Over the past few years, newspaper and magazine stories have described how the Internet of Things (IoT) has the potential to revolutionize our daily lives. The Internet of Things (IoT) could enable computer-mediated strategies for carrying out a variety of tasks, including managing city resources, conducting business, and providing healthcare, thanks to its network of "smart," sensor-enabled devices that can communicate and collaborate with one another over the Internet. For the general public, the Internet of Things (IoT) Security has the potential to drastically change many of our most routine activities by enabling breakthroughs like self-driving cars and connected refrigerators that can transmit shoppers in grocery stores photographs of their contents.
Although the Internet of Things is still a relatively new phenomena and much of its infrastructure is still being developed, the McKinsey Global Institute estimates that by 2025 it could have a global yearly economic effect of $3.9 trillion to $11.1 trillion. The economic rewards could be particularly important for the semiconductor industry, one of the many sectors positioned to profit from the Internet of Things (IoT) Security expansion. McKinsey and the GSA performed an additional survey and interviews on this subject in 2016 due to the significance of Internet of Things (IoT) Security to semiconductor companies. According to the latest study, which is the subject of this article, respondents continue to see security as a significant barrier to the IoT's development. They do, however, also feel that semiconductor firms, by offering security solutions across industrial verticals, can assist in resolving these issues and gaining considerable value.
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