Investment in Intelligence of Things (IoT) is expected to surge in the coming years, with companies projected to increase spending on the design, creation and operation of IoT solutions from $186.1 billion in 2017 to a grand total of $434.9 billion by 2023. What’s more, recently released studies have shown that employees are becoming less wary of their companies’ IoT plans, which could fuel growth, while service providers are also encouraging companies to engage in new IoT solutions.
In the November Intelligence of Things Tracker, PYMNTS examines the forces pushing IoT adoption forward, the security risks holding it back, and how public and private sectors seek to strike the right balance.
Around The IoT World
Typically, the consumers who tend to be the most excited about IoT, and most interested in acquiring the latest solutions, are also particularly aware of the technology’s security shortcomings. Now, as one new report has outlined, security and privacy issues are hindering what could be a greater level of adoption, with 66 percent of American and European early adopters reporting that they delayed making a smart home device purchase due to privacy concerns.
These concerns aren’t unfounded, either. According to a Princeton University study, cybercriminals can take advantage of weak protection on IoT appliances and unleash attacks that put the local power grid at risk. If hackers are able to seize control of thousands of smart home appliances, they could create an energy demand that causes local power outages or large-scale blackouts, researchers claimed.
The U.S. government, meanwhile, is rallying to promote better cybersecurity.
Recently, the National Institute of Standards and Technology drafted a report advising federal agencies on IoT security. The report found that even if agencies decline to use IoT, they can still be put at risk by the use of IoT by vendors or other third parties.
Find these news items and more in the Tracker.
Self-Driving Car Apps Summon Radishes And Rides
Government and for-profit players alike have been turning attention to one of the hottest new IoT technologies: autonomous cars. With the global self-driving vehicle market expected to grow rapidly from 2021 to 2030, players are now diving into exploring the technology’s many potential use cases.
For Udelv, that means providing self-driving car-powered delivery services to grocery stores, pharmaceutical companies and more. PYMNTS caught up with Adriel Lubarsky, the company’s director of business development, to discuss how such a service can help retailers provide greater customer convenience.
The technology’s potential doesn’t stop there, though.
Mercedes-Benz and Bosch recently partnered with the city of San José in California on a forthcoming self-driving car trial, which the companies intend to lead to a ride-hailing service, using the vehicles. In this month’s feature story, PYMNTS spoke with Jill North, the city’s innovation program manager, about how the city is facilitating self-driving car services and what it hopes for from the technology.
For the full story, download the Tracker.
About The Tracker
The Intelligence of Things Tracker showcases companies that are leading the way in all aspects of the Intelligence of Things. Every month, the Tracker looks at what these companies are doing across the ecosystem and in several categories, including Personal, Home, Retail, Transportation, Wearable, Mobile, Infrastructure, Data and more.