From our research deck at AustereTech, we understand that though mobile phones will continue to reign as the powerful mode of communication in coming years, Ericsson predicts that Internet of Things (IoT) and connected devices are expected to surpass the number of mobile phones in 2018. This and many other research statistics suggest that the world is being rehabilitated with new intelligent products. These products with personalized and unique features hold a vital position in our daily lives. Smart vehicles, smart homes, smart security, and connectivity hold a strong future for IoT.
IEEE Standards Association (IEEE-SA) defines the Internet of Things (IoT) as a system consisting of networks of sensors, actuators, and smart objects whose purpose is to interconnect “all” things, including every day and industrial objects, in such a way as to make them intelligent, programmable, and more capable of interacting with humans and each other. IoT products include devices, apps, and services (e.g., smartphones, tablets, intelligent networks, big-data analytics, and cloud storage). A key aspect of IoT is the intelligent connectivity of these products. It is likely that there will be situations where devices will be more rigidly constrained to satisfy safety, legal, and regulatory obligations.
With the surge in IoT development and deployment to provide goods and services more efficiently, connecting things and allowing dissemination of data will disrupt traditional technologies and create new technology domains and markets. It is not easy to predict the course of technology that is still being evaluated for user acceptance and mass adoption. Over here, we try to state the top trends in IoT one can expect in 2018.
Upsurge in connected devices:
With IoT expanding to new domains, the number networks and devices will increase exponentially. The IoT devices will help improve customer service, create new markets and provide the excellent user experience. There will be growth in innovative products and devices, as IHS estimates the number of connected devices to grow to $30.7 billion in 2020 and $75.4 billion by 2025.
Mobile and IoT device connectivity:
Mobile phones will be used as the directing and controlling method to manage the IoT devices. This will expand customer engagement and streamline communication.
Disintegration in communication standards:
Though many industry leaders are working towards providing an open standard through the Open Connectivity Foundation (OCF) to ensure secure interoperability for consumers, businesses and industries by delivering a standard communications platform, a bridging specification, an open source implementation and a certification program allowing devices to communicate regardless of its form, operating system, service provider, transport technology or ecosystem. They believe that secure and reliable device discovery and connectivity is a foundational component to enable IoT. Still devising the unified consistent communication protocol is not that easy, as more companies with diversified protocols will develop their own IoT networks.
Just like every other technology, security is a major challenge for IoT. With the rise in a number of high tech devices, the number of cyber data breaches has also increased. About 92% of IoT developers believe that security will continue to be an issue in the future, according to Internet Trends and Statistics. They will have to develop mechanisms to address the vulnerabilities and create stringent laws.
Many chip manufacturers have entered the hardware development ecosystem and disrupting monopoly of large industry players. Also, many companies will penetrate the software market to manage their devices via platform and application layers.
According to General Electric, the IoT will add $10 to $15 trillion to worldwide GDP growth by 2030. The companies are investing heavily in IoT hardware, software, services, and connectivity to benefit from IoT’s rapid growth. Business Insider predicts that by 2021 the total business spending on IoT solutions will reach $6 trillion.
Predictive Analytics and Artificial Intelligence (AI):
With IoT gaining prominence, the customer data is being fetched in abundance but in an unstructured manner. This unstructured data creates humongous opportunities for Analytics and AI. The IoT devices will generate a staggering 400 zettabytes (ZB) of data a year by 2018, according to a report from Cisco.
Apart from the above-listed trends, the IoT service providers and device manufacturers need to consider the energy aspect also. The devices require a constant supply of power to connect and communicate with other devices and networks. Manufacturers will need to develop low-power consuming and high-speed rechargeable devices. It will not be just the devices but the services and data that hold the key to success of IoT technology.
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