The Internet of Things has been a major talking point in 2017 with the number of connected devices expected to reach over 50 billion by 2020. Our dependence on it has been increasing by the day and it would be fair to say that the IoT has become an important and rather unavoidable part of our daily life.
In my previous article on IoT, I had highlighted the impact of IoT on cybersecurity and possible methods to minimize the security risks. In this article I will guide you through the 5 latest IoT trends that will have impact the industry in 2018.
Number of IoT Devices to Grow in 2018
With the importance and popularity of IoT devices in 2017, it is a no-brainer that the number of IoT devices are expected to increase rapidly in 2018.
This year however, the IoT is expected to extend its growth into diverse sectors with healthcare, retail and supply-chain industries benefiting the most. They are being used by healthcare to tailor & personalize palliative care to patients’ specific requirements . The retail industry is using IoT to track products from the factory to floor & improve operational efficiencies.
Expect 2018 to be the year when the full potential of IoT comes to the fore.
The IoT to Transform Business Strategies
The IoT has undergone a massive evolution over the last decade. With latest developments in AI/ML and its impact on the IoT, it comes as no surprise that global companies are incorporating IoT into their businesses in large numbers.
According to Vodafone, 74% of companies who implemented IoT in 2017 believe that digital transformation is impossible without IoT.
As discussed earlier, its adoption is not limited to one industry and is in fact experiencing large scale adoption across all sectors, healthcare and retail to name a few. With the impact it is having on business strategies, expect it to drive the business transformation in 2018 as it provides a clear advantage over competitors when it comes to evolving their digital capabilities.
Emphasis on Mobile Devices
With the IoT growing in large numbers, the use of IoT-linked personal devices and mobile phones is also expected to increase. IoT integration into smart homes, for example, puts more emphasis on the use of smartphones and personal devices. Users need to have smart personal devices to manage their smart homes.
In fact, there is a gradual shift from mobile-also to mobile-only platforms. This actually makes a lot of sense considering the easy, light-weight and convenient use of mobile phones as compared to the conventional personal computer and other internet devices.
Expect smartphones to play an integral role in the evolution of the IoT in 2018 as it would make our lives much easier with its convenience in usage, saving us a lot of time and effort.
Shift from the Cloud to the Edge
The amount of data generated is increasing at a massive rate, thanks to the IoT. Thus companies need to find an alternative to cloud that would provide for an effective way to manage these enormous amounts of data. That’s where edge computing comes in handy as it is better, closer and a cheaper way to process data.
Edge devices come a long way in cutting costs and optimising network usage.
With the help of edge computing, massive volumes of data generated by IoT devices can be processed at the network edge instead of transmitting it to the centralized cloud infrastructure. This takes care of the bandwidth and energy consumption concerns.
Further, edge computing speeds up the response time with improved quality as compared to cloud computing. It can provide efficient and secure services for a large number of end-users.
Hence it makes perfect sense to consider edge computing-based architecture for the future IoT infrastructure
Marketing Platforms to Become Personalized
One downside to a rapidly growing network of interconnected devices is that the cybersecurity scenario become much more complex. With accelerated adoption of devices built for the Internet of Things, marketers with the right tools can tap into the huge volumes of data generated to personalize offerings at a level that’s never been possible before.
Have you ever wondered how a sales executive who calls you for the promotion of a certain product or just to know your feedback on a certain product you are using got access to your contact details? It should come as no surprise that your personal data is stored in the internet platforms when you visit, say, a certain shopping website for example. Your preferences and other details are saved on the platforms and they are used by the marketers for future references or product follow-ups.
With your personal data so easily available, expect marketers to place personal advertisements depending on user behavior and preferences. The upside is that advertising & marketing will become more efficient as more attention will be paid to user needs and customers will receive promotional offers that is closely aligned with their actual requirements.
So these are 5 IoT trends to be reckoned with in 2018 and beyond. Have your own inputs? Please do mention them in our comments section below. If you are looking to get yourself upskilled on the Internet of Things, visit our range of IoT courses