IoTTrends in 2023You Should KnowAbout
Keywords: IoTTrends, IoTTrends 2023
Meta Description: Top Internet ofThings (IoT)Trends: Artificial Intelligence, Smart Cities, Infonomics and Data Broking, HyperAutomation, Cyber Security Mesh, IoTGovernance, Smart Stores, Smart Healthcare, Solutions for Sustainable Energy, Smart Work From Home Technologies
Unlike other technologies that were trending once and are now nowhere in the league, the Internet ofThings (IoT) is here to stay, transforming how we used to live.According to McKinsey, on average, with each passing second, 127 new devices are connected to the internet While a report from Allied Market Research predicts that the consumer market of IoT will reach 292.83 billion dollars at a CAGR of 13.9% by 2030.
In the past few years, we have also witnessed how IoThas evolved from being just a theoretical concept to a practical experience. IoThas expanded its use cases in both domestic and industrial markets
Although many of us are familiar with the concept of the Internet ofThings, some might not have a clear understanding of it So, before moving on to the IoTtrends for 2023, let’s get a brief introduction to what IoTis.
What is IoT?
The Internet ofThings (IoT) refers to the concept of connecting appliances and devices to the internet It is a humongous network of connected devices with sensors and processing ability to share and exchange information with other systems and devices over the internet.
With the advancement of technology and the emergence of cheap computer chips and high bandwidth, trillions of devices are now connected to the internet, even our day to day appliances including but not limited to toothbrushes, microwaves, air conditioners, fitness devices, and self-driving cars.
Read:The Impact of IoTon Web Development
An IoTenvironment includes internet enabled smart devices that use sensors, processors, and computer hardware to store, share, and act on information acquired from their surroundings These smart devices share the data through the IoTgateway they are connected to or other edge devices where the data is either analyzed locally or in the cloud Although people can interact with these smart devices, they perform most of their work without intervention from humans.
Uprising IoTTrends for 2023
Now that we have a clear understanding of the Internet ofThings (IoT), let’s move ahead and check the tech trends that are about to empower the IoTnetwork in 2023
Read: Why Choose NodeJS For IoTApplications
Don’t wanna wait till we explain each trend? We have enlisted the top IoTtrends to watch out for
● Artificial Intelligence
● Smart Cities
● Infonomics and Data Broking
● HyperAutomation
● Cyber Security Mesh
● IoTGovernance
Without further ado, let’s dig a little deeper into each of these tech trends and how they are going to impact IoT
● Artificial Intelligence ofThings (AIoT)
Discussing IoTtrends and missingArtificial Intelligence doesn’t make sense AI is human intelligence stimulation, where machines, more specifically computer systems, use natural language processing, machine vision, and speech recognition to process tasks that usually require human intervention
Read: Benefits of UsingAI for Small Business
WhileAIoTis the blend of artificial intelligence and internet of things infrastructure that aims to create efficient operations in IoTwhile enhancing data analytics and management and human-to-machine interactions.
InAIoT, artificial intelligence is embedded into components of infrastructure such as chipsets and programs that are connected through IoTnetworks whereAPIs ensure that these components can operate and communicate together without any assistance from the user
Read:How DoesAI Fit intoAnalytics
As IoTdevices create and collect data from processing daily operations,AI analyzes the data using data learning to offer valuable insights to improve productivity, empowering smart retail, smart cities, smart homes, autonomous vehicles, healthcare, and so much more for the future
● Smart Cities
Asmart city is a modern urban area using different information and communication (ICT) technologies like sensors and electronic methods to gather data to manage resources, assets, and services efficiently to enhance operations across the city. Other smart city technologies include artificial intelligence, dashboard, cloud computing,APIs (application programming interfaces), machine learning, and mesh networks
According to Statista, the global revenue of smart city projects is expected to reach a value of $241 02 billion by 2025 from $129 billion in 2021, undoubtedly a trend we will see in 2023 and beyond. With advances and expansion of smart devices, we are more likely to see the establishment of smart cities that will include smart buildings, smart retail, smart healthcare, and more.
Read: Impact of DigitalTransformation in the Healthcare Industry
But the success of a smart city will depend on its ability to create a robust relationship between the private and government sectors. One of the core reasons behind using smart cities is to improve public safety through continuous monitoring of crime prone areas with sensors It also brings more efficiencies in urban farming and manufacturing like managing space, energy, and goods and creating new job opportunities.
● Infonomics
Infonomics is the practice of managing and accounting data or information with similar diligence and decency as other assets Simply put, it is an enterprise management concept where data is evaluated as other organizations’assets.
According to the Mordor Intelligence report, the global data monetization market is about to grow at a CAGR of 23.21% between 2022-2027. While another report suggests that the IoTdata market will reach $15 4 billion by 2030 at a CAGR of 22 1%
Hence, it won’t be wrong to say that buying and selling IoTdata will be a trend in 2023 for several IoTsystems
● HyperAutomation
Hyper automation is the disciplined, business driven method that helps in detecting, evaluating, and automating business processes Technologies like IoT,Artificial Intelligence (AI), Event driven architecture, RPA, Machine Learning, iBPMS (Intelligent Business Process Management Suites), BPM (Business Process Management), iPaas (Integration Platform as a Service), and other process and task automation tools.
Read: Benefits of MicroservicesArchitecture
As more organizations want to improve their security initiatives and compliance with RPA (Robotic process automation) implementation, we are about to witness an increase in hyper automation adoption in 2023
● Cyber Security Mesh
With digital acceleration where more devices and appliances are getting connected to the internet, one of the biggest challenges is increasing complexity and risks of security in the IoTnetwork.
Read: Best practices forAPI Security
To avoid security issues in 2023, several organizations are going to approach cyber security mesh - a scalable and composable approach that amplifies the security controls among distributed assets by bridging security gaps and flaws beyond the network perimeters
In short, a cybersecurity mesh with a ZeroTrust Security approach can be a single solution to protect every device whether they are within your network or outside will be considered a threat until verified
● IoTGovernance
In 2023, more IoTsystems will be used within the government sector to provide citizenship certificates, identity cards, property registrations, and other services, saving time and money for both government and citizens in performing these ordinary tasks.
Other than that, implementing IoTand big data in disaster prevention and management systems can help the government in saving lives during natural disasters through data analysis and notifying authorities about potential threats
Future of IoT
Needless to say, the Internet ofThings (IoT) technology will continue to evolve and become a fully developed technology in the near future So, it is now important for companies to adopt IoT technology to run their business operations and processes smoothly.
Summing up, we hope that these trends have helped you understand the importance of implementing IoTin your business.
If you are a business owner and want to implement these technologies into your business to speed up processes, boost employee productivity, and gain more user traction.Then, you should hire developers from companies like Decipher Zone that help their partners and clients by offering IoTsolutions within your budget with their professional development team.
So, what are you waiting for? Get in touch with us NOW!
