Opportunities And Challenges That The Internet Of Things Creates13/01/2016 by Intellectual Property Watch 1 CommentShare this Story:Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Google+ (Opens in new window)Click to share on Facebook (Opens in new window)Click to email this to a friend (Opens in new window)Click to print (Opens in new window)Much of our best content is available only to IP Watch subscribers. We are a non-profit independent news service, and subscribing to our service helps support our goals of bringing more transparency to global IP and innovation policies. To access all of our content, please subscribe now.The views expressed in this column are solely those of the authors and are not associated with Intellectual Property Watch. IP-Watch expressly disclaims and refuses any responsibility or liability for the content, style or form of any posts made to this forum, which remain solely the responsibility of their authors.By Beata Green“In the next century, planet earth will don an electronic skin. It will use the Internet as a scaffold to support and transmit its sensations.” – Neil Gross, 1999Beata Green writes: Over the past few years, we’ve seen paramount change in the way we access the internet – it started with desktops and soon shifted to mobile devices. But the world hasn’t been waiting for long to see it grow into something huge. Internet intelligence is now knocking at the door of our homes, cities, and businesses – this is what you’ve heard of as the Internet of Things (IoT).Introducing IoT to your company is undeniably rewarding, yet doesn’t go without challenges. Understanding the risks, nearly 54% of mobile developers invest their efforts in creating Internet of Things technology. Smart Home and Wearables are the most popular IoT areas currently targeted by developers. It is expected that by 2019 there will be 1.9 billion smart home devices on the market with a revenue of $490 billion. See below for the most popular areas of IoT tech application: But What Are the Benefits of Bringing Internet of Things to the Company?3 Key Ways It Will Streamline Businesses:Companies will be able to create smarter products to beat their competitionWe are now expecting much more from our devices than a decade ago. Can you imagine having a smart frying-pan or internet-enabled fitness mat? Now it might seem ridiculous and unnecessary, but businesses are constantly looking for ways to make things easier for their customers and Internet of Things assists them. The point is that businesses will be competing even more severely to invent more connected, more useful and smarter products. And they already have access to the technology that can implement it. Think again . . . would it still be strange to expect an internet-connected frying pan on the market?Smarter data collection and managementInternet of Things is targeting not only devices, but also sensors. It’s incredible how they can be attached everywhere and record necessary data. For example, wearables are collecting data about fitness habits of their owners and this helps to update the devices with more attention paid to the functionality in high demand. Or, for example, network-connected sensors are used to inform farmers about the pregnancy and sickness of animals. Just imagine if your coffee cup could know how hot you want your coffee to be and how much sugar or milk you add. Collected data would allow businesses to get more specific information on how their products are used, how they break down and what is expected from them in the future.Business model change and smarter progress trackingWe’ve finally entered the age where companies can monitor the efficiency of development processes with better accuracy and it has been made possible due to Internet of Things. The progress of every employee can be tracked based on various criteria. Moreover, IoT technology will lead to increased automation and reduced need for manual labour.But as a generally known rule, new opportunities always create new challenges. In the same way, Internet of Things will most probably throw its new adopters into dealing with the following concerns:Security breaches. With the increasing number of network-connected devices and sensors, serious security measures need to be taken to prevent data leakage. Due to the fact that complex technology is integrated within IoT, it will be necessary to implement powerful security solutions to eliminate the risks. Secure message transmission from a device to its destination should reduce the chances of data storage in insecure locations or of use by third parties.Extended network management. IoT will create a need to work with larger data capacity and manage more IP addresses. It will thus increase the workload of IT support groups.Increase in investment. While cost is not the biggest concern of businesses who adopt Internet of Things, it is still critical for some of them. The cost of implementing IoT technology depends on the solution complexity and its novelty. On the other hand, the adoption of this technology is expected to result in huge savings and considerable revenue growth.But at this very moment, only a few people know that IoT tech devices such as smart fridges and smart thermostats are already available on the market. Meanwhile, the popularity of some other groups of IoT tech devices is growing at a rapid pace. Consumers are showing increasing interest in possessing smart devices, especially network-connected clothes, fitness trackers and smartwatches.With over 50 billion internet-connected devices expected on the marketplace in 2020, businesses should consider adopting IoT technology to stay ahead of the game. The world is unlikely to get back to the traditional phone-call-only cell phones we had a decade ago when today’s phones do miracles. The same is with businesses – the world is looking for faster and smarter solutions. AUTHOR:Beata GREEN is Managing Director of HeadChannel Ltd., London based bespoke software development company. She is responsible for overall strategic direction and overseeing the company’s continuing growth, building closer client relationships and maintaining best working practices. She enjoys brisk country walks with her red fox labrador and then relaxing in front of a TV crime drama with a glass of red wine. Share this Story:Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Google+ (Opens in new window)Click to share on Facebook (Opens in new window)Click to email this to a friend (Opens in new window)Click to print (Opens in new window)Related"Opportunities And Challenges That The Internet Of Things Creates" by Intellectual Property Watch is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.