Article | February 17, 2020
Implementation of the “Internet of Things” in the modern world is gaining pace at breakneck speed. Society is moving away from standalone devices and entering the realm of inter-connectivity. With uses in different facets of life, such as personal gadgets, retail, electricity distribution and financial services, IoT is making its mark. One such application field of IoT is in Smart Homes, or more specifically in the Heating, Ventilation, and Air Conditioning industry (HVAC). According to a report by Zion Market Research, the global smart HVAC control market is expected to reach almost USD 28.3 billion by 2025 as compared to USD 8.3 billion in 2018. Amalgamation of the HVAC industry and IoT provides for vastly superior customer-centric services, enabling remote appliance control as a first step.
Article | February 17, 2020
The COVID-19 pandemic turned the tides towards remote work and virtual connectivity. And even though growth seemed to have slowed down in 2020, experts see double-digit growth in the next few years. The tides may be turning but virtual connectivity and the tools required for remote growth are not slowing down in demand. As the tech world adapts to new shifts, IoT is among one of the most anticipated technologies to prosper in 2021.
Digital transformation has rapidly accelerated in the past year and if the experts are to be believed, 2021 shows promise for an even better year for technological advancement. According to IDC’s 2020-2024 forecast, spending will reach an annual growth rate of 11.3 percent. And with this, the number of connected devices is likely to grow up. Take a look at what will be the focus of IoT industry trends in 2021.
Privacy & Security
As smart homes are becoming the norm and you cannot throw a stone without hitting a smart device, one thing is clear—IoT devices are everywhere. People almost always forget smartphones when talking about IoT devices, but the fact is that smartphones are very much a part of the IoT ecosystem. And with the infusion of IoT in our everyday lives, questions about privacy and security are cropping up.
In 2021, privacy and security will be at the forefront of IoT industry trends, as devices infuse further into the everyday lives of people. According to recent research, 90 percent of consumers lack confidence in IoT device security. And the onus of bolstering consumer confidence will be up to IoT businesses.
According to Gartner’s “Top Strategic Technology Trends For 2021” report, IoT will be a large part of the office experience in 2021. As businesses are trying to avoid the losses that occurred in early 2020, workplaces are being geared up with RFID tags, sensors, and monitors to ensure social distancing measures, whether employees are wearing masks and overall health monitoring.
Additionally, many organizations have decided to move permanently to a remote mode and will rely more on IoT devices for connectivity. So we can expect better automated scheduling and calendar tools, more interactive video conferencing, and virtual meeting technology. In the case of fieldwork, IoT will offer an added factor of monitoring behavior.
Experts predict that energy will be a crucial factor in the IoT industry trends in 2021. With smart grids, metering, and restoration resilience being powered by IoT, 2021 will move towards optimized energy consumption and devices that are designed to encourage energy-friendly practices.
What’s more? Smart engines and automobiles can be optimized to reduce their carbon footprint and become energy-friendly. As evidenced by the Paris summit and the wildfires in 2020, the world is becoming ecologically conscious. IoT devices in 2021 will focus heavily on reduced emissions, lowering air and ocean pollution, and minimizing power expenditure.
As COVID-19 limited human interaction, location-based services soared during the pandemic. Businesses started leveraging location data to offer curbside pickup, virtual queues, and check-ins for reservations to enhance the customer experience during the pandemic.
According to experts, the use of location data will continue to be crucial for customer service and convenience in 2021. As people prefer being safe even as the vaccines are being delivered, location data will allow businesses to cater to their customers without compromising on customer or employee safety.
IoT is being helmed as the perfect technology partner for creating digital twins in many industries. As IoT collects a large amount of data through physical devices, this data can be reinterpreted to create the perfect digital twins. Also, IoT can offer visibility into the full product life cycle and unfold deeper operational intelligence. Companies like Siemens are already leveraging technologies like AIoT to design and create digital twins for product design and production. Coupled with AI, IoT will be used more commonly for creating digital twins in 2021.
A technology as dynamic as IoT can be leveraged for almost any application. Therefore, it may surprise us all in the way it progresses in 2021. However, experts believe that the above 5 IoT industry trends will rule 2021 for sure.
Frequently Asked Questions
What are the latest IoT industry trends?
The use of IoT in Healthcare, Artificial Intelligence, workforce management, and ecological conservation can be deemed as some of the latest trends in IoT.
What is the future scope of IoT?
As experts believe there will be over 85 billion connected devices by the end of 2021, and the numbers are promising for upcoming years, we can safely say that the future of IoT is indeed bright.
What industries are most likely to use the Internet of things technology?
IoT is a dynamic technology with applications in almost every industry. However, industries like healthcare, construction, manufacturing, tech, and resource management are most like to use IoT right now.
"name": "What are the latest IoT industry trends?",
"text": "The use of IoT in Healthcare, Artificial Intelligence, workforce management, and ecological conservation can be deemed as some of the latest trends in IoT."
"name": "What is the future scope of IoT?",
"text": "As experts believe there will be over 85 billion connected devices by the end of 2021, and the numbers are promising for upcoming years, we can safely say that the future of IoT is indeed bright."
"name": "What industries are most likely to use the Internet of things technology?",
"text": "IoT is a dynamic technology with applications in almost every industry. However, industries like healthcare, construction, manufacturing, tech, and resource management are most like to use IoT right now."
Article | February 17, 2020
ABI Research says cloud vendors are investing in the data and analytics services space as they attempt to get on board the IoT value chain. The researcher forecasts that cloud suppliers will grow their share of IoT data and analytics management revenues from US$6 billion in 2019 to US$56 billion in 2026. Cloud vendor’s revenues come primarily from streaming, storage, and the orchestration of data. Analytics services across cloud vendors, on the other hand, are less differentiated, as reflected in pre-built templates such as AWS Sagemaker and Microsoft Azure Notebooks which leverage the open source Jupyter project. Considering that many cloud vendors are in the early stages of analytics investment, cloud vendors are relying on their partners for addressing more specific advanced analytics and vertical market needs.
Article | February 17, 2020
IoT has a massive scope and too many requirements that can leave even the best of telecom operators clueless. With exalted predictions in the near future (some estimate that IoT devices will cross the 40 billion mark by 2025), the pressure on IoT service providers is immense. There is a need to automate the management of connected devices and sensors, which is why a comprehensive IoT platform has become the need of the hour. Every single one of these platforms plays a huge role in the overall functioning of sensors and devices that form the entire IoT universe. An IoT platform serves as a middleware that connects devices/sensors. It contains an assortment of functions such as controllers and sensors, a communication network, a gateway device, translating and data analysis software along with end application services. IoT platforms are equipped to handle vast quantities of data, applications, subscribers, websites, sensors and devices, and at the same time triggers actions according to the input, in real-time.