An Inventory of Knowledge
IoT is redefining both the industrial and the consumer worlds. This smart technology is finding its way to every business and consumer domain – from healthcare and energy to finance and agriculture. Due to the continuously increasing popularity and adoption of the Internet of Things, the market share of this technology is also surging.
By the end of 2020, IoT is anticipated to rake in additional revenue of $344B and drive $177B in cost reductions. Besides, the year 2020 will impact all the major components of an IoT model – Sensors, Analytics (Cloud), Networks (Communications), and Applications – with different degrees.
IoT and smart devices have already been improving the performance metrics of major US-based organizations. By investing in IoT development services and solutions, businesses can overcome routine management issues and enhance their productivity by 40-60%.
Leveraging the data and even understanding how modern infrastructure operates require computer assistance through AI. AI allows businesses to extract more value out of their massive collection of data. Thus, various startups strive to boost their market share through AI algorithms i.e. Machine Learning and Deep Learning. The major cloud platforms are also competing with one another based on their AI capabilities.
Since AI is the fundamental ingredient to leverage garnered data these days, it will facilitate IoT data analysis in various ways, including data preparation, data preparation, time series accuracy of data, visualization of streaming data, real-time geospatial and location, and predictive and advance analysis.
Industry leaders are competing to dominate the IoT market at an early stage. Digital assistants like Alexa, Siri, and Google Assistant are the future of smart devices, and companies are endeavoring to bring forth more and more devices to improve their consumer experience.
Voice represents 80% of our daily communications. The use of voice technology in setting up the devices, change the setups, giving commands, and getting results will be the norm in this smart world, including homes, companies, cars, and more.
The impact of IoT will continue to attract more startup venture capitalists toward innovative projects in software, hardware, and services. Investment in IoT development services and solutions will hit $1.4 Trillion by 2021.
IoT is one of the few markets that have the interest of traditional as well as emerging venture capitalists. The meteoric rise in smart devices and the increasing dependency of customers to perform many tasks using them will foster the investment in IoT startups. Customers will also be waiting for more smart innovations like smart ATMs reinforced with smart security cameras, smart beds that will automatically turn off the lights when everyone falls asleep, and more.
The blend of IoT and automation is driving this new industrial techno revolution, and making manufacturing less risky, more efficient as well as profitable. Besides, Industrial IoT enhances efficiency and productivity through data integration and analysis in a way that is impossible to achieve without an interconnected manufacturing process.
Another idea that is gaining momentum is digital twin technology. This technology allows businesses to create a clear picture of how IoT devices can interact with the manufacturing process. Leveraging this advancement, they can also gain insights into how the life cycle of their equipment works and predict changes that may be required down the road. As per the Gartner reports, 48% of smart manufacturing businesses have devised to use the digital twin concept.
Edge computing is a paradigm that distributes the load of data processing and moves it closer to the edge of the network – sensors in case of IoT. The benefits of this technology are very attractive to IoT app developers, allowing users to minimize latency, operate accurately with quick decisions, conserve network bandwidth, garner and secure a vast amount of data, and move it to the best location for processing with better analysis and insights of local data. Edge computing has been on a surge in recent years, but the growing adoption of IoT will make this technology even more pronounced.
Two aspects propelling this change are:
Edge computing also makes on-device artificial intelligence (AI) a realistic proposition. It enables businesses to exploit real-time data sets rather than having to sift through massive data in a centralized cloud in real-time.
These are some of the IoT trends that will dominate and fuel the IoT ecosystem in 2020. Industry experts believe that both the industries and the consumers will witness immense advancements in devices, thus making a big difference in the lives of people. With these trends in the market, IoT devices will become more intuitive and convenient to use.
So, if you want to create your own next-gen IoT product and step in the IoT market to bring disruption, approach the experts of our IoT application development company.