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How the Internet of Things is bringing technology into the future

Date: Sep 24, 2022

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How the Internet of Things is bringing technology into the future


The Internet of Things is becoming a household name with unique applicability in our homes, businesses, workplaces, and cities. The number of installed IoT devices is expected to surge to around 30.9 billion by 2025. Countless different forms of technology have the potential to deliver incredible business value.


Keeping a finger on the pulse of the latest IoT trends is important for those looking to drive the evolution for agility in 2023 and beyond.


They are a vital tool for digital transformation and datafication, and their power lies in performance improvements and problem-solving capabilities. The importance of IoT as a technology trend this year and in the future lies in its role in the success of other technologies. Keeping a finger on the pulse of the latest IoT trends is important for agility in 2023 and beyond for business owners looking to drive evolution.


What is the Internet of Things

The Internet of Things is the ecosystem of connected smart devices and technologies constantly collecting data in our homes, cities and workplaces.

IoT facts and figures for 2022 and beyond.

  • There are more than 7 billion connected IoT devices in operation today.

  • By 2030, 75 per cent of devices are expected to be IoT.

  • Global IoT spending is expected to reach $1 trillion, and this growth rate will continue through 2023 and beyond.


Why the IoT Matters

A quick look at the benefits of IoT in business.

  • IoT solutions help build resilient supply chains

  • Improve health, healthcare, safety and security

  • Optimize asset use and maintenance

  • Reduce overhead

  • Improve communication and engagement

  • Meaningful sustainability and environmental progress

Seven major IoT technology trends


1.Remote Monitoring

According to the data, the epidemic has accelerated the adoption of digital technologies by seven years. This includes the requirement for remote monitoring and the shift to automated systems. These IoT-based technologies are being used to transform everything from building monitoring and machine performance to building occupancy and machine learning.


2. Modular smart technology solutions

The preference for individual devices that perform multiple functions has given way to devising networks. Such device networks create a modular system of individual utilities and processes. The result is a granular view of the entire operation, which helps achieve overall network benefits.


3. Data Analytics

Data is arguably one of the most important strategic tools for an enterprise. High-quality data plays a role in designing business strategies, monitoring content that can be managed more effectively, and ensuring the integrity of the supply chain. It can also inspire real-time action through alerts around deviations from normal data sets, thereby avoiding disasters and saving costs.


Data can also inspire high levels of compliance, machine learning, customer service, maintenance planning, and safety and security. In addition, it provides valuable insights for measuring return on investment and preventing waste.


4. Artificial intelligence, machine learning and visual inspection

The concepts of artificial intelligence, machine learning, visual inspection, and automation are becoming increasingly common. These capabilities are guided by data insights that eliminate manual processes' unpredictability and margin of error.


5. Advanced Networking

As IoT technology evolves, so does the network around it. Improvements in the speed, security and reliability of networks and connectivity infrastructure are the precursors to IoT sensors, wearables, smart cities and homes.


6. Smart Buildings and Smart Cities

IoT and smart technologies are being used to optimize various functions in urban environments. This is done to increase public engagement and improve everything from public transportation systems to responsible and environmentally friendly resource use.


IoT technologies and smart technology solutions are also making their way into the enterprise, construction, healthcare, retail, agriculture and manufacturing sectors. IoT technologies are impacting many different aspects of these different industries.


This includes the cold chain for vaccinations, enhanced equipment management, and predictive maintenance for transportation and logistics. The applications are endless and can easily be customized to the specifics of a project or long-term strategic goal.


7. The Digital Twin

A digital twin is a virtual copy of a physical product, process or system that connects the physical and digital worlds. Today's digital twins use sensors to collect real-time data about a physical item that is used to create a virtual copy of that item. The virtual copy can be optimized, manipulated and analyzed to test different scenarios in a risk-free environment.


What are the challenges facing the IoT?

Security

According to research released by Kaspersky in Q1 2022, 43% of enterprises have unprotected IoT infrastructure - cybersecurity concerns remain a barrier to IoT system implementation (as reported by 57% of enterprises surveyed).


As IoT devices become more prevalent and our reliance on them increases, security becomes increasingly important. Gartner reports that 20% of organizations have experienced cyber attacks on IoT devices in the last three years.


Chip Shortage

Due to the recent high demand, the supply of semiconductor chips for IoT solutions is tight, resulting in a chip shortage. This is expected to limit IoT growth to 10-15% in 2022. The good news is that EU public and private sector efforts aim to address the shortage challenge and make way for the growth potential realized.


Lurking

Traditionally, the optimal efficiency and speed of data transfer for IoT technologies have depended on bandwidth capacity. Networking advances will ensure that data is transmitted in real-time as many applications require and that this process is done securely.


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