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IoT Trends & Technologies 2020 – Growth Rate, Sectors, Concerns and More

IoT technology trends suggest that we have transitioned a long way from being ‘nowhere’ to ‘now everywhere’. As a matter of fact, we are slowly migrating towards IoE (Internet of Everything) which will connect anything with a sensor to the Internet. Though IoT has become commonplace, it is yet to have a huge impact in our daily lives. Early adopters are into it already but the bottom half of global user base is still away from it.

IoT trends 2017 hint that the next evolution of mankind is being more closer to devices that are not just computers, but also appliances of varying nature. Cisco, the networking giant estimates that by 2020 (3 years from now) the world will have anywhere from 50 to 200 Billion connected devices.

Well, that’s just tip of the iceberg of what is happening in the Internet of Things trends 2017. Internet research firm IDC estimates IoT pending to touch $1.7 Trillion by 2020. Purpose-built IoT platforms, cloud-based IoT service models, mobile application development will form the crux part of the industry.

Let’s look into some Internet of Things future trends and how they will diversify IoT use cases to solve daily chores in households to manufacturing space rockets.

Sectors that’ll Catalyze IoT Growth

Enterprises and consumers will be the key driving force fuelling IoT growth. Even public sectors which include government bodies, non-profit organizations, wildlife welfare organizations have started adopting IoT to improve the way research and service models are performed. In other words, technologies used in an internet of things will have applications everywhere from households to factory floors.

Enterprises:

    enterprise

  • Improving business to reduce expenses in administration, selling, manufacturing and cost of goods will influence enterprise-level IoT adoption by greater margin.

  • Employee productivity comes next. IoT development can help in refining business processes that contributes towards better efficiency and quality man-hours.

  • For retail and wholesale giants, supply chain and logistics woos like warehousing, picking and packing, fleet tracking and more would be simplified using IoT enabled supply chain.

Consumers:

    consumer

  • Retail shopping convenience will see a complete transition. From smart shelves to smart tags that replace barcodes to inform more about a product than a showroom executive would do, will be spearheading IoT adoption in retail customer experience.

  • Insurance based premium is yet another area where users will get to save on insurance renewals based on their usage.

  • IoT in these areas will improve the customer lifetime value, augments customer base and eventually increases market share for brands.

Public:

    public

  • Public agencies, government, public infrastructure, etc. will get a dose of technological advancement that will reduce the wear and tear, maintenance costs and also improve urban living experience.

  • Smart cities will leverage device connectivity that will overhaul the quality of living for citizens. IoT can bring about a digital collaboration between data collected from natural resources like water sources using sensors and analyze them using Big Data techniques for efficient city planning.

  • Governments can control and bring down public safety threats through sensors that predict fire emergencies, natural calamities, road conditions, etc.

Security – Cause of Concern

The primary reason why IoT is yet to spread like wildfire across the world is due to the mist of security concerns that circles it. Despite best efforts, IoT devices remain hack-prone, and in most cases can also be easily stolen. The technology behind internet of things is yet to reach a level of maturity where security is no longer a concern.

Some causes of security concerns in IoT include:

  • Too many devices are difficult to control & monitor

  • The operating system for each device would have to updated on a regular basis

  • Protecting data from malware, spyware or spying applications is difficult

  • Storing and compiling data in a safe manner is not easy

The world of connected devices will reform the way we live, communicate and collaborate with inanimate things. It will forge an intelligent connection between man and machine on multiple spheres thus elevating the quality of living.

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3 Comments on "IoT Trends & Technologies 2020 – Growth Rate, Sectors, Concerns and More"


Guest
Monish T
1 month 15 days ago

I have a doubt whether we can able to predict cardiac arrest for a person using devices with help of IoT.

Guest
Tickto Executive
2 months 6 days ago

Everything will be faster, there will be more data for everything that we do!

Guest
Anamika Patel
4 months 2 days ago

IoT can indeed help in refining business processes. Enterprises will be surely benefited through IoT.