IoT is one of the digital technologies that is going to revolutionize the business world through 2017 and years beyond. The technology has the potential to grant a plethora of mighty benefits to corporate enterprises across the globe. The real potential of IoT lies in enhancing the quality of customer service and business growth through improvement in the productivity, reliability and overall operational efficiency. Besides that, IoT will also be responsible to reduce the risks of high costs, theft and other mishaps. Agreeably we are well-aware regarding the effects of IoT, but what can we really expect to see from the technology in future.
In this blog post, we are going to discuss the major IoT trends that will have a considerable impact on businesses and tech systems worldwide.
Intersection with Blockchain
Blockchain has now gone past the phase of being a mere ‘concept’, as its applications have extended beyond the horizons of FinTech including IoT. Many experts believe that Blockchain is the missing element that sorts out the privacy, scalability, and reliability issues in the IoT. The technology is far more powerful than we can imagine, as it can be used to connect around billions of devices, facilitating complex transactions and collaboration among different gadgets, and helping the IoT manufacturers to save ample fortune. The convergence with Blockchain will create a robust ecosystem as a powerful platform for devices to operate on and diminish single points of failure. The cryptographic algorithms will protect the consumer data with added security. This year we are most likely to experience the merging of IoT with Blockchain that will open the doors to a whole new class of hardware, apps, and the skills needed to embrace the new technology.
IoT gadgets and further DDoS attacks
According to Forrester, the recent DDoS attack in USA that impacted around 1600 websites was just like scratching the surface, as compared to the threat connected devices pose on the global scale. The attack commandingly affirmed the vulnerability of the IoT connected devices through disturbing the functionality of server giants in Twitter, Netflix, PayPal, etc. Simply speaking, the huge number of IoT-connected devices that we experience in our daily routines such as closed circuit cameras, smart home gadgets, etc. were all pulled under control by malicious malwares, and immensely used against the servers.
Numerous mobile moments
IoT is gradually becoming the primary opportunity-maker which businesses are acquiring in order to capture a competitive advantage over their rivals in the competition. Besides gathering the data, it is also involved in how, when, where and why we need it. However, do not get mistaken with the fact that the IoT makers are changing the internet, rather the things and objects connected to the internet are those getting influenced. This ensures the development of more mobile or micro-moments (the moment in which we reach for our smartphone to inquire some information from web) in the connected device, engulfing everything from home accessories to your car and all in between. All the connected devices will act as the components in a thread, through which different brands and enterprises will acquire the valuable stream of information and use it to target their consumers.
Artificial intelligence and containers
Through the IoT technology, the artificial intelligence (AI) assists the companies in capturing billions of data points and nurture them into something purposeful. The concept is similar to those of the retail applications, where review and analysis of the data is done to locate patterns and similarities in order to conduct better decision making processes.
This year we are increasingly watching instances in which IoT is having a widespread use over different cloud services, edge devices and gateways. We are also nearing the time when IoT solutions will be built on modern Microservices—a concept in application development where a powerful application is created as a model of modular services. Each module uses a well-thought interface to ease conversations with other modules and backs a defined business objective. Further, IoT creation will also be based on containers (lightweight visualization) with the aim to work across this distributed architecture. In advanced aspects, machine-learning and artificial intelligence will be obtained to mine the data driven from IoT gadgets.
IoT and connectivity
Different technologies including Wi-Fi, Bluetooth, Wi-Max, regular Ethernet, the recently introduced powerful communication system of Li-Fi, etc. have the ability to connect different parts of IoT to the sensors. This year, we are watching new types of wireless connections, such as 3GPP’s narrowband (NB)-IoT, LoRaWAN, or Sigfox. In order to gain new and improve standards of connectivity, the IoT stakeholders are determining more than 20 wireless connectivity tools and protocols.
IoT and talent shortage
Organizations incorporating the IoT technology for creation of smart cities and the variety of devices are experiencing a hard time in spotting the right talent. A major concern remains that there isn’t enough skilled personnel to sustain IoT. As per the data provided by TEKsystems, around 45% of the IoT development companies are struggling to hire the needed security professionals, and 30% state facing challenges in finding experienced digital marketers suited for IoT technology. This year, we will see top industrial vendors investing heavily in the much-needed IoT certifications and technical courses, and work to make the courses as mandatory training programs throughout the technological sector.
Emergence of new business models
It requires a huge motivation and initiative to invest, start and run a business. Besides that, the inclusion of IoT in the technology industry is also having an impact on corporate business models. The industry is going to experience a bubble due to the lack of a proper and powerful business model for IoT development. The model will be required to comply with all the requirements from different ecommerce, vertical, horizontal, and consumer markets. Ideally speaking, the new business models will share the costs of devices with the customers, hence, greatly reducing the cost of purchasing and making UX less complicated and more engaging. Today, we are beginning to watch new categories integrated to the smart markets. Another key feature IoT will offer is bundling different services with a product. Take Amazon’s Alexa for example, the smart speaker is simply another wireless speaker that comes without the need to include the features of voice recognition, music streaming, etc.
The internet of things is a vast ecosystem that is consuming increasing complexities with each passing day. The technology is bound to automate every other object or things we see or use on routine basis, and will merge with new technologies to set a grand stage for upcoming wonders in the technology sector. Given the digital disruption IoT is bringing in our daily lives, it is inevitable the industry is going to be worth of trillions of dollars in the near future. As an extension of IoT, we are very likely going to witness the inception of ‘IoT as a Service’ technology. We acquire countless services and products ‘as a service’ technology, and the opportunities for newer applications that impact us daily are going to be endless, provided the technology will be used appropriately.
Author Bio: Ashley Marshall is a tech geek and an experienced blogger having written numerous articles in the digital marketing and technology sector. Besides her passion for reading and writing blogs, Ashley is also a regular assignment writing help provider with a considerable client base across the globe, attaining the expertise to research and write on a variety of academic disciplines is one of her core strengths.