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Top 5 IoT Trends For Businesses to Look Out For in 2023

With multiple advanced technologies set out to dominate the world, we can’t leave out IoT on the list. The Internet of Things is here to stay for the foreseeable future and will transform the way technology works.

According to Allied Market Research,  it is estimated that the consumer market of IoT will reach 292.83 billion dollars at a CAGR of 13.9% by 2030.

IoT has become an integral part of how businesses operate and interact with customers. Therefore, it is essential for businesses to stay updated with IoT’s upcoming trends and make use of this technology effectively.

Here’s a list of the top 5 IoT trends to look out for in 2023.

Growth of IoT technology

Since the introduction of IoT, its growth has steadily increased, making it the mainstream technology across all industries. According to McKinsey,  the worldwide number of IoT-connected devices is projected to increase to 43 billion by 2023.

If we talk about the future, IoT will continue to create new opportunities for various industries by making integration and implementation easier. IoT services and devices will be easily accessible and inexpensive, thanks to cloud computing and internet connectivity. It is also predicted that the IT sector will be heavily reliant on technology and will require connectivity to advanced technological devices to function efficiently.

Top 5 trends of IoT

1. AIoT (Artificial intelligence and IoT) –

The Internet of things and artificial intelligence work wonders when combined together. Both complement each other in many ways. AI helps IoT with distributed data and IoT helps AI with modern business management. Both produce intelligent management solutions that benefit businesses across different industries.

A great example of AI and IoT working together would be the autopilot function of the Tesla car in which AI makes every single decision with the help of IoT and collects data through GPS, sonars, radars, and cameras.

2. 5G and satellite connectivity for IoT –

5G has enabled fast-speed connectivity and improved performance for different devices. IoT works efficiently with higher connectivity, such as a 4G LTE mobile network or 5G network to process the data with speed and accuracy.

Another advancement in the IoT trend can be WiFi 6 as it has greater bandwidth. It enables faster communication and is perfect for supporting smart homes.

Satellite connectivity for remote areas has also been initiated by IoT to enable humanitarian staff to report emergency incidents and request assistance immediately.

3. Wearable IoT technology –

Wearable devices will drive the market for IoT in the coming years. Devices such as smartwatches, headphones, and earbuds will provide a range of capabilities including tracking exercise duration, blood pressure, heart rate, burned calories, steps taken, physical exertion, and detection of certain biochemicals and seizures.

In later years, smartphones and desktops will be replaced by IoT wearable devices as they will provide the same services offered by mobiles or desktops but in a better and more advanced manner.

Additionally, wearable devices will be an immense help to the healthcare sector as they enable users to easily check their vitals and send health warning alerts when they are not well.

4. Blockchain & IoT –

IoT collects high-quality data that has great business value. Without proper protection, human intervention can leak or misuse data. Therefore, it requires strong security for complementing the different functions of IOT. This is where blockchain technology comes into the picture. It offers an ideal solution to IoT security challenges, such as scalability, privacy, and trust.

In coming years, It will be possible to use blockchains for authentication, access control, block queries, de-identification, encryption, and key management for auditing purposes. Additionally, it will also prevent distributed denial-of-service attacks against IoT devices.

5. Smart cities –

Many smart city applications can be developed using IoT to upgrade the infrastructure and lifestyle of cities across the country. IoT applications for tracking and monitoring traffic, smart street lights, and smart parking can be installed for effective management in developed nations.

Let’s look at how the above-mentioned IoT applications can contribute to smart cities:

  1. Track and monitor traffic- Monitoring traffic have been a common issue for many developed and developing countries. Therefore, It is possible to improve traffic management and optimization by using IoT devices to track and monitor traffic at intersections.
  2. Smart streetlights- The sensors in the light can monitor weather conditions and traffic conditions, host public Wi-Fi, and conduct surveillance.
  3. Smart parking- Smart parking offers solutions for urban mobility. Using sensor technology and the Internet of Things, real-time information can be collected on parking availability, traffic conditions, and road conditions.

Conclusion

Various industries are benefiting from smart functionalities offered by IoT whereas many industries are yet to advance. In coming years, we can see more IoT devices in our surroundings that will revamp our livelihood while developing innovative ideas for businesses and giving tough competition to existing technologies.

Looking for an IoT partner to upskill your business?

Jellyfish Technologies can help you create advanced and affordable IoT applications for various industries. Our team will walk you through each step of the process and assist you in making your vision a reality.

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