The preceding few years have witnessed significant growth in IoT technology deployment. Market experts are predicting that this growth rate will increase during the coming years. When various technology sectors are considered, we get to see that IoT is among the ones that have been rapidly expanding.
These technological advances are difficult to predict even as recently as two decades back. At the same time, technological advances are having a positive impact on all areas of our lives. In this context, it will be worthwhile to focus on some salient points regarding what can be expected about the future of IoT.
• It is estimated that within the next three years, throughout the world; there are going to be around 25 billion IoT devices. The worldwide market for IoT is projected to double in the next five years.
• Soon, 5G is expected to replace the existing 4G. Quicker data exchange and wider network coverage are the primary features of 5G, and this will just boost the effectiveness of IoT.
• Similarly, there will be further improvements in the technologies related to IoT such as Machine Learning and Artificial Intelligence. These shall contribute to the increased adoption of IoT by numerous commercial entities and individuals.
• Smart cars will become commonplace due to enhancements in IoT technologies. Avoiding roads having heavy traffic congestion and reducing the fuel consumption of automobiles would no longer be complex issues.
• There shall be a noteworthy rise in the number of businesses opting for blockchain technology. This technology addresses the all-important aspects of data protection and cyber security. Organizations are going to be in a better position to safeguard themselves from online threats.
• It is very much likely that more stringent laws and regulations specific to interconnected IoT devices will get introduced. It can be said that these stipulations are mandatory for making businesses and people feel safer on the Internet.
• There would be a consistent increase in businesses choosing the digital Twin technology. This technology is of immense value for organizations; it helps in the creation of a virtual copy of a physical object. The digital copy provides accurate details about how the object shall work in real-life situations. Companies then are enabled in making any modifications/ additions, as required.
• Dependence on edge computing is a trend that will be seen in the case of almost all business organizations. With this type of computing, companies will be able to process crucial data at the point of origin, rather than directing it toward the cloud. This gradually leads to both an enhanced speed and a significant decline in costs, and that paves the way for lowered costs.
• Presently, deploying IoT technologies is not that easy for organizations, as they are necessitated to approach different parties for varied solutions. A single provider offering all solutions is a thing that is currently uncommon. This is leading to several issues concerning the proper integration of IoT.
• But IoT marketplaces, which are still in their early stages, would solve these problems. This marketplace is a one-stop- shop for all the corresponding applications and solutions. It has been forecast that there would be substantial growth in these marketplaces, and this will simplify things for businesses in a big way.
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