The Future of the Internet of Things (IoT)
In today’s technology-driven society, you must have heard the phrase “internet of things” or IoT quite a lot. Kevin Ashton came up with the phrase in the year 1999. According to him, IoT is responsible for connecting human culture and our daily use of objects with existing digital information systems like the internet.
What Is IoT?
In practical terms, what is the internet of things? The IoT is basically smart devices that can support internet connectivity. By connecting appliances like your washing machine or your home’s security system to the internet, you can access and manage your appliances remotely.
Such features are present in homes as everyday objects that have been upgraded as smart devices to make daily life more convenient. If you’ve ever projected a YouTube video from your phone to your smart TV, or turned your lights on or off with your phone, that’s IoT.
A Growing Technology
The use of this technology is quickly growing. Currently, there are billions of physical devices collecting and sharing data collected over the internet from objects as small as microchips to massive, driverless trucks. These devices are spread across practically every sector, including manufacturing, healthcare, transport, etc.
With such far-reaching implications and a wide range of applications, where is the internet of things going and what can we expect from it?
The Future Of IoT
By now, we’ve realized how smart devices have the propensity to change our daily lives. As the number of online devices increases at an alarming rate, concerns regarding security and privacy have unfortunately been dealt with inefficiently.
Unencrypted data transferred to the internet and flawed software that can be easily hacked are the two major issues when it comes to IoT devices. This poses serious consequences such as data breaches, espionage, and cyberwarfare. Given these vulnerabilities, security should be the highest priority amongst IoT solution providers.
Security efforts need to focus on the mandatory embedding of data and end-to-end security that features AI and blockchain solutions as well as increased investment in IoT device visibility.
Healthcare-Based IoT Solutions at the Forefront
Given the devastating pandemic that crippled the world in 2020, healthcare-based IoT solutions will definitely take the forefront. Fortune Business Insights forecasts that IoT in the global healthcare market will grow from USD 89.07 billion in 2021 to a whopping USD 446.52 billion in the next seven years.
Administrative processes can be completely digitized and a surge in IoT-based healthcare devices is expected. As manpower across various sectors is reduced, the capacity for work-from-home employment will be amplified by IoT solutions.
Tech analysis organization Gartner revealed in October 2020 that despite the impact of COVID-19, there will be increased investment in IoT by companies around the world.
The Global IoT Market: 55 Billion Devices by 2025
The International Data Corporation (IDC) predicts that there will be over 55.7 billion connected IoT devices by 2025. While automotive and industrial equipment are expected to cover a huge chunk of these devices, smart home devices, and body wearables will be a close second.
A study by Avast in collaboration with Stanford University revealed empirical evidence that at least one IoT device is present in 66% of American households while 25% possess more than two devices. By 2022, we’re expected to own an average of 9 devices, almost half of them will be able to host videos.
Anticipated: Significant Development in the Retail Industry
Current market trends suggest significant development in the retail industry given the popularity of the e-commerce market around the world. Thus, retailers are continuously investing in solutions that provide better connectivity, customer experiences, and smart payment solutions.
Big American corporations like IBM, Microsoft, Huawei, and Intel are vendors that dominate the IoT market and contribute to its growth. 5G, security, and machine-to-machine connections are currently their focus.
Noteworthy IoT Products and Companies in the Current Market
As the IoT industry affects all of us and is expected to grow at an unprecedented rate, here are some innovative IoT products and companies to watch out for:
Imagine a smart home where your TV, cable box, thermostat, and home theater are all connected to a single device. Instead of controlling it all with voice commands or with a handheld interface, Singlecue allows you to use gestures to issue commands.
According to the manufacturer, Singlecue can be integrated with over 100,000 devices from major brands. Because it’s connected to the internet, it’s easy and automatic for Singlecue to learn new gestures, acquire new features, and add compatible devices.
What if you could answer your doorbell from anywhere? This is what SkyBell offers with its award-winning smart-enabled video doorbell. See who’s come around to visit you with the live HD feed on your smartphone. You can talk to visitors as well as be alerted if its motion sensor detects activity.
Jasper is the company behind an innovative cloud-based IoT SaaS solution. They have the infrastructure to offer start-ups, small to medium-sized business, and large corporations IoT connectivity for a multitude of smart devices.
Jasper has been recognized for its rapid and cost-effective deployment of IoT-enabled solutions in billing, business automation, mobile service management, and diagnostic support.
A Limitless and Fast-Growing Technology
It’s fascinating to witness and experience how IoT is changing all our lives from major industries to the way we do things at home. Whether you are for or against the technology, it will inevitably encompass and change the way we’ve done things in the past. The only question is how far can it go and how much will it change us?