Is India Ready To Tackle Growing Demand For IoT Devices?
Internet of Things (IoT), a concept of connecting one device to another through the internet, is witnessing skyrocketing global demand. According to a recent report by Boston Consulting Group, the IoT sensors market is expected to grow to $267 billion by 2020.
The IoT devices include cell phones, coffee makers, washing machines, headphones, wearable devices, etc. This also applies to components of machines, for example, a jet engine. But why on earth would you want so many connected devices talking to each other?
Say, for example, your alarm clock wakes up you at 7 am and then alerts your coffee maker to start brewing coffee for you, or what if your office equipment knew when it was running low on supplies and automatically re-ordered more?
On a broader scale, IoT can help us in reducing waste and improve the efficiency of things, thus, refining the way we work and live. For instance, Lufthansa is using an IoT-based strategy to create an entirely new business mining data from their maintenance, repair and overhaul (MRO) operations and providing it to their customers.
IoT devices are sure to create a stir in Indian market soon. Hitesh K Arora, Director Strategy & Customer Advocacy, CRMNEXT told BW Businessworld, “IoT device market in India is still at a nascent stage but it is growing fast. The affordability of IoT devices will differ from industry to industry. I would say IoT devices have the potential to boost country’s gross domestic product as well.”
However, with every new technology layer come numerous cyber-attack surfaces as well.
Pukhraj Singh, a cyber-intelligence expert who played an instrumental role in setting up of the cyber security operations centre of the Indian Government told BW Businessworld, "There are certain security implications with IoT, especially in terms of its support, manufacturing and supply chain security."
"Coverage of security issues is typically not an active part of the vendor support cycle as of now; the Government also needs to undertake a thorough threat assessment of the potential security concerns arising out of a highly connected and pervasive ecosystem. The supply chain, I stress again, stands very vulnerable. From connected ovens, cars, to aircraft – everything is becoming net-centric. This may have expected or unexpected crucial impact on our national infrastructure" Singh added.
The concept of IoT devices is relatively young, so companies will gradually put together a strategy to handle the risks these devices pose. Until then, if you use an IoT device, just ‘handle with care’.
