The Future of IoT: What to Expect in the Next 5 Years

Future of IoT

It’s certainly exciting to think about what the IoT will look like in five or ten years. The industry’s growth has never stopped – the number of IoT devices is expected to exceed 24 billion by 2030 – and developments in 5G, artificial intelligence and advanced analytics will take the industry to new levels. Let’s explore 6 possibilities for the IoT in the coming years.

5G adoption and the resulting advances in IoT devices

The world is talking about 5G and its potential to transform the industry. This fifth-generation cellular network technology standard allows for the transmission of data at ultra-low latency speeds. It is a game changer in applications that require real-time network performance. However, it will take some time to fully transition to 5G.

In addition, 5G will enable mobile operators to compete with traditional wireline and home network operators. With the ability of 5G services to bring high-speed networks into the home, enough bandwidth to support simultaneous streaming, and the ability to support other items such as gaming, virtual reality, and other high-bandwidth applications with ultra-low latency, mobile network operators will have the opportunity to displace traditional home wired network operators.

However, it will be necessary to phase out 2G and 3G networks as we prepare for all the amazing opportunities that 5G will bring. 5G is coming, and while it will take some time, it will be worth the wait..

Smart car improvements and better road safety

Thanks to 5G and its ultra-low latency, smart cars will become even more ubiquitous. Smart cars can track traffic and road conditions, manage routes and optimize fuel efficiency. While we may not see fully autonomous cars on the road in the next few years, semi-autonomous vehicles are already being built. These vehicles can assist the driver in driving, braking, stopping and changing lanes, while the driver benefits from the technology that is partially controlled to avoid accidents. Ultimately, smart automotive IoT systems reduce human error and make driving easier and safer.

As governments adopt IoT, smart cities begin to emerge

One of the most revolutionary applications of the Internet of Things is the smart city, enabling municipalities to use the technology to improve the quality of life for their citizens. In fact, this hot topic drew the widest audience at the CES 2022 event.

This influential technology event showcases the issues that matter most to global business leaders and innovators, with smart cities taking center stage at this conference, where conference panels highlight the impact of the Internet of Things on transportation, travel alternatives, public transit and job growth. The adoption of smart technologies enables cities to automate and save time and money.

Enterprise Applications of the Internet of Things

We have seen tremendous growth in IoT applications in the consumer space. While enterprise adoption rates are lagging behind consumer adoption rates, they are now accelerating dramatically. McKinsey reports that the number of enterprises using IoT technology has increased from 13% in 2014 to about 25% in 2019.

Businesses are now using IoT to transform agriculture, optimize fleet management, improve warehouse management and improve healthcare outcomes, to name a few. We expect IoT business use cases to increase significantly, providing the foundation to support many core business activities across industries.

Advanced insights provided by artificial intelligence

Gartner has identified artificial intelligence as one of the most important strategic technology trends for 2022, and artificial intelligence is most relevant to the IoT. The IoT generates valuable data that companies can mine for insights to improve the customer experience, increase productivity, improve profitability and identify opportunities to develop new products.

Advanced analytics uses machine learning to mine the vast amount of data generated by the IoT to reveal insights, make predictions, and recommend action strategies based on insights. Machine learning enables more efficient analysis of data that would otherwise be impossible to process. As a result, companies of all sizes will have the ability to maximize the value of the data generated by their IoT solutions.

Advances in edge computing for local data processing

In edge computing, data generated by IoT devices can be processed and analyzed much closer to its source. Processing data on the device itself, rather than sending it to the cloud, can significantly increase speed and reduce bandwidth traffic, which can also significantly reduce data costs.

Edge computing has applications in a variety of industries and use cases, including self-driving cars, predictive maintenance, patient monitoring, and remote monitoring of device assets. This advancement is likely to revolutionize the IoT as more and more organizations implement IoT solutions.

As we open the door to the future of the IoT, we are excited about the promising opportunities that lie ahead. As the IoT continues to evolve and grow, we believe that every industry and every sector can benefit from it.

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