Sequitur Labs is predicting that there will be considerable IoT growth in 2021, citing a Verified Market Research study that forecasts that the global IoT market will reach $1.3 trillion by 2026. The company argued that businesses have not yet realized the full potential of IoT technology, with 75 percent of remote device management projects ending with an unsuccessful outcome.
Despite that poor track record, Sequitur believes that the maturation of the software market, and the pre-packaged software market in particular, will reverse that trend and lead to more successful outcomes moving forward. As it stands, the projects that fail typically do so because of their complexity, and because organizations do not have the technical know-how needed to make sure that their new IoT networks are secure. However, more user-friendly software will make it easier for organizations to add new features to their internal and public-facing systems.
With that in mind, Sequitur issued three key predictions for 2021. Most notably, the company predicts that businesses will increasingly support Internet-Protocol-based networks (including Ethernet and Wi-fi) instead of purpose built ones like Modbus or Profibus, a fact that reflects the impact of COVID-19 and subsequent rise of the remote work environment. That has created a greater demand for device management solutions, and for technology that can ensure that those devices and any sensitive applications are protected.
Sequitur then suggested that there will be a growing number of cloud integrations, specifically with regards to smart home device platforms like Google Assistant and Amazon Alexa. It also predicted a boom in the healthcare industry, where remote monitoring devices will be increasingly popular. In both cases, providers will need to make sure that the highly sensitive personal information on those devices remains secure.
“IoT devices will improve the way people work, communicate and live. However, successful implementation will be limited if these devices cannot be used securely,” said Sequitur Co-Founder and CEO Philip Attfield. “The advances in securing remote devices over the past year will lead to incredible innovations in the marketplace, expected to accelerate artificial intelligence and significant technological benefits at the edge.”
Sequitur pitched its own on-device EmSPARK Security Suite to developers that want to provide secure services to their customers. Frost & Sullivan, meanwhile, has previously predicted that the rise of IoT technology will increase the demand for biometric security solutions.