IoT seems to have turned into a recent buzz word and appearing almost everywhere. This concept has the potential to impact how we live and work. But the idea might not yet be clear to all.
Simply put, Internet of things or IoT is the concept of basically connecting any devices with an on or off switch to the Internet. This includes everything from mobile phones, microwaves, refrigerator, washing machine, lamps, headphone and almost anything you can think of. You could possibly imagine the impact it will have on your life. All your devices interconnected and can be sensed or controlled remotely across existing network infrastructure. This will result in improving efficiency, accuracy and economic benefit in addition to reduced human intervention.
Though the concept is amazing and the industry in booming, but the rate of IoT adoption in Southeast Asia is yet quite low. Organizations are worried about implementing IoT for various reasons. It is important to understand the gap in order to address the challenges businesses face and to increase IoT reach.
Security is the prime concern in adopting a new thing. Besides, the incident of alleged hacking of the US election and the US$81 million Bangladesh Bank heist in 2016 leads to propel the security concern even more. These issues raised the concern for storing sensitive information in the cloud which can be hacked in minutes. Ensuring cyber security is very important for businesses before they can migrate sensitive information to the cloud.
Another big concern for businesses in Southeast Asia is the cost. The high cost of digital products poses a challenge to local companies to find affordable alternatives or seek foreign investments. The businesses, especially the SMEs, are yet not ready to spend so much. If the cost of IoT could be reduced without compromising the benefits of technology- there is a good adaptation chance.
IoT is not simple rather quite complicated. IoT application development needs to be easy for all developers, not just to experts. The hardware and software design needs to be simple which could be challenging at the initial stage.
Surveys show a huge number of companies (59%) lack the capabilities to generate meaningful business insights from data. Even more, companies require large investments to update their existing data platform. All these are costly and time-consuming which is a major challenge for adopting IoT in businesses.