The Internet of Things will be present in 95% of electronics in the coming years. As a result, interest in and demand for products capable of combining management, control, and monitoring will grow rapidly. The scenario serves as a tip for every supplier, at the very least, to make plans to implement IoT in their products, considering the new opportunities and needs of the market.
To keep pace with industry changes and stay competitive, it’s critical to be aware of major trends. Here are the top trends to keep an eye on, shared by Zipit.
- A wider range of connectivity options
The last few years have offered a wider range of connectivity choices for IoT, both by expanding existing technologies like LPWAN( Low-power wide-area network) and through newer technologies like 5G. With the continued proliferation of 5G’s ultra-low latency and higher data transfer rates, we’ll continue to see exciting new solutions evolve and improve.
- Increasing challenges related to cybersecurity
Cybersecurity continues to be top of mind, particularly since the rise in remote work. Seeking new and improved ways of protecting IoT products and systems is and will continue to be a top business priority for years to come.
- Edge computing
One particular technology that continues to advance on the Internet of Things is edge computing. In this model, the IoT data captured by sensors is analyzed and stored at or near the physical site where it’s collected. Edge computing provides the opportunity for more real-time data processing, and it allows businesses and governments to serve customers in new areas while providing greater control and flexibility. Some exciting edge computing use cases include autonomous vehicles, smart cities, healthcare and medicine, industrial IoT, and more.
- Advances in big data and machine learning
Learning how to harness the data to further automate decision-making is proving to be an exciting challenge to solve and a key aspect of continuing to enhance the value of IoT. Big data and machine learning will continue enabling IoT to support better and more informed recommendations as we learn to leverage it well.
- As-a-service delivery model improvements
Through IoT, using cloud-based services without a large financial outlay will continue to improve the service delivery model. IoT provides a “consume what you need” delivery method through the use of artificial intelligence, machine learning, cloud services, and other advances.
- Artificial intelligence (AI)
According to Bloomberg, the $422+ billion global artificial intelligence market is likely to grow at over 39% from now through 2028. This tremendous growth provides incredible opportunities for businesses and governments alike to foster innovation and respond to customer and constituent needs. Artificial intelligence has been advancing IoT by leaps and bounds and shows no sign of slowing down.
The final trend for 2023 is that device-making customers are expanding their offerings into different countries. Some US-based OEMs are growing by deploying solutions into Canada and various countries in Europe, for example. Likewise, Canadian companies are expanding into the US and various parts of Asia. And this trend continues in other countries as well. Now that more companies have already deployed their solutions in their home countries, they seek to offer their solutions in different markets and regions.