{"id":15228,"date":"2021-02-22T19:31:39","date_gmt":"2021-02-22T14:01:39","guid":{"rendered":"https:\/\/cigniti.com\/blog\/?p=15228"},"modified":"2021-02-22T19:31:39","modified_gmt":"2021-02-22T14:01:39","slug":"internet-of-things-iot-post-covid","status":"publish","type":"post","link":"https:\/\/www.cigniti.com\/blog\/internet-of-things-iot-post-covid\/","title":{"rendered":"Internet of Things (IoT) in a post-COVID world"},"content":{"rendered":"<p><span data-contrast=\"auto\">COVID-19 has brought the whole world in the eye of the storm and the impact it ha<\/span><span data-contrast=\"auto\">s had<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">o<\/span><span data-contrast=\"auto\">n our society and economy is unprecedented. It has driven enterprises to rethink the way they operate and work.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">According to\u00a0<\/span><b><i><span data-contrast=\"auto\">McKinsey<\/span><\/i><\/b><span data-contrast=\"auto\">,\u00a0<\/span><span data-contrast=\"auto\">\u201c<\/span><b><i><span data-contrast=\"auto\">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.<\/span><\/i><\/b><span data-contrast=\"auto\">\u00a0<\/span><b><i><span data-contrast=\"auto\">COVID-19 crisis is likely to significantly accelerate the shift to digital and fundamentally shake up the business landscape.<\/span><\/i><\/b><span data-contrast=\"auto\">\u201d<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The effects of the pandemic on the global economic recession are causing C<\/span><span data-contrast=\"auto\">X<\/span><span data-contrast=\"auto\">O<\/span><span data-contrast=\"auto\">\u2019<\/span><span data-contrast=\"auto\">s to\u00a0<\/span><span data-contrast=\"auto\">prioritize<\/span><span data-contrast=\"auto\">\u00a0spending on\u00a0<\/span><span data-contrast=\"auto\">services<\/span><span data-contrast=\"auto\">\u00a0and\u00a0<\/span><span data-contrast=\"auto\">technology<\/span><span data-contrast=\"auto\">\u00a0that are deemed \u201cmission-critical\u201d over initiatives aimed at\u00a0<\/span><span data-contrast=\"auto\">transformation<\/span><span data-contrast=\"auto\">\u00a0or\u00a0<\/span><span data-contrast=\"auto\">growth<\/span><span data-contrast=\"auto\">. Investing in connected technologies is no more a luxury, but a necessity for survival and business continuity.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Need for resilient leadership in the face of C<\/span><\/b><b><span data-contrast=\"auto\">OVID<\/span><\/b><b><span data-contrast=\"auto\">-19<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">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 \u201cone size fits all\u201d solution to tackle this situation. Regardless of the extent of the virus impact on an enterprise, a typical crisis plays out over 3 phases \u2013\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Phase 1 \u2013 Respond<\/span><\/b><span data-contrast=\"auto\">\u00a0\u2013 in which an enterprise deals with the present situation and manages continuity.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Phase 2 \u2013 Recuperate<\/span><\/b><span data-contrast=\"auto\">\u00a0\u2013 during which an organization learns and emerges stronger.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Phase 3 \u2013 Flourish<\/span><\/b><span data-contrast=\"auto\">\u00a0\u2013 in which the company prepares for and shapes the \u201cnext normal\u201d.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">COVID-19 has precipitated\u00a0<\/span><span data-contrast=\"auto\">enterprises<\/span><span data-contrast=\"auto\">\u00a0entire focus towards industry 4.0. Two things that have become\u00a0<\/span><span data-contrast=\"auto\">critical<\/span><span data-contrast=\"auto\">\u00a0for enterprises today are focusing on adopting digital technologies that constitute the Industrial 4.0 revolution and investing in new products and services that enable them to thrive in the fast-evolving economic environment.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">IoT is believed to be the crucial technology of the Industrial 4.0 revolution that has a future despite facing continuous challenges in the market.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">According to\u00a0<\/span><b><i><span data-contrast=\"auto\">Vodafone\u2019s<\/span><\/i><\/b><span data-contrast=\"auto\">\u00a02020 IoT spotlight research, \u201c<\/span><b><i><span data-contrast=\"auto\">The Covid-19 pandemic has forced almost all businesses to change their working practices and priorities in a matter of weeks, with more than three-quarters of adopters increasing the pace of internet of things (IoT) projects.<\/span><\/i><\/b><span data-contrast=\"auto\">\u201d<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">IoT is disrupting both the industrial sectors (agriculture, oil and gas, transportation, water, and manufacturing) and the consumer sectors such as retail, health care and services.<\/span><span data-contrast=\"auto\">\u00a0These industries are adopting IoT with the increased use of sensors, cloud, robotics, centralized tracking, quality inspection etc., forming an ecosystem of smart manufacturing.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">High value drivers of Internet of Things<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Few of the compelling reasons why enterprises use IoT are \u2013\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Cost Reduction<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">Enterprises<\/span><span data-contrast=\"auto\">\u00a0have already started exploring more options to realize the potential of IoT by accessing untapped data and using analytics that can help ope<\/span><span data-contrast=\"auto\">rators make informed decisions in real time. With this increased efficiency, opportunities are created to reduce operational costs.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Revenue Growth<\/span><\/b><span data-contrast=\"auto\">: Using data from interconnected systems, a customized offering can be created for end consumers to improve sales performance, reduce customer attrition, etc., leading to potential revenue boost.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Security and Safety<\/span><\/b><span data-contrast=\"auto\">: Remote monitoring and control of critical asset<\/span><span data-contrast=\"auto\">s<\/span><span data-contrast=\"auto\">\u00a0supports operators in determining patterns and trends and report<\/span><span data-contrast=\"auto\">ing<\/span><span data-contrast=\"auto\">\u00a0any abnormality. With the help of IoT, enterprises can realize their efforts to focus on ensuring a safe working environment and their employees wellbeing.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Quality Control<\/span><\/b><span data-contrast=\"auto\">: Assessing process historical data from edge devices or sensors helps operators manage the product\u2019s quality. Processing data at each stage has helped enterprises control quality and enabled operators to take corrective actions in real-time, rather than checking quality after batch production.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Big Data<\/span><\/b><span data-contrast=\"auto\">:<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">Generates<\/span><span data-contrast=\"auto\">\u00a0humongous stats to analyze for understanding the needs and achieving customer satisfaction and assurance<\/span><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">According to the latest IDC report,\u00a0<\/span><b><i><span data-contrast=\"auto\">\u201cAcross 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.\u201d<\/span><\/i><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The rise of connected world is also expected to bring challenges around ensuring that\u00a0<\/span><span data-contrast=\"auto\">p<\/span><span data-contrast=\"auto\">rivacy rights are respected while collecting and using data<\/span><span data-contrast=\"auto\">, t<\/span><span data-contrast=\"auto\">he captured information is used and stored securely<\/span><span data-contrast=\"auto\">, and e<\/span><span data-contrast=\"auto\">dge devices and\u00a0<\/span><span data-contrast=\"auto\">s<\/span><span data-contrast=\"auto\">ensors do not get hijacked or become a threat vector.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The IoT data life cycle considerations include\u00a0<\/span><span data-contrast=\"auto\">d<\/span><span data-contrast=\"auto\">ata collection and discovery<\/span><span data-contrast=\"auto\">, d<\/span><span data-contrast=\"auto\">ata confidentiality\/<\/span><span data-contrast=\"auto\">l<\/span><span data-contrast=\"auto\">oss prevention<\/span><span data-contrast=\"auto\">, s<\/span><span data-contrast=\"auto\">ecure data retention and disposal<\/span><span data-contrast=\"auto\">, and c<\/span><span data-contrast=\"auto\">ompliance and regulatory requirements<\/span><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">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:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"9\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Weak authentication\/authorizations<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"9\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Lack of comprehensive management<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"9\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Lack of notification<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"9\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Periodic security upgrades and increased threat vector<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"9\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Limited encryption capability<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"9\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Insecure web interface<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"9\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Use of default IoT parameters<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"9\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Data portability and interoperability issues with vendor lock-in<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"9\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Diverse nature of collected data<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"9\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Continuous availability<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"auto\">Privacy Challenges<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">IoT systems collect information that may be a personal or<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">business secret. Implementations need to ensure better<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">management of the following:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Privacy by design<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Data subject rights<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Emerging privacy regulatory and compliance requirements.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"auto\">Key considerations for privacy and protection in IoT<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">To counter the increasing threats in<\/span><span data-contrast=\"auto\">\u00a0the<\/span><span data-contrast=\"auto\">\u00a0IoT landscape,\u00a0<\/span><span data-contrast=\"auto\">it is advisable for the IoT\u2019s core development and architecture design\u00a0<\/span><span data-contrast=\"auto\">to\u00a0<\/span><span data-contrast=\"auto\">abide\u00a0<\/span><span data-contrast=\"auto\">by<\/span><span data-contrast=\"auto\">\u00a0a\u00a0<\/span><span data-contrast=\"auto\">\u201c<\/span><span data-contrast=\"auto\">secure-by-design<\/span><span data-contrast=\"auto\">\u201d<\/span><span data-contrast=\"auto\">\u00a0approach.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Processing large volumes of personal data may result in severe privacy implications which can be countered by\u00a0<\/span><span data-contrast=\"auto\">adhering to\u00a0<\/span><span data-contrast=\"auto\">stricter\u00a0<\/span><span data-contrast=\"auto\">privacy\u00a0<\/span><span data-contrast=\"auto\">considerations\u00a0<\/span><span data-contrast=\"auto\">and\u00a0<\/span><span data-contrast=\"auto\">d<\/span><span data-contrast=\"auto\">ata\u00a0<\/span><span data-contrast=\"auto\">g<\/span><span data-contrast=\"auto\">overnance<\/span><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">According to leading market estimates, \u201c<\/span><b><i><span data-contrast=\"auto\">The IoT market is achieving new heights and will skyrocket to reach US$ 1256.1 billion by 2025 from US$ 690 billion in 2019 growing at a CAGR of 10.53%, during the forecasted period 2020-2025. With the development of wireless networking technologies, the emergence of advanced data analytics, a reduction in the cost of connected devices, the IoT market is expected to grow at a positive rate, even after the Covid-19 pandemic.<\/span><\/i><\/b><span data-contrast=\"auto\">\u201d<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Revenue opportunities driven by IoT<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Enterprises realize the maximum benefits of connected operations when IoT shifts from being a cost to a revenue generator. Revenue opportunities are driven typically by various data monetization models\u00a0<\/span><span data-contrast=\"auto\">such as:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Data as a service<\/span><\/b><span data-contrast=\"auto\">: Relies on monetizing data captured in the system.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Insights as a service<\/span><\/b><span data-contrast=\"auto\">: Relies on selling insights obtained by data captured in the platform.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Platform as a service<\/span><\/b><span data-contrast=\"auto\">: Enables licensing the platform.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Business as a service<\/span><\/b><span data-contrast=\"auto\">: Allows enterprises to provide a business capability as a service.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">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.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">To further accelerate the adoption, technology providers, policy makers, and industries need to work closely to address the challenges.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Cigniti\u2019s<\/span><span data-contrast=\"auto\">\u00a0experience in\u00a0<\/span><a href=\"https:\/\/www.cigniti.com\/services\/iot-application-testing\/?utm_source=blog&amp;utm_medium=hyperlink&amp;utm_campaign=IoT\"><span data-contrast=\"none\">IoT app Testing<\/span><\/a><span data-contrast=\"auto\">\u00a0as a Service (<\/span><span data-contrast=\"auto\">TaaS<\/span><span data-contrast=\"auto\">), a team of IoT-skilled\u00a0<\/span><span data-contrast=\"auto\">assurance specialists<\/span><span data-contrast=\"auto\">, and a robust IoT\u00a0<\/span><span data-contrast=\"auto\">assurance<\/span><span data-contrast=\"auto\">\u00a0infrastructure (labs, simulators, test racks, etc.,) support real-time\u00a0<\/span><span data-contrast=\"auto\">quality assurance<\/span><span data-contrast=\"auto\">\u00a0of Big Data, Compatibility, IoT Security, Performance, Pilot, Regulatory, Reliability, Upgrade, Usability, and smart devices in a dynamic environment (RFID, Sensors).<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Need help?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">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-CO<\/span><span data-contrast=\"auto\">V<\/span><span data-contrast=\"auto\">ID world.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>COVID-19 has brought the whole world in the eye of the storm and the impact it has had\u00a0on our society and economy is unprecedented. It has driven enterprises to rethink the way they operate and work.\u00a0 According to\u00a0McKinsey,\u00a0\u201cBefore the COVID-19 outbreak, 92 percent of companies had been considering digital transformation of their business models, but [&hellip;]<\/p>\n","protected":false},"author":20,"featured_media":15230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[2627,1186,3272,2761,3426,2762,2760,2759,2758,336,202,1198,2625,1201,2589],"ppma_author":[3727],"authors":[{"term_id":3727,"user_id":20,"is_guest":0,"slug":"cigniti","display_name":"Cigniti Technologies","avatar_url":{"url":"https:\/\/www.cigniti.com\/blog\/wp-content\/uploads\/120X120-1.png","url2x":"https:\/\/www.cigniti.com\/blog\/wp-content\/uploads\/120X120-1.png"},"user_url":"https:\/\/www.cigniti.com\/","last_name":"Technologies","first_name":"Cigniti","job_title":"","description":"Cigniti is the world\u2019s leading AI &amp; IP-led Digital Assurance and Digital Engineering services company with offices in India, the USA, Canada, the UK, the UAE, Australia, South Africa, the Czech Republic, and Singapore. We help companies accelerate their digital transformation journey across various stages of digital adoption and help them achieve market leadership."}],"_links":{"self":[{"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/posts\/15228"}],"collection":[{"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/comments?post=15228"}],"version-history":[{"count":0,"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/posts\/15228\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/media\/15230"}],"wp:attachment":[{"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/media?parent=15228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/categories?post=15228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/tags?post=15228"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/ppma_author?post=15228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}