“If you think that the internet changed your life, think again. The Internet of Things is about to change it all over again!” – Brendan O’Brien
In the age of digital technologies, it’s hard to leave out the Internet of Things (IoT) from the digitization mix. As devices get smaller and smarter, IoT is pushing digital innovations well into the future. As of 2022, there are over 13 billion IoT devices globally. This will increase to over 25 billion devices by 2030.
IDC estimates that the global IoT market will rise to $1.1 trillion in 2023. While IoT technology is here to stay and grow, it’s interesting to observe the technologies that will drive its adoption. Let’s look at 5 enabling technologies that will drive the current boom in IoT adoption across business enterprises.
1. 5G & other connectivity technologies
Connectivity technologies like 5G, Wi-Fi 6, and LPWAN are making IoT solutions more feasible. The lack of wireless technologies and wireless data has been among the major challenges to wider IoT adoption. This is no longer the case. Enabled by 5G connections, LTE-based mobile networks provide higher bandwidth for IoT in outdoor settings (as compared to 4G LTE).
Similarly, in indoor environments, Wi-Fi (operating at the 6GHz frequency) has increased the overall bandwidth for IoT devices. Short for Low Power Wide Area Network, LPWAN is another emerging connectivity technology to connect IoT devices over larger areas. Besides, LPWAN is energy-efficient and cost-effective for connecting a large number of IoT devices.
2. Artificial Intelligence (AI)
As more technologies converge, business enterprises are unlocking new applications and use cases. Thanks to improved connectivity, IoT devices are generating more data, which is the “lifeblood” of AI technology. According to the latest statistics, the global market for AI in IoT will grow to $16.2 billion in the year 2024.
IoT-connected sensors are a valuable asset for AI and machine learning data pipelines. For instance, live data from IoT sensors in manufacturing facilities enable AI algorithms to determine when to service factory equipment. Similarly, with the convergence of AI and IoT sensor technology, retail brands can create a completely automated store for their customers.
3. Edge Computing
Among the powerful enabling technologies, edge computing processes IoT data on the edge, rather than sending the data to the cloud or data center. This is powerful for analyzing real-time data. As a core capability, edge computing reduces the latency of IoT applications and enables real-time insights by reducing network traffic.
Edge computing in IoT can also improve the security aspect as it processes data on the edge device instead of being transmitted – and potentially intercepted by hackers – to a centralized server.
What about the use cases of edge computing in IoT? Edge devices (along with biometrics) can authenticate employees when entering their office premises. The main objective is to quickly verify employees using face and voice biometrics.
4. Wearable devices
The rise of smart devices like Apple Siri and Amazon Echo has transformed homes into “smart homes.” Similarly, the proliferation of affordable and efficient wearable devices is driving the widespread adoption of IoT technology around the globe. This includes a variety of devices including smart watches, glasses, earbuds, and AR/VR-enabled headsets.
According to Statista, the number of wearable devices increased almost three times from 325 million (in 2016) to 1,105 million (in 2022). Wearables like smartwatches will replace smartphones and desktop computers in the future. With real-time data from IoT-connected devices, doctors can use a head-mounted AR device to perform surgery.
5. Cloud Computing
Cloud computing or cloud platforms provide the necessary infrastructure to store and share massive amounts of IoT data. IoT-related capabilities are not just restricted to connected systems and data gathering. With a cloud-integrated IoT, organizations can modernize their business operations by integrating legacy systems with smart devices.
Here are a few ways in which cloud services can enable the IoT ecosystem:
- Cloud applications can connect and register IoT devices in minimal time and cost.
- By providing 360-degree visibility into the IoT device infrastructure.
- Application developers can develop and run remote IoT applications on cloud platforms.
- Enterprises can build a resilient IoT ecosystem by creating a backup of the running applications on the cloud.
As more business enterprises hop onto the IoT bandwagon, they need to maintain their competitive edge. As outlined in this article IoT is not a “standalone” technology that can operate on its own. Digital technologies like AI, Cloud computing, and edge computing are continuously driving innovation with faster and smarter IoT devices.
As a leading IoT solution provider in India, Pratiti Technologies has been providing IoT development services to its global customers. Our IoT expertise extends from consultancy & design to development, testing, and operations. Besides IoT, we offer our technical expertise in cloud computing, edge computing, AR/VR, and much more.
Do you want to take the first steps toward adopting IoT in your business? We can partner with you. Contact us today!