The capabilities of IoT have changed dramatically in the last few years. It’s exciting to imagine what the future of IoT will look like in five or ten years. The industry’s growth has outpaced its capabilities, with the number of IoT devices expected to exceed 24 billion by 2030. We anticipate that advancements in 5G, artificial intelligence, and advanced analytics will catapult the industry to new heights. Let’s look at seven very real possibilities for IoT in the coming years.
What Is IoT?
The internet of things, or IoT, is a networked system of interconnected computing devices, mechanical and digital machines, objects, animals, or people with unique identifiers (UIDs) and the ability to transfer data without requiring human-to-human or human-to-computer interaction.
A thing in the internet of things can be any natural or man-made object that can be assigned an Internet Protocol (IP) address and transfer data over a network.
Organizations in variety of industries are increasingly utilizing IoT to operate more efficiently, to better understand customers in order to provide better customer service, improve decision-making, and increase the value of the business.
The following are some examples of this technology in use:
- Sensors are used in homes to perform tasks such as security and home management, such as light and appliance control, with status reporting and control performed via smartphone apps.
- Farmers use moisture sensors to direct irrigation to crops that require it the most.
- Ranchers use location sensors placed on each head of cattle to identify and locate cattle throughout the ranch.
- Industrial plants use sensors to monitor the presence of hazardous materials or workplace conditions, as well as manage employee movement throughout the facility.
- Cities deploy a fleet of sensors to monitor road and traffic conditions, dynamically adjusting a traffic control apparatus to route and optimize traffic based on current conditions.
What IoT Matters
People can use the internet of things to live and work smarter, as well as gain complete control over their lives. IoT is critical to business in addition to providing smart devices to automate homes. IoT gives businesses a real-time view of how their systems actually work, providing insights into everything from machine performance to supply chain and logistics operations.
Companies can use IoT to automate processes and cut labor costs. It also reduces waste and improves service delivery, lowering the cost of manufacturing and delivering goods while also providing transparency into customer transactions.
As a result, IoT is one of the most important technologies in everyday life, and it will gain traction as more businesses recognize the potential of connected devices to keep them competitive.
Trend #1: Adoption of 5G Networks by Major Wireless Carriers and Advances in IoT Devices
The world is buzzing about 5G and its potential to revolutionize industries. This fifth-generation broadband cellular network technology standard can support high data transfer rates with ultra-low latency. It’s a game changer in applications that require real-time network performance. However, the transition to 5G will take some time. To begin, we must phase out 2G and 3G networks and transition almost entirely to 4G as we prepare for all of the amazing possibilities of 5G.
5G will allow wireless carriers to compete with traditional cable and home internet providers. Cellular companies have the technology to replace home internet with the ability of 5G service to bring the fastest internet to the home, with enough bandwidth to support simultaneous streaming and the latency to support other items like gaming, virtual reality, and other high bandwidth applications.
The massive amount of real-time data generated by an IoT sensor fleet and collected at the IoT gateway must be analyzed in order to yield deeper insights, such as exposing business opportunities or driving machine learning. The IoT gateway sends sensor data that has been cleaned and secured across the internet to a back end for processing and analysis. Thanks to 5G these processes are done faster and in a more secure way than before.
Trend #2: Smart Car Advances and Improved Road Safety
The technology powering smart cars will become more prevalent as 5G and ultra-low latency evolve. Smart cars can monitor traffic and road conditions, plan routes, and optimize fuel efficiency. While fully autonomous vehicles are unlikely to hit the road in the coming years, semi-autonomous vehicles are already being produced. These vehicles help drivers with driving, braking, parking, and lane changes. Drivers of IoT-enabled semi-autonomous vehicles benefit from technology that controls the vehicle in part to avoid collisions. Finally, IoT systems in smart cars reduce human error and make driving easier and safer.
Trend #3: Smart Cities Are on The Rise as Governments Embrace IoT
The advancement of smart cities and how municipalities can use this technology to improve the quality of life for their constituents is one of the most revolutionary applications of IoT. In fact, this hot topic drew the largest audience at the CES 2022 event[1]. This influential technology event brings together global business leaders and innovators to discuss the most pressing issues facing the industry. The conference focused on smart cities, with a panel discussion highlighting the impacts of IoT on traffic technology, mobility alternatives, public transportation, and job growth associated with the implementation and expansion of IoT in the community. Cities can automate and save time and money by implementing smart technologies.
Trend #4: IoT Adoption in Business and Industry
The consumer segment of IoT usage has already grown dramatically. Though business adoption has lagged behind consumer adoption, it is now accelerating dramatically. According to McKinsey[2], the number of businesses that use IoT technologies has increased from 13% in 2014 to around 25% in 2019. Businesses are now leveraging IoT to transform agriculture, optimize fleet management, improve warehouse management, manage electricity, and improve healthcare outcomes, among other things. We can anticipate an increase in IoT business use cases, which will serve as a foundation for many core business activities across industries.
Trend #5: Artificial Intelligence Advances for Advanced Insights
According to Gartnert[3], artificial intelligence is one of the top strategic technology trends for 2022, and AI is particularly relevant to IoT. The data generated by IoT is extremely valuable. Companies can mine this data for insights to improve the customer experience, increase productivity, increase profitability, and identify product development opportunities. Advanced analytics employs machine learning to mine the massive amounts of data generated by IoT in order to reveal deep insights, make predictions, and recommend action plans based on these insights. Machine learning has the potential to analyze data more efficiently that would otherwise be impractical to process. As a result, businesses of all sizes will be able to maximize the value of the data generated by their IoT solutions.
Trend #6: Edge Computing Advances for Local Data Processing
Edge computing allows data generated by IoT devices to be processed and analyzed closer to its source. Processing data locally at the device level rather than sending it to the cloud significantly increases speed and reduces traffic, potentially lowering data costs. Edge computing has applications in many industries and use cases, including autonomous vehicles, predictive maintenance, patient monitoring, and remote asset monitoring. As more businesses implement IoT initiatives, this advancement has the potential to revolutionize IoT.
Trend #7: The Arrival of Massive IoT
The proliferation of IoT devices will continue. In the coming years, billions of new IoT devices will be added to the internet, fueled by a combination of technologies, including 5G connectivity, and countless new business use cases emerging across major industries such as healthcare and manufacturing. Technologies such as ARISTA EIM will play an extremely important role there.
ADD Bulgaria’s IoT solutions:
ARISTA EIM (Electrical Infrastructure Monitoring) is a cutting-edge technology that allows you to remotely and in REAL TIME monitor and control power supplies, electrical infrastructure at switchboards and transformers at secondary substations. It is intended to assist distribution system operators and industrial businesses in their digital transformation to become more efficient and sustainable.
Watch the video to see some of the benefits this technology provides:
ARISTA SLMS is intended to achieve flexible and efficient streetlight operation and to enable stakeholders to strike a balance between high quality, sustainability, and operational efficiency.
Arista SLMS augments traditional street lighting with smart functions that enable remote light management and real-time monitoring of the entire electrical and lighting infrastructure. The system collects, stores, and analyzes all data, providing a comprehensive picture of the state and processes of public lighting.
ADD Bulgaria has partnered with the best in class in the field of IoT for businesses and cities – ITRON. Both companies have substantial experience and expertise. Moreover, their solutions complement each other at the technology level which accelerates the positive effect for the customer.
Should you have an IoT project for your business or city, do not hesitate to contact us.
[2]Growing opportunities in the Internet of Things
[3]Top Strategic Technology Trends for 2022
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