In the midst of the economic challenges of 2020 including a dramatic shift to remote work and the increasing demand for a more efficient interconnected global economy, research now suggests that significant IoT trends are positioned to accelerate a reopening global economy and provide answers to the growing demand for distributed economies in 2021.
From online shopping to booking tickets and appointments, evolving digital platforms have enabled society to switch from the traditional methodology of work and commerce to more dynamic digital interactions. One of the primary reasons this has been able to take place is widespread access to common technology that has allowed society to connect, communicate and do business remotely. Even in the midst of a global pandemic, we as a global society have benefited from technology to stay informed, connected, and engaged.
Throughout 2021, we are set to see some interesting developments through the rise of some new technologies and the acceleration of existing ones. Looking at the various data from different providers, there should be a solid idea of what IoT trends and the IoT market may look like in the next few years.
- The International Data Corporation Global IoT Guide shows that IoT revenue is growing at 8.2% year-on-year to $ 742 billion by 2020, down from a 14.9% growth forecast in November 2019.
- However, IDC expects that global IoT spending will return high growth rates by 2021 and achieve a combined annual growth rate (CAGR) of 11.3% over the 2020-2024 forecast period.
- Global Internet spending (IoT) is expected to reach $ 745 billion by 2019, increasing 15.4% over $ 646 billion spent in 2018. 2022 forecast period and exceeds the $ 1 trillion mark by 2022.
Let us get an understanding of what the Internet of Things exactly is and how IoT trends shape today’s technological world.
Ten IoT Trends in 2021 That are Set to Disrupt the World of Technology
1. Cyber Security
Cybercriminals are constantly looking to steal important organizational information, including details of their customers and employees and citizen details on government records, to sell them on black markets. Some of the latest cybersecurity threats include cybercrime, ransomware, cryptojacking, IoT attacks, government-sponsored attacks, and cyber-physical attacks. Today, millions of people have moved to remote work, putting themselves at risk of cyber-attacks due to a lack of effective cyber protection measures. As more and more employees move to remote work, cybersecurity specialists and IoT advocates are now developing new technologies and IoT-enabled security strategies to bridge this gap.
2. Edge Computing
By 2021, Edge Computing is expected to grow exponentially due to remote work and COVID-19. This technology allows for new types of business to emerge that will facilitate post-export and answer some of the most pressing challenges related to remote work and distributed employee networks due to COVID-19. According to Forrester, end-of-life marketers may hold and maintain a sizeable share in the public cloud market driven by the fact that major retailers such as HPE, Dell, and IBM are developing solutions for edges with cloud-like features. In the face of a growingly dynamic workforce, edge computing allows businesses to serve customers in new areas and support greater flexibility and control.
3. Artificial Intelligence
Artificial Intelligence (AI) is projected to continue to provide organizations with immense value in 2021. Through incredible growth over the past decade, AI continues to support the critical processes of companies and governments, helping to ensure uninterrupted delivery, social distancing, and even help accelerate understanding of the novel COVID-19 virus leading to an accelerated roll-out of the COVID-19 vaccine. Specifically in eCommerce, research suggests that AI will enable organizations to market more effectively to their customers, based on behavioral data customers have exhibited through this massive economic shift due to COVID-19. To this point, AI-enabled IoT is projected to continue to accelerate business and foster new innovation in today’s new dynamic business landscape throughout 2021.
Hyper-Automation refers to a set of digital technologies that can transform organizations. These advanced technologies include artificial intelligence (AI), machine learning (ML), automated robotic systems (RPA), and advanced algorithms. Hyper Automation can sometimes be thought of as similar to automation. The two are related, but not the same. While automation refers to automation functions and processes, hyper-automation builds on the traditional automation processes by incorporating these emerging technologies such as AI, ML, RPA, and advanced algorithms. This evolution of automation is projected to allow organizations to not simply automate processes leading into 2021, but automate these processes in an intelligent, proactive manner.
5. Distributed Cloud
Distributed cloud computing allows data centers to be located anywhere; eliminating the organizational challenges related to data compliance and delays. This unique cloud-native design architectural approach is poised to help organizations manage all distributed resources – applications and data in multiple clouds, asset entries, and the infrastructure that supports them – with one logical cloud. Major cloud providers such as AWS Outposts, Microsoft Azure Stack, and Google Anthos have made massive financial and resource investments signaling that distributed cloud computing is a primary focus in the public cloud space leading into the near future.
As-a-service – is a service delivery model that allows us to use cloud-based and demanded services without spending large sums of money. As-a-service or anything-as-a-service (XaaS) has turned the traditional model of consuming in-house technology on its head by making such technologies as cloud-native services, AI, machine learning (ML), accessible on a consume-what-you-need basis. As businesses worldwide are looking for cost-efficient ways to maintain critical business processes, moving to a service model may provide the answer in reducing their capital expenditures while maintaining the use of critical technologies and services. And to address these IoT trends now suggest that IoT technology is aimed to fill some of the gaps in connecting organizations and individuals to service-based solutions.
7. Rise In Public Cloud Spending
Cloud Computing helps businesses operate from anywhere, allows their staff to work from home, allows them to maintain global purchases, and introduces new types of applications that can be used in a few weeks or days. With increased demand in leading cloud platforms such as Azure, AWS, Google Cloud, and Alibaba researchers have identified that in many ways, the pandemic has strengthened the value and suitability of the cloud.
8. IoT Trends Will Boost 5G Development
All major wireless providers are in the early stages of rolling out 5G. This technology promises greater connectivity for IoT devices in remote locations at faster speeds greatly enhancing the reach and functionality of IoT-enabled devices. This growth in 5G is projected to foster innovation, and increase global consumer demand leading into the near future.
9. Traffic Management
In any major city globally, traffic jams and congestion are major pains that lead people to spend more time on the road during the day than their family. Long journeys erode economic productivity in urban areas worldwide, making endless traffic a major source of concern. Recent IoT trends suggest that IoT technology is well suited to address this challenge. Today, organizations are releasing solutions that aim to use IoT embedded technology in vehicles and traffic systems to design more intelligent traffic grids, aimed to reduce unnecessary traffic and congestion.
Improved low-cost performance and improved revenue opportunities are the two main benefits presented by today’s IoT-enabled supply chains. In fact, leading companies are the first operators to adopt IoT with open arms and are expected to reap the benefits in the coming years. I-powered robots with a built-in camera and QR scanner can quickly navigate the product database and search for the product in the appropriate location in a repository that enhances efficiency multiple times.
How IoT Trends May Develop in 2021
Understandably, the recent economic changes and shift in global work-culture leading into 2021 have provided a host of challenges. From remote work to the economic hardship brought on by the COVID-19 pandemic, organizations and individuals have truly been dealt a challenging hand over recent months. However, with great challenges come great opportunities. As we continue into 2021 and global markets begin to resume normal health practices and these IoT trends are set to not only bring the world back to a healthy level of economic progress but to accelerate innovation positioning the world economy for accelerated growth leading into the near future.