The Future Of IOT: Key IOT Trends that Shaping the Future
Undoubtedly, emerging technology, the Internet of Things, is shaping our lives and transforming traditional businesses. IOT is integral to digital transformation and the next door to revenue opportunities. This will play an essential role in improving the liveability index of smart cities.
As billions of devices, systems, and services get connected, we see a tremendous change in how consumers’ lifestyles get huge benefits. And nowadays, companies are growing more efficiently as they focus on reducing operational costs and optimizing resources.
IoT will work closely with real-time Artificial Intelligence (AI) as edge-connected devices, improving the pattern and shifting from central clouds to decentralized intelligence. As the top mobile app development company, IOT has great potential and can help users in a significant way.
Benefits of IOT In App Development-
Numerous devices, services, and systems are becoming connected; the IoT market will grow steadily. With the increasingly cheaper and ubiquitous sensors, converting physical data to digital content is easy.
According to NASSCOM, the IOT market size will grow at 62% CAGR and reach up to US$9 billion by 2022. Also, the IOT market revenue share will hold in numerous sectors such as Utilities, logistics, healthcare, automotive, manufacturing, and so on. The rising penetration of smartphone and mobile internet consumers drives consumer IOT mobile app development solutions.
What factors drive the growth of IOT in a startup in India?
Various factors are driving the growth of IOT app development for startups. These are:-
* Maturing IOT Solution
* Momentum on evolving partner ecosystem
* Increased network coverage
* Improved data speed
* Increasing operational efficiencies
* Innovation in product offerings
Key IOT Trends that Shaping the Future
It’s essential to figure out the latest IOT digital trends that shape the future.
This blog will share the list of crucial IOT trends in 2023 that open opportunities for the IOT business. Additionally, these IOT trends will open the opportunity door for the iOS/Android app development industry. These trends, which we discuss below, will help you see the full potential of IoT business opportunities.
Digital Twin is a virtual copy of a process, product & service, or system over its lifecycle, using real-time data to enable learning, rationalizing, and understanding. IOT sensors that collect data and information like real-time status, live position, health, performance, etc., are integrated with the living or non-living physical entity.
The ecosystem of Digital twin technology includes various technologies such as IOT, Big Data, Cloud Platforms, & AI. All these technologies will empower the twin ecosystem.
Digital Twin assures the security of IoT devices. With tangible objects, digital twins offer us a look at what’s real or what may happen far into the future.
Do you know Digital Twin can help Companies and engineers achieve great deals?
From visualizing products by real users in real-time and refining assumptions with predictive analytics to troubleshooting and building a digital thread, connecting various systems, and improving traceability. All is possible now!
According to a report, the digital twin global market will continue to grow at a CAGR of 37.87 to reach $15.66 billion by 2023.
5G may unlock the immense potential of IOT
The advent of the 5G era is likely to reshape the present wireless communication methods used for IOT-based applications. 5G provides a wide range of benefits to the IoT, which are not available with 4G or other technologies. EY Global IOT Leader states, “IOT can’t thrive without effective and affordable wireless connectivity, interoperability, and common standards.”
A recent market survey by GSMA Intelligence revealed that most enterprises already use IoT, with which 65% of enterprises had already deployed an IOT solution. Most deployments are small, but the deployment size will grow with the arrival of 5G.
5G has the potential to unlock up to $12.3 trillion of revenue across a broad range of industries. 5G will reshape the future of IOT! 5G and IOT will work in latency, security, scalability, and reliability.
The way we process and deliver data is now entirely transforming with the advent of edge computing. The increase in demand for IOT devices and real-time calculations requires vast computing power. This is what drives edge computing technology forward.
The change to edge computing may significantly impact Operational Technology and Organizations’ IT.
Edge computing is a distributed computing paradigm that brings the data and computations closer to the device to reduce latency and bandwidth use. This results in more efficient network bandwidth and more functional and efficient IOT solutions.
Now, with edge computing technology, there is no need to rely on the central location for real-time data. A survey in 2021 indicates that 27% of global telecom companies will implement edge computing in 2022.
One of the significant benefits that Edge Computing offers- it reduces the cost of bandwidth for IOT data that comes from a distant location. The growing number of IoT devices collecting and transmitting data to the cloud created a market for this trending technology.
Virtual, Augmented, and Mixed Reality Applications
The blend of IOT and AR has a great symbiosis. How? IoT bridges the gap between physical assets and digital infrastructure. Whereas AR takes digital elements to real life. AR and IOT have great potential and can do wonders in the healthcare industry.
Augmented Reality: Augmented Reality is a technology that bridges the physical and digital world by overlaying information on the physical environment.
Virtual Reality: Virtual Reality provides a computed generated 3D environment that surrounds a user and readily responds to that user’s action.
Mixed Reality: Mixed Reality is an overarching technology solution that combines the real and virtual worlds.
According to the reports and analytics, AR, VR, and MR technologies will continue to increase, reaching a market size of $147.4 billion by 2023.
The future of IOT looks bright and promising as it has limitless potential. Let’s watch and face it: 2023 will be the year of IoT. Soon, IoT will transform our lives right from the industry level to the household sector. All the aspects of our lives will change with the IOT devices and solutions. It will be interesting to watch all the IOT trends in 2023.
You can contact us if you require any information regarding IOT app development.
Mobulous Technologies are on the list of the top IOT app development companies that work with leading and advanced technologies, including IOT.