Touching on the subject of the Internet of Things, as computers’ own means of collecting information, identifying, and understanding the world, we tried to clarify the notion and consider its examples. However, it is the IoT trends that always need to be looked out for and kept pace with.
The evolution of the IoT has already been around for a while. Upon the introduction of new metrics for a post-ISA era, Internet-of-Things technologies are successfully re-engineering businesses; therefore entrepreneurs should also reconsider their views on running them. These technologies, as it stands in 2018, belong to many industries — such as healthcare, insurance, smart buildings, manufacturing, retailing and more — and what changes specifically need to be incorporated depends by far on which of the industries you are in relating to the IoT, what devices you are focusing on, and what the size of your target market is. Despite all the peculiarities, the general IoT current trends are quite visible across all the industries and are keeping pace with ever-evolving technologies.
1. The power of connectivity and IoT’s growth
We have willingly adopted a new lifestyle of being connected all the time. This is evidently impossible to ignore and the IoT industry is meeting us halfway.
Not only is it the human connection, but universally connected devices are also the factor that makes difference in our everyday experiences. The co-mingling of the two matters is thus generating a connected world, to a connected smart world, while the expected common understanding is feeding the improvement of IoT networks in the industries fostering these sensor-based technologies. In fact, such applications are now being tested within an increasing number of verticals with a view to enhancing UX and altering the quality of the services for the better. Likewise, connectivity technologies are being developed in excess and one may take advantage of those which best satisfy the requirements for functionality.
Yet, the more connected devices there are, the more consumer data is being collected. This makes entrepreneurs responsible for creating security policies.
2. Raising security concerns on the table
A tangle of connections is bound to unwrap some network security challenges in the Internet of things future. Some connectivity solutions (e.g. Wi-Fi) are not reliable enough. Besides, networks running these devices are highly vulnerable due to their fragmented nature. This issue is getting ever more pressing and needs addressing.
In the first place, such regulations as the GDPR can contribute to fixing security flaws in IoT devices and compel single users or organizations (e.g. health, education, and governmental facilities or businesses) to keep track of all the devices to respond to security breaches effectively. In the second place, such things as mobile device management systems and network access control systems are likely to grow in popularity as a means of mitigating risks. In particular, they let users monitor the number of devices connected to their network, who their owners are, what data are leaving the network, etc.
3. Blockchain technologies shaping the future of IoT
The exchange of money and data between IoT devices in a reliable way is becoming possible once the blockchain technology provides them with a simple infrastructure. Put together, the two phenomena — IoT and blockchain — are living up to their hype. The fragmented nature of IoT matches the decentralized nature of blockchain. The latter affords anonymity and security to multiple networks and their multiple owners, while the digital signatures and private keys following each transaction guarantee that the IoT environment will be safe.
IoT devices are designed to make the life of a person or an operating unit easier. This requires the constant generation of personal data and implies larger risks of hacker attacks. In addition, the amount of data is expected to expand exponentially, in the same manner as the number of machine-to-machine interactions. Consequently, it is the distributed nature of blockchain that will make tons of data available at any time when needed and with the minimum security risks.
4. Advanced management and artificial intelligence
In the most complex instances, the combinations of the Internet of Things, blockchain and artificial intelligence occur (the IBM case.) The increase in data is indeed one of the strongest triggers of changes that is bringing about the IoT industry trends.
Essentially, IoT is all about collecting as much data as possible to let people take reasonable actions based on the analyzed information. The generation of AI support to the IoT efforts along with the shift to advanced data analytics seems to refer to the most reliable predictions. They both can contribute to wiser data management with the help of intelligent automation. Thus, improved analytics implies the urgent need for automation. With the ML algorithms, processes can be automated increasing the accuracy and making more sense of the gathered data. This connection between the AI and the IoT can be presented metaphorically. Then, the former is a brain that makes smart decisions and enables a body (IoT) to take actions. Under such circumstances, one is hardly possible without the other.
5. Business spendings boost
Eventually, business expenditures on IoT projects will grow. The above Internet of Things trends are inducing capitalists to believe that their money must be poured into sensor-based technologies. IoT is promising to make the customer experience better in about any existing industry (and even in completely new ones.) IDC reports that on the global market, the Industrial IoT (manufacturing, utilities, and transportation) spendings are to surpass the ones of the Consumer IoT. Likewise, the largest spending category — IoT hardware — will make way for IoT software and services in the nearest future, while the fastest growing industries will be the consumer sector (smart homes), healthcare (remote health), and retailing (digital signage.) Though the general picture is not limited to these examples, the upward trend is likely to continue.
IoT is not implemented in one go. It gives an incentive to nearly universal digital transformations. Still, only those will be able to find their bearings in a new ecosystem who are ready now to adjust their business processes to the new capabilities and get an in-depth understanding of them. Problems are inevitable, but also they are soluble when one knows a thing or two about IoT latest trends and realizes how to extract and maximize value from this knowledge.
© 2018, Vilmate LLC