Invest In The Right IoT Trend And Profit More In 2020

You can profit more in 2020 by investing in the right IoT trends. Here's what you need to know and consider to do so and to thrive.

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March 17, 2020
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Recently, IoT is creating a lot of buzz in the tech industry. From parking spaces of your home to refrigerators, coffee machines, dishwashers, lights and locks of your house – IoT is bringing almost every home appliances and other everyday physical objects into the digital fold.

Well, this emerging technology is not really a concept. Rather, it is a network that connects any device to the Internet and also to other connected devices.

A Statista report says that last year, the total number of devices connected to the Internet crossed 26 billion units. According to experts, this number will grow over 30.73 billion by the end of this year. The report also mentions that this number is projected to amount to 75.44 billion worldwide by 2025.

So, if you are thinking of investing in this futuristic technology, this might be the right time! Find some cool and smart IoT trends in this article that are going to rule 2020 and beyond.

IoT in Manufacturing

This futuristic technology uses sensors. These sensors are helpful for those who take care of preventive maintenance at a factory. The biggest advantage of it is that managers can effortlessly predict any machinery problems early on.

Source: Microsoft Slideshare Presentation (Slide no. 5) by Marlon Luz

The concept of smart factories will be in rise this year. With the help of different advanced and smart wearables, the factory workers can easily get a clearer picture of the safety and conditions of the factory.

Another thing is that wearables and the Internet of technology establishes a connection between factory floor and management. This helps in

  • Time management
  • Feedback submission
  • Safety

On each passing day, preventive maintenance is witnessing innovations and getting better. So, in this field, we are going to see a lot more use of IoT.

Better Security

As per a Statista report, here is a list of the most common cyber attacks experienced by US companies.

Phishing – 37%

Network Intrusion – 30%

Inadvertent Disclosure – 12%

Stolen or lost device or records – 10%

System misconfiguration – 4%

Security has always been a major issue in the IoT market. The network of connected devices is still vulnerable to diverse kinds of cyber threats.

What’s the main reason behind it? Well, IoT is distributed and diverse. Thus, IoT is seen to cause security issues.

However, this year, the market for IoT technology is going to put the highest focus on improving its security concerns. The end-to-end IoT solution vendors are going to leverage the most benefits from the IoT security challenges.

With better security, you can see more applications of Workplace IoT.

Improving Customer Service With IoT

Businesses get CRM systems to enhance the relationship with their customers. And this CRM system can become more advanced with the right use of IoT.

IoT data can be directed to businesses’ CRM systems. And thus, it would allow businesses to take part in customer discussions which will improve the customer engagement. With a refined and better customer engagement, you can increase your customer retention rate. So, it is clear that IoT’s provision of data enhances customer service.

Today, most of the CRM systems come with APIs. It helps CRM software to interact with other systems seamlessly. These integrations will connect IoT to your existing business systems.

Convergence of Data

Today, every business understands the importance of data. IoT and data are intertwined together. So, whenever we talk about IoT, it is pretty much about collecting data. Analyzing it, and then leveraging the data to devise smart devices.

Recently, Forbes Magazine published a report in which it mentioned that daily, over 2.5 quintillion bytes of data are generated today. So, the demand for data storage solutions is pretty high. Organizations would look forward to getting such reliable data storage solutions from where data retrieving would be as smooth as breeze on a moment’s notice.

Also, the demand for different data analytics solutions along with the business intelligence will be high this year and beyond. With this trend, developers working with IoT will be putting more attention to craft solutions that transcend the needs of different industry verticals.

A Rise in the Smart Home Automation Demand

Source: Royston

We have already seen plenty of IoT applications being built with the concept of smart home automation technology.

For instance, the moment you open the main door, the smart light bulb will switch on. Or maybe the moment your alarm starts ringing, your smart coffee maker will begin brewing your morning coffee. The main concept here is to get done with the basic chores without you lifting a finger.

This year, this trend is going to become more mainstream. And undoubtedly, this would lead to making your smart home smarter and interactive.

Maybe soon we are going to see rather than people directing the devices, the smarter devices would suggest people what they should do.

Smart Cities to Become Mainstream

IoT has brought many revolutionary impacts and one of these is surely the concept of smart cities. The underlying concept of smart cities involves leveraging the power of data and IoT systems and to come up with an smart urban centre. This centre will be responsive to human needs. The smart city is basically like a smart home but compounded thousands of times.

Soon, we are going to experience such IoT trends where advanced cities would start investing in developing data exchange. It will be responsible for affording the access along with the combination of the data between public and private organization and citizens.

What would be the benefits? Well, it will surely lead to less traffic congestion, improved safety, enhanced quality of living, and sustainable development.

According to a recently made market research report, by 2021, the smart city technology spending will reach almost $135 billion.

Wrapping Up

Other than the things mentioned above, we already know how IoT is transforming the healthcare sector. Tracking devices, wearable sensors and devices are so common today in the healthcare industry. Lighting systems play a major role in patient recovery. And with IoT, these systems can become even more advanced and help in speedy patient recovery.

Thus, by leveraging the power of futuristic IoT technology, we are going to see more advancements in the healthcare sector.

If you too are interested in building something cool utilizing IoT, get in touch with a trusted software development firm that has expertise in working with this technology.