How IoT Will Develop In 2024

A technology that has the capability of connecting all the devices to each other so that they can transfer data between them is the fundamental base of the buzzword, Internet of things!

Let’s look at certain stats regarding IoT:

• Gartner predicts that there will be around 20 billion devices connected to the IoT by 2020
• IoT experts predict that a greater number of cars will be connected to the internet by 2020
• As per IDC, worldwide spending on IoT will cross the $1.7 trillion mark by 2020
• Around 94% of businesses who adopted IoT in some way have seen a return on their investment

In today’s IoT, applications mainly concentrate on collecting performance and environmental data from sensors attached to devices, and either performing rudimentary analyses in a proximity network close to the devices or passing the data via some form of network to an on-premise enterprise or cloud platform.

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Future trends to look out for in IoT in the year 2020

• Digital Twin

Digital Twin is a dynamic virtual representation of a physical object or a system across its lifecycle, using real-time data to enable understanding, learning, and reasoning.

• Fog and Edge Computing

The transition of IoT data processing to the network edge was expected to happen in the early IoT development lifecycle stage. However, decreasing connectivity costs and rising communication networks throughout led to a slow pace of this trend, which resulted in a shift towards centralized cloud processing.

Now, falling prices and the increasing processing power of edge devices have kick-started the transition towards the network edge. While Fog and Edge Computing terms are used interchangeably, the key differences lie where the computing takes place.

Edge Computing pushes the intelligence, processing power and communication capabilities of an edge gateway or appliance directly into devices like programmable automation controllers (PACs) while Fog Computing pushes intelligence down to the local area network level of network architecture, processing the data in a fog node or an IoT gateway.

• 5G and IoT

The dawn of the 5G era is likely to reshape current wireless communication methods used for IoT based applications. As Aleksander Poniewierski, EY Global IoT Leader states 5G has the potential to make a ground-breaking impact on the way in which future IoT ecosystems are designed, especially in the areas of scalability, latency, reliability, security and the level of individual control on connectivity parameters.

• Virtual augmented and mixed reality applications

Virtual reality (VR) provides a computer-generated three-dimensional (3D) environment that surrounds a user and responds to that user’s actions in a natural way, usually through immersive head-mounted displays and head tracking.

Augmented reality (AR), on the other hand, is a technology that bridges the physical and digital worlds by overlaying information, such as audio, text, images and interactive graphics, onto the physical environment.

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AR offers context-based digital information right where you need it. Mixed reality (MR) is an overarching technology solution that merges the real and virtual worlds.

• IoT Smart Cities

In cities, the development of smart grids, data analytics, and autonomous vehicles will provide an intelligent platform to deliver innovations in energy management, traffic management, and security, sharing the benefits of this technology throughout society.

• IoT and Health

The IoT will also help widen access and improve the quality of education and health. As demand for healthcare doubles8, connected smart devices will help address this challenge by supporting a range of e-health services that improve access and enable monitoring of chronic diseases and age-related conditions in the home.

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In doing so, they will improve the quality of care and quality of life for patients, while reducing the strain on the wider healthcare system. There are various software development companies that create IoT based software for the healthcare sector. In case you are an entrepreneur, you can contact them for creating your IoT based software product.

• IoT and Education

In education,mobile-enabled solutions will tailor the learning process to each student’s needs, improving overall proficiency levels, while linking virtual and physical classrooms to make learning more convenient and accessible.

• IoT and Productivity

For enterprises, the ability of IoT to combine innovations in data analytics, 3D printing and sensors, will improve productivity by enabling a step-change in the quality of decision making, the efficiency of production, personalization of retail and productivity of food production.

• IoT and Big Data

With billions of consumer and industrial devices connected to IoT and data transmission, the amount of data that is required to be processed and analyzed will grow exponentially.

The idea is not only to gather data but to extract processable information from this data and that some seriously big data and artificial engineering techniques will be needed to process all that information.

A convergence of AI, IoT and Big Data will lead to a wave of new generation applications and advances. In fact, it can be quite difficult to see any of these in isolation anymore.

• IoT AI and Cloud-based Infrastructure

Artificial Intelligence may become more pervasive and be available on all devices from mobile phones to high-end servers and may be key in manufacturing, smart homes, and smart cities.

Centralized cloud-based infrastructure shall remain the underpinning for the majority of IoT applications, providing low-cost and scalable computing, storage and geographical coverage.

New IoT platforms are emerging which offer advanced services such as predictive maintenance, visualization, logistic tracking systems, home automation, public surveillance or telematics, and remote device configuration and management.

These services collectively offer significantly greater value to those faced with investment decisions by providing new insights into every aspect of an enterprise’s core operations and by affording opportunities to reduce the company’s total cost of operations, furnish new or enhanced industry, consumer and public sector services or open new markets.

IoT can help automate solutions to problems faced by various industries like agriculture, health services, energy, security, disaster management, etc. through remotely connected devices.

IoT offers avenues for telecom operators & system integrators to significantly boost their revenues and has resulted in their taking lead in the adoption of IoT applications and services being offered by the technology.

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Despite the presence of numerous enablers, various challenges are currently impeding global IoT growth

Technology

? Lack of end-to-end encryption

? High power consumption

? Lack of seamless interoperability

? Unreliable network connectivity

Standards

? Lack of uniform security standards

? Disparate regional standards

? Lack of architecture and reference models

? Lack of standards in applications

Consumer

? Privacy of consumer data

? High price perception of IoT technology

? Technology intimidation

Business

? Lack of compelling use-cases and viable business models

? Ambiguous RoI

? Scalability challenges

? Lack of smooth data sharing among organizations

Wrapping up

I hope this article helps you to know the fate of IoT in the upcoming year 2020. This is necessary to know the predictions. Going with the predictions helps entrepreneurs to stay on the safe side.

Expert predictions are pretty helpful for future investments as they follow certain parameters to predict. We can also conclude here that IoT based mobile app development is going to see a big increase in 2020.

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