|Nowadays, IoT is used in tandem with analytics software and AI. Integrating these two helps businesses optimize processes, boost revenue, and minimize overheads / Photo by: Vasin Leenanuruksa via 123RF|
Since IoT’s debut, it has become a social and technological wonder, wrote Jenny Chang on B2B and SaaS review platform Finances Online. Nowadays, IoT is used in tandem with analytics software and AI. Integrating these two helps businesses optimize processes, boost revenue, and minimize overheads. IoT has also enabled smart technologies to go mainstream as smartphones, security systems, and AI-powered cars become even more common.
Smart devices are not only used for communicating with our loved ones, but they can also connect to other devices, monitor our health, track our location, and learn our preferences, according to guest writer Varun Bhagat of IoT news website IoT for All. The IoT trends listed below will help us become more aware of the technology’s latest developments. For businesses, the trends will hopefully aid them in leveraging IoT to drive growth.
IoT’s Role in Bolstering Security
The IoT market will focus on security as more complex vulnerabilities emerge. These complexities come from the “diverse and distributed nature” of IoT. It remains susceptible to attacks. With billions of connected devices, IoT network and device hacking will be more ubiquitous. The most common cyber attacks experienced by US companies are phishing (37%), network intrusion (30%), inadvertent disclosure (12%), stolen/lost device or records (10%), and system misconfiguration (4%), according to German statistics website Statista.
Widely accepted security risks will help IoT providers improve sellability, which will be highlighted by the security measures they implement on the technology. Providers that market end-to-end IoT solutions are more likely to enjoy this particular selling point. It is important for developers to inform users about IoT-related security concerns. Therefore, vendors and providers should be transparent about these issues by letting the public know how they are being addressed.
More Smart Cities
More smart cities will be established due to the proliferation of IoT. Global spending on smart city initiatives will amount to $189.5 billion in 2023, market intelligence firm IDC (International Data Corporation) stated. As early as now, some cities in the US are leveraging IoT to connect utilities, parking meters, and traffic lights.
Not only do smart cities make our lives more comfortable, but they can also improve the social, financial, and environmental aspects of urban living. As more people live in cities, smart cities will be the main driver of sustainability and quality of life.
|More smart cities will be established due to the proliferation of IoT. Global spending on smart city initiatives will amount to $189.5 billion in 2023, market intelligence firm IDC (International Data Corporation) stated / Photo by: Manop Lohkaew via 123RF|
Smart Home Devices Move to Office Spaces
Smart home IoT devices are becoming more popular. In the US alone, the number of smart homes is forecasted to hit 28% of total households by 2021, as stated by Max Paxton of S&P Global, an American publicly traded corporation. This stems from the declining prices of devices. Market preferences are changing as millennials love home tech. The adoption of smart home devices encourages property owners to add smart thermostats and security systems into new homes and remodels. Smart home technologies are also eco-friendly, helping people save on energy costs.
These benefits are not exclusive to our homes. Office spaces can also gain from automation. In 2020, we will expect more offices to adopt IoT technologies as business owners can slash monthly power consumption using smart lighting and sensors. Further, smart video doorbell cameras and locks enable remote access to deliveries or employees while safeguarding one’s business. Smart thermostats can help minimize energy waste by learning the employees’ temperature preferences and the cheapest time to heat or cool.
Improved Workforce Management
We can expect the use of beacons when clocking in the office to become a standard. Beacons are used to send customers targeted messages via smartphones. Cost reduction will lead to the proliferation of beacons in workforce management. They can also be used to monitor employees and schedule tasks. The data gathered from these systems will “populate performance management solutions.”
Beacons can also be used to monitor employee safety. They can be employed in workplaces where the right safety equipment should be worn. For example, the healthcare sector can use them to monitor the activities of doctors and nurses as well as to access medical records and equipment.
Gleaning from the above-mentioned use cases, we can conclude that IoT is one of the disruptive technologies that are reshaping the consumer market, including AI and robotics, according to KPMG, a multinational professional services network.
|The healthcare industry has been exploring IoT’s benefits for years. For instance, many “smart” hospitals are utilizing IoT to remotely monitor patients via wearables and health sensors / Photo by: Asawin Klabma via 123RF|
IoT Adoption In Healthcare
The healthcare industry has been exploring IoT’s benefits for years. For instance, many “smart” hospitals are utilizing IoT to remotely monitor patients via wearables and health sensors. Integrated monitoring systems can track staff, patients, and equipment, thereby helping hospitals cut costs and maximize resources.
Health professionals are also using “smart pills” or small ingestible devices to transmit data regarding medication effectiveness, allowing them to make more intelligent decisions about patient care. Additionally, IoT can improve lighting systems by connecting them to health monitors and deploying sensors. Increased investment in IoT solutions will prompt associated markets such as physical therapy and nursing homes to adopt IoT. Further, IoT will revolutionize hospitals and drive revenue.
The technology definitely has a myriad of practical uses in various sectors ranging from smart cities to the healthcare industry. More security risks will emerge as the number of connected devices increase. While the aforementioned trends are promising and innovative, we must acknowledge the risks associated with IoT technologies.