Last updated on November 22, 2023
It’s difficult to ignore the Internet of Things in a world that is dominated by data and artificial intelligence. IoT is responsible for many other technologies’ success, making it one of the most important technologies.
The Internet of Things (IoT) has rapidly advanced beyond its hype over the past five years. It is now entering a more practical and operational phase. Over the next decade, IoT will open up new revenue streams, business models and create new experiences. CIOs and other IoT leaders must prioritize all IoT innovation opportunities within their organization using the lens of business returns, both in terms of absolute and time value. As an experienced IoT app development company, we are here to assist you with aspect of your IoT service and product development.
We are now six months into 2022 and there has been significant IoT innovation in the industrial sector to help grow businesses around the world and create an IoT based working environment. This article will examine the most important IoT trends for this year. It will also discuss what is beyond these innovations to transform our world
Edge AI and Computing
Edge computing platforms combine software and hardware to enable distributed computing that is secure and zero-touch. They are used for data processing and applications at the edge. It can improve performance and reduce operating costs. Edge AI can help AI overcome technological hurdles.
IT/OT/ET Convergence
Gartner in 2011 urged (IT) leaders and managers to plan for the change required to integrate IT, OT and ET environments. It is today the foundation of Industry 4.0. Partnerships will be formed between 40% market-leading IT vendors and OT vendors to provide a holistic solution. Integration and deployment costs will be reduced by 20%.
Blockchain enabled IoT
Blockchain-powered by decentralized architecture, cryptographic encryptions and the IoT platform ensure privacy and security in a peer to peer network. Blockchain technology provides security protocols and infrastructure that allow billions of IoT devices interoperable for data and commerce. Blockchain IoT is expected to grow at 40% during the forecast period 2021-2026. 10 Supply chain management, energy trading platform, and efficiency through automated planning are some of the key uses of blockchain technologies.
Enhancing Cyber Security
Kaspersky security researchers estimate that there were 1.5 billion IoT device attacks in the first half 2021. This trend will only accelerate in 2022. However, AWS has made some progress with the launch of AWS IoT Device Defender in September 2021. Customers can turn on AWS IoT Device Defender audits with preset configurations. This allows them to access all available audit checks as well as a daily audit schedule. Global IoT Security Market to grow from USD 14.9 Billion in 2021 to USD 403 billion by 2026 at a compound annual growth rate (CAGR) 22.1%.Recommended IoT securities for your smart phones.
IoT-Enabled Applications
As IoT allows for many business applications, Internet of Things (IoT), applications are more common. These IoT use cases and examples can help businesses integrate IoT technology into future investment decisions. These are the top IoT use case examples in different industries. In the manufacturing sector, these include operations management, increased yield and predictive maintenance. In the healthcare sector it is remote monitoring, staff tracking, patient tracking, fleet management, operations management, digital worker. In the retail sector, self-checkout, personalized promotions, supply chain management, and operations management.
Digital Twin
Digital twins can be crucial in the development of 6G networks from 5G services. They allow users to view and monitor the real-world without spatial constraints. Industry 4.0 will see a rapid adoption of digital twin technology thanks to IIoT and IoT. Global digital twin market was valued at USD 3.0 billion in 2020. It is expected to grow to USD 48.2 trillion by 2026. It is projected to grow at a CAGR (58.0%) during the forecast period.
Sustainability
In 2022, products that utilize edge computing and IoT to reduce emissions in the scope 3 area will be available on the market. Companies are investing in carbon, energy, and E-waste management as well as onsite renewable energy generation and smart lighting.
Although IoT was created in 1999, it is gaining a lot more attention from different industries. IoT can be applied to almost all aspects of a business to maximize its potential to improve quality, customer experience and reduce costs. There will be new and better ways to use IoT devices as they increase in number.
Conclusion
The Internet of Things does not function in isolation but in conjugation with other technologies like Machine Leaning, AI, AR/VR and so on. To get started, you only need an idea or vision to modernize the infrastructure of your business to face the future.
