IoT is capturing the whole market with its impressive features and scope of development. IoT is building an environment of convergence around the world. This technology will bring a paradigm shift in our personal as well as professional life. IoT application development is booming all over the globe.
The global market of IoT is going to reach around 1256.1 billion USD by 2025 from 690 billion USD in 2019 and that too at a CAGR of 10.53 percent in the period of 2020-2025. There will the emergence of advanced data analytics with the development of wireless networking technologies there will be a reduction in the cost of the connected devices and increase in the cloud platform adoption. The market is expected to grow at a rapid and positive rate.
The global market of IoT is going to reach around 1256.1 billion USD by 2025 from 690 billion USD in 2019 and that too at a CAGR of 10.53 percent in the period of 2020-2025. #IoT #Internetofthings Click To Tweet
In addition to the use of e-commerce platforms that are rapidly increasing providing the ease of shopping and boosting the smartphone penetration in the market that will boost the whole market. Data analysis need is increasing and analysis integration is expected to drive the use of IoT market over the forecast period.
Some of the current IoT innovations are listed below
- Modular farm for the smart city
- Intelligent gardens for smart homes
- Home security for the sharing economy
- Track your stuff anywhere
- No missed packages
- Neurio device for smart home
- Ring, a multi-purpose IoT device
- Smart Helmets
- Smart Gardening
- Smart Locks
Here are the top 10 trends in IoT:
Internet of Things is getting implemented in almost every field like smart environment, smart city, smart business process, home automation, smart environment, and healthcare and more such. IoT application development is escalating with the increasing trend of IoT product development in the market.
- Merging of Big Data
The role of Internet of Things is not just limited to changing the living way and running the business but it also focus on generating a large amount of data. Big Data platforms are built to support the large-scale storage demand and to do the investigation that is needed to extract all the advantages of IoT. Probably, this is the new IoT trend that we are seeing and it will get a boom in the near future.
- Edge Computing and Cloud Computing
Edge computing will take a huge adoption by customers in this year 2020 and also it will get chosen by the industries too. Before this, IoT devices were using cloud for data storing need but today, first the data is transferred to a local device which is located closer to the IoT device instead of sending the data from the IoT device to the cloud. After the sorting and calculating work of data is done, the local storage devices gets busy in sending a particular part of the data directly to the cloud. This will assist in reducing the whole traffic to the network. This whole process is called as Edge Computing that possesses a huge number of advantages. Also, it helps in managing huge data that is send by every device.
- Smart Homes Devices will get huge popularity
The growing trend of smart home devices with the help of IoT is hard to hold by those who earlier neglected this smart home technology and afterwards accepted it. The smart home devices are going to become the trend of today’s time and will going to escalate its magic in 2020. The smart devices are becoming more and more innovative and provides huge assistance to all of its users. Smart home devices offers great comfort and render the home security and provides huge safety for your family. You must look for the best IoT app development services if you want to shine your business in the market.
- Smart Cities will become more popular
In the coming future, we all will going to see Internet of Things in which all the metro cities will be investing in pioneering data exchanges that will afford the access and the whole combination of the data between the public and private organization including the citizens. You will get an opportunity to see the conversion thinking from all the smart cities. The integration of IoT with the response cities will lessen down the traffic congestion and will help in unlocking the sustainable development and will enhance the overall safety.
- Machine Learning for securing the data
In the current time, developers are focusing on new methods in which people will get a chance to share their data safely using technologies like Blockchain. Now, most of the industrial companies are learning to accept and trust the machine learning model forecast and will be acclimating all the operations for protecting the downtime by model outputs. Machine learning model training is highly automated same as of Auto-ML toolset and it will going to be more popular. The industrial companies will see a boost in the substantial capitals assets that are associated to the Cloud being the top-ranked IoT trends.
- Blockchain for securing Internet of Things
A list of entrepreneur, government processes, financial, consumer and industrials are getting decentralized, self-healing, self-governing, and smart. Startups are creating three own territory on top of the Tangle of IOTA for building modules and different components for the need of enterprises excluding the SaaS and Cloud cost. You will be seeing the centralized computing models that breaks apart into the micro-services and jobs that will get distributed towards the decentralized machines and devices. IoT will pervade to health, financial, governance, and more disciplines that will be out of the reach of people’s thinking.
- Advanced Data Analytics
The coming years are going to surprise us with the most popular trend that will get connected between the world and IoT. The world and the Internet of Things are getting merged with Artificial Intelligence for becoming a decision-making assistant for the need of all the business and individuals. With the help of AI, you can find out the current trends quickly. IoT is bringing up advanced data analytics and making it easy to safeguard them. Also, it is collecting all the insights from the data for making a right decision considering our lives.
- Big role of AI in IoT
Most of the data and understanding on the basic level tat how modern infrastructure functions that needs computer assistance using the artificial intelligence. The big cloud vendors that covers Microsoft, Amazon, and Google are looking to compete on the basis on their AI capabilities. Different startups are hoping to boost their market share with the essence of AI algorithms for benefiting machine learning and deep learning that allows businesses for extracting more value out of ever-growing volumes of data.
AI is the fundamental ingredient that needs to make the sense of the huge amount of data that is collected these days, and boost its business value. Artificial Intelligence will assists IoT data analysis in the following areas i.e. data preparation, predictive and advance analytics, visualization of streaming data, time series accuracy of data and real-time geospatial and location.
- SaaS will become the Norm
Discussing the current IoT trends, Software as a Service is one of the hot topics for the market estimation. Using the low cost of entry, Software as a Service is rapidly getting to the top for being the favorite company in the IT game sector. It will get an opportunity for seeing an extensive espousal of the company. SaaS among all the IoT technology trends that will people’s lives than ever.
- Personalized Consumer Services
The trends of IoT application of the following years will create a retail supply chain management more efficient than ever before. It will make the shopping experience easier for all the users who love to do online shopping. IoT will offer a personalized retail experience for all the customers and will assist in increasing the commercial presence on the web. The application development is helping in increasing the online presence. Using the sensors and other smart beacon technology, you can make your shopping experience just like a cakewalk. IoT will help in introducing the world with a new era of shopping that will attract consumers from all types and will offer an awesome experience for buying anything that you want as per your choice.
Major barriers that are limiting the IoT adoption
- Security of your devices
IoT has become a big security concern and different leading technology companies from all over the world are looking to find out the right solution to solve this problem. The technology connects with more devices, the risk factors automatically increases including malware. Hacking of smart fridges, thermostats, baby monitors and cameras has become a normal thing.
The major reason behind the insecurity of IoT adoption is its rate in which the vendor is rolling out to connect with new connected devices before the rivals and without paying attention to the security of the product.
- Protecting your data and privacy
It has been said by an expert that the utilization of IoT technology can lead to the invasion of public space and can be utilized to track normative behavior for gaining a financial advantage. There is no other way for forecasting to immense powers that disproportionately accumulate in the corporation hands for seeking the advantage of finances and more control over safety.
There are huge changes that bog data and the IoT will make it hard to control our lives as we are growing exponentially towards powerful corporations and governmental institutions that are becoming more and more opaque towards us.
- Powerful connectivity with devices
Most of the companies are facing the issues of inability to connect all of the data altogether and process it effectively. As the growing number of connected systems and devices, devices are deploying the IoT solutions for processing huge data sets. The huge data will make it hard for curing on the valuable information.
- Regulatory Standards
There is a lack of transparency in relation to the regulatory standards that concerns to IoT technology. The industry require clear guidelines for accessing the data that is collected by all the IoT devices. How all of these data will be sold to third party and utilized for creating new products and services.
- Less value propositions and interoperability
Experts from all the industries say that different companies sees Internet of Things strongly appealing but they lack with a clear value proposition for end-users or for the interoperability.
Here are some of the increasing industries for Internet of Things
- Consumer Electronics
- Financial Service
There is no doubt in saying that the future is IoT and the upcoming trends will add more benefits in connecting people and businesses. If you are an IoT Development Company and want to become successful at another level then you must adopt the current evolving IoT trends from the market. Doing this you will stay up-to-date with all the evolving trends and people will approach you for taking IoT development services.
Patrick R, A techno-commercial leader heading Intuz as Director of Growth With over 12 years of experience in the field of Information Technology. His experience and expertise will entice developers and business entrepreneurs with rich content on latest technology stack.