Can anyone be made accountable for the growing data theft across the globe?

The year 2020 has been a challenging year. I am sure almost all of you must have had a range of experiences how the pandemic has impacted your personal and business life. Future of Connected Living, reveals that the device-to-person ratio will exceed 20 to 1 by 2030 as the world enters the era of hyperconnectivity and catapults organizations' digital transformation. The number of connected devices globally is projected to increase from 30.4 billion in 2020 to 200 billion in 2030 at a compound annual growth rate (CAGR) of 20.7%.

The demand for connected living will primarily be driven by advanced software technology, widespread content streaming, and network integration. The rising demand is projected to quadruple smart and connected home penetration over the next five years to reach over 18% by 2025. Spending on the smart city sector is expected to reach 327 billion dollars by 2025, up at a strong CAGR of 22.7%, and will lead to higher adoption of technologies such as artificial intelligence and 5G.

A question arises who will be the custodian of the digital democracy? Disinformation and propaganda disseminated online is poisoning the public sphere. Fake news, data collection is the challenge to democracy. To survive in a hyper-connected era, companies must ensure that their products and services are not only connected but also intuitive, conversant, and intelligent.

The future home will become a 'central hub' for connected living, as it allows homes to evolve into on-demand workspaces and much more. Continued advancements in connectivity technologies such as cloud services, Internet of Things, video conferencing, mobility, robotics, and AI will create innovation frontiers for connected technology and service providers. The convergence of 5G and Wi-Fi 6 will be a crucial enabler for connectivity as they will improve communication network speed, customer experience, and long-term cost efficiency. The connected home of the future will anticipate resident behavior and adjust the home environment accordingly. Seamless connectivity will also facilitate the standardization of platforms across the intelligent device ecosystem.

To succeed in the connected era, companies cannot do it alone. Enterprises need to establish new partnerships, engage with a broader ecosystem, and explore new business models to deliver a unique value proposition. While connected living drives digital resilience, it also carries major risks such as data insecurity and vulnerability to cyberattacks. Therefore, organizations are encouraged to develop a detailed cybersecurity strategy that will align with their goals and facilitate the provision of secure connected services to customers anywhere. It helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.