The year 2018 showed that the biggest advancement in technology is nothing but Internet of Things or IoT. The most attractive feature of IoT is remote accessibility. For instance, IoT helps unlock doors as well as cars, access security cameras of smart homes, and even control room temperature using smartphones.
It is said that there are roughly 20 billion internet connected devices globally as of 2018. Thus, several experts believe that 2018 is “the year of IoT”. According to a research firm, Progressive Markets, the IoT market is expected to grow at a CAGR of 32.7% from 2017 to 2025. The omnipresence of this technology can be gauged by the promising growth trajectory in the recent years as well as in future.
The following are the top five trends in the IoT market to watch out for in 2018.
#1. IoT and Blockchain
In the last few years, IoT and blockchain combination is being used to enhance security. Blockchain has limitless applications beyond the fintech industry. IoT has enabled cryptocurrency to be a smarter way of doing payments. However, experts believe IoT-based blockchain applications could enhance the security of devices, making online transactions more seamless than before. With the combination of blockchain and IoT, online security can be improvised. Today’s security system is centralized, which makes it difficult to respond to data breaches and control malware attacks. Moreover, experts believe that blockchain can be a big boost for IoT, reducing the total cost of industry manufacturers by eliminating intermediary from the process.
As the IoT technology has become popular in the last five years, the biggest trend in 2018 will be to improve its security aspect. Even though smart devices are no longer new to the world, there are some who are still concerned regarding data privacy ramifications when devices are connected to the internet. In fact, according to a survey, only 30 percent of IT professionals know how many smart devices are on their network and only 44 percent knew that their company had an IoT security policy.
IoT applications are not immune to distributed denial of service (DDoS) attacks. Attacks in IoT can lead to catastrophic events, which could mar consumer confidence. Thus, the next big trend will be to safeguard IoT applications.
#3. Smart Homes
There are uncertainties among people regarding smart homes, but IoT is expected to be bring about a paradigm shift in 2018. As IoT-powered smart devices become more intuitive and innovative, there is a possibility that IoT applications will extend their abilities from just home automation to home security and the safety of the family. Moreover, with every developing technology, there is a dire need for energy saving. Thus, technologies such as smart thermostats and smart lighting will help save electric bills, which will be another reason for people to opt for IoT applications.
#4. Edge Computing
Edge computing is, at its core, optimizing applications by taking some part of an application away from the central node to other extremities (or so-called edges), which make contact with the physical world. Edge computing-based IoT applications will be in the limelight in 2018. Instead of sending data from IoT devices to the cloud, it is transferred to some local and closer device or on the edge of the network. This local storage device can perform a plethora of functions and send the data to the cloud, thereby reducing traffic. Edge computing has several advantages including better management of copious amount of data, less dependency on cloud, faster performance, and low latency. Thus, more IoT applications based on edge computing are expected to be developed in future.
#5. Machine learning
The craze of artificial intelligence (AI) and machine learning (ML) have already set foot in the IoT industry. The integration of AI will provide the ability to predict when a machinery will need repairing or self-optimizing production. IoT applications generate tremendous amount of data, which could be of vital importance if integrated with ML. In the future, AI will be quintessential, and will make IoT applications based on AI and ML a sophisticated tool for managing and extracting crucial data from the internet.
About the author:
Nisha Dodeja, is a keynote senior consultant on digital marketing at Progressive Markets. She has been recognized for developing a robust social network strategy for the company. Nisha has written several whitepapers, case studies, and articles. She is a visiting faculty member at various educational institutions and has expertise in IOT.
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