Top Emerging IoT Trends To Look Out For In 2023
Globally the “Internet of Things” is used every day in our lives such as traffic monitoring, agriculture, smart grid and energy-saving, water supply, manufacturing, and maintenance management, to just name a few. From cars to domestic appliances to industrial machinery, devices of every shape and size are connected and sharing information digitally. The internet of things latest trends have changed the model of interaction between appliances and electronic gadgets of more than 30 billion connected devices globally. The tremendous advancements in data computing, cloud platforms and services, and inevitable 5G rollouts will be fueling the adoption of IoT further.
In the year 2020, the internet of things industry was valued at $1107.2 billion and by 2026 it is projected to grow to $6042.45 at a CAGR of 32.34% over the prediction period of 2021 to 2026. Globally, the dollars spent on IoT solutions is expected to double in the year 2021, up to $418 billion from $248 billion (USD). By the year 2025, this will increase to about 1.6 trillion USD in terms of market revenue as per Statista.
The Latest IoT Trends to Look Out For In 2023
IoT Security – Undoubtedly, security is of utmost importance in the era of emerging technologies. The cybersecurity experts are focusing on data security and privacy (web, mobile & cloud) as many gadgets are connected and are susceptible to attacks. To stop the intruders, enter into the network of IoT, extra cautions are taken and this is popularly known as IoT Security which is the recent trend in IoT. There are many big security challenges for IoT such as insufficient testing and updating, IoT malware and ransomware and untrustworthy communication, etc.
Artificial Intelligence & Internet of Things – Artificial intelligence is the driving force behind the IoT, which focuses on reducing deviations from the manufacturing procedures and promotes high performance. There are more possibilities for innovation through AI and IoT. With machine learning, AI enables the production process to get optimized. The joint effect of AI & IoT will help in greater revenue, increased safety standards, reduced expenses, and better customer experience.
Data Analytics – AI-centric data analytics solutions that are powered by AI, algorithms, and Big Data technology helps in collecting a huge amount of information to examine the real-time data and derive valuable insights from it. This powerful combination of AI, Big Data, and IoT devices will help users to make winning decisions. Data Analytics enhances the data that is produced by the internet of things solutions. Furthermore, data analytics helps to understand the patterns within the information that is gathered by the IoT devices.
Blockchain Technology – IoT devices are more susceptible to security breaches and which makes them targets for DDoS attacks. During encryption techniques and peer-to-peer contact without intermediaries, blockchain technology which is also known as distributed ledger technology emerges as a suitable tool that will guarantee data safety. It is one of the top-most IoT trends which addresses major IoT challenges of security and scalability. Blockchain helps data to be recorded and shared by community users and is focused on the context of IoT data security.
5G Connectivity – Surpassing the 4G, 5G comes with much-improved download speeds and more bandwidth to all devices. 5G will be implemented in IoT devices such as real-time robotics, disaster recovery equipment, self-driving cars, etc. Right from precision agriculture to connected healthcare and from smart manufacturing to intelligent retail, 5G networks will improve the performance of the connected devices due to the data-transfer speeds and greater network reliability.
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