IoT Trends will Change the Business Approach
‘Internet of Things’ is actively shaping both the business and consumer worlds, and it is going to be a tough year for innovation departments of modern enterprises to keep up with the rapidly shifting approach of business towards IoT. Internet is the ideal platform for innovation such as smart tech, and it is paving its way in every business domain from retail to healthcare and from logistics to finances.
In simple words, the Internet of things is the extension of internet connectivity into physical, smart devices and everyday objects. These devices can communicate and interact with others over the internet and enable access control over electronics, internet connectivity, and other forms of hardware. Moreover, IoT devices include wireless sensors, actuators, and software and computer devices. These devices have to be attached to a particular object that operates through the internet, enabling data transfer among objects and people automatically without human intervention. Here are 5 IoT trends that will inspire your business with tech-driven innovations
IoT to be empowered by Artificial Intelligence
The application of IoT in businesses and industries is spreading as fast as a forest fire. Currently, there are over 17B connected devices worldwide, and the vast majority of these devices are working off a small processor and a thimble of memory. IoT is very similar to computers, these devices can collect and manage data. However, if IoT is coupled with AI, it will be able to do things on a scale that has never been seen before. The widespread use of these devices is likely to create unique opportunities for data interpretation and analysis. Companies like Amazon, Microsoft, Google, and IBM are developing devices based on AI and IoT. Moreover, these devices will soon comprise the majority of the IoT market.
Growing Application of Cloud IoT Solutions
Cloud IoT solution devices are also witnessing a rise in popularity, it is not surprising that 2018’s best IoT developers were Amazon’s AWS and Microsoft’s Azure cloud services. Moreover, these two cloud service providers have the best infrastructure, marketing strategy, accessibility and have the fastest releases of new IoT devices. For instance, Microsoft has already announced its new Azure IoT central platform in 2018, this platform will allow secure communication between devices and the cloud.
Era of 5G is not that far away
5G will uncap new opportunities for IoT devices. Mobile communication for embedded devices will be benefitting from drastically reduced latency and reliability. Reduced latency will enable IoT devices to send and receive data faster than ever before, which in turn will allow the analysis and management of data to function at a much better level than what is offered by 4G networks. In addition, the transportation sector will undoubtedly find a quick integration for 5G enabled devices and will have better-working logistics.
LPWAN will be used for IoT sensors
Advancements in the Low Power Wide Area Network (LPWAN) technology will offer best functionality for IoT devices, extremely low power consumption and high operating lifespan in remote locations. In addition, any device that is connected with LPWAN is expected to witness successful integration and connectivity. Moreover, devices connected from LPWAN is projected to rise over a billion by 2023.
Protecting data from potentially unsecured devices using blockchain can be held to a high degree of accuracy. Blockchain works as a digital ledger for recording information, aids in distributing data through devices connected to the chain, making accidental modification of data impossible. If blockchain is combined with IoT, IoT devices can become more reliable and secure. Blockchain is one of the most promising integration chains for IoT devices and a solution for logistics and transportation that enables real-time delivery tracking.
As from the above information we can conclude that IoT has a lot of potential to dramatically increase the availability of information, and is expected to completely transform companies and organizations in virtually every industry around the globe. Moreover, finding ways to leverage the power of the IoT is expected to change the strategic objectives of most technology companies, regardless of their business focus.