Top 10 Trends in IoT for 2022: Keep Ahead of the Curve
The Internet of Things (IoT) is one of the most disruptive technologies to hit business since the advent of computers and the internet, but it can also be somewhat daunting to understand what’s new about it and how you can best use it in your own business.
Thankfully, there are plenty of trends to shake up this industry over the next few years, whether you’re in manufacturing or logistics, or any other industry connected to technology and data.
Here are some of the top 10 trends in IoT that you should keep your eye on so you don’t fall behind your competitors.
1. Internet of Things (IoT) Market Forecast
The Internet of Things (IoT) market is on a major growth trajectory, especially with recent developments around smart home devices, such as Amazon Echo and Google Home.
In fact, IoT devices will generate $6.3 trillion worth of value by 2021. That said, more than two-thirds of these IoT devices will be lost or stolen within a year after deployment—so businesses must plan for security now rather than later.
IoT applications have the ability to increase efficiency and productivity in business operations, but without adequate security measures in place, they can pose serious risks.
IoT attacks cost businesses an average of $8 million per attack—and some attacks can result in the loss of hundreds of millions of dollars.
2. Internet of Things (IoT) Market Analysis
IoT makes it possible to monitor and control devices through a network using different types of communication protocols.
There are many IoT components, such as sensors, actuators, hubs, gateways, controllers, and so on. These elements integrate via an IoT protocol stack to exchange data between them. As a result, these devices can interoperate effectively.
The IoT market is likely to grow from USD 717.5 billion in 2016 to USD 3.7 trillion by 2022, at a Compound Annual Growth Rate (CAGR) of 22%. The increasing need for automation across industries is one of the major factors contributing to the growth of the IoT market.
3. Global Internet Of Things (IoT) Security Market Outlook
2020, Segmented By Application (IoT Platform And Service Management (Sms), Analytics, Security Management System (Sms) Gateways And Software Security), Component Type (Software, Hardware, Connectivity Services), Industry Vertical and Region – Global Forecast To 2020.
If a thriving technology such as IoT is left unsecured and vulnerable to exploitation by cybercriminals, it can cause significant financial damage to businesses around the world.
The IoT security market size was USD 5.21 billion in 2015 and is likely to reach USD 24.63 billion by 2022, at a CAGR of 28.3%.
4. Market Positioning Is Key To Your Success
IoT is an era that everyone is talking about and it is a growing industry with the potential to be worth billions within five years.
Many organizations today are still to wake up from their slumber and gain a competitive advantage over their competitors.
But IoT can be your best bet to stay ahead of the competition. The concept of IoT is not new but its implementation has been slow because there were several challenges faced by companies while implementing IoT solutions.
However, these challenges have been overcome by IoT application development company India which now provides end-to-end solutions using various tools like Amazon Web Services (AWS), Microsoft Azure, etc., which makes implementation easy and cost-effective.
5. The Rise Of The Digital Assistant
In a 2012 study conducted by IBM, Approximately 90% of people would prefer to communicate with an intelligent machine as they would a person.
It is clear that consumers are looking toward digital assistant technology to help them accomplish all sorts of tasks, and we can only expect interest in these services to continue growing.
In fact, if you look at statistics published by various analysts, you will see that smart assistant services were predicted to become a $40 billion industry by 2022. This statistic is simply astounding when you consider how much growth has already occurred over just a few years.
The market for chatbot services in India is certainly on fire right now, and we can only expect things to get better from here.
In addition to chatbots becoming more popular, there has also been an increase in demand for IoT application development companies.
As many businesses start moving into IoT-based industries, there will be a huge demand for app developers who specialize in building IoT solutions.
6. Personalized Delivery Of Goods And Services
Consumers will take their digital experience to a new level, having more human-like interactions with service providers and retailers.
In addition to being able to order food at a restaurant or an Uber ride at home, we’ll also be able to get our packages delivered on time by communicating with artificial intelligence (AI) bots directly through our messaging apps.
Due to evolving technology and a growing number of startups focusing on AI technologies for chatbot services in India, ordering goods and services has never been easier or faster.
The next generation of consumers are already using voice commands and expect even more personalization from brands they interact with. As such, businesses must start preparing now if they want to keep up with customer expectations.
For example, Domino’s Pizza India partnered with Google last year to launch its own Google Assistant app that allows customers to place orders via voice command or text message—and it plans on expanding its offerings even further in 2018 by introducing smart TVs that allow users to place orders without picking up their phones.
7. The Rise Of Augmented Reality And Virtual Reality In Retail
With augmented reality (AR) and virtual reality (VR) capabilities becoming more prevalent, companies will begin to implement these technologies into their operations. As VR becomes more affordable, it will allow shoppers to try on products before buying them. Companies such as Amazon are already exploring these opportunities.
In fact, its try-on feature allows customers to virtually try on clothes using a mobile app and see how they look in real-time through a smartphone camera.
In addition, AR is likely to have an impact on retail by enabling consumers to digitally place furniture from IKEA into their homes via an app.
This will allow people to see what items would look like inside a room without having to physically move things around or purchase something they might not like once it’s there.
8. The Smart Factory Is Real, And It Will Transform Manufacturing
Once considered a futuristic pipe dream, smart factories have arrived. Executives must be aware of what technologies are available today and how they fit into their long-term strategies.
The rise of Industry 4.0 has led to an entirely new manufacturing landscape, where digitization has transformed everything from supply chains to production lines.
As businesses continue adapting to these changes, executives can look forward to several exciting developments that will reshape the industry as we know it—for better or worse. Here’s our top ten list!
9. Mobile Payments Are Going To Get Even More Secure
Mobile payments are going to become even more secure over time, as mobile device manufacturers integrate elements of biometrics (fingerprint recognition, iris scanning, facial recognition) into their devices.
The reason is simple—it’s not very effective (or safe) to type out long numbers on a small screen while fumbling around with your fingers. A biometric approach will make mobile payments more convenient and secure than ever before.
For example, if you have an app that lets you pay for items at Starbucks by scanning your fingerprint on your phone, then that adds an extra layer of security to your account; no one can access it without knowing who you are and what finger you use.
You can also set up multiple fingerprints or scan multiple eyes or faces; so if someone else tries to access your account, they won’t be able to unless they know which body part(s) you use.
10. Machine Learning Helps AI Automated Data Management
As more devices connect and collect more data, it’s not just IT teams who will need to store, manage and analyze that information.
Startups are developing machine learning-powered products to tackle these tasks, allowing business users with little or no data science knowledge to manage large quantities of AI-generated data without heavy lifting from IT.
For example, a startup called Bonsai is using artificial intelligence (AI) to automatically build virtual machines that can process and interpret unstructured data—like text documents, spreadsheets, and emails—in real-time.
This allows companies to perform queries on massive amounts of structured and unstructured data at once.
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Conclusion
Whether you’re focusing on creating a connected car, a smart home, or something else entirely, it’s important to keep up with current IoT trends and not just focus on making money.
The right way to do that is to think critically about what consumers want and make products that deliver real value. It sounds simple—and it should be—but many businesses fail because they forget why people buy their products at all.
This can lead to an overwhelming feeling of disillusionment among early adopters and lead them away from your brand before your product has had time to mature.
If you want to achieve success in IoT, make sure you don’t get fall into these traps by doing your research ahead of time and listening carefully to customer feedback along the way.