To date, the Internet of Things has matured enough to impact many areas of our technological and social life. And since IoT is still in development, the top Internet of Things trends are a hot topic, especially for companies that can leverage these trends to grow their business.
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Let’s start with an overview of the IoT market. The general trend is that the connected devices market continues to grow despite the semiconductor chip shortage and the fact that many businesses have failed due to the pandemic.
- In 2021, there were 12.3 billion active IoT connections globally, which is a 9% growth from 2020, according to IoT Analytics Research.
- In 2022, this number is forecast to grow to 14.5 billion devices, including those with WPAN, WLAN, cellular, LPWA, 5G and other types of connectivity.
- By 2025, the mark of 27 billion connected IoT devices will be likely hit.
- Currently, there are over 400 active Internet of Things platforms, with 10 leading IoT platforms controlling about 65% of the market.
Now, let’s move on to specific trends in the industry.
1. Cybersecurity Concerns
The increasing number of devices connected to the internet brings new vulnerabilities and exposures to companies and private users. If one machine in an IoT ecosystem is compromised, other devices are automatically at risk, since they are all connected.
Among common IoT security issues are:
- data leaks and data breaches
- malware, ransomware, DDoS attacks
- software weaknesses due to poor development
- outdated software
- device mismanagement.
That’s why cybersecurity should be prioritized when developing and implementing IoT solutions in all industries. Following are some trends that will help businesses and users improve their Internet of Things cybersecurity this year.
- Government regulation — more countries will start developing laws and standards to regulate the production and usage of IoT devices. An example is the UK’s Product Security and Telecommunications Infrastructure (PSTI) Bill. Thus, manufacturers and businesses will be obliged to comply with a range of security norms.
- Cybersecurity software — more companies will invest in security solutions for the Internet of Things, e.g., Check Point Quantum IoT Protect, which discovers and assesses risks, prevents unauthorized access, etc.
- Password management software — more digital businesses will leverage solutions that provide IoT credential management and eliminate threats connected with weak or default passwords. Credential hygiene is supported by periodically rotating passwords in the system and ensuring that they comply with security requirements.
- Network security tools — more companies will enhance their network security with the help of firewalls, identity and access management (IAM) products, remote access VPN, and other tools.
- Cybersecurity strategy — business leaders will pay greater attention to developing in-house cybersecurity strategies.
2. Growth of 5G
IoT systems exist due to wireless connectivity, which is their essential part. The more reliable the connectivity is, the better the performance demonstrated by connected devices.
5G connectivity implementation is among the top IoT trends for 2022 because it can help realize the full potential of Internet of Things ecosystems.
Initially launched in 2018, the superior fifth-generation standard of mobile connectivity, 5G, is currently going mainstream, promising the following benefits for IoT solutions:
- Low latency
- High speed
- Ubiquitous coverage
- Energy efficiency
This will enable companies to offer new services, especially those based on real-time data processing from numerous sensors.
5G-powered Internet of Things infrastructures can ensure reliable performance and operational efficiency of numerous devices.
5G networks deployed across industries allow enterprises to increase the number of connected devices in their business processes and leverage value. For instance, IoT and 5G contribute to the digital transformation in municipalities, healthcare, logistics, manufacturing, and other areas. Particularly, 5G can contribute to remote surgery or industrial machinery functioning in hazardous conditions.
3. Bundled IoT for Enterprises
The usage of bundled solutions is among the top trends in IoT today, and rightly so — IoT systems are becoming more complicated and their proper implementation requires a lot of effort, time and knowledge.
Imagine different types of sensors and equipment, data processing platforms, communications protocols, networking technologies, integration tools, and other components that need to be united into one coherent system. As you can see, IoT complexity may become a significant challenge preventing companies from adopting the technology.
Many vendors have therefore started to offer turnkey solutions — bundled IoT — to help companies minimize the effort in selecting, buying and integrating separate components. In a bundled IoT system, you get almost everything pre-installed (connectivity, analytics, hardware and software), and all the functions are user-friendly. Thus, you can get everything up and running quickly.
4. Edge IoT
Another pillar of the Internet of Things is cloud computing. Unfortunately, cloud services have significant drawbacks, such as low bandwidth and possible latency, which may cause issues, especially when real-time data processing is critical. This is why numerous companies are currently investing in edge computing technology.
What is edge computing and why is it beneficial for IoT? Let’s find out.
With cloud computing, data collected from sensors and devices has to travel to the central cloud server to be processed and then sent back to the source of information. As a rule, it crosses over long distances and may cause delays.
With edge computing, information gathered by a device is processed directly on that device without being sent elsewhere. This has become possible due to the increased computing capabilities of modern devices.
Edge computing is decentralized: data collected on devices (on the edge) is not sent to the central server but is processed on these same devices. Such an approach provides significant bandwidth savings and can ensure better privacy compliance.
Edge computing has much in common with fog computing — another decentralized approach to data processing. The difference is that in fog computing, data is shifted from sensors and devices to fog nodes and processors. These are closer to end users than cloud servers, e.g., IoT gateways or LAN networks.
Improved accuracy and speed of data transfer provided by edge and fog computing make more and more companies turn to these technologies. Thus, fog and edge computing are the biggest thing in IoT in 2022 and further.
5. IoT in Healthcare
Healthcare is a sector that is experiencing considerable investments in digitalization, including IoT adoption. IoT solutions in healthcare have transformed into an independent branch — the Internet of Medical Things (IoMT), which is part of the general concept of digital health.
Some of the Internet of Things use cases that have become popular in hospitals around the world include:
- robotic surgery machines
- medical wearables
- patient data collection and analytics
- smart diagnostic tools
- monitoring systems to supervise patients and control storage conditions in laboratories.
It should be noted that IoT advancements in healthcare and other industries are tightly coupled with machine learning, artificial intelligence, virtual reality, and other smart technologies.
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We’ve compiled five trends shaping the Internet of Things business landscape in this article. They prove that this is a flourishing period and the growth of IoT is not slowing down. But there are many more important trends affecting the industry.
For example, artificial intelligence and big data are also among the top trends in IoT as they provide the needed value to businesses. You know that it’s not enough to collect information; it’s essential to analyze it and make proper data-based decisions.
Billions of devices in the IoT space generate tons of complex raw information, and the analysis of that information has become a true challenge for traditional processing techniques. As an example, connected vehicles or manufacturing robots produce terabytes of statistics that require further processing, without which such information is useless. AI-driven analytical solutions have the power to aggregate these enormous amounts of data, refine it in real time and draw practical insights.
An increasing number of business leaders are eager to implement smart internet-connected solutions in their processes. Are you one of them? SaM Solutions can become your reliable IoT partner. Contact us for a consultation.
How big is the IoT market?
Experts estimated the global Internet of Things market at $381.30 billion in 2021. It is forecast to grow to $1,854.76 billion in 2028.
What is an IoT system?
An IoT system is the integration of hardware such as trackers and sensors, which monitor various parameters of physical objects or environments, and software, which processes the data collected by the hardware.
What are the basic components of IoT?
IoT systems consist of four basic elements: hardware devices, network connectivity technologies, data processing platforms and software for end users.
Can IoT work without the internet?
Some IoT devices can work offline; others need a continuous internet connection. It all depends on the functions you need your solutions to perform.
What are the key features of IoT?
An IoT system is characterized by key features such as connectivity (binding between devices and nodes), scalability (the ability to connect any number of touchpoints), data collection and analysis, customization and security.