IT leaders and managers should create a standardized code for how internet-connected devices are set up, according to industry experts. The rapid rise of the Internet of Things ( Internet ) industry , set to be worth $ trillion by the end of 2020 , is prompting growing concern in some quarters over the lack of security and regulation surrounding IoT. Experts are calling for immediate standardisation and regulation in the industry to prevent the possible compromise of connected technology and to encourage portability , security and manageability . However , others argue that persuading manufacturers to agree on any type of unifying standard is almost impossible in a fiercely competitive market .
The rapid rise of the Internet of Things ( Internet ) industry , set to be worth $ trillion by the end of 2020 , is prompting growing concern in some quarters over the lack of security and regulation surrounding IoT. Experts are calling for immediate standardisation and regulation in the industry to prevent the possible compromise of connected technology and to encourage portability , security and manageability . However , others argue that persuading manufacturers to agree on any type of unifying standard is almost impossible in a fiercely competitive market .