by Sampriti Sarkar on December 13, 2017
The Internet of Things (IoT) has been the hottest and most debatable topic throughout 2017 and the buzz regarding IoT is unlikely to die down in 2018. It has influenced every industry and is transforming every business by giving organizations abilities that were unthinkable before. As the technology evolves over time, its potential is also changing and increasingly it’s getting adopted in every area. IoT has rapidly transformed from being a “nice to have” technology to an absolute necessity. 2018 will surely see the more widespread adoption of the technology and these are some trends that might be expected to follow.
IoT will Lead Business Transformation
IoT will be seen as a necessary precondition for digital transformation. So, it will help in the evolution of digital capabilities and thus transform businesses more rapidly. Companies will treat IoT as a critical asset of their business strategy.
LPWAN Technologies will Open Up the IoT Market to New Applications
IoT adopters believe in the huge potential for the technology in future. New connectivity options like low-power wide area networks (LPWAN) are making these beliefs possible. LPWAN technologies allow for increased network coverage over a wide area at a comparatively lower cost. This makes it an apt technology for adding connectivity in difficult-to-reach places. With more awareness and research in this field, a new wave of growth is expected in this area. LPWAN technologies will open the IoT market to applications that have not been previously explored due to connectivity issues.
IoT will Become Center to IT Functions
Today, mostly all leading businesses have already integrated IoT into their business operations to drive digital businesses. In 2018, connectivity will become part of enterprise IT fabric. It is expected that within five years, IoT will be the core of millions of business processes due to connectivity.
Security Issues will be Less Stringent
As with any new disruptive technology with potential, the concern over IoT security will continue to persist. However, businesses with IoT integrations are becoming more confident, given that the expertise and resources to tackle these security concerns are also evolving. As the technology evolves and gets mature, faith in IoT-enabled applications and devices will continue to grow.
Unexpected Benefits of IoT Adoption will be Realized
Businesses integrating IoT in their operations will see a variety of benefits from the technology that goes well beyond expected. It will not only enable better data collection and business insights, but will be seen as a driver of transformation across businesses. IoT is already being used to reduce risk, optimise costs, create new channels, improve productivity, enhance customer experience and more. Businesses are likely to see even more benefits as they implement the technology across operations.
Moreover, there is a new level of sophistication in the way companies are applying analytics at the end of the IoT processes. Businesses today, generally store half of the data they capture and analyze about half of what’s stored. That will change as businesses recognize the importance of processing all the data they’re collecting.
Edge Computing will be on the Rise
Edge computing will become more popular, that is, analyzing data close to the origin before sending it to some centralized storage platform. This will reduce latency and so will become a hot trend in certain kinds of industrial IoT application. A movement towards edge computing will provide more control and power.
Expansion of Number of Devices
With the realization of the potential of the technology and its widespread benefits evident from business applications, the number of IoT enabled devices is sure to increase. So, in 2018, the number of interconnected devices will surge significantly. It will include more than just mobile phones and laptops. More “smart” devices will be used on a daily basis. The growth of the number of “smart” devices will allow expansion of the processes that utilize IoT, thus increasing the precision and accuracy of the process. With devices like Amazon echo, Samsung’s smart fridge, the smart home is already here. However, these are still not cost effective and in future costs of such products are expected to go down.
Personalized Marketing Platforms
With access to personal data collected and processing of data out there, marketing strategies will become more personalized. This will transform the consumer-seller relationship and customer experience will improve. More attention will be paid to user needs and business owners will be empowered with a lot of information about the customer to make strategies targeting individuals.
IoT offers multiple applications in the future and has the potential to transform our lives in every sphere. It is necessary to overcome security issues and challenges to harness the technology properly. Amalgamation of big data, analytics and IoT will open up new channels of market revenue for the businesses and the consumers will also benefit owing to the targeted and enhanced customer experience. So, the future of IoT looks good for both businesses and consumers.