Lyle Hauser views the Internet of Things (IoT) as a vast frontier, and one that is expanding in scope by the day. Whether the discussion is of smart cities, cars, homes or televisions, whether it turns toward smart health or farming, whether there is a mention of wearables or appliances, Hauser – CEO of the Vantage Group, a South Florida-based private equity firm and specialized business consultancy – believes the surface of this technology is only being scratched.
“It absolutely is still somewhat in its infancy,” he said.
A December 2018 post on the website Cointelegraph.com, written by Chrisjan Pauw, underscored the sheer enormity of the IoT, in terms of dollars and devices. Pauw cited the forecasts of three different sources – Gartner, Business Insider and IDC – in noting that by 2020, there are expected to be anywhere from 20.4 billion to 30 billion IoT devices in use, and that according to a fourth source, IHS, that number will balloon to 125 billion a decade later.
On the money side of things, Pauw noted that IDC is predicting IoT revenues of $357 billion by the end of 2019, and according to Bain & Co. that figure could be as great as $450 billion by the end of 2020. Five years beyond that, Pauw wrote, McKinsey predicts there will be an $11.1 trillion impact by the IoT.
So yes, a vast frontier, extending as far as the eye can see – and one that in Hauser’s mind offers greater possibilities than even the Internet.
As he put it, it is “going to explode – and in conjunction with certain things in (Digital Ledger Technology).”
Hold that thought a moment, while we consider how lawless this frontier is. Some have even gone so far as to declare IoT security a “doomsday scenario waiting to unfold,” because so many devices are either unsecured or poorly secured.
There are numerous examples of breaches, not the least of which was the Mirai botnet in 2016, a cyberattack that crippled Dyn, a domain registration services…