Top 5 Internet of Things (IoT) Trends to Expect in 2023

Computers and smartphones were the first devices connected to the internet. In the previous ten years, the human lifestyle has evolved with the introduction of intelligent TVs, electric kettles, and smart fridges. Moreover, people have been using intelligent alarms, cameras, and light bulbs. In the industrial space, employees have become habitual in working in a smart machinery environment, such as using robots.  

According to McKinsey and Company, more than 43 billion devices will be linked to the internet in 2023. This will generate, collect, and help people to utilize data in various ways.                     

Key Market Insights

As per Markets and Markets Research, the global IoT market size will reach 650.5 billion dollars by 2026, showing a CAGR of 16.7% from 2021-2026. 

According to the report, essential market drivers of the industry are below:

• Access to Low-Cost and Power Sensor Technology

When it comes to IoT devices, sensory instruments play an essential role. Sensor technologies can generate data about any physical event, such as orientation, motion, light, humidity, and temperature. It can even monitor biometric elements, e.g., blood pressure and heart rate. Innovation in sensor technologies will expand IoT capabilities even more. 

In the past decade, the cost of sensory technologies was high, resulting in limited adoption in the industrial sector. However, with time, the decline in prices has increased adopted rates across modern-day organizations. For instance, the cost of low-frequency passive categories of Radio Frequency Identification (RFID) tags and sensors has reduced in the past decade. 

Moreover, the average cost of sensor technologies has decreased from 1.30 dollars per unit to 0.38 dollars per unit. Growth in the IoT market has ensured the widespread deployment of low-cost devices, contributing to technological advancement. 

Top 5 Internet of Things Trends to Keep a Tab On

The Internet of Things (IoT) is a system of connected devices, digital machines, and users with unique identifiers and transferability over a network without human-to-human or human-to-machine interaction. Following are the five paramount trends of IoT that will transform the world in 2023. 

1. Building Realistic Digital Twins and Enterprise Metaverse

This is a merger of two significant tech trends that will dictate the application of innovative technology across various industries during 2023. For modern-day businesses, the metaverse will play an important role in bridging the gap between the virtual and real worlds. With IoT sensors, the creation of realistic digital twins will become easier. Corporate professionals can use Virtual Reality (VR) headsets to step inside the digital twins and understand their functioning to influence business outcomes. 

2. Discouraging Fraud Through Enhanced IoT Security

IoT devices improve the lifestyle of users, but the loopholes in the network attract cybercriminals for exploitation. In other words, more connected devices mean more opportunities for fraudsters to accomplish their malicious goals. With an increase in the number of devices during 2023, manufacturers and security experts will gear up to combat fraud attempts from bad actors. 

This way, professionals can ensure unbeatable security around the sensitive data of individuals. 

In the USA, the White House National Security Council has declared that it will establish standardized security labeling for consumer IoT device manufacturers in the first quarter of 2023. In this case, users can quickly identify the risks linked with IoT systems. In addition, the United Kingdom (UK) will introduce its Product Security and Telecommunication Infrastructure (PTSI) bill to address security issues in IoT systems. 

3. Utilizing the Internet of Healthcare Things

The healthcare sector presents a huge growth opportunity for IoT technology as the financial worth of internet of things based health devices will reach around $267 billion by 2023. 

A massive game changer is the use of wearables and in-home sensors to empower healthcare professionals to monitor patients. This not only provides 24/7 medical care but also frees up valuable resources for emergency care. 

In 2023, more patients will become familiar with virtual hospital wards, where sensors and telemedicine approaches will help professionals deal with patients.

The use of identity verification services can also help the healthcare sector discourage bad actors from exploiting the system. 

4. Gaining Insight Into Governance and Regulations in the IoT Space

During 2023, the European Union (EU) will introduce legislation that will require manufacturers and vendors of smart devices to follow stringent regulations. This applies to customer data collection and storage and what should be done to ensure data privacy. 

In Asia, 2023 brings a three-year plan by the Chinese government to introduce policies for the mass adoption of IoT technology. In China and elsewhere in the world, IoT can drive massive growth in the corporate sector. First, however, experts should create a plan to circumvent problems with privacy and personal rights. 

5. Using IoT and Cloud Computing 

The combination of cloud computing and IoT can increase data storage, improve data processing and ensure greater business scalability. This also reduces infrastructure costs and enhances security. 

IoT and cloud computing also facilitates business experts to make real-time decisions and accomplish goals by automating recurring tasks. According to the Research and Markets report, the global cloud computing in industrial IoT market size will reach a financial worth of around $8.159 billion by 2026, showing a CAGR of 10.98%. 

The Bottom Line

Several IoT services have entered the market over the past five years. With time, companies realize the potential of IoT systems to enhance security, automate mundane tasks and streamline data processing. Over the next ten years, the IoT market size will keep growing exponentially. Hence, the internet of things will be a potent force behind the transformation of human society.