Many of the latest technology trends have evolved this year and will continue to evolve in coming times. The biggest technology trend is in the IoT sphere owing to the buzz around artificial intelligence, and even on machine learning, Tech experts are keen to leverage various IoT applications and hope that the future will be full of tools and technologies that will constitute smart homes and networked climate controls. The future is nearly here when appliances and utilities will consume less energy and will boast of better security. There are multiple trends in the IoT sphere that will matter soon.
Certain IoT products have gained huge momentum in the tech market, especially smart locks, home thermostats, smartphone-controlled appliances and even smart refrigerators. One cannot expect the deluge of tech products that will be connected to the smartphone for better control. Before adding IoT applications to a business or investing in the domain, it is important to pay attention to key trends that will affect forthcoming years.
- Increased Vertical Application: Thermostats and home appliances are popular IoT applications because the companies target audiences are aware of their value and their present and future role in their lives. Hence it is now touching upon diverse applications including smart cars, home security and the like.
One can expect emerging IoT solutions for smart cities and connected cars.The Consumer Electronics Show (CES) in Las Vegas showcased some applications along with their incredible benefits for users, especially thermostats and refrigerators.
Research indicates marketable quality to IoT products but not all of them can be marketed well. Focus on the right lucrative industries would require faster adoption amongst their clientele.
- The Emergence Of IoT Marketplaces: The vertical development of IoT has also led to the creation of marketplaces that will surely register greater adoption this year. The IoT marketplaces offer companies to connect and interact with multiple vendors, without leaving out existing platforms.
For industrial businesses, this is a heaven-sent opportunity as they seek to modernize and automate tools and processes but are still stuck in the rut of legacy devices. The industrial drivers, data hubs, data visualization and data mapping, do not require significant investments. If they are part of the IoT marketplace, they can even share data and tools thus saving on costs and time involved. IoT can thus affect different businesses in a unique way, even business operations that revolve around CRM, financial management and inside sales can create marketplaces to touch upon different industries.
- Big Data Approach with IoT: One of the biggest verticals that will change the present trend is IoT analytics. Big data is already popular among enterprises and with IoT cloud platforms, functioning as storage facilities, one could store a significant amount of data. This data then can be channeled through IoT analytic algorithms for maximum useful insights into target audiences. One can even derive specific patterns that would benefit small businesses in the long run, which previously seemed to serve big business only.
- Machine Learning Integration: Machine learning has its own trend flourishing, but IoT can accelerate its capability to connect devices together for quick sharing and processing of large amounts of data at once. By connecting with various devices, one can retain the IoT capability to derive many useful patterns and context than ever before. The connection to artificial intelligence hence achieves an advanced level of machine learning integration.
- Greater Focus On Stringent Security Measures: Concerns over security have been restricting faster IoT adoption. One can expect stringent security measures in place, as we connect multiple devices together, thus reducing the vulnerability of information. Even security startups can ensure those entire IoT ecosystems are protected through smart innovation and application.
Blockchain is a modern IoT solution that can enhance security measures, create high trust and quicker transactions. Blockchain can now help businesses to boost security measures, privacy protection and overall efficiency in financial and non-financial transactions.
- IoT and New Business Models: The increase in bottom line is a huge motivation for investing in and operating businesses. One needs a sound business model for IoT that satisfies requirements for different e-commerce activity; vertical and horizontal markets along with consumer markets. One can share the cost of devices with the consumers through such a model, and even reduce the cost of ownership thus helping businesses thrive. One can expect new categories in smart markets and inclusion of service with products.
- IoT and Talent-Shortage: With the launch of a number of IoT projects and the concept of smart cities, one would face a tough time in recruiting relevant talent in the domain. Finding enough workers will be a hassle, especially in the realm of Internet of Things. Even IoT companies find it tough to hire security professionals and digital marketers. Major vendors are expected to invest in IoT training and certifications so that there is a talent pool that addresses the shortage in IoT-based engineers and professionals.
With diverse organizations and startups keen on leveraging IoT applications for success, one can expect 2017 to be an outstanding year for adoption of this technology, as several companies will realize the benefits of networking individual tasks and projects systematically.
Want to Make an App for Your Business?
Want to validate your app idea? Want to get a free consultation from an expert?