At this point in the present stages of the technology evolution, one may need a crystal ball to foresee the future of the Internet of Things (IoT). Despite IoT's tangible presence everywhere around us, a lot is yet to unfold. Starting from primary internet facility to the invention of mobile phones to an autonomous manufacturing robot and further to the self-driving car, we have charted a long journey of the evolution of IoT.
As discussed in our previous blogs, there are several uses of IoT in various industries – healthcare, manufacture, retail, energy, transportation, and logistics – which have expedited numerous processes and brought ease of functioning, efficiency, and cost savings for various industries and functions. We can see how the future of IoT technology will soon penetrate all businesses in the coming years, and clearly, its development is inevitable.
What's in store for IoT in the future?
Since the pandemic, there has been tremendous growth in the number of devices connected to the Internet, and IoT trends in 2022 will only multiply further. Ericsson states that around 29 billion connected devices are forecast by 2022. The future years should also reevaluate IoT and more robust security features, starting with initial device design through business selection and implementation.
According to a report of Microsoft, IoT adopters believe they will see a 30% ROI, inclusive of cost savings and efficiencies, two years (2023) from now. The IoT data will soon drive Machine Learning and Artificial Intelligence initiatives across many industries.
Which are emerging trends in the Internet of Things?
Let us look at the top 6 IoT trends in 2022 or in the near future that will most likely change the way we do business and go through our everyday life.
Smart Cities: Moving a step ahead from IoT's functions catering to customers directly, it is on the thinking table of cities and companies to adopt innovative technologies to save time and money. They are looking to establish smart cities to automate requests and improve sustainability and quality of life. As per a report, smart city technology spending will reach $158 billion by 2022.
5G: This appears to be the most significant trend concerning the IoT revolution and is considered the foundation for recognizing the full potential of IoT. It will spur innovation across industries and sectors to enable IoT to become integral to our everyday life - personal or business. A high number of 5G IoT devices will connect directly to the 5G network, and it is much more than fast downloads. In the context of IoT, its unique combination of high-speed connectivity, exceptionally low latency, and universal coverage will support smart vehicles and transport infrastructures such as connected cars, trucks, and buses. We will see a massive value of 5G in this area and many more that are direct customer-facing.
Smarter Cars: The automotive industry is one of the sectors where the Internet of Things is impactful for both car manufacturers and users. With the adoption of 5G, the auto industry will take a high gear to climb up the technology hill. There will be further innovation in driverless cars and connected vehicles already on the road. The upcoming car system will analyze the data and connect it with other IoT devices. Implementation of IoT for manufacturing of cars will:
Speed up of the whole manufacturing process
Help avoid financial losses, and
Ensure higher industrial safety standards
Behavior Tracking: The IoT-enabled devices will offer many benefits for better mental health and more robust security. IoT driver behavior management solutions will monitor driving practices to increase safety and efficiency in the operation of a vehicle. They will track the fatigued driver, leading to fewer accidents. It will also help optimize driving performance to increase fuel efficiency and lower fuel costs.
Customer Service: IoT devices can report problems to customer desks without knowing about them. Redefining an overall better customer experience, IoT's smart stores' facility to buy things without any physical contact in the future is remarkable. When dealing with multiple variants of viruses, such technology reinforces social distancing measures.
Tracking location: The supply chain businesses can be strengthened by tracking inventory movement between a company, its suppliers, and its customers to know where delays occur. This will also lead to improved facility and efficiency of workforces.
IoT solutions designed to assist organizations in predicting and reacting to disruption from multiple sources will undoubtedly continue to be a source of significant innovation throughout 2022 and beyond.
What is the scope for improvement in IoT?
IoT Magazine reports that 'nearly all IoT adopters - 97% - have security concerns and 38% cite complexity and technical challenges in using IoT.' It has been noted that Botnet-powered distributed denial of service (DDoS) attacks have used infected IoT devices to bring down websites. Such incidents lead to incorrect access control and applications being vulnerable. This could be reduced by taking security measures such as encryption. Therefore, despite IoT being an advanced technology, there's room for improvement in this technology to provide solid security to users.
This being our last blog from the Internet of Things blog series, we hope to have shared valuable and exciting information with you. With the massive growth of IoT uses and adoption, there are many great opportunities for businesses who join the IoT revolution early. The organizations that manage to transform and empower themselves and others could create undeniable competitive advantages by implementing IoT in their business processes and innovation.
We, at Extentia, are a part of this revolution and help our clients grow at par with the advanced technology and help them route their digital transformational journey with ease. To know more about our capabilities in IoT and other new-age technologies, click here.
Read the other Extentia Blog posts here!