Are you still wondering what the latest technological trends will make it big this year? In the world of connectivity, there is what we call the Internet of Things or IoT, which is changing the way we do things.
There are many different benefits offered by IoT. They affect the most mundane tasks paying your monthly bills, to monitoring your health’s condition.
So you may be asking what IoT trends you should watch out for this year. Continue reading below as we list down 12 new innovations that will become mainstream and shape the present and the future.
IoT Trends: How They Affect Our Lives
Before we head on to our list, let us first try to understand what IoT is. Let us try to get a better grasp of how the latest IoT trends affect the different facets of our lives.
1. Makes Homes More Efficient
IoT helps households cut down their expenses and improve indoor living quality. Homes and offices are able to save due to lower energy consumption. Residents and business owners get to enjoy a higher level of security against evildoers.
2. Improves Healthcare
Through IoT, doctors are able to monitor their patients remotely. Medical practitioners no longer need to see their patients face-to-face all the time. Patients, in turn, also get to connect with their attending doctors much faster, saving their time, energy, and resources.
3. Improves Driving Experience
Today, there are vehicles that feature speed control, depending on the current traffic conditions. Moreover, there are cars that can automatically call for assistance during emergency cases on the road.
Stepping outside of the vehicle, you will see some streets sporting smart lights and traffic signals work by sensing motion.
Simply put, IoT is helping people do things more efficiently, regardless if they are big or small.
12 New IoT Innovations for 2019
Now let’s take a look at 12 new IoT innovations that will likely become mainstream starting this year:
1. Edge Computing
Edge computing will be more prevalent this year. Though the cloud is still the more popular option, its limits will become more obvious. In this manner, edge computing will likely beat the cloud.
Cloud sometimes struggles when it comes to providing fast and reliable connectivity. This is evident in installations or connected vehicles located in remote areas. Moreover, there is the high cost of storage that tends to drive away prospective users.
Edge computing, on the other hand, involves storage and data relocation to an area that is close to connected objects and sensors. It uses chips built for machine learning. It brings the AI algorithms of the Google Cloud IoT Edge, the Microsoft Azure IoT Edge, and the Amazon Greengrass much closer.
2. AI Adding Value to Data
Speaking of Artificial Intelligence or AI, it will start to give more value to data. This is crucial for businesses that use a huge amount of data in their operations. Regardless of how companies value their data, they can hardly run without any of it.
Companies can pull this off by using the API services of different cloud providers. These operators include the likes of Microsoft, IBM, Amazon, and Google.
3. Cybercriminals to Feast on Smart City
We mentioned earlier how more streets are starting to use smart traffic controls and lighting. All of these are part of what the industry calls “smart city implementations.” The downside of these solutions, however, is that they involve connected devices that offer a low level of security.
Hence, we can expect cybercriminals to take advantage of this security weakness. There will be more instances of targeted ransomware attacks.
The result will be disruptions in common city services. Thankfully, there are dependable security measures that are available. You can read more here to learn about application security in the Internet of things.
4. The “IoT” Term Used More Sparingly
Interestingly, vendors of IoT solutions will use the term “IoT” sparingly. Instead, they will use words and terms that provide a more direct description of what the solutions offer.
One of the terms to watch out for is “real-time asset performance monitoring.” This involves a number of things that work together: workflow, analytics, data, business process, and IoT. Combined with other smart business practices, companies will become more efficient.
5. Bundled Services
Companies from different industries will use a different approach in the way they integrate their services with smart devices. They will start to offer bundled services to entice more customers.
One good example is “Hum” from Verizon. It is an automobile service that allows users to enjoy driver motoring, roadside assistance, and vehicle maintenance through a couple of in-car devices.
Expect to see other players like food companies, groceries, insurance companies, and utility providers to use this strategy.
6. A Boom in IoT Managed Services
You will see more industries opening up to IoT solutions, particularly in the area of managed services. Industries such as retail, utilities, healthcare, and manufacturing will look to use IoT solutions.
They will use these solutions to gain better control of their assets, networks, and devices. Analysts project that these companies will sign multi-million dollar contracts with different IoT providers.
7. Increase in Executive Expectations
As IoT continues to grow and evolve, executive expectations will likely increase. Companies will be more involved when it comes to checking robotic process automation and data consistency. They will be more meticulous when it comes to the performance and success of repetitive processes.
As a result, companies will become more adept at scaling automation. When it comes to educational institutions, colleges and universities will start to adopt more comprehensive courses in data analysis and computer programming.
The challenge, however, comes in keeping up with these technologies by complementing them with empathy and critical thinking. These two types of skills are crucial in terms of growth in the digital realm.
8. The Rise of Blockchains
Along with machine learning, Blockchain technology will also make waves among the top IoT trends for 2019. Blockchain pertains to a list of records connected via cryptography. Each block that is part of the chain holds a cryptographic hash of the previous block.
It also comes with transaction data, as well as a time stamp. It serves as a distributed ledger, specifically used for cryptocurrencies like Bitcoin. As blockchains continue to emerge, more industries will start to use them.
Expect companies offering financial services and smart contracts to integrate blockchains.
9. NextGen Manufacturing
The manufacturing sector will likewise use different kinds of IoT in their business operations. They will use IoT technologies to connect their machines, sensors, and devices.
Moreover, businesses will get their data through IoT solutions. They will use these data to improve their methodologies.
In addition, you can also expect the number of connected devices to increase this year. There are currently around 50 million connected devices generate eight zettabytes of excess data. For reference, one zettabyte equates to a billion terabytes and one terabyte is 1,000 gigabytes of data.
Surprisingly, however, companies only analyze and use only 1% of IoT data.
10. Mergers and Acquisitions among OEMs
Large OEMs will also engage in mergers and acquisitions to enhance their IoT capabilities. Industrial types of OEMs are looking to improve their digital and analytics capabilities. Through mergers and acquisitions, they will be able to fill this gap, which is not really their strongest suit.
11. More Attempts to Bring Order
It remains a fact that IoT involves numerous communication protocols and standards. Thus, companies that specialize in integrating systems will attempt to offer new solutions to bring order. They will offer new platforms and frameworks that will help manage various types of peripheral systems.
But don’t expect complete standardization this year. Rather, expect to see more traction in this area.
12. Digital Twin
Lastly, companies that are into the production of goods will use digital twins. A digital twin pertains to the use of data to come up with a realistic representation of systems and products. Companies will attempt to integrate digital twins in their entire production process.
The results will be a vast improvement in monitoring production plants, as well as predicting the outcome of a new product after it comes out into production. Overall, production companies will experience fewer glitches and enjoy efficiency and productivity.
When it comes to choosing an IoT platform in your business, make sure to go for something that has security features. Pick one that is also easy to update in relation to the changing standards and protocols.
It is also wise to invest in an IoT that is user-friendly, especially to people who are not tech-savvy.
Expand Your Business Through Other Strategies
Now that you are aware of the IoT trends for 2019, you should not stop there if you want to grow your business further. There are many other strategies to learn. It’s only a matter of finding the right ones that will help you meet your goals and targets.
Overall, more industries and individuals will experience the benefits of IoT solutions. From data collection and analysis to performing mundane tasks, IoT will become more influential this year.
But why stop learning here? Check out our other business-related blog posts that will help your company grow faster. Here’s one listing down 9 great side jobs to earn extra cash!