Learn About The Latest Trends And Opportunities In Internet Of Things And Smart Devices Today!
Introduction
The Internet of Things (IoT) is a term that describes the network of physical objects that are connected to the internet and can communicate with each other and with other internet-enabled devices, such as smartphones and gateways. These physical objects, also known as smart devices, are embedded with sensors, software, and other technologies that enable them to collect and exchange data, as well as perform various tasks autonomously or with minimal human intervention. Some examples of smart devices are smart thermostats, smart watches, smart speakers, smart cars, and smart cameras.
The IoT has many applications in different domains, such as health, home, retail, office, manufacturing, construction, transportation, and more. The IoT can help improve the quality of life, enhance productivity and efficiency, optimize resource utilization, reduce costs and risks, and create new business opportunities and value propositions.
Related: Technology Ultimate Guide
In this article, we will explore some of the latest trends and opportunities in the IoT and smart devices sector.
Increasing Adoption of IoT Devices
One of the main trends in the IoT and smart devices sector is the increasing adoption of these technologies by consumers and businesses. According to Insider Intelligence, there will be more than 64 billion IoT devices installed by 2026. This represents a significant growth from the 10 billion IoT devices that were installed in 2018. The main drivers for this growth are the decreasing costs of IoT hardware and connectivity, the increasing availability of cloud computing and artificial intelligence services, the rising consumer demand for convenience and personalization, and the growing awareness of the benefits of IoT solutions.
Some of the most popular IoT devices among consumers are smart home devices, such as smart speakers, smart lights, smart locks, smart cameras, and smart thermostats. These devices can automate various tasks, such as controlling temperature, lighting, security, entertainment, and appliances. They can also provide voice assistance, remote access, and integration with other smart devices and platforms. According to Statista, the global revenue from smart home devices is expected to reach $141 billion by 2023.
Another category of IoT devices that is gaining popularity among consumers is wearable devices, such as smart watches, fitness trackers, smart glasses, and smart clothing. These devices can monitor and maintain health and wellness, assist in managing diseases, provide emergency assistance, and support elderly care. They can also offer features such as notifications, navigation, entertainment, payment, and social interaction. According to Statista, the global revenue from wearable devices is expected to reach $95 billion by 2023.
Businesses are also adopting IoT devices to improve their operations and performance in various domains. Some of the most common IoT devices used by businesses are industrial IoT (IIoT) devices, such as sensors, actuators, robots, drones, and cameras. These devices can increase operating efficiency, optimize equipment use and maintenance, monitor quality and safety, and enable remote control and automation. According to MarketsandMarkets, the global market size for IIoT is expected to reach $263 billion by 2027.
Another type of IoT devices used by businesses are retail IoT devices, such as beacons, RFID tags, smart shelves, and digital signage. These devices can facilitate self-checkout, extend in-store offers, optimize inventory, track customer behavior, and personalize shopping experiences. According to Grand View Research, the global market size for retail IoT is expected to reach $94 billion by 2025.
Emerging Technologies in IoT Devices
Another trend in the IoT and smart devices sector is the emergence of new technologies that enhance the capabilities and functionalities of these devices. Some of these technologies are:
- 5G: 5G is the fifth generation of mobile network technology that offers faster speed, lower latency, higher bandwidth, and better reliability than previous generations. 5G can enable more IoT devices to connect to the internet simultaneously, transmit large amounts of data quickly, and support real-time applications that require low latency. Some of the use cases of 5G for IoT devices are autonomous vehicles, smart cities, telemedicine, and augmented reality. According to Ericsson, there will be 3.5 billion 5G subscriptions by 2026.
- Edge Computing: Edge computing is a distributed computing paradigm that processes data at or near the source rather than in a centralized cloud server. Edge computing can reduce network congestion, improve data security, and enhance user experience by providing faster response time, lower latency, and higher availability. Some of the use cases of edge computing for IoT devices are video analytics, facial recognition, and natural language processing. According to Gartner, 75% of enterprise-generated data will be processed at the edge by 2025.
- Artificial Intelligence: Artificial intelligence (AI) is a branch of computer science that aims to create machines or systems that can perform tasks that normally require human intelligence, such as learning, reasoning, and decision making. AI can enable IoT devices to analyze and interpret data, adapt to changing environments, and perform complex tasks autonomously or with minimal human intervention. Some of the use cases of AI for IoT devices are voice assistants, smart home automation, predictive maintenance, and anomaly detection. According to IDC, the global spending on AI for IoT devices will reach $110 billion by 2024.
New Opportunities in IoT Devices
The IoT and smart devices sector also offers new opportunities for innovation and value creation for various stakeholders, such as device manufacturers, service providers, platform developers, and end users. Some of these opportunities are:
- Device Customization: Device customization is the process of tailoring IoT devices to meet the specific needs and preferences of individual users or groups of users. Device customization can increase user satisfaction, loyalty, and engagement by providing personalized features, functions, and experiences. Device customization can also create new revenue streams for device manufacturers and service providers by offering premium or subscription-based services, such as personalization, optimization, security, and support. Some examples of device customization are smart speakers that can recognize different voices and adjust settings accordingly, smart watches that can change their appearance and functionality based on the user’s mood and activity, and smart cameras that can adjust their focus and exposure based on the user’s preferences.
- Device Interoperability: Device interoperability is the ability of IoT devices to communicate and work with each other and with other systems, regardless of their manufacturer, model, protocol, or standard. Device interoperability can enhance the functionality and usability of IoT devices by enabling seamless integration, coordination, and collaboration. Device interoperability can also create new value propositions and business models for device manufacturers, service providers, platform developers, and end users by offering cross-device services, such as data sharing, aggregation, analysis, and visualization. Some examples of device interoperability are smart home devices that can be controlled by a single app or voice command, smart cars that can communicate with other vehicles and infrastructure, and smart health devices that can share data with doctors and insurers.
- Device Security: Device security is the process of protecting IoT devices from unauthorized access, use, modification, or damage. Device security is essential for ensuring the functionality, reliability, and privacy of IoT devices and the data they generate and transmit. Device security is also critical for preventing cyberattacks that can compromise the safety and well-being of users and society. Device security can create new opportunities for device manufacturers, service providers, platform developers, and end users by offering enhanced protection, trust, and confidence. Some examples of device security are biometric authentication, encryption, firewalls, and antivirus software.
Conclusion
The Internet of Things and smart devices sector is a dynamic and exciting field that has many implications for the future of humanity. The increasing adoption of IoT devices, the emerging technologies in IoT devices, and the new opportunities in IoT devices are some of the latest trends and opportunities in this sector. These trends and opportunities can help improve the quality of life, enhance productivity and efficiency, optimize resource utilization, reduce costs and risks, and create new business opportunities and value propositions for various stakeholders. However, these trends and opportunities also pose some challenges and risks that need to be addressed, such as security, interoperability, regulation, and social impact. Therefore, it is important to be aware of the developments in this sector and to adopt a balanced and responsible approach to using IoT devices.
This article was written by Bing Chatbox using information from various sources. The references used are listed below:
1: Insider Intelligence (2021). Internet of Things Report 20212: How the next wave of technologies will transform business.
2: Statista (2021). Smart Home – worldwide | Statista Market Forecast.
3: Statista (2021). Wearables – worldwide | Statista Market Forecast.
4: MarketsandMarkets (2020). Industrial IoT Market by Device & Technology.
5: Grand View Research (2019). Retail Internet Of Things (IoT) Market Size Report.
6: Ericsson (2020). Ericsson Mobility Report November 2020.
7: Gartner (2018). What Edge Computing Means for Infrastructure and Operations Leaders.
8: IDC (2020). Worldwide Spending on Artificial Intelligence Forecast to Double Over the Next Four Years.