The Internet of Things (IoT) depicts the growing ecosystem of online everything, linked objects that share our reality — and the coming trends.
The Internet of Things trend is here to stay. It is definitely not the willow-the-wisp that some had predicted years ago.
The business internet developed to include great opportunities with phones, office devices like printers and scanners, and industrial gear.
Q4 2022 hedge fund letters, conferences and more
The internet of "things" is a movement driving the increasing digitization and datafication of society in many new and fascinating ways.
These interconnected objects enable self-driving automobiles, autonomous industrial robots, and remote medical equipment that diagnose patients and perform surgery.
The average number of connected IoT devices per U.S. household is 22, with about 13.1 billion connected devices right now and about 75 billion expected by 2025.
So, let's look at some of the most probable drivers and advancements coming 2023:
Healthcare IoT
Given the global events of the last few years, it's no surprise that healthcare has been one of the most active IoT development sectors throughout 2022. Healthcare is a wide use case, including everything from public cameras to fitness bands and trackers to the rise of telemedicine and remote treatment. Most of us have some type of exercise activity on our watches and TV's, and that's just a beginning.
Medical equipment is routinely linked through devices nowadays. Defibrillators, oxygen pumps, and insulin drips can be monitored simultaneously and adjusted remotely. The data collected is stored in private files for future reference by the doctors and patients.
Healthcare
The Internet of Things (IoT) devices enable doctors to obtain patient data without the risk of bringing big groups of potentially contagious individuals together.
Doctors helping out with enabled devices goes way beyond a pandemic response. The speciality devices enable clinicians to examine, diagnose, and treat greater numbers of patients. They also extend healthcare into areas where physical access to doctors or hospitals is difficult and previously impossible.
Security
As the Internet of Things continues to grow it give a greater scope to hackers and trolls -- that is the price we pay for its convenience. There were 1.5 billion devices hacked on IoT devices in the first half of 2022, according to security analysts, and this trend is likely to continue in 2023.
Because IoT devices are not as secure as conventional data storage devices like PCs or cell phones -- they give multiple entry points to our networks.
Another danger vector is that IoT is made up of “things” that may be lost or stolen. This truth necessitates an extra layer of security to defend against unauthorized users gaining physical control of IoT equipment.
Many things are changing throughout the industry as manufacturers and others work to remove gadgets with default passwords and users are becoming more aware of security hazards and are taking greater precautions.
One security hazard method is to “hijack” a devices' computational power, which may then be used to construct botnets that attack other systems or just mine cryptocurrency. These bonet groups of internet-connected devices each run several bots.
Some of these attacks can be managed through using command and control software.
By collecting data on network traffic and use, connected gadgets help algorithms detect and avoid cyber threats. We are all getting better at security -- but then -- we know the black-hat-hackers will just get better too.
IoT Edge
Edge computing and IoT go together. Simply expressed, IoT Edge implies designing devices with onboard analytics so that processing occurs as near as feasible to the data source.
Basically, “dumb” sensors like cameras or microphones capture data before the data goes to the cloud. Next is processing and the Edge gadgets employ smart sensors such as computer vision cameras and natural language processing microphones.
The obvious benefit is faster processing, and lowering data sent to the cloud and back reduces network congestion.
Here is a fact that many device users don't clearly understand -- especially older device users. If a gadget is collecting personal data, users may be certain that the gadget can access the information it holds without a person having to hand over their device to anybody else.
But our devices have the ability to offer greater computing power in smaller, more power-efficient devices and is an important motivator for business growth -- as are improved battery and user interface designs.
Edge computing will continue to loom large next year and well into the future. More entrepreneurs are seeking hybrid cloud ecosystems as these systems are crucial for consumer IoT services.
IoT In Industry
The Industrial Internet of Things (IIoT) has tremendous ramifications for how we create items, deliver services, sell to clients, and maintain all of these items and systems. Even smaller businesses are beginning to have smart production and logistics facilities available to them at reasonable prices -- all thanks to the increasing availability of robotic and AI service platforms.
By incorporating IoT computerization into business models, firms may acquire a statistics-driven insight into their activity and processes and be able to obtain unprecedented growth.
Mobile devices continue to explode. It is amazing how mobile devices can be used for communication, entertainment, training, equipment maintenance, and process simulation -- all carried out from a hand-held mobile device. And, really, mobile uses are ubiquitous.
In manufacturing, IoT technology is used to monitor machine performance and forecast faults, allowing for more efficient replacement and repair of damaged equipment. IoT solutions also includes developing additive manufacturing processes like 3D printing, which allows for more customization and personalization while reducing waste.
IoT For Resilient Business
Following the enormous disruption that came to all businesses as a result of the COVID-virus-attack -- it's clear that building more resilient and disaster-resistant organizations should be high on the agenda for everyone.
There will likely be broad changes that will affect cyber security. Home and remote work created new hazards for business that we have seen a lot of in 2022 -- and data breaches have became quite common. Market action and competition and the economy will always be wild cards.
Monitoring supply chain flow constantly enhances efficiency and savings and most businesses have witnessed that the global supply chain is in upheaval right now. Real-time analysis is crucial especially for companies just starting out. In addition to their suppliers, customer demands have increased in every sector.
IoT monitoring of records, employee hours, and duties increases efficiency and makes analyses of staff turnover more compelling. Monitoring also helps business plan for shortages. After that, IoT technologies that help organizations forecast and respond to disruption will continue to be a key source of innovation through 2023 and beyond.
Article by Deanna Ritchie, ReadWrite
