Internet of Things (IoT) in a post-COVID world

1. Internet of Things (IoT) in a post - COVID World

2. Internet of Things (IoT) in a post - COVID World • COVID-19 has brought the whole world in the eye of the storm and the impact it has had on our society and economy is unprecedented. It has driven enterprises to rethink the way they operate and work.  • According to McKinsey, “Before the COVID-19 outbreak, 92 percent of companies had been considering digital transformation of their business models, but the crisis actually revealed how vulnerable most companies are and how urgently they require transformation.COVID-19 crisis is likely to significantly accelerate the shift to digital and fundamentally shake up the business landscape.”  • The effects of the pandemic on the global economic recession are causing CXO’s to prioritize spending on services and technology that are deemed “mission-critical” over initiatives aimed at transformation or growth. Investing in connected technologies is no more a luxury, but a necessity for survival and business continuity.  • Need for resilient leadership in the face of COVID-19  • It is imperative for enterprises to think ahead to be in a state of readiness to resolve the challenges due to the pandemic and protect the future of the business. As a business, there is no “one size fits all” solution to tackle this situation.  • Phase 1 – Respond – in which an enterprise deals with the present situation and manages continuity. • Phase 2 – Recuperate – during which an organization learns and emerges stronger. • Phase 3 – Flourish – in which the company prepares for and shapes the “next normal”.

3. Internet of Things (IoT) in a post - COVID World • According to the latest IDC report, “Across the world, spending on software and hardware related to IoT is projected to grow rapidly, from $726 billion in 2019 to $1.1 trillion in 2023. The report further reveals that Asia-Pacific accounted for most of the spending on IoT in 2019, with India spending $20.6 billion.” • The rise of connected world is also expected to bring challenges around ensuring that privacy rights are respected while collecting and using data, the captured information is used and stored securely, and edge devices and sensors do not get hijacked or become a threat vector.  • The IoT platform can intertwine nimbly across business sector platforms, raising security concerns pertaining to the collected information and effective management. The following are some observations per industry analysis:  • Weak authentication/authorizations • Lack of comprehensive management • Lack of notification • Periodic security upgrades and increased threat vector • Use of default IoT parameters • Data portability and interoperability issues with vendor lock-in

4. Internet of Things (IoT) in a post - COVID World IoT as a technology has been maturing for some time and seems poised for continuous growth globally. This growth is expected to be driven by industrial sectors such as utilities, manufacturing, agriculture, and infrastructure, that are responding to massive changes in their operating environment.  To further accelerate the adoption, technology providers, policy makers, and industries need to work closely to address the challenges.  Cigniti’s experience in IoT app Testing as a Service (TaaS), a team of IoT-skilled assurance specialists, and a robust IoT assurance infrastructure (labs, simulators, test racks, etc.,) support real-time quality assurance of Big Data, Compatibility, IoT Security, Performance, Pilot, Regulatory, Reliability, Upgrade, Usability, and smart devices in a dynamic environment (RFID, Sensors).  Need help?  Talk to our IoT Assurance experts. They will help provide a solution to your business and will demonstrate how to overcome several IoT challenges in a post-COVID world.  Read more:https://www.cigniti.com/blog/internet-of-things-iot-post-covid