Being one of the most exciting and promising relatively new phenomena, the Internet of Things (IoT) captivates our attention and has every chance to transform all industries. The IoT market is forecast to grow up to $6.5 trillion by 2024, which is quite impressive.
Based on our deep expertise in IoT software development, we are going to give you some insight into the main trends and what we could expect from the world of the Internet of Things in the nearest future.
So, let us start.
Growth across Industries
The Internet of Things will continue to grow and enhance data-driven decisions, particularly in such industries, as retail, healthcare and manufacturing.
Retail companies will utilize IoT to the fullest for inventory monitoring and equipment tracking, timely replenishment, quality control and supply chain optimization. It will be achieved through special sensors on the items that will provide precise information regarding the condition of a product and thus help to prevent inappropriate storage, produce deterioration and related financial losses.
Additionally, these sensors will enable producers to track in real time how their products are transported, at what point in the supply chain they currently are and whether storage conditions are met.
Thus, IoT will help retailers to make all processes, from storage to delivery, as optimized as possible.
Furthermore, the Internet of Things will influence another aspect of retail: shopping experience for customers. They will be able to enjoy shopping, while IoT will take care of the rest. Buyers in stores will benefit from smart scanners that will automate the payment process, and there will be no need to spend time in long checkout lines. Showcases and shelves will inform customers regarding all properties of products, and in case they miss something, robots-assistants will come to the rescue.
Behind the doors of shops, buyers will still experience the advantages of IoT: when, for example, receiving smartphone alerts about falling prices for much-desired products in favorite stores. Each customer will get info about products that are of particular interest to him or her.
In the healthcare sector, against the backdrop of telemedicine development, IoT solutions are already extensively utilized to track medical devices and monitor patients’ health condition in a mode of real time.
Automated doses of medication, smart wearable devices, health monitors and other IoT-connected medical equipment will continue to be widely adopted: according to the Grand View Research report, IoT in healthcare industry is forecast to reach $409.9 billion by 2022.
All this will bring notable enhancements and take healthcare to the next level: with subsequent improved quality of life and life expectancy.
The Industrial Internet of Things (IIoT) today provides productivity, efficiency, reduced operating costs and safe environment for employees in manufacturing. In 2019, IIoT will keep transforming traditional manufactures into efficient automated factories with flexible supply chains and high-quality products.
Routine manual tasks will be replaced with smart machines; equipment will be under reliable protection: manufacturers will be aware of its wear, will instantly know when something goes wrong and what is more – will be able to predict when a machine is likely to break down and repair it in time.
In addition, IoT utilized in industry will enable factories to control temperature in workshops, the quantity of supplies and replenish them timely.
The location of expensive portable equipment will be easily tracked – so that it will not be lost or stolen, while workers in smart clothes with embedded sensors will be protected in the event of emergency.
Everything goes mobile – this is a kind of motto today for every technology-related aspect. That is why IoT solutions developers will follow the mobile-first trend and we will see and use more mobile-friendly IoT devices.
According to the recent report by the Persistence Market Research firm, mobile IoT market is expected to expand 27% and reach $7.6 billion by 2026.
Machine Learning and Artificial Intelligence Integration
The Internet of Things has already shown an impressive result of integration with machine learning in the form of predictive maintenance, which is successfully applied in manufacturing. This duo will continue to bear fruit: the ability to predict the wear of machinery and as a result malfunction prevention; self-optimized production and cut costs – just a few of them.
To go into greater detail, machine learning together with IoT yields the following business advantages:
Data processing and classification
With the help of machine learning, companies will be able to ensure that analysed data meet compliance regulations. This is particularly important in the application of IoT in strictly regulated industries like healthcare, oil and gas, financial sector.
One more substantial benefit of machine learning is that it is able to predict issues with equipment, identify the reasons of failure and address these issues beforehand, which helps companies to reduce costs and save money.
According to Christian Renaud, Research Vice President at the 451 Research firm, predictive maintenance provided by machine learning is leveraged in about two-thirds of all IoT use cases. We see no prerequisites that in 2019 this tendency will stop being one of the major trends.
Effective resource management
As you may be already aware, machine learning in IoT is all about effectiveness, efficiency and saving resources.
According to Gartner’s report, a giant like Google utilizes machine learning and IoT to monitor temperatures and other indicators in its data centers. By tracking these data, the company managed to get three and a half times more computing power with the same energy consumption level and reduced its cooling bill by 40 percent.
Machine learning will further be applied to manage resources across all industries: from information technology to agriculture.
As for artificial intelligence in a duo with IoT, many of us take advantage of this integration every day. Robot vacuum cleaners that map dwellings, remember location of all interior objects, adapt to various surfaces and clean rooms using the optimal routes – these assistants make life much easier. In 2019, we will get another option that is already available in some models: we will be able to customize robot vacuum cleaners’ behavior.
The same applies to smart thermostats and air-conditioners that will regulate temperature in a house. The conditioners will analyze the preferences of residents, “remember” them and adjust comfortable temperature in accordance with these preferences.
Ongoing Fight against Security Issues
It is not a secret that security issues are like a fly in the ointment for IoT.
Symantec cited unreliable passwords as the main reason of IoT security breaches. Most IoT product developers supply IoT devices with default passwords without an opportunity for customers to change them. In fact, enterprises, people in smart homes and smart cities still face the same security challenges.
In the nearest future, we can expect that IoT devices will incorporate advanced authentication with biometric logins and layered machine-to-machine verification. What is more, machine learning and artificial intelligence will help to identify and prevent data breaches.
Edge Computing along with Cloud Computing
Cloud computing, when all data are sent to the cloud, has always been a standard method of storing extensive data from IoT devices. However, performance issues like low bandwidth or network speed got companies puzzled by the ways to make data processing and storing easier and cheaper.
Therefore, we will most likely see wider adoption of edge computing in IoT – when data are stored and computed locally, on the storage device close to an IoT gadget or on the edge of the network. After the data are sorted and computed on the edge, they are sent to the cloud, which reduces network load and enables faster work of an IoT device.
According to IDC, spending on edge infrastructure will reach up to 18% of the total IoT infrastructure expenditures by 2020.
If you have any questions regarding IoT software development, we are always there for you. Do not hesitate to contact us!