The Internet of Things (IoT) has no doubt been on the list of emerging trends your business has kept watch for in the last few years. Loosely defined, IoT has become known as the wide-scale networking of devices, computers and even personal technology like watches. According to McKinsey & Company, by 2025, the economic impact of the Internet of Things is expected to surpass topics including “Cloud technology,” “Mobile Internet,” and “Automation of Knowledge Work.” For businesses looking for a competitive advantage in 2021, here’s our look to 2021 and 5 of the top IoT trends for 2020 your business should keep on your radar.
1. Artificial Intelligence
First on the list of top IoT Trends for 2020 is Artificial Intelligence (AI). AI is an area of computer science that focuses on creating machines that can perform tasks and mimic human thinking. Combining AI with IoT gives you AIoT, which can be explained using a body analogy.
Bernard Marr states it best in a Forbes article, where he says:
“You can think of internet of things devices as the digital nervous system while artificial intelligence is the brain of a system.”
Combining these two technologies allows devices to take data and make decisions that mimic human behaviour.
In a business setting, AIoT is believed to improve the effectiveness, efficiency, and pressure typically put on humans required to make weighty decisions. With each decision made, the AIoT system will continue to learn and take these actions into account when analyzing future data. AI is also believed to have another use when it comes to security. Many IT personnel continue to struggle with concerns around personal devices connecting to public networks and opening the door to new attackers. Businesses can also expect an increase in AI-driven security features for IoT devices.
2. Data Analytics
Our world is largely becoming overrun with data. Most businesses think this means more information and better decision making. Unfortunately, data doesn’t necessarily equal information. With more IoT solutions, many companies have become increasingly overwhelmed with the sheer amount of data now at their disposal. The second of the top IoT trends for 2020 has continued to gain momentum is using analytics tools to take information from an organization’s environment and use it to create informed insights that a non-technical user can understand. As more businesses begin to leverage these tools, decisions will become more strategic than ever before.
The Internet of Things continues to face two major concerns that prevent wide-spread adoption, security and scalability. Since IoT devices now amount to billions, they have become an increasingly big target for hackers. Unfortunately, much of this vulnerability in the system comes from the centralized nature of IoT in general. Fortunately, the issue of security can be addressed by leveraging Blockchain technology. For proof that some businesses have already taken advantage of this trend, consider Arckadl™ as an example. Combining blockchain with the Internet of Things, this solution allows companies to connect millions of devices without worry about hacks or meeting increased demand in periods of growth.
4. Cloud Computing And The Federation
Cloud computing and IoT are vastly different solutions. Weirdly enough, they also happen to complement each other very nicely. Cloud and, more specifically, the Cloud federation has enabled IoT to be scalable, providing these devices with the storage necessary to exchange data. Furthermore, Cloud computing infrastructures allow users to take advantage of the pay as you go model, taking advantage of extra capacity from the Cloud regardless of the business’s location. We believe more and more companies will incorporate cloud into their business transformation strategy to help their business gain maximum benefit of IoT infrastructure in terms of storage and analysis.
5. Increased Investments into the Internet of Medical Things
The Internet of Medical Things (IoMT) continues to gain popularity expecting to reach a value of $254.2 billion by 2026, according to AllTheResearch, making it another top IoT trend for 2020. Benefits of IoMT include early detection of diseases, wearable monitoring technology, improved diagnostic tools and lower costs to care for patients. IoMT has also been known to see further growth by integrating with artificial intelligence to allow for real-time, remote patient data analysis through kiosks. In the next year, doctors can expect more remote work opportunities, and patients can expect better healthcare experiences based on well-rounded information from wearable technologies.
Leveraging these trends within your own business might sound out of reach. With Arckadl’s Blockchain Session Controllers take advantage of several of the top IoT trends for 2020 to improve your business’s efficiency. Learn more by visiting Arckadl.com.