and analyst, Gartner.
75 per cent of IoT projects will take twice as long as planned
Through 2018, the study warns that 75 per cent of IoT projects will take up to twice as long as planned, with resulting compromises leading to issues in performance, security or integration. Delays are expected to be caused by the introduction of a new technology layered onto changes required by emerging business models.
“Product-centred enterprises will be the worst affected,” said Alfonso Velosa, research vice president, Gartner.
$5 billion black market for fake data will spur privacy concerns and solutions
Reliance on the integrity of IoT data comes with its own perils.
“A black market for fake or corrupted sensor and video data will mean that data can be compromised or substituted with inaccurate or deliberately manipulated data,” said Ted Friedman, vice president and analyst, Gartner.
“This scenario will spur the growth of privacy products and services, resulting in an extensive public discussion regarding the future of privacy, the means to protect individual privacy, and the role of technology and government in privacy protection,” he said.
Addressing IoT issues will increase to 20 per cent of security budgets
Gartner predicts that the average budget for IT, operational technology (OT) and IoT security requirements will increase to 20 per cent of annual security budgets in 2020 from less than one per cent in 2015. Business opportunities are being seized now.
“Small start-ups delivering niche IoT security in areas such as network segmentation, device-to-device authentication and simple data encryption are offering first-generation products and services, including cloud-based solutions where applicable, “ said Earl Perkins, research vice president at Gartner. “Large security vendors have already begun acquiring some of these IoT start-ups to support their early roadmaps and fill niches in their portfolios.”
