The Internet of Things (IoT) is one of the most important business trends of the current generation. With the proliferation of connected devices and the increasing demand for data-driven insights, companies are realizing the tremendous potential of IoT technologies to drive innovation, increase efficiency, and unlock new revenue streams. On the other hand, developing these trends takes a solid understanding of how the IoT works and how to best cater to that sector.
In this article, we will explore the key drivers behind the IoT trends, and the benefits they offer for businesses. As more devices become connected, the potential for innovation and disruption increases.
So read on to discover why IoT is such a game-changing trend for businesses of all sizes and industries and what the top 10 IoT trends are for the near future.
As IoT devices generate massive amounts of data, edge computing is becoming increasingly important. By processing data closer to the source, edge computing can reduce latency, improve performance, and enhance security just to name a few examples.
In short, edge computing is a distributed computing paradigm that brings data processing and computation closer to the source of data, such as sensors, devices, and IoT devices, rather than relying on a centralized cloud-based system. This approach allows for real-time analysis and decision-making at the edge of the network, lowering latency and improving response times which can be very beneficial for businesses.
But how is edge computing already being used in the business world?
Some examples of edge computing applications in business include aspects like real-time monitoring and analysis of IoT data from sensors and devices, such as temperature sensors in a warehouse or manufacturing facility. There is also predictive maintenance of machinery and equipment using data collected at the edge enables businesses to identify potential issues before they cause downtime or failure.
This is also essential to setting up personalized customer experiences, such as location-based recommendations, using edge devices such as beacons and sensors.
The rollout of 5G networks will enable faster and more reliable connections for IoT devices, enabling more advanced applications and business use cases. Some of these key use cases and advancements include some of the below.
First, there is faster and more reliable connectivity. 5G networks offer faster download and upload speeds, and much more. This enables businesses to connect devices and process data more quickly and efficiently, which can help optimize operations and improve decision-making for key stakeholders.
There is also the advantage of increased bandwidth: With 5G, businesses can connect more devices to the network, allowing them to scale their IoT deployments and collect more data from a wider range of sensors and devices.
5G networks further offer improved security features, such as network slicing and edge computing, that can help businesses protect their IoT devices and data from cyber threats - an increasingly concerning occurrence in today's business landscape.
Last but not least there is improved mobility. 5G networks are designed to support high-speed mobility, making them ideal for IoT applications that require devices to move around, such as autonomous vehicles and drones.
IoT devices generate massive amounts of data that can be analyzed using AI and machine learning algorithms to provide valuable insights and enable predictive maintenance. When these two technologies are combined, they can create powerful new opportunities for businesses, particularly when it comes to handling data points and metrics.
Here are some ways that IoT and AI intersect in businesses:
Blockchain technology offers a secure and transparent way to manage IoT data, ensuring that data is tamper-proof and enhancing trust in IoT applications. Blockchain and IoT can be used in conjunction to create new business opportunities and enhance existing ones.
Think about secure data exchange. IoT devices generate vast amounts of data that need to be securely stored and exchanged. Blockchain can provide a secure and decentralized platform for IoT devices to exchange data without the need for intermediaries. This can help businesses reduce costs and increase efficiency.
This includes working with smart contracts. Blockchain technology enables the creation of smart contracts, which are self-executing contracts that can be programmed to automatically trigger actions when certain conditions are met. Smart contracts can be used in IoT networks to automate transactions and enable secure and transparent data sharing between devices.
The development of smart city infrastructure, including IoT-enabled traffic management, public safety, and energy management, will enhance the quality of life for residents and drive economic growth. There are several ways in which IoT-enabled smart cities can be beneficial for businesses.
Starting out, there is enhanced efficiency and productivity. Smart cities are equipped with sensors and devices that provide real-time data on various aspects such as traffic flow, energy usage, waste management, and more. This data can be used by businesses to optimize their operations, reduce waste, and improve productivity.
It also introduces many new business opportunities - look at how fast smart home devices became adopted into the mainstream public and think of how businesses can replicate this success on a larger scale.
IoT wearables can track the health and safety of employees in real time and this is the major use case we have seen in wearables for businesses so far. For instance, devices can monitor employee heart rate, body temperature, and sleep patterns. In hazardous work environments, wearables can alert workers to potential danger and ensure their safety through early detection.
This type of wearable can then also lead to higher productivity by providing real-time data and notifications to employees. For example, wearable devices can alert warehouse workers when a package needs to be moved, or provide maintenance personnel with real-time updates on equipment performance.
Finally, there is also the ability to save on costs. Wearables can optimize operations to the point where operational errors are minimized, saving businesses more money in the long run.
Digital twin technology creates a virtual replica of a physical object or system, enabling businesses to simulate and optimize performance, reduce downtime, and improve product design.
This digital twin is a real-time, dynamic representation of the physical object, using data collected from sensors and other IoT devices.
In other words, a digital twin is a virtual model of a physical object or system that can be used to monitor and control the actual object or system. By creating a digital twin, businesses can simulate different scenarios and test changes before implementing them in the physical world, reducing the risk of errors and downtime.
Digital twin technology is being used in a variety of industries, including manufacturing, healthcare, and construction. For example, in manufacturing, digital twins can be used to optimize production processes, reduce waste, and improve product quality. In healthcare, digital twins can be used to monitor patient health in real time and identify potential issues before they become serious problems.
As IoT devices become more widespread, they are also becoming more vulnerable to cyber-attacks. Businesses need to invest in robust cybersecurity solutions to protect their IoT networks, sparking the growth of another IoT-related industry.
Cybersecurity IoT devices can however provide real-time visibility into a company's network and assets. By collecting and analyzing data from sensors and other IoT devices, businesses can identify potential threats and vulnerabilities before they are exploited by cybercriminals or compromise customer data.
This enhances threat detection and management. For example, security cameras equipped with IoT sensors can identify suspicious activity and send alerts to security personnel, who can take appropriate action.
By using IoT sensors to monitor their equipment, businesses can predict when maintenance is needed and take proactive measures to avoid downtime and reduce the costs associated with that downtime.
IoT sensors can monitor equipment and machinery in real-time, collecting data on performance, temperature, vibration, and other key indicators on the state of the machinery. This data can be analyzed using predictive algorithms to detect potential issues before they become serious problems.
IoT can also be used to perform predictive analytics on maintenance data to identify patterns and trends that may indicate equipment failure. Machine learning algorithms can be used to analyze this data and predict when maintenance is required, keeping operations running smoothly.
IoT is enabling remote monitoring of patients and real-time data collection, improving patient outcomes and reducing healthcare costs overall.
IoT devices can be used to remotely monitor patient health in real-time for example. Wearable devices, such as smartwatches and fitness trackers, can track vital signs, such as heart rate, blood pressure, and oxygen levels, and alert healthcare providers to potential health issues as they are happening.
Most importantly, IoT can be used to perform predictive analytics on patient health data, identifying patterns and trends that may indicate potential health issues. Machine learning algorithms can be used to analyze this data and predict when a patient may require medical attention.
Using an IoT consultancy agency can be of great importance when building IoT solutions, as it can provide valuable expertise and guidance throughout the entire process. IoT consultancy agencies have a deep understanding of the IoT landscape and can help businesses identify the most suitable technologies, platforms, and devices for their specific needs.
At NineTwoThree Studio, we develop secure IoT mobile and web applications to help connect to your hardware devices and guide business decisions. Our team has over 10 years of experience in connecting to Bluetooth, Wi-Fi, edge devices, and sensors and we even hold two patents.
Your hardware and software need to be designed with seamless interaction in mind, by professionals who have done it before.
Contact us today to start working with us on your next IoT project!