In previous times only computers, smartphones, and laptops are compatible with the internet. But IoT technology grouped refrigerators, microwave, and AC under the spell of internet connection. IoT is a mature technology. Soon IoT will make people’s lives better than before.
According to www.statista.com, the global market size of IoT is valued at 100 billion dollars in 2017 to 212 billion dollars in 2019, and according to forecast, it will go up to 1.6 trillion by the year 2025. In 2019 the number of IoT devices connected to the internet is approx 26 billion and according to forecast, the number will reach 30 billion by the year-end 2020. The year 2021 will be a great year for IoT.
Now organizations and startups know that IoT can solve real day-to-day problems.
Well as you have seen the market size, and we already addressed what is IoT and how it works? Now it’s time to check the top trends of IoT in 2020. In this blog, we have gathered top IoT trends in 2020 and the benefits of IoT, identified by experts. So here’s what we discovered from a technological point of view. Let’s dive deeper.
Firstly, let’s look at some IoT trends which will be helpful for your startup:
1. Software-as-a-Service (SaaS)
SaaS is a hot topic and it’s becoming the norm in IoT technology. It’s a service model, under this service provider host application that makes its availability for users to use over the internet. This trend gives the market to companies to promote their products. It provides profit from cost deduction and allows it to develop complex applications and to sell them directly on marketplaces with a larger scale makes the SaaS model a preferred choice of startups and organizations because “Happy Clients can be your next marketing strategy. If you deliver beyond the service to customers. Then most likely people will more recommend you”.
2. Voice User Interface (VUI)
Only a few people know that Popular Voice assistants like Alexa, Google Assistance, Homepod, and many more are IoT devices. However, an increase in demand for such devices, companies started producing these IoT devices to build VUI dominantly. Voice is a primary mode of communication. Startups are grabbing this opportunity by availing VUI to their customers. The lifestyles and corporate sectors have the scope of VUI, for instance, In meetings, conferences, check-ins, and many more.
3. IoT with Blockchain
As IoT trends are increasing, the security risk is also booming. This whole scenario gives a gateway to blockchain integration in IoT devices. BlockChain enables secured data transactions. With this, everyone can access the data but the one who has the private key can make a transaction. Blockchain-based IoT devices can flourish in industries like logistics, agriculture, smart homes, healthcare, and many more.
4. Digital Twin Technology
Digital twin technology increases productivity, reduces market time, and failures. One of the benefits for startups for using this technology is it delivers high-end products with fewer complexities in less time. Digital twins in IoT devices help to test, analyze, and stimulate dangerous environments. By implementing these, startups can decrease their cost, increase their accuracy, discard failures, and be able to predict the future.
5. Edge Computing
It’s a popular IoT trend for 2020 which makes IoT devices and solutions better by reducing cost, network latency, and making devices smarter with cloud services. An increase in IoT devices power will increase the device’s computing power for processing of gathered intel with high bandwidth savings. Big cloud service giants like AWS, Microsoft, and many more have been focusing on IoT solutions. Recently. Amazon launched its “AWS Greengrass” and Microsoft Azure launched its IoT edge service to enhance edge computing applications.
Security is the main concern and priority for IoT applications for developing companies. Millions of attacks were done by hackers each day. Many startups and cybersecurity companies are offering IoT based security services. IoT Wireless technologies such as BLE, LoRa,-WIFI, and ZigBee integrated sensor devices with internet networks bring more complexity. Many organizations also use blockchain to provide high-end security in IoT devices. The IoT provides lots of opportunities to improve the interaction of devices and data sharing.
7. Free from Social, Ethical, and Legal Issues
IoT is a new technology compared to others. Data that IoT connected devices collect are categorized under GDPR (General Data Protection Regulation). As a startup or organization, you have ensured personal data security and built IoT applications and devices that are socially and ethically viable after all legal operations.
8. Powering IoT with AI, ML
In previous times the goal of IoT was to collect data from multiple sources but it’s changed now. IoT devices not only collect data but also extract valuable information from gathered intel with technologies like AI, ML, and big data it’s coming true. Using tools like data analytics and many more in IoT devices gives detailed insights and thus help startups and organizations to make valuable business decisions.
9. Smart Home
Now, the voice-recognition algorithms are accurate and perform well. Devices with VUI are increasing rapidly at affordable prices due to strong competition between top players in the market. The demand in return will increase the need for manufacturing units of such devices.
As we discussed, top trends of IoT you may get an idea of how IoT is beneficial for a startup. Now let’s have insights on benefits a startup or business can gain from IoT. So here are some.
Benefits of implementing IoT:
1. Complete Accurate Analytics
IoT based applications use previous data to explore more future possibilities. Real-time analytics provides you graphical charts and streaming analytics which delivers you an overview of production performance of output. Operational data is essential for any enterprise to guess future predictions and to develop real insights as well.
2. Easy to Integrate
IoT integration with the enterprise’s application could save a lot of time. IoT based applications can be easy to update, develop, and upgrade in less time as compared to other applications.
3. Easy to Predict
IoT gives you a detailed analysis of historical and post-production data which helps you to predict breakdowns which may occur in the future and also gives you an intel of how to overcome this.
4. Easy Monitoring
Sometimes the company lost its important data due to not having a proper dedicated system. IoT helps you to monitor assets, gadgets, and machinery remotely. IoT bridges this gap and offers uninterrupted monitoring to detect activities.
Yeah we know, we discussed security a lot of times in this blog. And here again, we’re talking because IoT offers your startup an environment that helps you to secure your data, performance, easy fast-paced workflow, and also alerts you if it detects any abnormal behavior. IoT platforms give you a complete package which you need to secure your data. With this, you can manually set up your security concern so that it stops an unauthorized person to access the company’s data.
A device that connects with the internet, can be hacked. But IoT is not an easy task to do because IoT devices come with high-end security patches, data-encryption, and data-transmission. IoT also ensures that no unauthorized person or employee can access the data. IoT offers lots of security such as:
a) Additional multi-layered security.
b) TLS for transmitting protocols.
c) DIM (Device Identity Management).
6. Remote Access
What would happen if you forgot to turn off the machine at the plant? With IoT, a simple click could save your machine from severe damage, or if your employee forgot to turn off the lights? Don’t worry about it, IoT integration can turn it off from any location that has a WIFI connectivity. IoT connected devices are those that support communication between multiple channels or devices effectively and efficiently. This enables you to access your company from any time and anywhere in the world.
IoT is growing and transforming industries rapidly and it’s predicted that in upcoming years a larger number of companies and industries will adopt IoT technology. Many tech giants like Google, IBM, Lufthansa, Samsung, and many more have started using IoT in their operations. As we said, anything connected over the internet can be hacked and experts of FORBES also admit this.
We highly recommend you to start implementing IoT in your startup enterprise from today onwards. trust us IoT will take your startup or business far ahead from your competition.
We hope that with this blog you have a detailed understanding of the benefits and trends of IoT implementation. If there’s any question that we forget or you want to start with IoT but don’t know from where to start? Don’t worry we got your back. Feel free to connect with us.