This post was originally published by at Fintech News
2020 has been a crucial year for IoT and as we are approaching 2021, the technology is considering as a business imperative. IoT is everywhere today, making an impact on how we work, talk and engage with others. Reports show that there will be 35 billion IoT devices installed worldwide by 2021 and 75.44 billion by 2025.
This relentlessly roaring amount of IoT will deliver more opportunities to enterprises to leverage smart technologies. Essentially, as a tech-driven network of connected devices, IoT has the potential to better enable data sharing within the network. Its ability to let devices and equipment to communicate will impact lives and businesses alike.
When more and more organizations will see IoT as a useful tool despite a hype, this will only result in mass adoption. As the technology is in its golden age, what IoT trends will impact industries around the globe in 2021?
Undoubtedly, IoT supports digital transformation and the development of new business models and offerings. As it is being extensively used with soaring numbers of connected devices, connectivity is the foundation of the internet of things. For new business models, connectivity must be agile and nimble to meet the network performance required for a wide range of evolving IoT use cases, applications and device types. Cellular, satellite, Wi-Fi, Bluetooth, RFID, NFC, LPWAN, and so on, are some possible types of network connectivity for a sensor or device.
Augmented Role of Data Analytics
IoT’s ability and relevance significantly rely on data. It presents the data in a digestible and actionable way, making the technology most desirable to consumers. Leveraging data analytics will supplement the analysis of data internet of things solutions produce and process. Implemented properly, data analytics will enable users to easily pick up on patterns or trends within the information collected by their devices. Subsequently, the insight garnered by the data analysis ensures a business is well equipped with the information needed to make effective business product decisions with ease.
The internet of things solutions delivers meaningful data and insights to individuals as well as businesses. Although its benefits are undeniable, it is vulnerable to cyberattacks. For example, in the first half of 2019 alone, Kaspersky detected 105 million attacks on IoT endpoints. While security remains a major concern for IoT solutions, recent research shows that 90 percent of consumers lack confidence in IoT device security. Hence, it has become vital for those using this technology to ensure the integrity and confidentiality of IoT solutions and data while alleviating cybersecurity risks.
An IoT-enabled predictive maintenance solution has the ability to assist enterprises in envisaging potential damage by gleaning data from ultrasonic and vibration sensors. This is especially imperative in the manufacturing space as manufacturers strive for a competitive edge in order to better vie on a global scale. Predictive maintenance is being widely used for the internet of things applications in manufacturing, logistics, warehousing, healthcare and others.
Evolving IoT Applications
Applications and use cases of IoT solutions are evolving at a rapid pace. Currently, its applications surround smart cities, wearables, smart grids, industrial settings, smart homes, etc. With the proliferation and development of this technology in the coming future, IoT will reach more industries and business settings, leading the world towards more digital. Knowing those IoT use cases will certainly assist businesses to integrate IoT technologies into their future investment decisions.
Alike disruptive technologies that are changing consumer markets, IoT has the potential to increase the efficiency and productivity of the workforce. It is no wonder that the workforce of any organization is the linchpin of all its operations that eventually generate revenue and drive business growth.
But managing them can be a challenging task than may achieve with IoT solutions. Workforce management and IoT systems use the same ecosystem of cloud computing and communication protocols. Integrating them together will provide flexibility and enhanced visibility within the organization, and also aid analytical tools to foresee profitable measures accurately.
IoT devices often vulnerable to security breaches that make them an easy target for DDoS attacks. In that context, blockchain emerges to be the most reliable solution to ensure data protection. As distributed ledger technology, it can help address some of the IoT security and scalability challenges. Credited to its unique capabilities and benefits, Blockchain is an information game changer, providing a way for information to be recorded and shared by a community of users.
Data Processing with Edge Computing
Intensified adoption of IoT solutions owing to the reduction in cost requires enhanced data processing capability as IoT devices typically have limited data storage. With edge computing, these devices will achieve the best success and result in cost-efficiency when processing data. Edge computing also enables information gathered by a device is processed directly on that device without being sent to other places.
Internet of things is considered as a strategic technology to realize the full potential of digital twins of physical products. IoT offers visibility into the full product lifecycle, unfolds deeper operational intelligence for processors and optimizes maintenance. A digital twin has the ability to reinforce IIoT applications, and it is likely to become a fundamental pillar for smart manufacturing in the near future.
Demand of Smart Home Will Rise
The internet of things applications has expanded to smart home technology and this will continue increasing the adoption of such technology to make homes more interactive. The evolving need for consumer convenience, safety and security, and energy consumption is the key enabler of the smart home market growth. Put simply, a smart home consists of a wide range of features and technologies that are interconnected by the IoT, voice-first technology, AI, AR and VR, and more.
This post was originally published by at Fintech News