There has been an ever-growing reliance on the Internet of Things (IoT) in recent years. IoT is gaining traction and effect in a myriad of areas, including healthcare, manufacturing, and retail. Despite the economic challenges and a dramatic shift to remote work, the increasing demand for a more efficient interconnected global economy has been on the rise. Research suggests that significant IoT trends are positioned to accelerate the reopening global economy and provide answers to the growing demand for distributed economies in 2022.
As per the IDC forecast, global IoT spending is expected to expand at an 11.3 % Compound Annual Growth Rate (CAGR) throughout 2020-2024. By 2022, the global Internet spending on IoT services is predicted to surpass the $ 1 trillion mark.
The most recent IoT trends show that IoT technology solutions have altered a number of industries the way they operate. IoT and its smart sensors have already cleared the way for automation improvements in a variety of industries. Increased usage of Cloud, development of 5G, Artificial intelligence (AI), Edge Computing, Blockchain, and other technologies are driving IoT developments in the current scenario.
In 2022, the IoT is expected to be a major disruptor. Here are the top IoT trends aimed at reshaping the realm of technology and enterprises.
Cybercrime, ransomware, Cryptojacking, IoT assaults, government-sponsored attacks, and cyber-physical attacks are some of the notorious channels that are used to steal crucial organizational or personal information. With the outbreak of the Pandemic, millions of workers have switched to remote employment risking themselves in danger of cyber-attacks due to the lack of efficient cyber protection measures. As more employees relocate to remote work, cybersecurity experts and IoT proponents are working to close the gap by introducing new technologies and IoT-enabled security solutions. IoT network hacking is expected to become a routine occurrence by 2022. Intruders will be prevented from causing any harm by network operators acting as cybersecurity personnel. Companies like Sierra, Wireless, and others who have been cyber-attacked in the past have implemented IoT-driven cyber technologies. Ericsson, Microsoft, and U-Blox have also developed their own IoT-enabled threat detection and security service technologies.
Traffic jams and congestion are huge headaches in any major city throughout the world, causing people to spend more time on the road. Long commutes reduce economic output in cities around the world, making gridlock a major cause of concern. According to recent IoT trends, IoT technology is best adapted to handle this difficulty. Today, companies are releasing solutions that aim to employ IoT embedded technology in vehicles and traffic systems to construct smarter traffic grids and traffic surveys to reduce wasteful traffic and congestion. The IoT makes it easier to communicate from one device to another and ensures that everything runs properly.
IoT aids in the tracking of things as well as the transfer of current data about the assets being carried in the logistics process for people and products. An IoT channel can also be used to regulate aspects of the transportation process from a distance. The two key advantages that today’s IoT-enabled supply chains offer are greater low-cost performance and increased revenue prospects. Leading businesses were among the first to embrace the Internet of Things. I-powered robots with a built-in camera and QR scanner can quickly explore the product database and find the product in the correct spot in a repository, with increased efficiency. An IoT channel can also be used to regulate aspects of the transportation process from a distance.
Artificial Intelligence (AI)
In 2022, AI is expected to continue to deliver enormous value to businesses. AI has grown at an incredible rate over the last decade. It has been assisting companies and governments with critical processes such as ensuring uninterrupted delivery, social distancing, etc. In the recent period, AI helped to understand the novel COVID-19 Virus and assisted in accelerating the roll-out of the COVID-19 vaccine. Based on behavioral data demonstrated by customers during this significant economic transition, it has been predicted that AI will enable enterprises to promote more effectively to their clients in eCommerce as well.
IoT in the automation industry has proved to be a game-changer for automation firms. It has been helping to create new technologies to solve problems for tomorrow, enhance operations, and increase productivity. There are several reports that signify the importance of IoT in business models that have improved the company’s performance and business KPIs by raising output. Manufacturers are revamping their entire business models to become more innovative and productive with the help of automation. In IoT networks, data and analytics are used to detect applications. These technologies aid in the adoption and optimization of IoT devices, processes, applications, and infrastructure, ensuring better performance in low-latency networks.
AR and VR with IoT
With IoT, virtual and augmented reality may connect the physical and digital worlds. It opens up the possibility of using IoT data in AR and VR technology. The use of IoT in various technologies has several economic benefits, including lower costs and new and greater earnings and opportunities. Combining these technologies could help organizations teach staff about virtual prototypes of items, different types of equipment, and different business growth tactics.
Adoption of IoT in Healthcare
The Internet of Things (IoT) is undeniably changing the healthcare business by redefining the area of devices and human contact in healthcare delivery solutions. IoT-enabled devices have transformed remote monitoring in the healthcare sector empowering physicians to provide superlative treatment to keep patients safe and healthy. Furthermore, remote patient monitoring helps to shorten hospital stays and avoid readmissions. In addition, the Internet of Things has a substantial impact on lowering healthcare expenses and increasing treatment outcomes. In turn, IoT supports care and improves patient outcomes by making the interactions with doctors easier and more efficient.
The Emergence of Smart Cities
With technological advancements, IoT and edge computing have shown captivating research and development (R&D) opportunities for the creation of smart cities. Utilities, parking meters, and traffic signals are already being connected to IoT networks in some communities in the United States. By 2022, the IoT industry is estimated to reach $639.74 billion. Edge Computing-enabled Smart cities will benefit inhabitants not just in terms of social living standards, but also in terms of economic benefits.
Boost in Customer Service
IoT technology has had a significant impact on customer service and information delivery. IoT can enhance the capabilities of CRM systems, enabling them to streamline the sales process, detect and report customer issues, and improve interdepartmental collaboration. These solutions also enable businesses to participate in customer discussions, resulting in increased consumer involvement and client retention. During the pandemic, the increased usage of IoT to enforce social distancing measures were also visible.