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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.

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The Most Promising IoT Trends For This Year

IoT (Internet of Things) represents a trend that continues to become more and more popular. Numerous industries have benefited from IoT, and they owe their success to it. That is the reason while it is important to pay attention to this technology and see whether new opportunities emerge. We made some predictions regarding the future Internet of Things trends in order to make things easier for you.

Marketing campaigns that target the user specifically

It is no secret that marketers have access to lot of our data. In the future it is very likely that we will see personalized marketing campaigns. The approaches used will be different from what we see now, and each user will represent a target for the business owners. The marketing campaign will be personalized for each customer, in order to create a personal relationship to the product. The ads will be influenced by the behaviour of the user, as well as his or her traits.

Obviously, this has and will continue to raise concerns about the invasion of our privacy. It should be up to customers to decide how much information a company should have. However, if implemented correctly, we might see personal advertisements in the close future.

Artificial Intelligence and Big Data

In the future, the use of IoT will increase and there will be more smart devices. This also means that there will be more data that needs to be processed. Big Data will be needed and there should be tools that can handle it.

Artificial Intelligence appears to be the perfect solution. With the help of AI we could receive accurate results, and the data offered by computers should be a lot more precise than the one calculated by humans.

Mobile phones will have an increased importance

Our smartphone is arguably the most important device we own, and users take them everywhere with them. Therefore, it is very likely that the role of smartphones in IoT will be more important in the future. This will make things more convenient for all of us, and it will be a lot easier to manage smart homes.

This could also mean that mobile phones will represent a target for cyber attackers in the future. Therefore, the security of these devices should be improved; otherwise the entire system could be compromised.

Security problems

While IoT technology does come with many advantages, it also makes users more vulnerable. Cyber-attacks happen frequently, and technology has its flaws. Therefore, before the Internet of Things technology is implemented, it is very important that its vulnerabilities are analyzed in order to protect all users.

Security concerns are very important, and we must always consider the risks that come with a heavy use of the IoT technology. In the future, cyber-attacks could target our entire house, and that is something we should protect ourselves against. Our lives could also be in danger, as insulin pumps or implanted pacemakers are vulnerable as well.

More interconnected devices

The number of devices connected together might grow this year. This will allow Internet of Things processes to evolve and they will become more accurate as well. You should also keep in mind that phones and computers aren’t the only smart devices we use. There are numerous new products, such as smart doors or smart clocks, and they can all be connected together.

By increasing the number of devices, personal use will become a possibility when it comes to IoT. “Smart cities” lead by this technology represents a possibility in the future, and there are already countries that have taken this into consideration.

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