Top IoT Myths Debunked

According to Statista, the Internet of Things (IoT) is worth $1 trillion. Why? Because it’s literally everything.

IoT has developed into a massive market with massive potential. And according to McKinsey, IoT will have an economic impact of $4-11 trillion by 2025. Considering other statistics show worldwide spending on IoT increased by at least $40 billion year-on-year since 2018, we’d say it’s accurate of McKinsey to assume the global worth will surpass $4 trillion.

And 2025 is where we’re at now, so it’s time to think about some of the common myths we can debunk about IoT. Read on to find out more.

IoT Myth 1: IoT Is Just About Smart Devices

IoT has a lot to do with smart devices, but it’s not only about smart devices. By definition, IoT is ‘the collective network of connected devices and the technology that facilitates communication between devices and the cloud, as well as between the devices themselves,’ according to Amazon Web Services.

You can now see that the definition applies to far more than smart devices. Still, we can’t deny that smart devices were probably at the helm of the growth of IoT; it’s just that they’re simply not all it’s about.

One example of industrial IoT devices includes agriculture using soil sensors to measure moisture content in a given area with the IoT link wireless system, therefore aiding the farmers in irrigating the affected spot. In medicine, the mobile gadget records patient data and sends it to the doctor (although this isn’t necessarily widely utilized).

IoT Myth 2: IoT Requires Significant Upfront Investment

Businesses might invest millions and billions into IoT, but it’s absolutely a myth to think it actually required a significant upfront investment.

Admitting the truth that there are deployments, like the ones within the manufacturing and industrial IoT sectors, that can be expensive. However, for many, IoT can become a viable and cheaper solution. Organizations today can begin by developing cloud-hosted applications, for example, with no investment. The public cloud is massive and widely accessible, with 96% of businesses using at least one public cloud application.

The modular method, which limits the IoT scope to one department in a business, is something pure IoT is capable of. The true nature of the cloud-based IoT platforms gives a tremendous opportunity to companies that would otherwise find it difficult to spend on IoT.

IoT is an extremely versatile solution, with the most basic of the use cases being that of improving the systems and efficiency of any business. In fact, according to CTA, over 83 million households are now using smart home IoT solutions, so it’s not only businesses that are finding it easy to access.

IoT Myth 3: IoT Is Inherently Secure

The belief that IoT devices are secure makes IoT myth number 3 an easy target to debunk. The lack of security measures in IoT devices surely makes devices vulnerable. In fact, the cloud suffers a similar number of cyberattacks as traditional networks and systems, with 80% of companies noticing an increase in the frequency of cloud attacks. Existing devices without proper mechanisms make it exceedingly simple for cybercriminals, and cyberattacks are only one of the many resulting problems.

Active prevention of unauthorized access will strengthen the device, but it’s wrong to assume, as a business, that you can sit back and do nothing.

IoT Myth 4: IoT Will Replace Human Labor

Through IoT, it’s true that several processes or operations are simplified, easily allowing for improved efficiency, but that will still not turn IoT into a one-to-one substitute for human labor. Don’t worry, folks, your jobs are safe…for now!

It is the other way around. Instead of replacing humans, IoT enhances their skills, enabling employees to perform more and more high-value tasks than operational ones. For example, IoT devices can be used for predictive checking to determine the health of machines used in production, enabling protection against loss of time and employees’ energy as they focus on the more complex roles that IoT simply can’t do.

What Will IoT Do in 2025?

Enough with the myths—what will IoT be doing in 2025? Spoiler alert: a lot.

Firstly, industries like health care, agriculture, and smart cities will further be pushed by IoT. For example, wearable health monitors that monitor the heart rate and send active notifications to doctors immediately when unusual patterns are detected are becoming the norm. For example, remote patient monitoring will evolve to the point where AI can analyze data from IoT devices and recommend treatments before you even realize something’s wrong.

In agriculture, IoT will take precision farming to the next level. Sensors placed on soil and water systems will provide micro-level data, allowing farmers to use just enough water, fertilizers, and pesticides for their crops. This saves resources and helps reduce waste, thereby mitigating climate change effects.

Then, there are smart cities. By 2025, various cities will have entire IoT systems that control traffic lights, energy use, waste management, and public safety. Imagine a situation where you never have to stop at a red light during your office commute because the IoT traffic system knows which way is quickest for every car on the road. It's not a dream—it's becoming a reality.

IoT will also extend its role in predictive maintenance. This implies that industries will heavily depend on IoT sensors to forecast when machines need repairs, lowering downtimes and saving millions of dollars annually. For example, aviation would be safer and more efficient if aircraft were equipped with IoT sensors to detect problems before they occur. After the recent aviation tragedies, this is becoming essential.

Lastly, IoT will go further into sustainability. Soon, there will be an increase in IoT-enabled smart grids and renewable energy systems that help homes and businesses save on power consumption bills.

How IoT Will Benefit The Average Joe?

So what does this mean for the average Joe? More than you might think. Luckily, the IoT isn't just for big tech companies or businesses—it's meant to be used by everyone.

Initially, the IoT will make everyday life as easy as ABC. For example, smart home devices are advancing even further to enhance integration. Consider this: your IoT-enabled coffee maker starts brewing once your smart alarm clock goes off. 

Or, when you wake up and leave your bedroom, your thermostat adjusts itself to an appropriate temperature while your fridge orders groceries for you (yes, that's happening) if it senses that you are running out of milk. It is a lifestyle that is connected, saving you time and energy.

Money can be saved through the help of IoT. It is possible to track your power consumption in real time using smart meters and IoT-powered energy monitoring systems, which provide recommendations on how to minimize costs. For example, your intelligent housing system may shut off lights when nobody is in the room or decrease heating while there’s no one at home. A reduced utility bill? Yes, we'll take it!

Safety is also a personal matter that IoT covers. Home security systems that send you live updates about what's going on in your house via phone and wearable Internet of Things (IoT) devices that keep track of where you are during emergencies are some of the ways you get peace of mind like never before.

The Internet of Things is everything and has the means to revolutionize entire industries and, ultimately, the demands of society. Let’s see how IoT developers are in 2025.