Challenges in existing IoT Market

About 20 years after the term Internet of Things (IoT) appeared, we are now living in a digital ecosystem where all people, things, and services are connected to the Internet network. Almost all devices we use are connected to the Internet network, which means that IoT technology is no longer a symbol of innovation, but has become a basic infrastructure that goes with our lives.

According to the forecast by International Data Corporation (IDC), the global IoT market size will maintain a CAGR of 12.6% until 2023 and will exceed $1 trillion in 2022 for the first time in history. In addition, the number of IoT devices connected to the Internet in 2025 is about 41.6 billion, and the digital data generated by these devices per year is about 79.4 ZB (1 ZB = 1.1trillion GB).

IoT devices and digital data connected to the Internet network are increasing exponentially. Various H/W and S/W are intertwining to generate data continuously, and these data are playing an important role in creating new added value for various businesses. Despite of the rapid development of H/W and S/W, the process for fair acquisition and use of data produced through the IoT system still has many problems. Most of the data still has various security issues such as hacking, leakage, and compliance issues, and at the same time, a specific centralized company or organization has a problem of privatizing (monopoly) or abusing data.