ST Electronics recently held a seminar at Secutech 2017 addressing the opportunities of Internet of Things (IoT) and the challenges system integrators may face.
IoT is becoming less of a concept as more devices and systems are embracing the trend of a connected world. Eric Chan, Vice President of ST Electronics, mentioned that IoT is a large market and is estimated to have a value of US$14.4 trillion in global market by 2022. Based on Chan’s presentation, some companies is using the Freemium service to attract customers to try to IoT services. Giving end users a taste of the technology may lead to a payed premium service if the users are satisfied with the result.
IoT can be seen everywhere with new devices being implemented. Many end users have smart phones that can have the functionality to control many things from their home to their businesses. System integrators have the opportunity to join the trend and provide customers with a new business model that will be cloud prevalent and safe.
Chan also discussed the challenges system integrators may have to face. Being a fairly new concept, there is a lack of a standard for IoT. Many companies will have their own focus and idea which does not always align with one another. System integrators will have to learn each standard as IoT continues to evolve.
Another big challenge is the concern of cyber-attack. One of the top reasons for systems being breach is the miss-configuration of the systems and application. The techniques for cyber-attack has also become quite sophisticated. System integrators will need to design a safe and secure system that can prevent or even predict an attack.
With the global IoT market expected to reach more than $14 trillion, the concept of IoT does not appear to be going away anytime soon. However, the safety and security and having a standard seems to be the biggest obstacles for IoT.