Top 10 IoT Trends That Will Impact Various Industries in the Coming Years
IoT will have a significant impact on many different industries in the coming few years.
Join the DZone community and get the full member experience.Join For Free
It's almost the end of 2022, and significant progress has been made in the AI and IoT industries.
What Is the Internet of Things (IoT)?
IoT (Internet of Things) is one of the most commonly used buzzwords today. This technology uses sensors to analyze the data and connect with different machines to share information across the net.
IoT has a large number of applications in various industries from manufacturing to marketing and many more. Technologies like analytics, cloud computing, and big data help ensure that the information flow is seamless. Also, they make IoT a fundamental pillar of Industry 4.0.
IoT Technology Growth
As per the survey done by Mordor Intelligence, the IOT technology market is expected to rise by USD 1.39 trillion by 2026. There are numerous reasons for such incredible growth in such a short time.
- During the COVID-19 pandemic, IoT accelerated the development of many data analysis solutions, smart home devices, and remote monitoring.
- Several businesses are looking forward to developing tech solutions by leveraging artificial intelligence. Most solutions would need different sensors, edge computers, and a large scope of IoT technology.
- IoT networks can help to achieve tasks more efficiently than traditional centralized solutions.
But there are also some hurdles to achieving such goals.
Limited Production and Chip Shortage
Since the surge in demand for semiconductor chips, IoT solutions have become quite costly to develop. Due to the pandemic, the situation has worsened. Although the production of chips has been multiplied in recent months, it will take some time before the chip shortage over.
IoT Is Limited by Internet Bandwidth
Most IoT devices can communicate fluently only when there is not too much latency. Wireless connections can be inconsistent sometimes and might have slower data rates.
The Top 10 IoT Trends That Will Impact Various Industries in the Coming Few Years
1. Massive Adoption of IoT Devices
AI has become a commonly used technology in data-driven industries. This is what builds the demand for aggressive IoT frameworks and innovations with AI advancements. (IoT devices collect data through different IoT devices like sensors.)
Through the wide adoption of IoT devices, the language barrier in countries with many diverse languages and cultures like India can be eliminated, which could enhance productivity and learning. There could be a new wave of IoT-based device users. A lot of translation and language-related behaviors can be easily handled with different voice-enabled devices.
2. Companies Do Not Need to Depend on Cloud Data
Many companies spend millions of dollars on cloud-based intelligence products to store and protect data. These products allow anyone to use and yield data wherever they want and need it. However, with IoT improved to cater to the needs of the large audience base, there would not be any need to rely on existing cloud infrastructure.
Enterprises will be able to implement real-time architecture. All your AI-based solutions would not need a cloud to process or utilize the data; instead, they could link with a real-time solution to process the data.
3. Increased Dominance of 5G in IoT Trends
Since the introduction of 5G, many tech giants are trying to target a generic audience. This innovation will play a major role in every household in the upcoming years and will influence the world for much longer.
Integrating 5G with IOT-based devices could improve machine communication without depending on software or humans. Once launched, this would take a slow flight and end up as the most useful trend in IoT.
4. Industry 4.0 Would Reap All the Benefits of IoT
Manufacturing and production engineering would be able to automate and make processes much more efficient. One of the common themes in IoT is automation. Without IoT, it is quite impossible to achieve large-scale data collection and monitoring devices. It can cater to the needs of the industry as they have quite a large capacity.
Every industry's four major components are data analytics, cloud infrastructure, IoT, and AI. According to a recent report by Statista, IoT is quite important for such industries, based on the opinions of 3/4 of the people who took the survey. And by the end of this decade, IoT will increase the US GDP by USD 7.1 trillion.
5. Easily Interoperable
In today's time, interoperability is something that users demand. A device that connects anywhere in the house or a place with smart operational settings is quite appealing. This makes a smart home completely own its intelligence.
The best IoT technology attempts to introduce uniqueness, and interoperability is something people look for, especially while working from home to make things much easier and more productive.
6. Feature-Rich Micro Sensors for Healthcare Industry
Healthcare is the top industry leveraging deep technologies like artificial intelligence and AI. For example, a new bathtub automatically heats the water based on the surrounding temperature. Industries like healthcare will be able to reap the full benefits of IoT trends in the coming years.
7. Data Privacy and Cybersecurity
IoT devices are quite prone to cyberattacks. Hence, it is essential to keep data safe using best cybersecurity practices. Per the recent survey done by Palo Alto Networks, almost half the total IoT devices are prone to attacks by malicious actors.
Something which is quite concerning is that, according to the same survey, many medical devices are operated on less popular and less well-maintained operating systems. It makes devices more vulnerable to attacks.
Many companies, like SentinelOne, are working on AI-based software to improve endpoint security. This is security software that prevents threats and cyberattacks. Also, it can be forecasted that by the end of 2024, the market for security software like SentinelOne will reach 18 billion USD.
8. Edge Computing in IoT Trends
Edge computing will be one of the key trends for the IoT in 2022. A lot of manufacturers are building an onboard analytics facility for various equipment. This would essentially help with data processing. Rather than natively putting up dumb sensors (according to Forbes), like microphones, cameras, and edge devices, it would be fitted with integrated smart sensors. Such sensors would help with NLP (natural language processing), computer vision, and humidity and pressure measurements.
Edge computing has a lot of potential to make self-driving cars a reality by addressing key problems such as cloud dependency, security, and bandwidth. Despite quite advanced technologies, there are still some missing elements that IoT will fill in the coming years.
9. It Improves Workforce Management Using IoT Trends
Amid the COVID-19 pandemic, automation and remote work culture have been widely adopted. Several technologies like AI, blockchain, 5G, and Internet of Things companies have become the center of attraction. Big businesses have begun to use such technologies to optimize their remotely located workforce. Some of the common applications used are sending tailor-made messages to consumers with the use of smartphones by using beacons. Beacons are in different industries, and soon it is expected that they will reach out to every corner due to low costs.
10. Machine Learning and Big Data
Many applications are built across the IoT network, where data and analytics play a key role. It makes it easier for systems to take actions based on the alerts in real-time without much data transfer. With improvement in the technology, it would offer features like lower latency. With machine learning integration, a few applications have come up, like smart homes and elevator maintenance.
These are key applications that one should watch in the coming years. Such applications use machine learning to process and analyze the data. They can also support a complete infrastructure and optimization and enhances the device. IoT data is now widely sold to various OEMs and manufacturers for a good price.
The future of IoT lies somewhere among all the trends discussed above and might go beyond expectations by impacting different industries, such as indoor navigation and the retail industry. It is quite important to understand that IoT is not only a technology that functions in an isolated environment, but it also leverages various other technologies to create an end-to-end system.
Deep technologies like AI and IoT enable and cultivate innovations for various businesses that help them to stay in the game. Start with the implementation of IoT. All you need is an idea and a goal to modernize your infrastructure in the immersive tech future.
Opinions expressed by DZone contributors are their own.