By 2020, the Internet of Things (IoT) is expected to generate $344 billion in additional revenue while reducing operating costs by $177 billion. The Internet of Things and smart devices are already improving the performance indicators of major factories around the world and increasing productivity levels by 40~60%.
This forecast explores the development of the Internet of Things in 2019, covering the impact of the Internet of Things on business and technology, including digital transformation, blockchain, artificial intelligence (AI) and 5G.
Internet of Things Forecast 1. Growth of data and devices
In 2019, approximately 3.6 billion devices will be actively connected to the Internet for daily tasks. As 5G rolls out, the door will open to more devices and data traffic. You can counter this trend by increasing the use of edge computing, which will make it easier and faster for businesses to process data closer to the point of operation.
Internet of Things Forecast 2. Increase in Investment in Internet of Things
The influence of the Internet of Things cannot be ignored and will continue to attract more early-stage venture capital investment into the hardware, software and supporting service industries to pursue innovative projects. According to the International Data Corporation (IDC), investment in the Internet of Things will reach $1.4 trillion by 2021.
The Internet of Things is one of the few markets that is of interest to emerging and traditional venture capitalists. The popularity of smart devices and customers’ increasing reliance on using them to complete many daily tasks will increase the excitement of investing in IoT startups. Customers will be waiting for the next big innovation in the Internet of Things, such as smart mirrors that will analyze your face and call your doctor if you look sick; smart ATM machines will contain smart security cameras; smart forks will It tells you how and what to eat, and the smart bed automatically turns off the lights when everyone sleeps.
Internet of Things Prediction 3, Internet of Things and Digital Transformation
IoT is a key driver of digital transformation across multiple industries. Sensors, RFID tags and smart beacons have begun the next industrial revolution. Market analysts predict that the number of connected devices in manufacturing will double between 2018 and 2020.
For many industries, these devices are a complete game-changer, transforming every aspect of the process from development to supply chain management and production, allowing manufacturers to prevent delays and improve production performance. Additionally, in 2019, 87% of healthcare organizations will adopt IoT technology, which is critical for healthcare organizations and IoT smart pills, smart home care, personal healthcare management, electronic health records, managing sensitive data, and an overall higher degree of When it comes to patient care, the possibilities are endless. This improvement can be applied to many vertical and horizontal industries.
Internet of Things Forecast 4. Expansion of Intelligent Internet of Things
The Internet of Things is all about connectivity and processing, and there’s no better example of this than smart cities, but smart cities have been a bit stagnant of late. Smart sensors deployed in communities will record everything from walking routes, shared car usage, building occupancy, sewage flow and temperature changes throughout the day, with the aim of creating a comfortable, convenient, safe and clean environment for the people who live there. Once the model is refined, it could become a template for other smart communities and eventually smart cities.
Another area where smart IoT is being promoted is the automotive industry. In the coming years, self-driving cars will become the norm, and a large number of vehicles today have a connected application that displays the latest diagnostic information about the car. This is accomplished through IoT technology, which is at the heart of connected cars. Vehicle diagnostics aren’t the only IoT advancements we’ll see in the coming year, with connected apps, voice search, and current traffic information being some of the other things that will change the way we drive.
Internet of Things Forecast 5. Artificial Intelligence and Internet of Things Data
Artificial Intelligence is the fundamental element needed to make sense of the vast amounts of data currently being collected and increase its business value. Artificial intelligence (AI) will aid IoT data analysis in the following areas: data preparation, data discovery, streaming data visualization, data time series accuracy, forecasting and advanced analytics, and real-time geospatial and location (logistics). Here are a few examples.
1. Data preparation: Define data pools and clean them, which will take us to understand concepts such as dark data and data lakes.
2. Data discovery: Find useful data in the defined data pool.
3. Streaming data visualization: Enable decision-making processes to proceed without delay by defining, discovering, and visualizing data in an intelligent way.
4. Data time series accuracy: Maintain a high degree of trust in the collected data with high data accuracy and completeness.
5. Prediction and Advanced Analytics: This is a very important step to make decisions based on the data collected, discovered and analyzed.
6. Real-time geospatial and location (logistics): Keep data smooth and controllable.
Internet of Things Prediction 6, Internet of Things and Blockchain
The current centralized architecture of IoT is one of the main reasons why IoT networks are vulnerable to attacks. As billions of devices become connected and more are added, the IoT will become a prime target for cyberattacks, making security extremely important.
Blockchain offers new hope for IoT security for several reasons. First, blockchains are public, and everyone participating in a blockchain network node can see stored data blocks and transactions and approve them, although users can still have private keys to control transactions. Second, blockchain is decentralized, so no single authority can approve transactions eliminating single point of failure (SPOF) vulnerabilities. Third, and most importantly, it is secure, the database can only be expanded, previous records cannot be changed.
In the coming years, manufacturers will recognize the benefits of embedding blockchain technology into all their devices and compete for labels such as “blockchain certified.”
Internet of Things Prediction 7, Internet of Things and Fog Computing
Fog computing is a technology that distributes processing load and moves it to the edge of the network (sensors in IoT). The benefits of using fog computing are very attractive to IoT solution providers. Some of these benefits allow users to minimize latency, save network bandwidth, run reliably with fast decisions, collect and protect a wide range of data, and move data to the best location for processing through better analytics and local data insights. Microsoft just announced a $5 billion investment in the Internet of Things, including fog/edge computing.
Hardware manufacturers such as Cisco, HPE, Dell and others are building specific infrastructure for the edge. These infrastructures are designed to be more robust and secure, while security vendors will begin to offer endpoint security solutions for their existing services to prevent data loss and gain insights into network health and threat protection, including advanced user controls and application whitelisting and control, which will help enterprises quickly adopt and promote edge/fog computing.
Internet of Things Forecast 8, Internet of Things and Standardization
Standardization is one of the biggest challenges facing the development of IoT, and it is a struggle among industry leaders hoping to dominate the market in the early stages. Assistant devices including HomePod, Alexa, and Google Assistant are the future hub of the next phase of smart devices, and companies are working to build “consumer hubs” with consumers to make it easier for them to continue adding devices without There will be setbacks and troubles.
But our current situation is fragmented. One possible solution is to let a limited number of vendors dominate the market, allowing customers to choose one and stick with it on any other connected device, similar to what we use now with Windows, Mac and Linux operating systems. And this is done without cross-platform standards.
To understand the difficulty of standardization, we need to address all three categories in the standardization process: platform, connectivity and application. In the case of platforms, we deal with UX/UI and analytics tools; while connections handle customer touchpoints with devices; and finally, apps are the home for controlling, collecting, and analyzing data. All three categories are interrelated, we need them, and the absence of any one will hinder the progress of standardization.
Without organizations like the IEEE or government agencies pushing hard for common standards for IoT devices, the fragmentation problem cannot be solved.
Internet of Things Forecast 9. Internet of Things Skills Shortage
According to IDC, investment in the Internet of Things (IoT) will exceed $1 trillion by 2020, but demand for IoT skills may hinder this growth. In fact, according to a Canonical report, 68% of businesses are still struggling to hire IoT experts; the latest Tech Cities Employment Insights report from Experis shows that demand for technology skills has increased by 35% since this time last year as businesses look to leverage IoT The power of networking.
The Tech City Employment Watch report points out that the Internet of Things has greatly increased the number of connected devices and has expanded the amount of data that enterprises must process. Therefore, the role of big data is critical to the success of the Internet of Things. The report found that businesses are willing to pay for these skills, with big data professionals earning higher salaries and daily wages than any other technology discipline.
The report also found that security skills are also needed as connected devices also create additional cybersecurity vulnerabilities for businesses. Demand for IT security contractors increased by 24% (year-over-year). Enterprises are scrambling to plug short-term security holes and use contractors to train existing employees across the enterprise, while shifting focus to more flexible IT security contracting models that respond to the needs of the Internet of Things.
Universities are not keeping up with demand, so to cope with this shortage, companies need to establish in-house training programs and build their own teams to upskill their own engineering teams and develop new talent. This trend will continue, which is an opportunity for new engineers, but may also be a challenge for companies.
2018 is the year when the Internet of Things begins a profound transformation of the industry. The Internet of Things represents a new era, a brand new result of intelligence in various industries. We must examine the future of the Internet of Things from the perspective of change and development in order to succeed in the ever-changing field of the Internet of Things.
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