The number of installed IoT devices is expected to surge to around 30.9 billion units by 2025. According to Matthew Margetts, Director, Smarter Technologies, IoT’s importance as a technology trend this year and into the future is the role it plays in the successes of other technologies.
IoT is the ecosystem of internet-connected smart devices and technologies in our homes, cities, and workplaces that continuously collect data. There are more than 7 billion connected IoT devices currently in operation. By 2030, 75 per cent of all devices are expected to be IoT.
Technology trends powered by IoT
IoT-based technologies are being adopted to transform everything from building monitoring and machine performance to building occupancy and machine learning.
The preference for individual devices performing multiple functions has given way to networks of devices. This network of devices creates a modular system of individual utilities and processes.
High-quality data plays a role in designing business strategies and ensuring the integrity of supply chains. Data also can inspire high-level compliance, machine learning, customer service, maintenance schedules, safety, and security. Additionally, it gives invaluable insights for the purposes of gauging return on investment and preventing wastefulness.
The concepts of artificial intelligence, machine learning, visual inspections, and automation are becoming increasingly commonplace. These functions are all best guided by data insights – removing the unpredictability and margin of error from human processes.
As IoT technologies evolve, so too do the networks around them. Improved speed, security, and reliability of networks and connectivity infrastructure are the precursor to IoT sensors, wearables, smart cities, and homes.
IoT and smart technologies are being used to optimise various functions within the city environment. This is being done as a means of creating a more engaged public and improving everything from public transport systems to responsible and environmentally conscientious resource utilisation.
Digital twins are virtual replicas of a physical product, process, or system that bridge the physical and digital worlds. Today’s digital twins use sensors to collect real-time data about a physical item, which is used to create a virtual duplicate of the item.
What are the challenges for IoT?
Security - Gartner reports that 20 per cent of organisations have experienced cyber-attacks on IoT devices over the past three years.
Chip shortages - The supply of semiconductor chips for IoT solutions has been put under strain by the high demand in recent times, resulting in a chip shortage. This is expected to limit IoT growth by 10-15 per cent in 2022.
Latency - Traditionally, the optimal effectiveness and speed of data transmission of IoT technologies have hinged on bandwidth capabilities. Network advances will ensure not only that data is transmitted in real-time as required by many applications, but also that this process is done securely.