Today, technology adoption is not a measure for advancement. But in this competitive era, it has become a business imperative. One of those technologies is IoT among many and we are going to discuss it at large.
Today, IoT technology is everywhere and making a significant impact on how we work, talk, and engage with others. As per the reports, there will be around 35 billion IoT devices installed worldwide by 2021 and 75.44 billion by 2025.
This staggering amount of IoT devices will bring more opportunities for enterprises to harness smart technologies. First of all, let us succinctly introduce IoT trends.
The Internet of Things refers to an ecosystem of internet-connected devices that can collect and transfer data over a wireless network without any human intervention.
In other words, it is a network of connected devices in a technology-driven network. With IoT ability, devices and equipment are empowered to communicate and impact daily lives and businesses with equal measure.
Presenting you some stats to make you aware of how much IoT technology has penetrated the mainstream:
- According to Fortune Business Insights, the internet of things (IoT technology) market stood at USD 250.72 billion in 2019 and is projected to reach USD 1,463 billion by 2027. It is around 24.9 percent in the course of the forecast interval
- Only within the US market, the IoT market stood at USD 45.7 billion within the months.
- In China itself, the IoT technology market is expected to surpass 29.9 % in the evaluation interval 2020 to 2027.
- It is highly expected that 94% of companies will adopt the IoT ecosystem in some form. Furthermore, about 88% of companies hold IoT as a technology ladder to be successful.
Now is the time to define top IoT technology trends that will impact industries around the globe in 2021:
Without a doubt, IoT is a significant contributor to digital transformation and enables companies to adopt new business models. And of course, with the soaring numbers of connected devices, IoT is set to play a major role in communication. For any business model, IoT makes connectivity agile and its multiple communication devices seamlessly.
Here are some types of network connectivity for a sensor or device: Cellular, Satellite, Wi-Fi, Bluetooth, RFID, NFC, LPWAN, and many others.
Augmented Role of Data Analytics
IoT trends have a peerless ability, but their significance relies on data. In a way, they are intertwined with each other. IoT gives data its due value and presents it in an actionable way, making technology more desirable to consumers.
Leveraging data analytics will pave the way for the clean analysis and segmentation of data.
If implemented in a proper manner, data analytics will empower users to choose patterns or trends within the information collected by multiple devices. Furthermore, the insightful information collected by the data analysis ensures a business is well equipped with the information needed to make effective business product decisions with ease.
The internet of things technology delivers meaningful data and insights to make our daily life functions efficient and keep businesses alive. But, unfortunately, it is very much vulnerable to cyberattacks. The amount of attacks is staggering. As per the reports of Kaspersky, there are about 105 million attacks on IoT endpoints.
Among other top IoT technology trends, security is a major concern for the IoT ecosystem. That’s why about 90 percent of consumers are reluctant to use IoT devices. So it has become quintessential for users to ensure the security of IoT solutions to fend off cybersecurity risks.
Internet of things technology-powered predictive maintenance solution comes with the ability to assist enterprises to identify all the potential damage by gleaning data from ultrasonic and vibration sensors. This practice widely prevails in the manufacturing space. Predictive maintenance is predominantly used for the internet of things apps in the sectors like Healthcare, Manufacturing, Logistics, and more
Evolving IoT Applications
The applications of IoT are evolving at a rapid pace due to top IoT technology trends. These applications are built around smart cities, wearables, smart homes, and wearable devices. But with the proliferation and development of the more futuristic technologies, IoT trends 2021 will reach more industries and business establishments and lead the world to become more digital. So to get acquainted with the IoT use cases will assist businesses to integrate IoT technologies into their future investment decisions.
IoT is a significant force to increase the efficiency and productivity of the workforce like other cognitive technologies. It is no hidden truth that the workforce of any organization is the foundation of its efficiency that eventually generates revenue and drives business growth.
But managing is a difficult task but can be achieved with the strategic use of the IoT trends 2021. Workforce management and IoT systems use the same ecosystem of cloud computing and communications protocols. If integrated strategically, it paves the way for more flexibility and enhances visibility within the organization, and aids analytical tools to get insights.
Internet of things technology is pretty much vulnerable to many security threats that make them an easy target for DDoS threats. In this situation, blockchain can be a significant and secure solution to ensure data protection. With many innovative capabilities and security, Blockchain is a game-changer in ensuring a secure passage for the information shared between devices and a community of users.
Data Processing with Edge Computing
Fast adoption of IoT solutions paves the way for the reduced cost and enhanced data processing capability of IoT capabilities because of limited data storage. With edge computing, the devices will achieve the best of their ability and result in cost-efficiency when processing data. If harnessed efficiently, it enables information gathered by a device to be processed directly on that device without being sent to other places.
Without a doubt, the opportunities and market scope of IoT trends 2021 are huge. So if you are into the technology ecosystem and looking to have an IoT solution of your own, make sure that the company you choose has all the domain expertise and experienced resources to deliver your product. As an IoT app development company, we have the domain expertise and resources to develop IoT solutions for various domains like healthcare, fitness, sports, manufacturing, and more.