IOT business technology has been talked about for some time now.  We are seeing it being used more in homes and by individuals, however with the recent developments of 5G in the UK, 2020 is set to become an iconic year when IOT business technology really comes into play.

IOT business technology is opening new methods within innovation

As business entrepreneurs really begin to discover the capabilities of IOT business technology and company owners investigate new methods of integrating IOT business technology to streamline process and save on costs, it is hoped that there will be a plethora of new and innovative services available to customers across all industry sectors, over the coming years which could significantly change the way we record data and engage with one another.

This year’s Internet of Things Barometer from Vodafone clarifies that: “Over a third (34%) of companies are now using IoT, up from 29% in the previous IoT Barometer. Regionally, the Americas saw the most significant increase — rising from 27% to 40%. The industries that saw the greatest increase were transport and logistics (27% to 42%) and manufacturing and industrials (30% to 39%)”.

Cyber liability remains the main concern and at the forefront of any development work if IOT business technology is to demonstrate longevity and appeal to an even greater audience.  Whilst developers are more aware of the vulnerabilities that cyber crime poses, to become greater technicians of IOT business technology, they will need to examine and build new levels of security, whilst also considering the main / end goal for how data is transported, recorded, stored and used.

Are you a budding entrepreneur who is developing new practices using IOT business technology? Here at Crendon Insurance we support entrepreneurs, start-up business and established companies looking to expand into new diversification opportunities with intellectual property insurance and IOT insurance, coupled with protective commercial insurance liability such as cyber liability and GDPR Data Protection insurance. To find out more please contact our team or see our website for further details.

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