Published May 24, 2022
IoT refers to the network of physical devices embedded with sensors and connected by technologies such as AI, cloud, etc. The functions of IoT Services are based on these five steps: create, communicate, aggregate, analyze, and act.
IoT is quickly creating a broader outreach for itself, covering, and impacting various business domains. Experts project that by 2025, the world shall have 21-22 billion connected IoT devices, which is more than twice the ten-billion mark in 2020.
Beyond smart cities and smart cars, the following trends signify how IoT continues to impact businesses. Let us look at some such IoT trends slated to make a significant business impact.
In the supply chain, where blockchain has already proven its effectiveness, IoT is set to bring great flexibility. In other sectors, too, IoT enhances business value with its multi-cloud ecosystem. The decentralized and impenetrable blockchain model can be used to open new operational avenues for businesses.
Electronic commerce based entirely on mobile phones is called m-commerce. As a device on a network is involved in the process, the impact of IoT in m-commerce businesses will be substantial. M-commerce businesses can leverage geofencing and beacons to provide personalized marketing and customer support.
The more credibility IoT gains in the coming year, the more valuable it will be in the imminent hybrid work culture. Tasks in all the major sectors have shifted to devices that can be used from remote locations. We can expect a definitive impact on the hybrid culture and the decisions companies make for their employees.
RPA has been at the center of the digital transformation journey on which global tech currently is. The collaboration of RPA and IoT will be responsible for exponential growth in the data captured.
While DevOps & Automation has a significant impact on businesses, IoT can help achieve interconnected and data-intensive business operations.
With complex decision-making and timely response to disruptions, we can expect much smoother business practices with the RPA and IoT collaboration.
The amount of tech companies investing in AI and IoT is rapidly increasing. Making a compelling case for the combined use of these technologies, a survey has shown figures as high as 67% for IoT and 60% for AI.
A solution oriented IoT model depends on the quality of its analysis. AI can augment this process very well. AI-enabled IoT models are expected to be highly scalable, better at-risk management, and very efficient.
We are aware of the security benefits brought by IoT. The security component is highly valued in the fintech industry. Many fintech startups have recently exploited IoT for innovative software and hardware development, making their way into the mainstream POS and retail market.
The inter-connected, real-time operations in banks and improved payment architectures are a boon to the customers. Mastercard has devised key fobs and contactless payment methods powered by IoT. These developments in the global fintech industry will have a significant impact on the consumers and markets.
Software engineering for IoT infrastructure is a blend of diverse elements. Data collection via sensors is a fundamental aspect of IoT models. This means data management and analysis must be incorporated into IoT software engineering.
The other aspect is connectivity. Efficient communication between devices is crucial for many use cases like smart cities and healthcare. IoT-based programming languages and development platforms have already impacted the industry.
We can expect to see a rise and improvement in features and services related to–
The manufacturing industry has been relatively slow in transforming. But this year will foster a transformation in manufacturing, too. With every sector becoming more competitive than ever, modern manufacturers will need a clear understanding of IoT and its benefits.
For instance, IoT can help prompt preventive maintenance to reduce or eliminate production delays, thus increasing operational efficiency and enhancing safety.
We can also expect improved decision-making due to interconnected devices and a broader range of data. Industry 4.0 will find its way on the back of these major transformations IoT is bringing.
Edge computing is a solution for swift data analysis. The devices and servers are being brought closer together to speed up data operations. Edge computing is also a scalability solution. It helps companies share their pool of resources between different locations.
IoT devices are well-suited to the edge computing architecture. Any data captured by the sensors or the ‘things’ in IoT can be analyzed and treated at other connected locations.
Most time-sensitive data cannot survive the latency of the regular cloud model. With the augmentation of edge computing, IoT devices can be used better.
One industry that has benefited from IoT is healthcare. With the healthcare sector catering to unprecedented challenges during the pandemic, the investments and innovations therein have also grown multitudes.
IoT has emerged as one of the most helpful tools for easy patient care and cost reduction. IoT will prove effective for continuous monitoring and medical assistance based on real-time data.
With these IoT trends, we can expect it to make many more possibilities a reality – something that seemed impossible with only conventional technologies, devices, and approaches at hand. A quicker, more rational, and more appropriate adoption is imminent at the micro-level.
Zensa supports the use and adoption of IoT at the industrial level with access to the latest technology, qualified resources, and an IoT strategy that optimizes IoT benefits in the long run. To know more about Zensa’s IoT proposition – Contact us.