Overall spend on IoT devices is set to skyrocket this year. South Korea alone, for instance, is expected to spend $25.7 billion on the technology before the year’s end, and the country is far from the top spender.
Countries like the United States and China are leading the charge, with each expected to spend nearly $200 billion on IoT development by the end of the year. In fact, the U.S. is leading, spending an expected $192 billion in 2019, compared to China’s $182 billion. Consumer devices may be expanding, but companies aren’t stopping there: They are experimenting with IoT for agriculture, the supply chain, healthcare and government.
However, all that growth may be hampered by the fact that consumers are still wary of IoT when it comes to security. It’s expected that there will be 22 billion IoT-connected devices at play by 2024 — that is, if they can be secured and trusted.
In the January Intelligence of Things Tracker, PYMNTS looks at the way IoT is growing around the world, as well as how companies are responding to the need for improved device security.
Around The IoT World
BlackBerry, for one, is now offering a suite of online tools to manage IoT security for clients. The company’s solutions deal with both the hardware and software components of IoT security, leaving clients free to innovate by placing the responsibility of halting a breach on BlackBerry.
Others are partnering for security, like AT&T, which is now relying on a security solution developed by digital security provider Gemalto to provide AT&T customers with greater security. The solution relies on the Gemalto “eSim,” tying security to the hardware of the device.
Meanwhile, countries like Japan are taking a different approach. In preparation for the 2020 Olympics, the Japanese government is enacting a plan to better protect the IoT devices of its citizens from being hacked — by hacking them first.
IoT, Grocery And The Connected Car
While security remains a top concern, consumers are looking for faster ways to get their goods and services — and that’s where IoT devices like connected cars come in.
Connected cars could have a profound impact on the way consumers have goods delivered, especially when it comes to sectors like grocery — one of the last areas where in-store shopping is holding fast over its eCommerce competition. An IoT-connected car with real-time tracking and updates could solve that issue, said Pradeep Elankumaran, CEO and co-founder of digital grocer Farmstead, in a recent interview with PYMNTS.
The connected car could not only add a level of consumer comfort when it comes to traffic updates and delivery estimates, but provide a faster way for customers to receive their groceries, Elankumaran said in this month’s feature story. Head to the Tracker’s feature story to find out how Farmstead’s connected car pilot is impacting grocery in the Bay Area.
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.