New IoT opportunities raise social, legal and ethical concerns, Gartner says

Whether they’re wearables that track physical activity and heartrate, security hubs that watch over our homes, or sensors to improve traffic based on weather conditions, smart devices perfectly integrate with our lives. IoT delivers countless opportunities and fosters digital innovation, so it’s no surprise that the technology will keep spreading, as will its presence in households.

According to Gartner estimates, by 2023 artificial intelligence, social, legal and ethical IoT, data monetization, sensor innovation and new wireless networking technologies are among core emerging “trends that will enable new revenue streams and business models, as well as new experiences and relationships.” Gartner also reports that, in the next five years, CIOs will be accountable for three times as many endpoints CIOs, so tech leaders will have to leverage Artificial Intelligence to encourage and stand behind IoT innovation and technologies.

“The IoT will continue to deliver new opportunities for digital business innovation for the next decade, many of which will be enabled by new or improved technologies,” said Nick Jones, research vice president at Gartner. “CIOs who master innovative IoT trends have the opportunity to lead digital innovation in their business.”

Successful global deployment of IoT technology depends on some key concerns: who owns the data and how secure are the devices we welcome into our lives? As countries still struggle to come up with legislation to enforce guidelines for IT manufacturers and vendors, and despite California becoming the first state to sign into law a bill that covers smart devices, IoT is still a grey area that needs to be socially figured out.

Smart home design and IoT initiatives should center on data protection and security. However, due to the lack of clear policies, last year for example, 35 percent of companies involved in IoT-related projects confirmed they were going to sell the data collected as part of their monetization strategy and business objectives, says Gartner. This money-making system of data buying and selling will keep growing in popularity until risks and opportunities are properly addressed.