5 IoT Trends That 2019 Should Be Looking at
When everything becomes connected with everything else, meta becomes mind and the possibilities become endless. We are living in a world more connected than ever before. The Internet of Things is dramatically transforming the way we interact with the things around us. Gartner predicts that by 2020, there will be over 27 billion connected things and over 50 billion IoT sensors in use and by 2030 there will be over 200 billion inter-connected network devices. The increase in connected devices in the year 2019 shows that we are getting closer to the forecast. The economic impact of these connected machine will be enormous, upto 11 trillion US$ per year by 2025. Wearable devices, environmental sensors, agricultural machinery, components in a vehicle, devices in homes can all be connected to deliver insights and drive transformation. The Internet of Things is making everyday objects into data factories. As the opportunities in the IoT sector continues to rise, business are taking a quantum leap to get on the action by developing unique devices, emerging software or platform solutions. The top 5 trends believed to dominate in 2019 are as follows:
- Artificial Intelligence Increase
When IoT, along with big data, meets Artificial Intelligence, this interface will become vibrant with intelligence and a new world will take birth, which will increasingly talk back to us and make our external world an extension of our minds and out thoughts.IoT is a rich vein for AI and machine learning application, as numerous connected devices will need to be automated to a large extent for reacting instantly to their changing environment. The huge volumes of data created by these devices presents AI developers with a rich canvas to build upon.
- Shifting To The Edge
With the furiously increasing rate of IoT deployment, edge-based compute and storage will play a significant role in IoT applications, especially in areas where assets are operating at long distances from core infrastructure. This gives low latency which enables the users to have a great experience. As per an IDC FutureScape report, in 2019, close to 40 percent of data created by IoT will be stored, processed, analysed and acted upon at the edge of the network.
- Newer Business Models
As IoT becomes more advanced, organisations are opting for new age connectivity options such as 5G and LPWAN. Mobile has a major role to play in connecting, managing and securing billions of devices connected through IoT. LPWAN networks are designed to extend the reach of existing cellular networks, enabling the efficient and secure connection of low power and low bandwidth machine devices. Mobile IoT powers LPWAN networks to allow city planners to monitor civic services in real time and ensure cleaner cities and cost savings through improved efficiency.
- Blockchain Adoption
Blockchain technology possesses significant potential to transform an organisation’s ability to leverage their IoT’s assets and take their consumer targeting capability to the next level. IoT devices can effectively organise, store and share streams of data by using Blockchain technology.
- Digital Transformation
As companies get new insights into their assets, IoT will play a significant role in in driving digital transformation efforts and creating new business models based on efficient utilisation of data and analytics. IoT enables businesses to gain critical insights into customers preferences and behaviour, thereby digitally transforming the whole customer experience.