The latest strategic Internet of Things (IoT) technology trends will boost digital business innovation in the coming years. Key emerging IoT trends and technologies also demand CIOs having necessary skills and partners.
- 1 million IoT devices are going to be purchased and installed each hour in 2021. (Gartner)
- 3.5 billion – number of cellular devices that will include IoT connections by 2023. (Ericcson)
- 80% of retailers will use IoT to customize store visits by 2021. (SAS)
- Consumers, governments and businesses will have a combined investment of $1.6 trillion for installing IoT solutions in 2020. (Business Insider)
There are ways using which CIOs can lead their businesses to discover IoT opportunities and make IoT projects a success. New opportunities for digital business innovation will be delivered by the IoT for the next decade. New and improved technologies will enable such innovations.
Trend No. 1: Artificial Intelligence (AI)
The fuel that powers the IoT is data. An organization’s success depends on its ability to derive meaning from the data. AI will be applied to a broad range of IoT information, including video, still images, speech, network traffic activity, and sensor data.
AI has a complex technology landscape and will continue to do so through 2023 with numerous IT vendors investing a lot in AI. In spite of this complexity of AI, it is likely to attain good results with AI in an extensive series of IoT situations. Consequently, CIOs have to build an organization using tools and skills to utilize AI in their IoT strategy.
Trend No. 2: Social, Legal and Ethical IoT
As the IoT develops and becomes extensively organized, the significance of a huge range of social, legal and ethical issues will develop including ownership of data and the deductions made from it; algorithmic bias; privacy; and compliance with regulations such as the General Data Protection Regulation.
A successful deployment of an IoT solution means it is technically effective as well as socially acceptable. CIOs and their staff must be educated in this area. They should also create groups, such as ethics councils, so as to review corporate strategy. In order to recognize potential bias, external consultancies should be used to review key algorithms and AI systems.
Trend No. 3: Infonomics And Data Broking
As per Gartner last year’s survey of IoT projects, 35 percent of respondents were selling or preparing to sell data gathered by their products and services. This monetization of data can act as a strategic business asset that should be recorded in the company accounts. In the coming years, the buying and selling of IoT data are going to be an integral part of numerous IoT systems. The organizations should be aware of the risks and opportunities associated with data broking. It will help to set the IT policies needed in this area and to advise other parts of the organization.
Trend No. 4: The Shift from Intelligent Edge to Intelligent Mesh
The shift from centralized and cloud to edge architectures is in progress in the IoT space. This cannot be considered the endpoint the neat set of layers related to edge architecture will develop to a more unstructured architecture which comprises of a huge range of “things” and services linked in a dynamic mesh. Flexible, intelligent and responsive IoT systems will be enabled by such mesh architectures.
Trend No. 5: IoT Governance
With the continuous expansion of IoT, it becomes important to have a governance framework ensuring appropriate behavior in the creation, storage, use, and deletion of information related to IoT projects. CIOs have to fulfill the role of educating their organizations on governance issues.
Trend No. 6: Sensor Innovation
The sensor market will constantly grow and new sensors will allow a broader range of situations and actions to be detected. There will be a fall in the price of current sensors. They will become more affordable, support new applications and new algorithms will appear to infer more information from present sensor technologies. CIOs and their teams should continue to monitor sensor innovations.
Trend No. 7: Trusted Hardware and Operating System
The most important area of technical concern for organizations deploying IoT systems is security. This happens because usually, organizations don’t have control over the source and nature of the software and hardware that is used in IoT initiatives. However more trustworthy and secure IoT systems will be created by the hardware and software combinations that are deployed together. CIOs should collaborate with chief information security officers to make sure that the right staff is used to review any decisions that include purchasing IoT devices and embedded operating systems.
Trend 8: Novel IoT User Experiences
A huge range of technologies and design techniques are covered by the IoT user experience (UX). Four factors will drive it and they are new sensors, new algorithms, new experience architectures and context, and socially aware experiences. The interactions with things that are without screens and keyboards are increasing, therefore UX designers will have to adopt latest technologies and perspectives to create a superior UX that decreases friction, locks in users, and encourages usage and retention.
Trend No. 9: Silicon Chip Innovation
Most IoT endpoint devices are currently using conventional processor chips, with low-power ARM architectures. However, in the coming time, it is expected that new special-purpose chips will decrease the power consumption that is needed to run a DNN. It will enable innovative edge architectures and embedded DNN functions in low-power IoT endpoints.
New capabilities for example data analytics integrated with sensors and speech recognition included in low-cost battery-powered devices will be supported by this. The organizations can use as silicon chips assisting in functions such as embedded AI to form extremely new products and services.
Trend No. 10: New Wireless Networking Technologies for IoT
Balancing a set of competing requirements, for instance, endpoint cost, power consumption, bandwidth, latency, connection density, operating cost, quality of service, and range is required in IoT networking. All of these cannot be optimized by a single networking technology. Extra choice and flexibility will be provided to the CIOs by the new IoT networking technologies.