Enterprises across many different verticals are now well-aware of the prospective benefits of IoT, although most are still in the nascent stages of thinking about how, when and where to deploy IoT solutions. Consumers are also getting into the act, thanks to smart home devices and platforms such as Amazon’s Alexa, Nest.
According to IoT Market Forecast Report, The smart home market alone is predicted to grow to more than 1.4 billion units by 2021, up from 224 million in 2016. So whether you are thinking of creating your own IoT startup, contemplating adding IoT applications to your business or pondering the investment possibilities, it is important to pay attention to some of the key trends this year.
LPWA GOES MAINSTREAM
LPWA goes mainstream: Licensed spectrum low-power wireless access (LPWA) technologies are pioneering into the market. LPWA is opening the door to low-cost, long-battery life devices for a variety of applications that can also be reliably and securely integrated with and tracked by mobile network operators. These LPWA technologies will become a core thread of service providers’ IoT plans.
GATEWAY FOR DEVELOPERS
Developer outreach will be a greater focus as operators try to drive usage of their IoT platforms and infrastructure. Carriers want a greater understanding of potential new IoT use cases across a broader range of industries. One side benefit is such programs will bring some start-up spirit into operators’ businesses.
IOT-SPECIFIC SECURITY PRODUCTS ARE EMERGING
While more of our IoT devices are becoming compromised, the need for higher security is now more than ever. While many companies are individually introducing security updates and patches, the market for IoT security is still extremely underdeveloped. In the coming year, we can definitely expect specialized security updates and tools that might be introduced specifically for IoT devices.
AI TO INFILTRATE SECURITY
Machine learning, security analytics, and artificial intelligence (AI) are some of the trends that we expect to see in future security updates. AI and machine learning have already made their presence felt in other streams of technology such as VR and voice assistants. So, it’s not long that even security algorithms will get a boost from this smart technology. They will also learn and grow, along with the user.
IOT DRIVES SERVICE BUSINESS MODELS
Early adopters are exploring how best to use IoT data and analytics to support new, transformational business models. This will have an impact across all verticals, particularly where heavy upfront capital investment is needed for infrastructure and where ongoing maintenance and operation of that infrastructure is required.
As you can see, IoT innovations are slowing creeping into mainstream society. Other than the digitalization and connectivity of one’s personal and professional life, it is sure asserted that IoT is going to revolutionize our economy, enhance processes, and make life better and easier overall.
How are you participating in the IoT revolution?