Trending Predictions of IoT in 2020

1367
Illustration: © IoT For All

The ecosystem of the internet is not just limited to computers and mobile devices. The inception of technology like the Internet of Things (IoT), has made devices more efficient and smart. In short, IoT can be explained as a system of interrelated devices that can transfer data over a network without requiring any human effort.

It’s been a while now that IoT has been transforming the way businesses operate. However, with the constant evolution in the technological world, there will be more breakthroughs to come. So, let’s start with the expected augmentations that we may witness in the IoT field in 2020.

Expected Development in IoT in 2020

The following are the top ten predictions for the Internet of Things:

Aiding the Rise of Smart Cities

The primary goal behind the derivation of IoT is to make the lives of people easier and more comfortable. The smart parking system is a fantastic example of IoT where the user can see through a mobile app and manage the car parking right from his device. There are many cities in the US that use IoT devices to manage traffic lights and billing meters. The concept of smart cities is already spread all over the world and will continue to see a rise in the coming years.

As per research, the annual IT market opportunity for smarter cities is expected to be around $34 Billion. IoT is going to be one of the driving forces behind the expansion of smarter cities.

As the earth’s population continues to increase, smart cities will help improve standards of living and will save time and money.

Adoption of IoT in Healthcare

The healthcare industry has witnessed some splendid improvements in the last few years in terms of IoT equipped portable devices and improved hospital services. Because of the adoption of IoT in the healthcare industry, patients can now monitor their health with the help of mobile health apps.

The applications of IoT in healthcare aren’t limited to patients. There is a wide array of usage for physicians, hospitals and insurance companies. From cost reduction to improved treatment and from faster disease diagnosis to proactive treatment, IoT has revolutionized the complete healthcare sector.

Undoubtedly, IoT is helping the healthcare industry drive revenue and save on costs and will be widely used in 2020.

IoT in Manufacturing

Manufacturing is another vertical where IoT plays a significant role. Interestingly, the business/manufacturing industry is the biggest user of IoT devices(40.2%).

For example, the system of interrelated computing devices utilizes sensors that help individuals to recognize issues in hardware. It makes more sense for the labor force at the manufacturing plants to make use of wearable innovations and learn about the safety and working states of the various spots.

In the coming year, various advancements are coming up in IoT that will improve the security of the work environment and will aid in overseeing stock and saving time.

Energy and Resource Management

We are all aware of the fact that we desperately need to save energy. But the obstacle here is monitoring energy consumption. Here IoT can help a great deal to overcome the challenge of managing energy and various other resources.

With the help of IoT enabled mobile apps, consumers can know when electricity is being wasted and when the usage is exceeded. If a notification is sent to the user to manage energy resources, it will surely lend a hand in saving energy. As our energy demands increase at an unprecedented rate, IoT backed devices and apps will come in handy when keeping a tab on energy usage.

Smarter Automobile industry

A rise in the automobile industry is bound to come in the coming years, thanks to autonomous cars. The evolution of driverless cars will add more options for customers in terms of features and quality. Also, the arrival of 5G will help cars connect to IoT devices faster for data analysis and other crucial insights.

Presently, connected cars hold around 8% of the global IoT market share and in 2020, it will increase.

Unceasing Customer Assistance

Customer service is the key factor that can make or break any business. Customer service is expected to be made available 24/7, but employing humans for this purpose results in higher costs and effort. Therefore, it’s better to employ a voice assistant that can serve consumers around the clock.

IoT can help businesses to improve their customer service by using chatbots. Not only do they streamline the customer engagement process but also, chatbots solve the needs of the customers in the most effective way. Top companies like Bank of America, Capital One, TD Ameritrade and Mercedes have already deployed virtual voice assistants to resolve customers’ queries.

Overcome Growing Security Concerns

As technology grows, security concerns are also prevailing, especially for IoT which offers unlimited opportunities for data sharing. Although a unique feature of this technology, at the same time, it also serves as a severe security threat.

In 2020, companies that are adopting IoT-bound technology will be required to ensure data protection by blocking all possible holes of data leakage.

Better Data Analytics

Right from the time IoT was introduced, it’s applications for data analytics were widely speculated and as we proceed further, data scientists are actively using IoT for data analysis.

The integration of IoT in data reasoning will help companies make smarter decisions and provide effective results to make the lives of humans simpler and easier. Also, with the help of data analytics, businesses can effortlessly make strategies for future growth.

Personalized Retail Experience

Retailers are already using IoT to better the customer experience, drive growth, reduce costs and enhance overall performance. The digitally connected system has offered an all-new level of personalization that presents a new era of shopping.

According to Total Retail, IoT technology in retail will reach over $35 billion by the end of 2020. The following are some of the applications of IoT in the retail industry:

  • Customer Satisfaction Monitoring
  • Supply Chain and Logistics
  • Food Safety Monitoring
  • Asset Tracking and more

Data Processing with Edge Computing

Devices behind the firewall are starting to add up and this is becoming an issue for IoT companies to grapple with. To plug this gap, a robust security network must be established between software applications and network connection. Here comes the role of edge computing, which not only aids fast data processing but also, offers lower latency.

IoT devices backed by edge computing will be engaged more in smart devices like intelligent traffic lights and self-driving vehicles.

The EndNote

All the above-mentioned IoT trends are going to dominate the mobile app development industry in 2020. IoT will bring a significant change in both users as well as for businesses. Going forward, we can expect IoT to reshape the whole world among various industries.