ANZ businesses hungry for IoT, unprepared for its risks

Explosion of device vulnerabilities leaves Australian, New Zealander companies victim to their own digital transformation efforts.

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Australian and New Zealander companies are rushing to tap internet of things (IoT) devices for post-COVID digital transformation. But most ANZ companies must double down on IoT security—or risk compromising the very digital-transformation initiatives they are trying so hard to fast-track.

Predictions of strong growth come from recognition that “IoT-based use cases can assist in delivering remote and distributed operations across the enterprise,” IDC said in a recent report, with a prediction that ANZ companies’ IoT spending will recover from a COVID-19 slump this year and grow by 9.5% annually through 2025.

Strong expenditures across manufacturing, utilities, and transportation would continue to drive over half of overall IoT spending, IDC predicted, with the construction and utilities sectors leading the growth in 2021. Key use cases include manufacturing operations, production asset management, electricity smart grids, and freight monitoring. Software such as IoT management applications and analytics software will be the fastest-growing sectors in the IoT segment.

“Other than cloud and AI/machine learning, IoT or industrial IoT is one of the top three technologies which will enable remote operations for enterprises, thereby improving productivity during these challenging times,” IDC market analyst Sharad Kotagi noted in the report.

More IoT means more security risk

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