The Internet of Things (IoT) is the network of physical devices, vehicles, home appliances, and other items embedded with electronics, software, sensors, and connectivity which enables these objects to connect and exchange data.
What is IoT
IoT is a technological trend occurring on the verge of the second decade of the 21st century. It is a technology that enables devices to communicate with one another via the Internet, exchanging data such as images, video, and other types of sensor information.
This information can be used to affect or monitor some aspect of a device’s operations in real-time, or after some period of time has passed. In this way, IoT technology allows for connected devices to operate automatically; also known as “smart”.
In 2021, the number of worldwide IoT connections increased by 8% to 12.2 billion active endpoints, a much lower rate than in prior years.
The introduction of IoT has enabled device manufacturers and software developers to develop applications that manage and monitor multiple devices in real-time. This allows for more complex systems to be built.
The utility of such an environment has led to a large growth in the development of IoT platforms and applications. This, in turn, has led to a larger number of devices being connected to the Internet annually, creating a massive amount of data that can now be analyzed by various businesses interested in consumer behavior.
Why the Trends of IoT are in Demand Now
The IoT-based platform and application development trend enables developers to create solutions that integrate data from multiple sources, enabling businesses to better track consumer behavior and community engagement, for example. Furthermore, IoT’s ability to collect various types of smart sensor information makes it useful for novice users as well as experts.
There are currently around 400 active IoT platforms.
This means that the demand for IoT platforms is not limited to just those who are seeking professional development or those who are already familiar with this field. Instead, IoT-based platforms can be helpful for enthusiast users who are just getting started with their first project.
Finally, businesses seeking to develop new IoT applications and devices can also benefit from using these platforms, as they provide a basic framework on which such systems can be built.
This trend is also important because it shows that the demand for IoT-related platforms is growing, as more and more individuals and organizations realize how useful they can be in different environments. Furthermore, this demand is expected to grow at a rapid pace over the next few years.
In addition to being useful for professionals in the development field, IoT technology has been designed to be intuitive enough that even novice users will feel comfortable with it almost immediately.
How IoT is Making a Difference
The fact is that IoT technology has the potential to absolutely revolutionize business in the years to come. The combination of these new technologies such as AI, robotics, IoT and more will allow companies to deliver innovative products and services that meet their customers’ needs more efficiently.
The opportunity is vast and varied but many businesses have already started to take advantage of this opportunity. For example, Boston-based startup Liberty Mutual insurance company has enabled its agents and brokers to be able to interact directly with their clients through a virtual support assistant called LibertyConnect
. As well as improving productivity for business owners it will also improve customer satisfaction which will lead to increased spending on the part of clients. Spending on IoT will reach $749 billion by 2020. Global IoT investment is expected to reach $1 trillion by 2022.
Top 10 IoT Trends
The following are the top 10 IoT trends we can expect to see in 2022:
In the security world, we’re already seeing a paradigm shift from technology to human. The Internet-of-today is not designed for humans in its traditional sense: it doesn’t protect us, it doesn’t even make us feel secure.
The Internet of tomorrow will make us feel safe because it will be safer than ever before. The new context will put the user at the center of everything, and it will work with her – not against her.
2. Hybrid: On-Premises and Public Cloud
Looking back at the last 10 years, we don’t see many enterprise-wide cloud deployments. We’ve seen plenty of SaaS deployments, PaaS applications, and a lot of private Cloud deployments but where they exist they are mainly used as an extension to on-premises data centers.
The CIOs got more interested in hybrid computing because hybrid allows them to control their data and/or control their costs by pushing workloads to large public clouds only when it makes business sense for them.
In addition, hybrid computing is strategically important for CIOs not only because it gives them flexibility but also because the private cloud technologies are maturing at a very fast pace in the market.
The Internet of Things market is currently valued $388 billion. And it is predicted to exceed $500 billion by 2023.
3. Automation, Self-Service, and Reusability
The biggest trend in cloud computing is automation and its impact on how modern enterprises run their IT organizations. Running a hybrid cloud environment means that you need to automate your processes.
Self-service will create new opportunities for business analysts, architects, project managers, and other IT staff to deliver more value to the business. Reusability will be key when it comes to making the switch from the current IT framework to the next generation of technology service management (ITSM).
It will allow companies such as SAP for example to transform their own ITSM offering into an elastic set of services that can easily be consumed by different internal groups.
4. Big Data and the Internet of Things
Big data has been a major focus for the IT industry in the last ten years. At this time, we have been able to collect massive amounts of data about organizations. This has allowed us to learn about user behavior and customer interaction patterns which have taught us a lot about how to build better products and services for our customers.
But, now new technology is being introduced which will bring together all this information within seconds thanks to IoT technology. This would allow us to create a powerful new way of collecting and analyzing information for consumers, business owners, as well as our partners in the enterprise IT field who need insights into their operations to improve processes and efficiency within an organization.
5. The Rise of the Intelligent Business
We are entering an era in which businesses will play a much more important role. The rise of the intelligent business is based on new technologies, artificial intelligence (AI), robotics, machine learning and IoT.
With these technologies, these businesses will be able to unite people and machines, gain skills, automate tasks and have a better understanding of customers needs. The Intelligent Business must-have technology that can deliver interoperable solutions that merge all these technologies into a cohesive whole. This will allow organizations to understand their customers and make use of their data to provide new services with improved user experience.
6. The Future of Healthcare and Medicine
Healthcare is one of the biggest industries in the world. It is estimated that there are about 5 million physicians, doctors, nurses and other healthcare workers in the US alone. There are also a lot more people who are dependent on other healthcare professionals such as administrative staff and technicians.
7. Customers Will Have the Power
The reason why healthcare is listed as one of the emerging trends is that it is already a very interconnected sector. There are many systems involved in healthcare and medicine health records, patient information, medical billing, and more.
Over time these systems have evolved allowing individuals to access them from anywhere at any time. In addition, they have also allowed people who need medical treatment to connect with hospitals when they are available.
This has made it possible for customers to get access to the resources they need much quicker than ever before. In addition, this trend will continue as technology evolves allowing customers to play more of a role in the healthcare and medicine industries in terms of innovation and healthcare management.
8. Esports and Gaming Will Define the Future of Fitness
With the growth of technology, the gaming world is a popular place for entertainment and recreation. As a result, people have been spending more time playing games in the last ten years.
The popularity of esports has grown dramatically over this period, with more and more people who are interested in watching professional video game players play at major competitions for cash prizes.
The strategy behind these competitions is to expand and grow personal commitment to fitness as well as gain new skills that can be used in many different areas such as sports, business, or even education.
9. Robotics Will Change Manufacturing and Operations
Robotics is one of the most exciting technologies that has been introduced to us in the past decade. Robots have allowed us to automate manufacturing, increase efficiency, reduce costs and do more things.
10. The Internet of Things Will Change Business
Now, there is an increase in security for our IoT devices. The global number of Internet of Things (IoT) devices is expected to nearly triple from 8.74 billion in 2020 to more than 25.4 billion in 2030. In 2020, the highest number of IoT devices will be found in China with 3.17 billion devices.
While this technology is still in the testing phase, we have already seen some very interesting results that have been used to improve security. For example, some experts have even managed to hack into private cameras and use them to record people without their knowledge.
Another example that is causing excitement about security in IoT is the fact that IoT technology has been used to help police track criminals who leave a trail of DNA behind them. However, there are also huge profits to be made through IoT technology and its potential for businesses.
Benefits of IoT
In the linked world, Internet of Things (IoT) device connections will have surpassed non-IoT device connections by 2020. In the past few years, there have been a number of business opportunities that have emerged around IoT technology and they are now being used by many companies. Here are some of the top benefits of IoT technology:
1. Faster Delivery Times
In traditional businesses, delivery times can often be very lengthy because companies need to wait for multiple steps such as order fulfillment and product manufacture before the products actually leave their manufacturing sites.
However, in an IoT-enabled world this could not happen as it would all be managed from a central location. This means that all services would simultaneously begin to work towards orders and consumers would be informed when all their requirements were available and ready to be purchased.
2. Lower Costs
Due to the nature of IoT technology, all parts of a business can be managed which means that companies will be able to keep all expenses down and still be able to offer their products at a much lower cost than traditional businesses.
For example, it is possible for drone companies such as Facebook’s Aquila to carry out reconnaissance missions in order to give businesses information about where they are located in the world. This information could then be used by manufacturers in order to make large-scale adjustments that could reduce manufacturing costs significantly.
3. Shipping Times Reduced
Nowadays it is not uncommon for people around the globe to research companies online prior to purchasing goods or services. It is a major advantage to businesses that use IoT technology as it makes it much easier for consumers to research products online prior to purchasing them and pass on the savings in their purchasing decisions.
For example, UPS has made moves over the past few years in order to reduce delivery times by almost 40 percent by using drones to transport packages and even automobiles.
4. Lower Prices
All parts of a business can be managed through IoT technology which means that companies will be able to reduce all costs associated with traditional businesses. This could lead to prices being lowered across a number of industries as well as opening up opportunities for new and innovative business models that are not currently possible with traditional methods.
5. Secure Transactions
While the Internet of Things is still in its infancy, it has already created a number of new environments where cyber security will be a major concern. IoT-enabled devices can easily be hacked into and used for malicious purposes or companies could use the technology to monitor your activities without you knowing.
This is why companies are investing in cyber security technologies such as encryption software, firewalls, and other types of IT-based products that are designed to combat these kinds of attacks.
6. Improvements in Quality Control
As well as improving customer service through quicker delivery times, IoT technology can also help companies to improve the quality control of their products in order to reduce waste and improve customer satisfaction.
For example, an IoT-enabled device could be used in order to monitor if a product had passed the quality control test or if it was being used properly. If it wasn’t then the device would notify the manufacturer who could make additional adjustments.
7. Easier to Manage
Traditional businesses often struggle with managing all aspects of their business from a central location. This is due to the fact that many of these processes are based on manual labor which is hard to manage in remote locations.
However, IoT-enabled devices can simplify this process significantly by simultaneously working on all parts of a business and making it much easier to keep everything up and running without human intervention.
Risks of IoT
While many businesses are taking advantage of the new opportunities associated with IoT and other technologies, there are certain risks associated with the technology which must be taken into consideration before making a decision. These risks include hacking, security breaches, and more.
As all technologies become more complex, hackers will be attracted to them and will want to steal data from companies that use them. Fortunately, new measures have been introduced in many industries that will protect companies against these attacks. However, despite these measures, it is possible for hackers to still steal customer loyalty data from major retailers such as Target and Home Depot.
2. Security Breaches
When hackers are not stealing data, they are trying to sabotage the systems that companies use. The best example of this is the Stuxnet virus that was discovered in 2010. This virus was created by the US and Israel and targets industrial control systems.
However, it can also affect other operating systems such as Windows and Linux. While security teams are working hard to improve the security of these systems, breaches are still very common at a number of companies including Sony, Target, and Home Depot.
3. Technical Difficulties
Although most businesses are prepared for a number of technical difficulties, it is not uncommon for technical problems to arise that will create difficulties in operating and maintaining the systems.
For example, cybercriminals managed to hack into a Target retail store’s computer system and stole the personal information of up to 110 million customers. To protect themselves from these types of attacks, companies must keep their own systems secure by investing in cyber security technologies such as IT security and software which is designed specifically for this purpose.
4. Social Fears
While many people have concerns about privacy issues associated with IoT technology, many people have also expressed fears about IoT technology affecting our privacy. People have been worried that individuals may be controlled via their Internet of Things technology without their knowledge.
For example, many people are concerned about the new Amazon Echo device which could potentially record what is going on in your home and send it to the company’s servers.
5. Environmental Damage
While many people have talked about the positive impact that IoT will have on our environment and our planet, there is also a potential for negative effects as well. The biggest concern is the growing use of disposable products such as smart toys which are more convenient but tend to create more waste.
Another example comes from mining companies which are expected to demand more resources over future periods in order to deliver IoT applications to consumers worldwide. Some of these resources will include metals such as aluminum, silicon, gallium, and more.
If this occurs then it is likely that the supply of these resources will decrease which could lead to a boost in their prices which could lead to environmental damage in the long term.
The Future of IoT
Today there are a large number of concerns surrounding the Internet of Things, however, the benefits that it will bring to the world in terms of improved efficiency and reduced costs are undeniable. Many people are still concerned about privacy issues or concerns that their privacy online could be compromised but in reality, all data is encrypted and impossible to read unless you know how to do so.
With a number of new technologies such as blockchain products being released on a regular basis and new IP-enabled networking technologies being developed at an alarming rate, it is safe to say that the future of IoT is set to be filled with a number of technological breakthroughs.