Once considered a niche technology for start-ups, is now made up of thriving technology that global businesses are building their futures on. The IoT has quite literally changed the way we live, and with more advances in technology on the horizon, this top 6 is merely the tip of the iceberg.
1. Edge computing
Devices will soon become more and more powerful enabling local data processing and AI capabilities. Edge computing can reduce data transfers volumes and cloud dependencies as well as providing more flexibility and agility for business. Edge computing will significantly enhance industries like
manufacturing, where immediate action is needed based on complex real-time data analysis and where cloud connectivity may be restricted.
2. The security race gains pace
Developing the most secure solutions will certainly be key in the transformation of the IoT. Industry experts will now spend time focusing on tackling the major security concerns and vulnerabilities surrounding the IoT that have so far limited widespread adoption.
3. Big players will dominate
Increased competition from industry giants like AWS, Microsoft, and Google will become commonplace as large IoT platforms become the norm. These big players will acquire a large portion of the market, and as they continue to increase their footprint, organisations will flock to them for the promise of simplification at scale. Yet while big IoT platforms battle for market share, we’ll see smaller players focus on niche areas like data movement, industry-specific challenges and niche devices in ordrer to survive in this competitive marketplace.
4. Increase in smart device applications
Across many industries, smart devices will become increasingly more popular. There will be a predicted sharp rise in the adoption of smart devices and applications in a wide range of areas including automotive,
transportation, healthcare, hospitality, and manufacturing solutions.
5. Data-driven automotive business models
Data is fast becoming the lifeblood of the automotive industry. As the industry continues to adopt the many IoT technologies that enable vehicles to gather and monitor data and communicate with
smart city services and other vehicles, the industry will move further toward data-driven business models. We will see this shift specifically with
OEMs (
original equipment manufacturers) that are investing money in innovative start-ups in order to analyse and process data.
6. The era of 5G
One of the most anticipated technology trends in the industry, 5G—will bring about a new era for IoT. Supporting an increasingly interconnected world that will drive IoT innovation further, 5G will allow the gathering, managing, and analysing of data in virtually real-time. 5G will also significantly broaden the IoT market into areas where time and bandwidth speed are crucial, unlocking potential and revenue that is this far unrealised.