Compliance & Risks
Newark Releases Latest Global IoT Trends Report
The latest trend report also said that security concerns negatively impact the adoption of IoT technologies and the growth of Industry 4.0
Newark, a high-service distributor of technology products, services, and solutions for electronics system design, maintenance, and repair, recently released its Global IoT Trends Report for 2021.
The results are based on an IoT survey conducted from September 2020 and December 2020, involving over 2,000 completed questionnaires from over 60 countries.
Asked about the top IoT trends in the next five years, participants said that three industries that will lead the way in IoT implementation are Industrial Automation and Control (25%), Home Automation (18%), and Artificial Intelligence (12%).
The report also revealed that ease of development, the need for open standards, and connectivity standards will help accelerate the adoption of IoT.
“One of the reasons IoT adoption is slow is that there are no global standards for the different devices to communicate with each other; each set of devices adhere to different protocols. The pace of innovation in the IoT is rapid and capturing this tremendous market opportunity requires interoperability among all industries, connecting customers, businesses, products, and the Internet of Things,” the report explained.
The current pandemic has greatly affected the way we live and use technology. It has increased flexibility that many people enjoy at work. However, it has also negatively affected our daily lives. Participants expected healthcare, remote asset access, and wearable apps to take center stage in the future as a result of the impact of the COVID-19 pandemic in IoT. These new advancements will benefit society’s well-being and health.
Security continues to become a top concern in IoT and Industry 4.0
Due to the increased vulnerabilities and complexities of systems, cybersecurity continues to be one of the biggest concerns in IoT implementations. Thirty-six percent of the respondents said that they faced challenges related to security while adopting connected technology for IoT. Connectivity and interoperability are also key concerns, garnering 27% and 23% of respondents, respectively.
Moreover, the slow growth of Industry 4.0 despite IoT technology advancement could be attributed to security concerns.
According to Newark’s report, the two biggest reasons for the slow growth are concern regarding data security (32%) and a lack of business strategy (30%). Because more advanced manufacturing processes are more interconnected than ever, more machines, equipment, and employees are supported by internet-connected sensors that stream throughout an organization.
Additionally, issues may arise when enterprises don’t understand the information that is shared across their networks or how to use it to enhance their business strategy.
Future-proofing an enterprise’s security systems are important for improved IoT and industry 4.0, which will aid in growing its business. Having a robust cybersecurity solution in place will also keep vulnerabilities and risks from interrupting operations, which may lead to loss of profit.
To learn more about mitigating risks when adopting IoT and Industry 4.0 technologies, check out Trend Micro’s complete cybersecurity solution for smart factories.