The trends of the Internet of Things connectivity were widely received and adopted in 2016-17. In 2018 more ideas and actual complex issues will be addressed and rise to their next tier of actualization. Due to the fact that devices can represent themselves digitally, monitoring them becomes easier so that data streaming in real time takes a step closer to relativity and reliability.
Here’s a quick run through the IoT trends foreseen for years to arrive.
1. The amalgam of BlockChain and IoT
BlockChain is the newest addition since 2016. The astounding triumph of Cryptocurrency, which is built on BlockChain, has put the technology as the flag bearer of seamless transactions, thereby reducing costs and doing away with the need to trust a centered data source.
BlockChain works by enhancing trustful engagements in a secured, accelerated and transparent pattern. Businesses could gain an edge by automating encoded transactions and close deals faster. Thus, the real time data from an IoT channel can be utilized in such transactions while preserving the privacy of all parties involved.
For IoT, Security stays a prime challenge and the cryptographic processes empowering a BlockChain could help fight it. BlockChain offers staunch security against data theft and that’s all a device in the IoT network needs.
2. Venture Capitalists will become more confident
IoT’s undeniable impact has and will continue to lure more Startup Capitalists towards highly innovative projects. It is one of those few markets that have the interest of the emerging as well as traditional venture capital. While the growth next year is firmly attested and the true potential is yet to be unearthed, IoT ventures will be preferred over everybody else.
Approx 28% of businesses have assured adding IoT to their services model from the Transportation, Retail, Insurance and Mining industries.
3. The dependency upon Big Data Analytics will increase
Dynamic data sharing is at heart of IoT. Big Data Analytics will be instrumental in building responsive applications. Integrating IoT data channels with machine learning engines to retrieve on demand analytical insights has already gained momentum this year and will definitely grow exponentially in 2018. As an IoT Service Provider, enterprises must steer their innovation towards such built in predictive analysis.
Subsequently, the need for Big Data skills will rise by 75% and the use of data in HR systems has already started being implemented. While most IoT service providers have highlighted the shortage for such extensively skilled candidates, internal learning programs in close proximity with R&D has set the bells ringing.
4. Artificial Intelligence will have a role too
Machine Learning is the most proven AI technology that can compute data based on predictive thinking, without the need of manual programming and triggering real time tasks in the IoT channel. That is, from just stimulating real time alerts out of programmed instructions, IoT will go smart and capture instructions derived out of our routine habits and perform manual tasks for us.
Be ready for Apple’s ‘Siri’ actually answering the door bell or even preparing Coffee. This will empower IoT to take a leap from Smart devices to fully equipped Smart Homes and Institutions. Such accurate information with a secured transactional environment can be innovated towards improving operational effectiveness and enhance customer engagements.
5. Devices will become a Marketing Platform
Since the integration of technology into our routine life has a greater acceptance, brands using our location to automatically suggest relevant updates, will upscale towards hunting for more personalized information of our habits in routine. Customer data is of prime significance here, capitalizing on it for Personalized Marketing will continue to grow.
The devices we feed our details into would instantly channelize the information to various marketing platforms. For an instance, automobile service operators offering lucrative discounts after they accessed your driving data, as shared by the insurance company you are initially feeding your details to.
6. The number of connected devices will double
The speedy proliferation of IoT projects in past 5 years has resulted in billions of interconnected devices. As the consumer continues to stay hooked to more gadgets, the expanse of IoT will explode. The number of connected devices grew exponentially from millions (4.9) in 2015 to billions (6.1) in 2016. By 2018 it will at least double and touch a whopping mark of 46 Billion by 2021.
More IoT devices will enter the channels, more than ever before. A clear indication of our direct dependency over the gadgets and that’s how our future is shaped.
The Glue of these Trends
Leading of them all is Narrowband IoT (NB-IoT), a low power Wide Area Network that suffices the exclusive needs of a IoT setup – lesser bandwidth, greater connection density, lower operation costs and lasting battery life. Not to miss the Wearable Devices, the governing assets rendering higher degrees of personalized yet smart data sharing.
IoT doesn’t stop here! An array of inventions that had people skeptical before will now finally see the day’s light.