IoT connects all objects to interact with each other using a wireless protocol to add seamless connectivity in human life. In 2018, some exciting IoT trends await us.
IoT is a giant network of things and people communicating with each other using various wired and wireless technologies. IoT platforms collect data from different devices that contain inbuilt sensors. Furthermore, IoT applies analytics to accumulated digital assets and shares the most valuable information between applications built to address specific needs. Its applications include a wide range of ‘things’ of all shapes and sizes, ranging from smart microwaves and self-driving cars to wearable fitness devices, and many others. According to Statistica Reports, the installed base of IoT devices is forecasted to grow to almost 31 billion worldwide by 2020. This highlights the growing rate at which IoT trends are gaining popularity.
Benefits Offered by IoT
IoT has provided various benefits to both organizations and ordinary people. IoT enables physical devices to stay connected. This helps total transparency between machines, with minor inefficiencies and high service quality. Moreover, machines can communicate with each other without human intervention. Another critical advantage of IoT is monitoring. For instance, knowing that you are low on a specific product could save you another trip to the concerned shop shortly. Furthermore, tracking the expiration of any product will enhance safety. Another advantage of IoT is saving money. IoT helps people in their day-to-day life by allowing appliances to interact with each other effectively, thereby conserving cost and energy.
IoT trends in 2018
According to IHM survey, there are 20 billion devices connected globally, as of this year; 2018 will show a promising trajectory. Using IoT, new business models will emerge, along with changes in work processes and enhanced customer experience. The list below shows some of the most exciting IoT trends of 2018:
Blockchain will play a vital role in enhancing security in 2018. Leveraging blockchain in your business will help marketers make transactions more seamless and create efficiency in the supply chain. IoT and blockchain will help companies in numerous ways. Blockchain will help build trust between people and organizations that work together. IoT and blockchain help reduce cost because of the elimination of intermediaries. There are various areas where blockchain technology can be used with IoT, including smart contracts, personal data marketplace, identify management, and many more. For instance, imagine a world where you receive a discount on an insurance product for providing the organization with real-time access to your physical activity information. This is more like a fantasy as of now, but can be turned into reality shortly by leveraging blockchain with IoT.
2. Digital Twin
Business will need to check whether operations, supply chains, and value propositions remain competitive. Digital twin is used to improve operations with digital data. Digital twin helps to look at what's happening within physical assets, helping organizations bridge the divide between the physical and the digital world. Additionally, digital twin helps visualize hidden insights and dependencies of usability, traceability, and usability by leveraging IoT investments.
3. Cognitive Computing
In 2018, data generated from IoT devices in collaboration with self-learning technologies will show some path-breaking innovations. Devices with the ability to think like humans when connected with sensors in real time will help organizations predict the life of machines or any breakdown that might occur in the future and accordingly, change them. The use of cognitive computing technologies with sensor data that are updated in real-time will help organizations discover hidden patterns in data, which are otherwise not accurately identified.
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