Essential IoT insights from Q2 21

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In this Tech Quarterly

The Internet of Things (IoT) has become firmly entrenched in business during the COVID-19 pandemic. It remains key to digital transformation and security in the sector is gaining increasing attention from legislators. At the same time, as IoT becomes more widespread, there can be some confusion over what it is and how it is distinct from other emerging technologies, such as edge computing and blockchain. As IoT expands, security threats to the technology continue to evolve.

July 6, 2021

 

Essential IoT insights from Q2 21

WRITTEN BY

Bill Clark
Senior editor

Bill is a prize-winning author and public speaker. He and Tony first met in Japan in the 1990s, before Bill went on to helm two popular consumer-oriented websites for one of Singapore’s leading internet service providers, as well as cover business and management stories during the dot-com boom.

Essential IoT insights from Q2 21

July 6, 2021 |

 

1. Pandemic has accelerated business interest in 5G and IoT

An Ernst & Young survey of more than 1,000 organisations found 52 per cent expressing an increased interest in 5G and IoT. Respondents said the top uses for 5G IoT will be for critical infrastructure monitoring and control (41 per cent), as well as for supply chain management and orchestration (also 41 per cent).

2. UK Government moving to legislate IoT security

Following its investigation into the security of consumer-connected products, the UK Government announced its intention to legislate cybersecurity standards for IoT products. Some of the products slated for protection include smartphones; wearable fitness trackers; smart home assistants; connected appliances (such as washing machines and fridges); and connected cameras, TVs and speakers.

3. Transformation needs IoT to succeed

Fully 90 per cent of respondents to Omdia’s 2021 IoT Enterprise Survey say that IoT is central to their digital transformation plans. While security remains the leading concern, nearly three-quarters of respondents (73 per cent) say their IoT projects are either completely implemented or at the proof-of-concept stage, showing their commitment.

4. Insurers look to IoT as part of digital transformation strategy

Faced with a world of shifting risks, insurers are hoping digital transformation will give them faster and better insights. IoT plays a key role: Sensors and IoT devices collect the data needed for analysis and construction of digital twins for better risk modelling.

5. Cellular connectivity is the next big thing for IoT

McKinsey says the COVID-19 pandemic has shown that Wi-Fi-dependent IoT devices aren’t enough, because workers need more than email and access to some applications. That means that IoT devices that use cellular technology will become more widely adopted, the consultancy says. The benefits of such a shift would include persistent connectivity, more robust security and increased bandwidth and speed.

6. IoT discussions get edgy

More than 50 per cent of IoT workloads are executed at the edge – closer to where data originates – but IoT and edge computing are distinct. In this short podcast, Christian Renaud, research director for the 451 Research IoT practice, looks at the difference.

7. Internet of Things security market will experience CAGR of over 30%

The security market for IoT will grow by $83.25 billion, increasing at a CAGR of more than 30 per cent from 2021-2025, says research firm Technavio. The market is split among multiple players and will remain competitive, according to the report, with APAC, Australia/Oceania and South America being regions with strong projected growth.

8. IoT oversight of workers gets mixed reaction

PwC’s survey of how tech companies have been monitoring workforces through the pandemic sees a role for IoT devices, including wearables, to monitor workers. Worker reaction is split, with 31 per cent of workers saying they are opposed to this and 44 per cent finding the idea acceptable.

9. Botnets drive surge in IoT attacks

Research by IBM Security X-Force found a 500 per cent rise in overall IoT attacks in 2020, compared to the previous year. The organisation says much of this was driven by the spread of Mozi, a botnet that shares some code overlap with Mirai, the botnet that was behind widespread DDoS incidents in 2017. Good security hygiene is important, as botnets are expected to remain a threat for the foreseeable future.

10. IoT continued to grow during pandemic

Fortune Business Insights reports that the IoT market continued to grow, despite the COVID-19 pandemic, with a projected increase from $308.97 billion in 2020 to $381.30 billion in 2021 – and to $1.85 trillion by 2028. Manufacturing is expected to be the leading industry to benefit from that growth.

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