Global Spending on the Internet of Things May Reach $1.29 Trillion by 2020

Updated:
August 28, 2019

Today, there are more digitally connected devices than there are people on the planet. These immense networks are capable of supporting an array of applications - from the mundane to the sophisticated - and can help propel economic opportunities. This vast interconnected system of devices, vehicles, and even buildings are all part of the Internet of Things (IoT) - and more and more businesses are investing in it.

According to the International Data Corporation (IDC), worldwide spending on the IoT will experience a growth rate of nearly 16 percent, reaching $1.29 trillion by 2020.

According to the Worldwide Semiannual Internet of Things Spending Guide, spending is expected to be highest in the following three industries:

  1. ‍Manufacturing ($178 billion)
  2. Transportation ($78 billion)
  3. Utilities ($69 billion)
Each new connected device is a new point of access for criminals

The IDC reports that hardware, services, and software will make up the majority of the investments. In general, modules, and sensors that connect endpoints to networks will represent the bulk of hardware purchases. Things like telematics, health monitoring, smart home investments, and smart grids for oil and gas utilities are also major spending drivers.

While the IoT continues to change the way companies do business, each new device connected represents another potential point of access for criminals. In addition to the sheer number of connections available for hackers, the interconnectedness of IoT devices poses a new kind of threat. Accessing a single device could, in theory, give a criminal access to a person's home, car, phone, work, and many other smart systems.

The first line of defence against cyber threats is a well-trained workforce. Use an employee cyber training manual to educate your employees about common threats and the best practices to defend against them. This document focuses on a general overview and best practices. To receive your FREE Cyber Training: Overview & Best Practices document, email nlast@scrivens.ca.

FAQs

What is financial advising?

Financial advising involves providing guidance and advice to individuals, families, or businesses to help them make informed decisions about their financial matters. This can include various aspects such as investment planning, retirement planning, tax planning, estate planning, and more. Financial advisors analyze their clients' financial situations, goals, and risk tolerance to create customized strategies that align with their objectives.

Why is financial planning important?

Financial planning is crucial for several reasons:

Goal Achievement: It helps individuals set and achieve financial goals, whether they are short-term, such as buying a home, or long-term, like funding a comfortable retirement.

Risk Management: Financial planning addresses risks by considering insurance, emergency funds, and other protective measures.

Budgeting and Saving: It promotes responsible money management through budgeting and saving, fostering financial stability.

Wealth Building: Effective financial planning can lead to wealth accumulation and the creation of a secure financial future.

Can financial advisors help with debt?

Yes, financial advisors can help with debt management. They can assess your overall financial situation, create a budget, and develop strategies to pay down debt efficiently. They may also negotiate with creditors on your behalf, provide debt consolidation recommendations, and offer guidance on prioritizing and managing debt repayment.

What exactly does a financial advisor do?

The specific responsibilities of a financial advisor can vary, but generally, they:

  1. Conduct a thorough analysis of a client's financial situation, including income, expenses, assets, and liabilities.
  2. Develop personalized financial plans based on the client's goals, risk tolerance, and time horizon.
  3. Provide investment advice and portfolio management services.
  4. Offer guidance on retirement planning, estate planning, tax planning, and insurance.
  5. Monitor and adjust financial plans as needed based on changes in the client's life or market conditions.
  6. Educate clients on financial matters and empower them to make informed decisions.
What is the average fee for a financial advisor?

The fees charged by financial advisors can vary widely based on factors such as the advisor's experience, the services provided, and the region.

Common fee structures include:

Hourly Fees: Advisors charge an hourly rate for their services.
Flat or Fixed Fees: A set fee is charged for specific services or a comprehensive financial plan.
Asset-based Fees: Fees are a percentage of the assets under management (AUM).
Commission-based Fees: Advisors earn commissions on financial products they sell.
Combination of Fees: Advisors may use a combination of the above fee structures.
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It's important to discuss and clarify fee arrangements with a potential financial advisor before engaging in their services.