Last year was one of excitement and transformation in the Internet of Things space. Nearly every enterprise invested in an IoT ecosystem to drive the bottom line. Connected gadgets, wearables, and other consumer products comprised a large part of the market. However, according to estimates by IDC, over 80 percent of IoT spending until 2020 will be on B2B applications. No wonder IoT is poised to become a major driver of digital transformation in 2018. Thanks to the IoT network, successful enterprises can now implement a self-learning environment, which will then foster digital disruption within the physical world. And the emergence of new business models will lead to new work processes, improved customer experiences, productivity improvements, and cost containment. So, without further ado, let’s have a look at the main IoT trends affecting enterprises in 2018:
IoT trends: Machine learning
Artificial intelligence and machine learning present a sterling opportunity for IoT and are arguably the most important of the 2018 IoT trends. Now, enterprises will be able to accurately predict when their devices and technology will require repairs. Demand response and self-optimizing production are a few other benefits that they can look forward to.
Since the existing network infrastructure will probably be required for “connected things,” the analytics investment will be greater as enterprises discover new methods to analyze the large amounts of data generated by smart devices.
Also, thanks to greater machine utilization, it is easier than ever to interact with technology. IoT devices meant to bring users closer can be designed with the use of AI. And, in 2018, the world will better understand the awesome use of chatbots and AI supported by IoT.
Machine learning will be used in different ways, like retail store security cams with streaming video, where machine learning helps to recognize potential theft patterns, capture facial cues without accessing private customer data, and head off privacy and security concerns.
Expect blockchain to climb up the ranks as one of the most superlative IoT trends of 2018. As etherium and bitcoin become household names, 2018 will witness new developments in blockchain technology that will drive the cryptocurrency market forward. With investments in blockchain increasing steadily, this new kind of digital ledger can become the norm in global financial markets.
As blockchain merges with IoT, a secure way of recording the data processed by IoT smart machines will emerge. While blockchain provides the infrastructure needed by two gadgets to transfer money or data directly, IoT will use smart contracts to model the agreement made between these two parties.
This is helpful since it adds an additional layer of security to the data, and if any breakage occurs, blockchain can locate the weak link and repair it quickly.
Data security is something that cannot be ignored in today’s digital ecosystem and is will be one of the top IoT trends of 2018 and beyond. Everyone from IoT pioneers to tech-savvy consumers focus on data security, and 2018 will witness major progress in the field of IoT protection and privacy.
Whether it is the new GDPR set of regulations related to data privacy to be implemented in the EU or other developments in the personal security worldwide, security will no doubt receive a boost thanks to IoT in 2018.
The real challenge will be to make people understand the changes as well as their outcomes clearly, and adopt concrete measures to benefit from the possible upside. That’s because IoT security will be under heavy scrutiny.
The risk of cybersecurity will greatly increase as enterprises, people, and processes connect every part of their daily lives, along with national economies. The truth is, the future environment may allow for attacks to be mounted not only from public networks but even private gadgets, like a smart home or smartphones. Thus, IoT security features will prove useful.
It’s 2018 and smart cities are cropping up everywhere. People are migrating into tech-based urban centers that utilize IoT technology to fulfill the demands and needs of their citizens. As urban landscapes start being defined by a greater sense of interconnectivity, smart cities will no longer be a subject of science fiction but rather everyday reality.
As long as there is a Starbucks around and a Taco Bell not too far away, we should be good to go!
Millions of people are experiencing the advantages of living in a smart IoT-dominated landscape. For example, autonomous cars reduce the possibility of getting into a crash due to human error and can save a million lives each year. You can see this in the recent “Total Recall” movie and even “Minority Report.”
As far as enterprises are concerned, the IoT network can hook up to the worldwide supply chain from end-to-end, thereby offering proactive replenishment, predictive maintenance, and pervasive visibility. Thanks to the power of IoT, data-driven decision making will soon become the standard across various industries. And when that happens, enterprises in smart cities need to be ready to optimize their investments.
In 2018, businesses across all spectrums have made the realization that unless they adopt data analytics into the structure of their organization, they will not achieve the desired success. So business intelligence is finally a thriving field.
What’s more, in a worldwide economy where billions of devices are interconnected, data is one of the most important things, and companies around the globe are investing heavily into their data analytics processes to stay updated at all times.
Large summits are already being planned so that they can concentrate on the application of the data on business solutions. It wouldn’t be wrong to say that in 2018, everybody will notice some crucial changes in the way we appreciate and use data in our daily lives.
Any enterprise that adopts IoT solutions will be greeted with numerous benefits. And these advantages do not stop at better business insights or data collection. IoT can drive improvements throughout the whole world of business.
No wonder, it is being used heavily to minimize risks, lower expenses, enhance employee productivity, develop new streams of revenue, improve the user experience, and so on. As time goes on, businesses will probably witness more benefits if they harness the power of this technology for various operations.
IoT has always been a source of innovation, meant to unite us in new ways. Whether you can hitch a ride on these IoT trends in 2018 will depend on how prepared you are beforehand.
But it is best if your enterprise embraces IoT solutions wholeheartedly because once everyone starts taking advantage of digital interconnectivity, you’d not want to be left behind.
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