Jason Hope contends that the Internet of Things (IoT) is on a growth trajectory considering that more devices and equipment are being connected to the internet. It is estimated that the technology will be worth over $7 trillion by 2020. However, Jason asserts that investing in IoT comes with its risks, and an individual must consider different factors before investing in IoT-based product or business. Below is the checklist to help one make a sound decision on whether to invest in IoT or not.
Jason posits that one should know the worth and potential growth of IoT before making any investment. The high valuation of the market and the rapid increase in the number of items connected to the internet may be misleading. For instance, over 250 million cars will be connected to the internet by 2020. One should evaluate, review and undertake further research to ascertain the success of IoT.
In the first years, any new technologies are usually in a trial and error period. Jason contends that this situation means that IoT may experience severe crashes. These crashes undermine the quality of the technology. There are also predictions that IoT may burn out soon. Other determinants of quality are privacy and security. Jason says that it is advisable to invest in IoT only if you are sure about how the company providing the technology is going to handle your privacy and security.
Investing in IoT is associated with lots of risks, especially when the systems crash. Such crashes can spell disaster for a company. Jason posits that there is also a potential for IoT to succeed. Investing in companies dealing in IoT is also associated with similar risks.
With hundreds of companies trying to cash in on IoT, it is wise to analyze the available options before making any investment decision. Jason says that companies having an impressive history in the sector offer better investment opportunities than start-ups. Jason Hope advises people to diversify their investments as this strategy helps one to spread his or her risks.
The benefits of investing in IoT investments will be realized once the industry has developed and matured. According to Jason, this development may take a couple of years to materialize. Patience is key.