Key enablers of tech growth in 2022: Part II

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By TP Sharafudheen

There are multiple factors enabling the unprecedented growth of the ICT market across the globe. Each element is important to be analysed. As reports indicate from various sides, each stakeholder of the industry—from the manufacturers to the end users—demands focused approach. I intend to cover the topic in a series of articles in this column. This is the second part.

Big data and IoT

The arrival of smartphones and tablets was the tipping point that led to big data. With the internet as the catalyst, data creation exploded with the ability to have music, documents, books, movies, conversations, images, text messages, announcements, and alerts readily accessible.

Big data technologies are becoming an industry standard in finance, commerce, insurance, healthcare, and distribution. Embracing big data solutions is key in optimisation and continued growth.

Currently, the world produces 2.5 quintillion bytes of data daily. The explosion of data continues in the roaring ‘20s, both in terms of generation and storage the amount of stored data is expected to continue to double at least every four years.

Big data solutions include storage, backup, analysis, visualisation as well as administrative controls for enormous volumes of data. Big data solutions make a complicated data infrastructure more efficient. Furthermore, big data technologies allow smart cities to leverage expanded capabilities. Internet of Things (IoT) technologies, smart sensors, smart transportation and other innovations are all part of this.

The IoT system and big data created a series of new technological need through out the all spectrum of life. System performance, storage and securities are the key elements to accelerate these technological demands.

When looking at the growth of big data, the role played by IoT cannot be ignored. Many believe that IoT is one of the key initiatives behind the implementation and development of big data, and it is a base of investment in big data services and computing.

One of the biggest challenges companies will face is the volume of data that they will require huge storage space. Data security is another challenge, given the rise in cyber threats and attacks. Companies that deal with big data will be required to setup protections and the infrastructure to safeguard systems from data breaches.

Wireless/broadband connectivity

The rapid improvement of the quality in connectivity is accelerating the technology consumption in individual lifestyle, home consumption and in other walks of daily life.

In recent years, significant attention has been directed towards the fifth generation of wireless broadband connectivity known as ‘5G’, currently being deployed by mobile network operators.

The possibilities of 5G and the Wi-Fi 6 are stoking the passion for technology among people and industries.

The attention and knowledge about  ‘Wi-Fi 6’, the new IEEE 802.1ax standard in the family of Wireless Local Area Network technologies with features targeting private, edge-networks will leverage the grassroots-level consumption drastically.

The suitability of cellular and Wi-Fi in delivering high-speed wireless Internet connectivity, both technologies aspire to deliver significantly enhanced performance, enabling each to deliver much faster wireless broadband connectivity, and provide further support for the IoT and Machine-to-Machine communications, positioning the two technologies as technical substitutes in many usage scenarios

Although big technical and business strides have been made in improving data transmission speeds of communications networks, the local access technologies that make up the last or first mile connections in the network have mostly lagged far behind. Enhancing the local access infrastructure to bring high-speed services to residences and small businesses requires upgrading or building infrastructure to each premises served. There are a variety of technology options with different characteristics and cost structures and variation in willingness to pay among potential customers.

Technology vulnerability and need of security systems

It is obvious that the solutions to arrest the potential technology vulnerability is one of the key enablers of the technology spending across the globe.

More technology exposure definitely brings potential growth in vulnerabilities affecting connected to IoT, IT and medical devices. Vulnerabilities impacting these products grew to 34 percent in the second half of 2021, showing the need to secure beyond the OT environment to the Extended Internet of Things (XIoT). With highly connected cyber-physical systems now the norm, the lines are becoming blurred between IT, OT and IoT; asset owners and operators must therefore have a thorough snapshot of all environments in order to manage vulnerabilities and reduce their exposure.

Beyond this, ICS vulnerabilities grew 110 percent over the last four years, highlighting the increased involvement of security researchers to analyse today’s vulnerability landscape. A total of 797 vulnerabilities were published in the second half of 2021, representing a 25 percent increase from 637 in the first half of 2021. The multiple high profile cyberattacks that hit key parts of US critical infrastructure in 2021 — like Tardigrade malware, the Log4j vulnerability and the ransomware attack on NEW Cooperative — have led organisations to prioritise XIoT cybersecurity and secure these fragile networks.

Additionally, 50 percent of the vulnerabilities were disclosed by third-party companies and a majority of these were discovered by researchers at cybersecurity companies, shifting their focus to include ICS alongside IT and IoT security research. 55 new researchers reported vulnerabilities during the second half of 2021, focusing largely on products from market-leading vendors, such as Siemens, Schneider Electric, and others.

Technology consumption, research, production, distribution and deployment of various software are driving the financial market remarkably across the world, and it will multiple many times in 2022 and beyond.

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