Internet of Things (IoT) has now become one of the most innovative technologies that we all talk about. IoT has the potential to change our lives drastically, which is beyond our anticipation. There are a lot of real-life instances of the Internet of Things or IoT that have been comprehensively used nowadays. These uses included things like intelligent health monitoring, smart security system, and more. Here is the demystifying of eight core myths that surround the internet of things.

Regardless of the long list of benefits from IoT both personally and professionally — people have several misconceptions about it.

IoT statistics showing the mounting increase use in monitoring of systems with the ground-breaking technology of IoT cannot be overemphasized.

Current IoT Statistics

  • It’s estimated there will be over 64B IoT devices by 2025 across the globe.
  • The worldwide IoT marketplace is estimated to be value $1.7T in 2019.
  • By 2022, 100% of the universal population is projected to comprise LPWAN coverage.
  • The Internet of Things has the competency to create $4T to $11T in financial price by 2025.
  • The core income driver for 54% of venture IoT projects is price savings.
  • 97% of businesses think there are difficulties in building value from IoT-associated data.
  • The Internet of Things in Financial & Banking Services market volume is predicted to cultivate to $2.03B by 2023.

Even though all estimated figures may not all the time seem to be in ideal synchronization, there is a wide-ranging trend that appeared after discussing with enough diverse pieces of information. Every one mentions we can anticipate a much quicker expansion in IoT implementation rates in multiple sectors.

IoT is expected to grow in four or five years faster than the previous ten years.

Misconceptions about the Internet of Things

• Myth # 1: IoT is A New Version of M2M

IoT appears to have numerous aspects of M2M because of its data moving feature between different devices. Though, in actuality, it covers more as compared to M2M. IoT allows multiple hosts on the Internet to control systems.

But in M2M, the picture is entirely different. Internet of Things involves the regulation of smartphones and remote monitoring that could consist of a mobile app interacting with similar hosts as of another device.

So, I suppose looking towards this advanced innovation as the other M2M would be moderately restricting. Nevertheless, evaluating it with M2M wouldn’t appear so rational. Viewing IoT as the addition of M2M would be apter. However, discussing precisely what IoT is, executing it considerately, and cautiously would be more helpful.

• Myth #2: IoT is Only About Sensors and Things

Typical perceptive and prospect so far appear that IoT is supposed to engage sensors, as well as things always. Though, they are merely one of the several other sources of data for an IoT resolution.

A few of the items and sensors are only the creators of information, while the additional components work based on remote commands or inbuilt logic. This latest technology is not only about sensors and things, but the management & support of the complete IoT resolution.

Moreover, the solution would include not merely things & sensors but even all the additional infrastructural sections like software, cloud, application, hubs, gateways, repeaters, cloud, and more prominently — the final service or product as a whole.

Restricting IoT perspective to just things or sensors might appear logical for sensor & device manufacturers. Nevertheless, it confines their aptitude to view the complete solution. From the user’s perspective, the peer-to-peer apps make more intellect, and things & sensors are only some cogs in the wheel.

• Myth # 3: All IoT Devices Must & Will Function Together

While somewhat unrealistic and too good to be true, it appears doubtful, due to several devices are enclosed from the bigger world. But, those devices or gadgets could operate together with other devices given by the seller.

From the ecommerce viewpoint, it merely makes logic so far to maintain things in regulation. A lot of these sellers provide access to their data and restricted control through APIs, and that ought to be sufficient.

It is not definite and perhaps not pursues rigid values in terms of the syntax or semantics. Though protocols being utilized in IoT are restricted, it always depends on the seller that he wants to let data or regulates to be distributed with the help of these protocols.

The incentive to design any device that operates with other devices, in the globe is minimal. Such that cars might converse with other vehicles, but vehicles would never interact with TVs.

Devices would ultimately get rationally clustered, where some standards might utter communication and compatibility protocols among them. By and large, whole IoT devices are not going to work mutually. In fact, they do not have to

• Myth # 4: IoT is Only About Big Data

If you are into the IT sector, you must be aware of great misconceptions about IoT. Big Data is a concept, which implies helpful information can be extracted or derived from a large set of data.

With the introduction of IoT in the market, everyone has begun to fix it to connected and smart thing devices. In a few scenarios, data being combined might be sourced through IoT devices; however, that’s not typical or a necessity for most of the IoT devices.

Numerous systems are matched with an app on users’ mobile phones. Pretty often, the data created by IoT devices don’t even stroke the intensity of big-data restrictions. Only because immense data can be built with the least hard work doesn’t denote that it is going to be produced.

That is an incompetent and less accountable strategy. It is obvious by the latest conditions that are impending, like roof computing and fog computing.

Every similar term is only advertising gimmicks to produce little awareness; core value is getting hidden ten feet below because of this naming game. Besides, this is one more vision from IT infrastructure providers and cloud services.

Each of these services is restraining their capability of seeing through the complete solution. As per the customers, only the end-to-end app is reasonable and helpful; big or small data hardly matters to them at all.

• Myth # 5: It’s Possible to Hack Every IoT Device Remotely

Among all, one of the most crucial security problems is- each IoT gadget is possible to hack remotely; hence must include deep safety. Nevertheless, the reality is hugely different. It’s not feasible to hack every IoT device remotely and not locally in several scenarios.

Other than just integrating encryption of data and SSL communication, there are several problems to be handled while functioning with IoT solutions. It comprises collateral damages, the physical safety of the device, misuse, and more.

Let’s take the example of a temperature sensor, which sends the temperature reading at a particular interval to its hub or gateway to the Internet straightforwardly. Do you think it is possible to hack? How can anyone change the execution of this device?

Data spoofing, alterations while in the move are diverse issues and don’t influence the IoT device much; it’s basically an infrastructure point concern. Nevertheless, the effect is still noticeable in the resolution as a complete.

The initial development of IoT is allowing the interrelation of things that can consequence in synergies and insights. Yet the similar connectedness lifts issues for safety and privacy that have to be addressed.

Not all the things in IoT are possible to hack. There is merely some vulnerability to be operated upon.

• Myth # 6: Fear of Missing Out (FOMO)

Just because of the hype, a lot of people started to have FOMO feeling nowadays. For those who don’t know what FOMO is, it is Fear of Missing Out. Yes, people or businesses now have a feeling that if they don’t do anything about IoT, they are going to lose eternally.

Losing a chance is another matter, and IoT isn’t the solitary land for this. In case you are dealing with FOMO, the exact step would be to inquire yourself, is it applicable to you? Is it applicable now?

Let’s take an example! If your organization is without any infrastructure or significance for making product internet linked yet, would it be sensible to alter your solution or product to the Internet-linked? Why you would misuse resources on implementing something so early.

It’s crucial to keep in mind that IoT isn’t a limited or timed trend, the clock isn’t ticking! It is going to continue to survive for several years to arrive. Being twitchy and keen on doing somewhat without a suitable opinion would spoil your product.

Sensible and sane adoption of any innovation is the solution. Maintain a close observation and hold the opportunity at the right time.

• Myth # 7: Delivering IoT Solution is Not a Rocket Science

Yes, this is the most significant of all. Because of open source utilities, software packages, and a lot of cheap boards, the misconception has a robust hold in the approach of several that it is trouble-free to provide an IoT solution.

Most of the service providers who are offering an IoT development solution would like you to think a similar way. However, this is not true. Owning an IoT device, which interacts with a user app, is merely the beginning.

A few cheap development kits are going to allow you to execute this in an instant. The real confront is shifting from a particular IoT device to numerous and then organizing to monetize it while sustaining privacy, safety, and consistency. When I say a resolution, it includes a lot of factors than only a platform or sensor.

Stuff as product practicability to user approval, commerce possibility, liabilities, servicing and maintenance certifications, and more are critical for genuine IoT developers. It’s imperative to note that an IoT solution is beyond only a linked or connected product that has a smart device, cloud software, an app, dashboard, or multiple app programs.

Every IoT solution has to stroke bottom with minimal seven diverse decisive phases to convey a significant result, which would be industry feasible, technically viable and would make logic for the users.

There is no denying the fact that it’s not effortless to brings out accurate IoT solutions. It perhaps is trouble-free to build an application or software or illustrate a substantial prototype, which does little fancy stuff.

However, if you consider from the perspective of solutions that has to subject to its customers and user-base, it’s a genuine pain. In short, building an IoT solution isn’t plug & play; it’s more than that.

• Myth #8: IoT Is Going to Replace People

The Internet of Things shows a practical move in industrial functions and the necessary proficiency. Specific physical jobs will be computerized for improved output, but this doesn’t signify that the requirement for the workforce is going to fade away.

A digital industrial unit is just as intelligent as the users who manage it. To protected and interpret Big Data into commerce intelligence. New job niches such as security engineers and data scientists will be vital. Current jobs, including machine operators, persist to progress with unique expertise sets.

The intelligence of a human is the brain at the back of IoT execution, and no device or machine can be as elastic as humans themselves.

Moreover, it’s even crucial to note down that IoT frees workers from monotonous, recurring tasks, in order to focus on more higher-value, worthwhile, ones.

Similarly, one of its eventual objectives is to make better and safer work surroundings for human resources. Instead of being scrutinized as a threat to employment, it should be observed as a way towards prospect worker-centric innovation.

Final Thoughts

IoT is mounting in eminence in contemporary commerce; thought, there is still several of uncertainty around it. Moreover, similar to other industrial revolutions, the implementation of the Internet of Things doesn’t come without difficulties.

Nevertheless, ensure the myths or misconceptions aren’t deflecting you from the truth. Accessing IoT precisely can handle your business confronts, and calculating it against probable expenses will be core to a successful deployment.

Anshul Sharma

Being a CEO and Business Head at Fluper Ltd. - mobile app development company, Mr. Anshul Sharma is familiar with the ongoing market trends. He always believes in exploring the latest innovations that have the potential to grow businesses. His habit of reading and writing about modern ways to boost business productivity makes him the right mentor.