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Table of contents
1.
Introduction
2.
What is the Internet of Things?
3.
Future of IoT
4.
Market Condition and IoT predictions for future
5.
Frequently Asked Questions
5.1.
What is the IoT?
5.2.
What is an IoT device example?
5.3.
What is the Future of IoT?
6.
Conclusion
Last Updated: Mar 27, 2024
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Future of the Internet of Things

Author Ankit Mishra
0 upvote
Leveraging ChatGPT - GenAI as a Microsoft Data Expert
Speaker
Prerita Agarwal
Data Specialist @
23 Jul, 2024 @ 01:30 PM

Introduction

The internet is constantly changing. Laptops, Tablets, Computers, and smartphones are no longer the only options. A wide range of devices is now internet-connected. Washing machines, door locks, robotic vacuum cleaners, toys, and toasters are among the "smart" items on the market. The Internet of Things is an umbrella term for everything that connects to the internet, and yes, you can buy a smart umbrella. 

In this blog, we will discuss the future of IoT, and as we move forward, we will also see the market value and importance of IoT in the Future.

What is the Internet of Things?

The IoT is a collection of devices that connect to the internet and exchange data. Internet of Things devices includes not only computers, laptops, and smartphones, but other things with chips that collect and transmit the data across a network.

There are a considerable number of existing and plotted Internet of Things devices. Consumers frequently communicate with IoT devices via their cellphones, whether a smart speaker or a home thermostat. Connected gadgets provide conveniences, such as assisting with grocery lists or cost savings, such as when you lower the heat at home while on vacation.

Let's see the Future of IoT.

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Future of IoT

The Future of IoT is looking bright, with new technologies and access to information that we may not previously have thought possible. We should expect significant changes in how our data is governed soon and improved security legislation. The Internet of Things will continue to be the backbone of numerous innovations that alter our lives. This is an exciting time to be in this industry!

  • IoT Service Providers
    IoT companies are assisting in developing a future with reduced waste, increased energy efficiency, and increased personal autonomy. On the other hand, a connected device system must be feedback-rich and responsive, and data must link actions to sustainability. The following are some of the paths to developing a responsive and reactive system:
    Using predictive maintenance instead of the "break-fix" production model extends the use cycle.
    Increase utilization while lowering unplanned downtime.
    Using enhanced knowledge of the asset's condition and history to reuse, remanufacture, or recycle it.
     
  • Security Improvements in IoT
    Because many businesses desire to be the first to market their product, security is usually ignored. "Why would someone hack my Wi-Fi Washing Machine?" is a common thought among consumers and businesses. You might not be concerned about the Washing machine, but if your linked car or baby monitor were hacked, the consequences of poor security might be disastrous. The attack surface expands as more devices are introduced into the public domain. According to surveys, enhancing security is more important than saving money on purchases. Customers must have ownership over their data in the Future of IoT, and firms must gain public trust by resolving privacy and security issues.
     
  • Artificial Intelligence and IoT
    IoT delivers data, but it's only valuable if the data is actionable. AI helps provide context and creativity to drive intelligent actions from the collected data. There are three levels of the utility of AI and IoT:
  1. Basic: A prediction to forecast and mitigate risky events, using real-time data to determine when machinery and equipment will break down.
  2. Middle: A power of prescription (vehicles can course-correct when a car veers from the center of the lane, railway track sensors can warn against track failures).
  3. Advanced: Deliver adaptive or autonomous response (blood glucose sensors can alter insulin delivery levels to change patient needs).
     
  • IoT Networks Decentralized
    The Blockchain method for decentralized networks is a distributed record of transactions shared across network nodes rather than a central server; nevertheless, blockchain transactions' encryption and verification are computationally costly. IoT devices often have limited computing power.
    Cloud infrastructure and maintenance expenses will be strained as more devices become IoT-connected. To evaluate data and make data-driven decisions faster, we will need to reduce our dependency on cloud-based systems. Companies and enterprises will have to decide whether to send data to the cloud (if it is genuinely needed) or process it locally.

Market Condition and IoT predictions for future

  1. By the end of 2025, it was estimated that there would be more than 21 billion IoT devices.
    A simple look back reveals the direction of IoT devices. Consider: According to IoT Analytics, over 4.7 billion items were connected to the internet in 2016. Let's jump to 2021. IoT devices will number roughly 11.6 billion by 2025.
     
  2. IoT Market to Reach $1111.3 Billion by 2026
    The Internet of Things is rapidly expanding. According to the Cision, PR Newswire, the IoT market is an incredible 24.7 percent compound annual growth rate. Major corporations such as Google, Cisco, Microsoft, Dell, Apple, and Facebook invest substantially in IoT applications. These companies are rapidly adopting modern technologies, which is propelling the worldwide IoT market.
     
  3. Cybercriminals will continue the use IoT devices to facilitate DDoS attacks.
     
  4. Internet of Things Cities and businesses 
    IoT devices will be used by more than just consumers. Smart technology will be increasingly adopted by cities and businesses to save time and money. Cities will be able to automate, remotely control, and gather data through visitor kiosks, video surveillance systems, bike rental stations, and taxis, among other things.
     
  5. Artificial intelligence will continue to become a more significant thing.
    Smart home hubs, lighting systems, thermostats, and even coffee makers gather information about your preferences and usage trends. When you set up voice-controlled devices, you give them permission to record what you say and save it in the cloud. In most cases, the data is gathered to aid what is known as machine learning. Machine learning is an artificial intelligence technique that allows computers to "learn" without being programmed. The computers have been programmed to focus on the data they receive. This additional information can then help the machine "learn" your tastes and modify them accordingly. When a video website offers a movie you might enjoy, it has most likely learned your preferences based on your previous viewing habits.
     
  6. The Smart City Solutions Market will amount to over $400 billion by 2020
    'Smart Cities,' defined as cities that employ IoT sensors to collect data and provide insights for improved management, are already a big market, but they're just becoming more prominent. Cities such as London, San Francisco, Rio de Janeiro, and Copenhagen have already implemented IoT-driven applications, with the smart city segment accounting for most IoT projects in 2018. Smart meters, which are predicted to expand to over 1.1 billion in investment by 2022, are expected to be used in these cities.
     
  7. 95% of the businesses will use IoT by the end of 2021
    According to a new Microsoft estimate, practically every organization will be using IoT by the end of next year. Manufacturing, retail, transportation, government, and healthcare are among the significant IoT industries that continue to integrate new IoT applications and solutions into their daily operations.
     
  8. 5G Networks will continue to fuel the growth of IoT
    The rollout of 5G networks by major telecom operators will continue. 5G, or fifth-generation cellular communication, promises faster connections and the capacity to connect more smart devices at once. Faster networks imply that data collected by your smart devices can be gathered, analyzed, and managed more efficiently. This will encourage IoT device manufacturers to innovate and increase consumer demand for new goods.
     
  9. IoT-based DDoS attacks will take more dangerous forms
    In botnet-powered distributed denial of service (DDoS) assaults, Infected IoT devices have been used to shut down websites. Other attacks can be directed using IoT devices.
    For example, future attempts to weaponize IoT devices are possible. A possible example would be a nation shutting down home thermostats in an enemy state during a harsh winter.
     
  10. Security and privacy concerns will drive the legislation and regulatory activity.
    Security and privacy problems are growing as the number of IoT devices grows. General Data Protection Regulation (GDPR), was introduced by the European Union in mid-2018. GDPR has prompted similar security and privacy efforts in several other countries. California just approved a stronger privacy law.

Check out this article - Components Of IOT

Frequently Asked Questions

What is the IoT?

(IoT) is a network of the physical object "things" embedded with sensors, software, and other parts of technologies to connect and aid in the exchange of data with other devices and systems over the internet.

What is an IoT device example?

IoT devices include smartphones, refrigerators, watches, smart fire alarms, smart door locks, smart bicycles, medical sensors, fitness trackers, intelligent security systems, etc.

What is the Future of IoT?

The Future of the IoT has the potential to be limitless. Also, Advances to the industrial internet will be accelerated through increased network agility, integrated artificial intelligence (AI), and the capacity to deploy, automate, orchestrate and secure diverse use cases at hyper-scale.

Conclusion

In this article, we have extensively discussed IoT and the Future of IoT in the fast-moving decade, continuing with the Future Predictions of IoT and Market Conditions.

To read more about IoT and Cloud, you can refer to IoT ArchivesIoT, and Cloud services for IoT.

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