There will be 41.6 billion Internet of Things (IoT)-connected devices around the world by 2025. Consumers and businesses have increasingly employed the technology in a variety of use cases as it becomes more sophisticated, from smart cars to sensors that can be utilized for smart cities.
The rise of 5G networks will also enable these devices to communicate more data across longer ranges, which is one of the reasons why investment in IoT is picking up. Concerns over security breaches and data privacy remain high, however, so providers will need to be sure users are properly protected from all manners of fraud as this ecosystem grows.
In the latest Intelligence of Things Tracker, PYMNTS looks at how IoT is advancing and the ways in which providers are working to protect these devices as more devices make their way into the mainstream.
Around The IoT World
IoT devices still have a number of security weaknesses that providers must address as the technology becomes a larger part of consumers’ daily lives. There were 760 million fraud events for IoT devices using a single protocol this year, according to one recent study. Fraud in IoT was also found to be 12 times higher this year than it was for the same period in 2018, and fraudsters are unlikely to slow their momentum in the space over the remainder of the year.
Even as fraud concerns rise, many IoT devices are still transmitting consumer data without the explicit permission or knowledge of those consumers, a separate study found. Smart doorbells, speakers and other IoT home products often send information back to the vendor as well as to third-party companies, which may provide an opening to fraudsters that want illegitimate access to data themselves.
But rising fraud levels aren’t dampening innovation in this area, especially when it comes to innovating IoT for the smart car. Companies like consumer electronics firm FenSens have recently raised new funding to develop IoT-enabled smart accessories for vehicles. The company has raised $2 million to build out these products, including dashboard cameras that allow for safer social media connectivity while driving.
To learn more about this and other IoT news, visit the Tracker’s News and Trends.
How Beep Is Bringing Safe, IoT-Powered Self-Driving Shuttles To Public Transportation
Other providers are taking a different approach when it comes to the smart car, looking to appeal to millennials and other consumers that may have a new perspective on car ownership and usage. Safety and environmental concerns over vehicles have led many millennial and Gen Z customers to rely more on public transportation or rideshares, which means that the individual self-driving car may not be as desirable as some manufacturers are expecting. Bringing self-driving cars to the world of public transportation is a different story, however, according to Joe Moye, CEO of autonomous mobility company Beep.
To learn more about how Beep is approaching the smart car for public transportation through its Florida pilot program, visit the Tracker’s feature story.
About the Tracker
The Intelligence of Things Tracker showcases companies that are leading the way in all aspects of IoT.