The IoT is growing faster than most technologies today; it has been claimed to be one of the greatest breakthroughs in the history of the technology domain, will soon be an inherent part of every aspect of human lives, from retail stores to hotels, cars and aircraft and almost everything that they interact with. It helps users connect to multiple devices within a network. Interconnections amongst the devices can be either achieved through wired mediums like Ethernet or wireless media like Bluetooth, Wi-Fi, and GPS. Despite its humungous advantages, certain companies will stay-back from large-scale IoT adoption due to its certain limitations.

Although IoT is progressing vigorously, this growth can be a little challenging for all businesses to achieve. The main reason is the lack of standardization in the handling of unstructured data and the lack of technical skills for using top-tier instruments. These challenges are harder if high-end enterprises do not set standards. The existence of various communication networks amongst numerous devices will give rise to certain limitations due to trust, security, and privacy. It should be ascertained at the design stage of the IoT communication network.

The future will involve billions of devices connected to the internet and millions would be spent on them. However, this mega-interlinking of connections will probably rebel against the prevailing communication modules and state-of-the-art technologies.

The future of IoT will depend mainly on the decentralization of IoT networks. Part of this can be achieved by moving functionality to the edge, such as using fog computing models in which smart devices such as IoT hubs handle time-critical operations and cloud servers assume data collection and analytical responsibilities.

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Some of the data collected by IoT devices are very sensitive and protected by laws like the Health Insurance Portability and Accountability Act (HIPAA) in the United States. Vendors and manufacturers must either discard this information or obliterate the Personally Identifiable Information (PII) to ensure that consumers are not damaged in the event of data violations. To realize the IoT opportunities, strategies need to be developed to respect individual privacy choices across a wide range of expectations while encouraging innovation in new technologies and services.