Today, we bring you the latest trends and insights that will help you foresee the changes IoT industry is likely to go through in the near future.
IoT industry is on the roll for the number of connected devices installed globally will continue to grow: 2018 to 2025 (in billions)
Connecting millions of points under one roof is the core mission of IoT industry. Each year the number of related devices will boom and add 3 to 7 billion annually starting from 2018. A man won’t live on smartphones and laptops alone, however: there is likely to be a larger number of “smart” gadgets people play with on daily basis including smart doors, wearables like FitBit as well as smart locks etc.
Consumer and business spending will boom as well with more and more people harnessing the power of IoT devices and applications for personal and enterprise use:
As figures show, in the nearing future we will see ordinary users spending almost 500BUSD more on their comfort and businesses adding close to 200BUSD to streamline their operational efficiency in the short run.
The growing popularity of “smart” devices would increase the adoption of IoT making the concept easier to embrace in daily use. Beyond that, IoT development will gradually drift from industry-only application cases to personal needs people would deal with using the IoT.
What’s more, highly intuitive devices for smart living e.g. sensors that let you know when you live your iron shutting the door or energy-efficient thermostats to cut down on utility bills are just a few things to mention when talking about an IoT-powered concept of everyday life.
5G is opening broader horizons for cloud computing. Scandinavia, for example, is known as a center for the most technologically savvy population globally.
Recently, the C-suite executive of one of the country’s telecom companies announced that Norway will test the waters with 5G services with the further unfolding of the capability in Denmark and Sweden. Norway was picked as a heart for 5G implementation as the mobile usage adds 50% every year.
On the enterprise scale, the benefits of 5G for the future of cloud computing are hard to neglect. Huawei’s study calls 5G a “hot technology” and sees the following benefits for businesses:
Since the global community gets more and more comfy with IoT, the interconnectivity brings more data to the fingertips of usual users and putting personal information at risk.
Therefore, with the increasing the IoT application development, more emphasis should be placed on network security. With essential information being stored and transmitted in the cloud, the safety of business operations and security of homes is in jeopardy unless and until safety measures are in place.
Till today, there are still many IoT devices and apps that lack security features their predecessors e.g. personal computers and notebooks can boast of. In the nearing future, there will be a number of problems and challenges to tackle with due to becoming more and more popular IoT application development for business.
First off, greater interdependence can cause a threat of bypassing static defenses, so the challenge to cope with will lie within access control and privilege management bringing an opportunity to tap into context-based permissions.
Similarly, mobile accessibility can cause malware propagation that would put cross-domain identification and trust at risk, so the engineers will have to think of dynamic configuration as a tool to deal with the challenge. Even nowadays the most sofisticated and powerful DDOS attacks on popular websites are managed through the networks of conntected IoT devices.
Web-connected lights, house locks, and laundry machines are likely to become common things every person would have at home. This change can be partially attributed to voice-powered speakers similar to Google Home or Amazon Alexa.
Although nowadays such “help” is comparatively costly for a commoner, the necessity we will see from the global community trying to upgrade their lifestyle will spike and the prices will drop to bring the technology to mass market.
Even now in the post-chatbot era, the development of apps or, as they are also called, skills for voice-powered speakers and AI-powered voice assistants is the most popular type of IoT application development.
The piles of data to be processed are enormous since the billions of consumer and industrial devices get connected to IoT and requiring data transmission. So the amounts of data necessary to digest and analyze is likely to boom.
The main challenge is not only to scoop the information but to focus on sourcing valuable insights from tons of raw information. To help with this heavy-duty work, big data and AI come into play to bail out computer engineers who are to extract useful information from all the data gathered unlocking the true potential of information at hand.
Healthcare has been one of the best-known application areas of IoT industry. MENAFN suggests that by 2022, IoT Healthcare market cap will be more than 14MUSD. Both healthcare companies and patients, everybody is becoming more tech-savvy which is going to enlarge the quantity of IoT-led practices.
Today, according to HP’s enterprise company stats, IoT devices in monitoring and maintenance in healthcare attributes to 73%, remote operation and control accounts for 50%, and 47% of all location-based offerings are fueled by this technology.
CB Insights analyzed the healthcare IoT lab and discovered that there are several industry players (mainly startups) tap into with IoT:
Business Insider foresees enterprises spending more and more on IoT application development which has great potential to polish customer journey and offer better user experience across the variety of domains.
IoT Institute started a debate where the experts thought of the ways smart speakers can bring about the change in slower to transform enterprise landscape. As per their insights, the implementation of smart speakers can encourage consumerization of IT.
These days, most of IT transformation initiatives cover surveillance and security control as well as data center management, but since the firms learn more about this technology and its benefits, IoT development projects will become more popular on the enterprise level.
With IoT development, many firms and marketing agencies will be able to find a middle ground and decide how much of marketing efforts is enough to attract more eyes to their brand without causing the overload of information and staffing their prospects with unnecessary insights.
In order to stand out from the crowd, companies need to get more intimate with their client pool and offer more custom-tailored products and services instead of off-the-shelf solutions. Global expectations are that marketing efforts will be more data-powered and real-time nurtured allowing promo experts dig into nuts and bolts of the consumer journey.
Another way for improvements for enterprise marketing efforts is to integrate some special IoT application development into their marketing strategies. That may improve their customer communication by providing exceptional customer experience and as a result, increased brand awareness.
2018 CES (Consumer Electronics Show) had a long line-up of products by renowned tech companies, but unlike previous exhibitions, the main catch of this year gettogether was smart assistance integration in usual TV sets. Once a remote control was a miracle, now it looks like it will cease to exist.
To top it off, the usual TVs as we know them look more and more like computers. In the nearing future, this trend is only going to soar bringing more innovation into a flat screen. Just try googling TV sets smart assistance and you will see plenty of recent articles where global brands pair up with voice assistants to complement their offerings. To support mere rhetoric, LG, Sony, and Hisense announced its collaboration with Amazon bring voice-controlled assistance into the picture.
Beyond that, this kind of smart support can be embedded into other electronics that can not only enhance customer experience but boost sales significantly. Therefore, IoT is likely to broaden its horizons with smart assistants. Those market players, who won’t be able to keep up the pace, will have to vacate the place for more bold ones willing to embrace the change.
Artificial intelligence (AI) and machine learning are the next frontiers in analytics. Needless to say, AI would be more f a vital component rather than the good-to-have luxury for the amounts of data generated by IoT applications would be too much to bite of if only handled by humans.
We are to see a stable rise of analytics software instruments that would guarantee data streaming in real-time for IoT space. If you go to any reputable portal that keeps an eye on IoT news, you’ll see what kind of headlines are trending with some of the trailblazers picking up and following the big pay of industry leaders. For example, Tellient helps to create additional sales streams from IoT applications' and devices' data. Furthermore, LogFuze has a set of instruments for data interpretation to assist enterprises with operations monitoring and control.