The number of Internet of Things (IoT) devices, sensors and actuators will reach over 46 billion by 2021, and this 200% increase from 2016, will be largely driven by reduction in hardware unit costs, according to U.K.-based Juniper Research.
The unit cost, Juniper Research forecast, will average close to the 'magic' $1 throughout the period.
Juniper's latest research, The Internet of Things: Consumer, Industrial & Public Services 2016-2021, found that industrial and public services will post the highest growth over the forecast period, averaging over 24% annually.
The research cautioned, however, that both providers and endusers will face tremendous challenges when considering IoT deployments at scale.
The platform landscape is flourishing, noted research author Steffen Sorrell. “However, analytics and database systems are, for the most part, not architected to handle the Big Data 2.0 era that the IoT brings.”
To that end, Juniper identified key areas where disruption is needed, including spatiotemporal analytics and intelligent systems able to run on less powerful machines (eg routers).
Juniper predicted that, without attitude change from certain service providers, getting an IoT project off the ground would be difficult for non tech-savvy consumers.
Also, the research found that security threats are growing. IoT distributed denial-of-service 'botnet' attacks have become infamous in 2016, although in the medium-term, personal data theft, corporate data theft and physical asset damage will be the primary goals for IoT hackers.
Businesses and the industry are investing heavily in beefing up IoT security. But the general public has a rather lax attitude on this regard. The research argues that regulatory, corporate and media collaboration would be needed in order to improve the overall threat landscape.
Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.