Internet of Things : Top trends in 2018

The Internet of Things (IoT) has surely proved its worth in today’s rapidly changing tech era. The network connectivity of physical devices and embedded electronics resulted in an excellent synchronization with the changing human needs and interests. Identify the problem statement with connected devices, and IoT has a solution for it. IoT is rising at higher altitude in the business market. 2016 and 2017 witnessed the tremendous rise in IoT adoption. Now if we go with various predictions, 2018 would be a step ahead for such technologically advanced devices and systems.

The year 2017 did experience a rise of 31% online-capable devices which counted to 8.4 billion. Open Connectivity foundation has conducted the survey, OCF- CES survey of 2017.  As per the report, around 68 % of users who went through the survey admitted the fact of using IoT devices. Around 60 % of them, conveyed that, they were planning to purchase IoT devices in coming 6 months.

The IoT growth continues

2018 will be a captivating year for the IoT business. The year 2018 has opened the windows of opportunities for consumers and businesses. It is anticipating a very bright and widely connected secure future. IoT has a potential to turn out the ground-breaking impact on our lives. The advanced device accessibilities that can undoubtedly make our lives much simpler than ever before. The retail, healthcare and supply chain industries to see growth exponentially.

In 2018, we should see a lot of improvements in IoT as an ecosystem and below is what we thought would be the key areas where things will take shape.

Steps towards IoT standardization

Today human lives are more likely to be surrounded by digital devices than that used to be a few decades before. Those devices are not only simplifying human lives but also have become a crucial part of daily lives. Ultimately, the adoption rate of smart devices such as smartphones, wearable devices such as fitness bands, has been tremendous.

Basically, platform, connectivity, and application are the three paradigm candidates for IoT standardization. However, lack of standardization will create hurdles in the adoption of IoT. This will continue to contribute to fragmentation of IoT as an ecosystem. Fragmentation in technology implementation leads to security loopholes. We should see a push to standardization and certification from major vendors such as Qualcomm.

Impact of smart devices 

The IoT industry will bang with a surprise of most channels more than ever before in the history of IoT industry.  As consumers start to connect more devices to the internet, the IoT adoption will expand exponentially.

Using smart devices is beneficial as it leads to the capacity that includes better customer assignation, improved perceptibility, and simplified communication e.g. chatbot, and voice user interface (VUI). The global push for smart cities and IIoT (Industrial Internet of Things) will help emerge IoT to next level.

IoT security will be a priority

Security is what it needed to be considered, irrespective in case of businesses or personal use. Today, we are surrounded by high tech, easily targetable, always on devices connected to the internet. These become an easy target for cyber-criminals. No matter, how deep we go with the security levels; those hackers will be there to decode the security means.

In 2018, there will be more focus on improving the security of IoT devices and overall IoT ecosystem. Smart devices, connected cars will authenticate and validate among themselves and transfer information. There is a need for a tamper-proof mechanism to secure communication among these entities.

Lack of strong passwords is a primary reason for IoT malware. Symantec’s Internet Security Threat Report April 2017 has clearly identified the same. Both vendors and consumers will start becoming more aware of the security scenarios due to default passwords and default security policies.

Blockchain has a potential to address these security concerns. Blockchain helps improve dependable activities in shielded and quicker transactions. The coming together of Blockchain and IoT devices for improving the security levels will surely be a business move for the vendors as they would offer services under the brand of “Blockchain Certified”, vendor, which means more reliability. IOTA is one of the blockchain technologies (though strictly not a blockchain) primarily meant for IoT ecosystem.

Artificial Intelligence (AI) Edge computing will come to fore

Millions of devices being connected to IoT ecosystem, they will generate the humongous amount of data. This data needs to be transmitted and analyzed as quickly as possible. The connected cars implementing smart devices may not wait for the central computer to make quick decisions. In case of driverless or autonomous vehicles, decisions with the help of AI based on real-time data inputs have to be made as quickly as possible. It is life-saving. Such critical use cases are the key reason edge computing is a requirement and a necessity. Cisco, HPE, and DELL are among key vendors contributing towards edge computing. This will help drive IoT adoption further.

IoT as-a-service to Business Models

In this year, IoT verticals will deliver with largest transformational business models supported by Big Data and AI tools. Business integrating IoT in their operations will see a variety of benefits from the technology. It will not only enable better data collection and business insights but will reflect as a driver of transformation across businesses. IoT is already used to minimize the risk, optimize costs, create new channels, improve productivity, and enhance customer experience and more. Businesses are likely to see even more benefits as they install the technology across operations.

Moreover, there is a new level of sophistication in the way companies are applying analytics at the end of the IoT processes. Businesses today, generally store half of the data they capture and analyze about half of what’s stored. That will change as businesses recognize the importance of processing all the data they’re collecting.

Conclusion

IoT delivers many applications in the future and has the potential to transform our lives in every sphere. It is necessary to overcome security issues and challenges to harness the technology. Incorporation of big data, analytics, AI (artificial intelligence) and IoT will open up new channels of market revenue for the businesses. Consumers will also benefit owing to the targeted and enhanced customer experience. So, the future of IoT looks good for both businesses and consumers.


What are your views on these IoT predictions? Do you perceive aggressive growth and are you trying to adopt IoT in your businesses?


Piyush Rishi:
Piyush Rishi is a tech blogger and writes about latest industry trends. He is associated with different publications. At Tech Sutram, he covers insights on companies, industries, startups and big data technologies. 
Opinions expressed by techsutram contributors are their own.