Table of Contents
Introduction
Cutting-edge and paradigm-shifting technologies…
Physical network things fixed with software, sensors, and different technologies to swap and connect data with other respective systems and devices over the Internet are termed the Internet of Things (IoT). These devices might range from everyday household objects to modern industrial tools.
Since its inception, IoT has matured enough to influence areas of our technological and social lives. However, IoT persists in evolving, hence, the topic of the top-ranking IoT trends is a must for different businesses and service providers.
Key Takeaways
Generally, the connected devices market keeps growing. This is despite the global semiconductor chip scarcity and the fact that a lot of businesses failed due to the pandemic and the daunting geopolitical situation.
Let’s delve into the IoT market figures:
- As of 2022, there were around 13 bn active IoT-connected devices globally, which is almost a 16% growth from 2021, as per Statista.
- This figure is likely to grow to about 29 bn IoT Devices by 2030, including WPAN, WLAN, cellular, LPWA, 5G, and other different types of connectivity. (Source: Sam Solutions)
- At present, there are nearly 400 active IoT platforms, with about 10 leading IoT platforms managing nearly 65% of the market. (Source: Sam Solutions)
- The worldwide IoT market could rise up to $875 billion by 2025, at a CAGR of about 16.9%, predicts Market Data Forecast.
Decoding IoT Trends to Watch Out for In 2023
1. IoT Security
As per Statista, the IoT security market will reach up to $38.7 billion in 2023, up from 34.2 billion in 2022. That’s already related to the expanding figure of associated gadgets that need huge security. Consequently, security system software will be more vital than ever in the future, which thereby, determines why such IoT device security facts and figures are not so surprising.
As a result, security is an emerging IoT trend and a lot of businesses globally are developing IoT Security– ranks among the major concerns at present when it accounts for the extensive level of connectivity that we are involved in. The augmented interference of technology in people’s lives has showcased the persistent threat to unsecured connected devices/things. As a result, security is an emerging IoT trend and multiple businesses globally are developing IoT security solutions by leveraging different technologies.
2. Digital Twins and the Metaverse
The digital twin technology is quite at an infant stage, but different enterprises with executed IoT systems are already leveraging it. This technology enables you to test a product, process, or business model based on collected data devoid of risking real-world assets.
The metaverse is an even younger context, but it’s gaining popularity and is built, among different technologies, on digital twins. You can say that the metaverse tech stack is an expanded digital twin of a real-world space that enables people to interact with each other. In the future, the days are not far when you’ll not only have fun, but also work, study, go shopping, and have a doctor’s appointment in the metaverse. As a matter of fact, it can turn into an all-inclusive digital twin of the reality we reside in.
3. IoT in Healthcare
The adoption of IoT and other essential digitalization initiatives is arising in the healthcare industry. Due to its ability to enhance diagnosis and enable more personalized treatment, the Internet of Things in business has the potential to modify the sector altogether. Hence, the Internet of Medical Things (IoMT), a subdivision of a more essential digital health notion, has evolved as a separate institution.
Hospitals globally have begun leveraging IoT in the following ways:
- Smart diagnostic tools
- Medical accessories
- Collection and analysis of patient data
- Robotic surgeries
- Monitoring systems to track patients as well as regulate storage conditions in labs
4. Edge IoT
The IoT in a lot of ways depends on cloud computing. Cloud services have a lot of shortcomings such as low bandwidth and possible high latency, which may lead to issues in real-time data processing. Hence, multiple businesses are at present investing in edge computing technology.
Edge computing can enhance data processing security and minimize the latency of IoT technologies. There will be minimal opportunities for hackers to interrupt IoT data analytics if it’s processed on an edge device instead of a central server. All you need is the exchange of information through an edge device and then deliver the users their information back. Here, memory-based storage and IoT data analytics are not required.
5. Blockchain
The escalating use of blockchain technology is one of the newest IoT trends. Blockchain is a perfect fit for IoT applications are they are likewise dispersed naturally. Besides, it can help make sure data security in IoT devices, enable dynamic interaction between different network nodes, and make sure safe and sound record-keeping.
Blockchain, a distributed and decentralized ledger technology, has begun to dominate almost all applications concerning banking, agriculture, finance, transportation, and other industries. These developments are credible when this technology is linked with another, like the Internet of Things applications.
How Smartinfologiks Can Help You With IoT Development?
Embedded and IoT development are among the vital services Smartinfologiks delivers to its clients. We help businesses crosswise different industries transform their ideas into efficient IoT solutions.
Our experienced developers can deliver whatever you require, whether it’s end-to-end IoT implementation, IoT cloud development, consulting, audit, architecture evaluation, IoT device troubleshooting, integration, etc.
Conclusion
The future of IoT trends will undeniably be vital in the upcoming years as the Internet of Things solutions persist to expand globally. The advancement of worldwide connection and IoT will be aided by critical and time-proven technologies like blockchain, IoT, cloud platform computing, AI, etc.
As a leading IoT applications development company, Smartinfologiks can help you in every facet of integrating your products and services with IoT. You can connect with us so that we can have a quick discussion and help in excelling what is proficient enough of you to radiate.
