Top IoT Business Trends which will Drive Innovation in 2019-2020

The Internet of Things managed to create a lot of hype among people and it will continue to do so because, by 2020, it is predicted that it will generate $344 billion in additional revenues and it will be able to produce $177 billion in cost reductions as well. The factories based in the United States have already noticed notable increases in performance metrics thanks to enhanced reality solutions and IoT.

They allow your employees to cover routine management issues and increase the level of productivity by 40 to 60 percent. These impressive numbers showcase one of the latest trends in the IoT which can be singled out from what shown during the IoT Tech Expo which took place this year in Amsterdam. This exposition was able to gather under the same roof the latest advances in the blockchain, IoT and AI technologies.

Clients use these very innovations to improve their businesses. So let’s see what are the latest trends which will help your business grow through the Internet of Things. The first one says that the IoT is driven by industries and that’s what most of the cases are about. Raw technologies aren’t worth being the primary point of focus. Instead, clients should focus on real problems and solutions.

A survey took by IDC shows that 31,4 percent of companies took the path of launching IoT products, while an additional 43 percent of them are looking to do so in the next 12 months. From the ones that use it, 55% believe that IoT represents a strategy to help them face their competition in a more efficient way.

Another trend in represented by a wider adoption of consumer IoT. According to Gartner, connected things will show a huge increase in revenue, reaching 20.8 billion in 2020, as opposed to only 6.4 billion in 2016. Often, this rise is linked together with the emergence of various smart home devices, like CUJO.

The foreseeable future shows the market being formed by hardware manufacturers and their partners who look towards making their products reliable and easy to use and maintain. By launching platforms and SDKs, they want to cut down costs and time consumption required for making firmware or software products.

The third trend tells us that interoperability matters because that’s the direction in which the market is drifting towards. The owners will shape it and adjust it through carefully though of steps. The process of unification around certain protocols and standards might take a while to implement, but some of them are already promoted by companies, such as the Bluetooth Low Energy which is incorporated by MobiDev for automotive IoT.

Regarding this third trend, you should make sure that the next IoT product you make should be easily adjustable to standards that are yet to be made. This is where things get tricky, in designing a project that is flexible enough to support transformation and maintenance.

The fourth trend is about IoT’s security issues and solutions that are constantly evolving. Business Insider stated that approximately $6 trillion will be spent in the next five years by businesses and governments for IoT solutions. They would have to deal with the vulnerability of connected devices.

With multiple attacks happening in these past years, the focus should be put on preventing main security threats during the earliest stages of development. A manufacturer should dedicate a separate page concerning security standards and requirements necessary for the product inside their product documentation.

Last but not least, you will face a trend that looks to combine multiple innovations inside IoT solutions. A tech product that looks towards achieving a certain business goal must be based on a number of technologies which must be able of working together. For this they must be a perfect fit and work seamlessly.

Nicole Hicks

Nicole Hicks a graduate of UFT. She’s based in Toronto but travels much of the year. Nicole has written for NPR, Motherboard, MSN Money, and the Huffington Post. Nicole is a financial reporter, focusing on technology, national security, and policing.

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