There's a constant buzz around the Internet of Things, which the market predicted to be worth $157 billion by 2025. In 2019 alone, Gartner forecasts 7.4 billion connected devices will be in use globally. Indeed, it has become a huge trend, and big players from different sectors are scrambling to invest in IoT or at least find ways to take advantage of the trend. The future is here!
There's a constant buzz around the Internet of Things, which the market predicted to be worth $157 billion by 2025. In 2019 alone, Gartner forecasts 7.4 billion connected devices will be in use globally. Indeed, it has become a huge trend, and big players from different sectors are scrambling to invest in IoT or at least find ways to take advantage of the trend. The future is here!
IoT will go mainstream over the next few years, but what are the technological innovations driving this? And which industries are leveraging it the most effectively?
Four prominent trends are driving IoT, the leading marketplace driver being the business opportunity.
Over 90% of organizations will leverage IoT
Industry professionals and pundits alike keep predicting the demise of the IoT, but the trend is making steady progress. According to a recent survey conducted by Gartner, around 90% of organizations have increased their budget on IoT projects since 2019.
We've seen some high adoption rates of IoT solutions already, suggesting that both individuals and businesses are moving forward with their plans. But, even more importantly, the vast majority seem ready to make the most of these systems by seeing how they can improve their operations. What's more, it won't be long before connected devices are needed to make IoT work for everyone.
Covid-19 will accelerate IoT adoption in organizations
The COVID-19 pandemic has accelerated IoT adoption across healthcare, manufacturing, utilities, retail, and logistics. The virus has triggered widespread digitization of businesses, leading to a significant shift to digital supply chains, digitization of patient records, deployment of IoT-based remote patient monitoring solutions, and usage of machine learning and AI in treatment.
By 2023, One-Third of Companies That Have Implemented IoT Will Also Have Implemented AI in Conjunction With at Least One IoT Project
According to a recent survey* from Gartner, despite the disruptive impacts of COVID-19, 47% of organizations plan to increase their investments in the Internet of Things (IoT), according to a recent survey* from Gartner.
IoT time-to-market will speed up with reduced technical complexities
IoT technologies still face relatively high technical challenges, according to multiple industry experts. Cloud-based object recognition, for example, is facing several complexities around scalability, privacy, and security. Solving those technical challenges -- or reducing the difficulties -- could make IoT solutions more accessible to enterprises.
Given the rapid innovation in IoT, new and improved IoT technology is working to overcome these technical challenges and shorten time to market even further.
Security will be the priority
The Internet of Things (IoT) is becoming an indispensable part of our world. The increasing deployment of IoT devices is fueling its growth. The IoT security challenges that the industry faces are the cost, time, and effort required to ensure the security of the devices. It is challenging to identify hardware and software vulnerabilities in a network environment that houses thousands of devices. IoT security is also challenging because of the lack of standards and capabilities in IoT devices.
The Gartner report says that IoT security is the top concern for companies adopting IoT solutions. Therefore, security will be a high priority for organizations implementing IoT solutions. IoT security statistics back this perspective.
Read Also: Business Applications of IoT
Final thoughts,
With the vast array of IoT features to explore, it's no wonder that there are so many predictions for what's going to be hot in 10 years. It seems as if we have a lot to look forward to, with exciting applications and new ways to use IoT systems. Smart TVs, smart speakers, self-driving cars—IoT companies have enormous potential to take advantage of the coming wave of innovation.
