RISIoT (Risks of the Internet of Things) is a market analysis and risk assessment to accelerate the adoption of the Internet of Things in Austrian enterprises.
2016 is the year of the Internet of Things (IoT) and analysts predict that IoT offers a chance to redefine many sectors and accelerate growth. Reports suggest there will be 25 billion internet-connected things by 2020 and with more and more companies investing and making an impact in smart technology, IoT applications in the enterprise can be manifold. Fast-moving companies are establishing entirely new product and service hybrids that disrupt their own markets and generate fresh revenue streams. Smart production processes in the factory of the future, more efficient traffic regulations in smart cities, smart home applications, and intelligent power regulations, etc. are only some prominent application fields for IoT. Still we are facing major challenges that hamper broad IoT adoption in enterprises. Understanding of IoT is still far from widespread. More than 60% of Western European organizations are not familiar or do not plan to invest in IoT. Also in Austria we observe a lack of belief in this emerging technology. The hesitation in IoT adoption can be explained to a certain extend by security and data privacy concerns. IoT is becoming an increasingly attractive target for cybercriminals, and data security, the protection of privacy and digital identity are serious issues to tackle. Anyway, the adoption of IoT on long-term is undoubtable, and we have to find ways to support enterprises on their journey towards IoT adoption and digital transformation to increase efficiency, productivity and competitiveness. This is where RISIoT gets involved. The exploratory project aims to support organizations in regard to IoT adoption by providing them with insights into the IoT market, its opportunities and risks. In detail RISIoT delivers a comprehensive analysis of the Austrian IoT market in comparison with the European and global situation. It covers market potentials, use cases, and successful lighthouse projects. To tackle major security concerns in IoT adoption the study specifically explores IoT risk assessment. It identifies and describes high-level IoT risks and recommends further actions to deal with industry and use case specific risks, e.g. in the field of smart homes, and active and assisted living (AAL). Outcomes will be an Internet of Things Market Report and high-level Risk Matrix for enterprises and an Internet of Things R&D Guide highlighting focus areas for future research and development. RISIoT suggests courses for action for economy and research to push investments in the Austrian IoT ecosystem, to support a positive future of IoT on the Austrian market, and to ensure knowledge transfer between the scientific world and the goto- market environment. RISIoT will provide an impulse and initial trust for planned IoT use case specific risk modelling and assessment as well as other similar future initiatives.