As the prices of sensors and communications continue to fall, adding more devices to the IoT is becoming cost-effective, even if in some cases it does little to consumers. Deployments are at an early stage.Most companies dealing with IoT are currently in the trial phase, largely because the required technology (sensor technology, 5G, and machine learning assisted analytics) themselves are still in fairly early development. Many competing platforms and standards, from device manufacturers to software companies and network operators, and many different vendors want a slice of the pie. It is not yet clear which of them will prevail. But without standards and because security is an ongoing issue, we are likely to face larger IoT security setbacks over the next few years.
As the number of connected devices continues to grow, assuming we are willing to accept security and privacy compromises, our living and working environments will be filled with smart products. Some will welcome the new era of smart things. Others will miss the days when a chair was just a chair.