Introducing the Internet of Things (IoT) into your business was once the realm of startups and tech giants, but IoT has become ubiquitous today, with no industry left untouched by the trend.
According to IDC, the Internet of Things (IoT) has taken the business world by storm, growing from $1.9 billion in revenue in 2014 to $3 trillion in revenue projected by 2022.
Since its introduction, the IoT has exploded in popularity among tech-savvy individuals, entrepreneurs, and big businesses alike. All of them are eager to explore the endless possibilities of connecting everyday objects (literally anything) to the internet and each other.
The rise of the Internet of Things (IoT) has introduced new business models, challenges, and possibilities that will forever change how we live and work.
If you’re looking to reap the benefits of IoT during its evolution and beyond, Here are ten key Internet of Things (IoT) trends that we believe will impact the future of IoT in 2022 and beyond, with insights into how you can leverage these changes to your advantage.
Top Internet of Things (IoT) Trends To keep an Eye on in 2022
1. Smarter Homes
With smart home technology, you can now control your home appliances from anywhere via a web app or even your phone. Many IoT app development companies create smart and affordable solutions with leading brands like Google, Samsung, and Apple.
Digital transformation agencies encourage clients to build intelligent homes and businesses to create more appealing customer experiences. IoT will enable business leaders to collect data on every interaction their customers have and interact with them conveniently. In many cases, customers expect instant responses, so IoT provides ways of delivering on these expectations.
2. Conversational Interfaces
IoT platforms that use voice recognition software are becoming increasingly popular as Interacting with your devices through voice is faster and easier than typing on a screen.
Google Home and Amazon Echo are two examples of conversational interfaces in action. Through spoken commands, these assistants can pull up recipes, send text messages, set alarms, and more. The future possibilities of conversational interfaces seem limitless. Voice will likely become an even more significant part of our daily lives five years from now.
3. Mass Adoption of Mobile Payments
Paying for goods and services with your mobile phone is one of those things that people have been saying will happen but has yet to catch on.
According to a study by Accenture, people are adopting mobile payments at a steady pace by 2022. It’s predicted that nearly two-thirds of smartphone users in developed markets like Australia, Canada, France, Germany, Italy, Spain, and the United Kingdom will be making payments with their devices.
The technology’s slow adoption rate can be attributed in part to old habits; many consumers still prefer paying with cash or credit cards instead of digital alternatives. But as people grow more comfortable paying via their phones, we expect this will continue to be one of the most important Internet of Things (IoT) trends over time.
4. Augmented Reality
In 2022, augmented Reality took off with a bang. Businesses everywhere created augmented reality apps to provide customers with over-the-counter solutions to their needs. The most exciting part of augmented reality is that it is a visual medium, so businesses can combine AR functionality with video to create spectacular and immersive experiences.
Because augmented reality allows brands to communicate directly with consumers emotionally, it’s no surprise that many industry leaders are choosing to invest in AR/VR as part of their digital transformation efforts. Even though we’re still in the early days of the widespread use of these technologies, there are already several ways your brand can get involved.
5. Artificial Intelligence
According to a report published by Goldman Sachs in November 2016, AI is set to create $3.5 trillion in value annually by 2025; businesses are currently spending 50% more on AI than three years ago.
This growth is even more impressive when you consider that it only stood at $1 billion in 2013. As we’ve discovered with search engines, such as Google and Bing, AI is already being integrated into digital assistants such as Amazon Alexa; things will continue to get better from here.
So, keep an eye out for improvements in natural language processing capabilities and increased IoT adoption rates over time. Even though human-level AI remains decades away, recent research has suggested that machines can be trained to improve on their own, which could significantly help us reduce costs further down the line.
6. Blockchain Technology, Bitcoin, and Cryptocurrencies
Bitcoin and blockchain technology including cryptocurrencies—are making major waves in finance, retail, healthcare, and other industries. As IoT grows, blockchain technology will become more entrenched in our everyday lives.
According to Gartner, over 30% of enterprises will incorporate elements of cryptocurrency and blockchain into their service offerings by 2022. Businesses must respond to consumer demand or risk being disrupted by competitors who do.
Meanwhile, vendors such as IBM have already started building hardware designed to work with bitcoin technology. Since IBM helped introduce computers in commercial settings, companies should be paying attention when designing IoT devices with cryptocurrency and blockchain integration at its core; it’s a shift that will impact every business sooner rather than later.
7. Machine Learning / Predictive Analytics
By 2022, machine learning will help IoT app development companies build apps that can predict behavior patterns and needs. For example, an IoT version would be able to tell you if your commute is going to take longer than normal by looking at factors like weather, construction, and accidents along your route.
This information could delay notifications automatically until after peak hours or suggest a different route altogether. On a more personal level, data gathered from wearables could allow doctors to prescribe medication based on irregular heartbeats picked up during sleep. The possibilities are endless when it comes to using big data in unique ways; that’s what makes it such a hot field right now.
8. 5G Technology Rollout
5G promises to finally provide much-needed bandwidth and make a truly global digital transformation possible. The first 5G services will start rolling out in 2020 and should be widespread by 2022.
Early adopters can look forward to ultra-fast speeds and almost non-existent latency, making smart connecting devices simple. When combined with deep learning technology that lets smart devices learn from each other, it’s easy to see how connected digital assistants like Alexa could become far more helpful—and something you’ll trust even more than your human helper.
9. Industrial Automation and Robotics
As technology evolves, robotics and automation become a more significant part of technology. In fact, according to some experts, we will see a substantial increase in industrial automation by 2022.
These smart machines have been a part of our manufacturing processes for years, but they have now begun making their way into other aspects of business and life.
This trend is likely to continue due to advancements in machine learning and cloud computing technologies, making robots more capable than ever before. Many IoT applications utilize these robots alongside humans with fantastic results—some even use them completely autonomously. Technology changes at such a rapid pace that even IoT professionals can’t keep up with it all.
10. Artificially Intelligent Assistants
The next evolution of digital assistants will include human-like interaction, with AI assistants acting as a digital avatar that provides you information and learns your preferences. A great example is Amazon’s Alexa, which can do everything from control your home appliances to place an order for toothpaste.
Digital assistants are still fairly new, but they could be an integral part of our lives in a few years—especially in business. Voice search technology like Siri and Cortana have quickly made it into most mobile devices; users don’t even need to touch their device any longer—they just talk out loud.
Businesses looking at trends like these should also consider how they might take advantage of them and what risks or challenges might accompany implementation.
The rise of intelligent devices, such as wearables and home appliances, combined with data-driven applications and artificial intelligence capabilities, has made IoT into a huge market—one that we expect to grow tremendously over the next few years.
We forecast that these Internet of Things (IoT) trends will be front and center at many business strategies sessions, so it’s essential to stay ahead of them. Our goal with this report was to help you anticipate future concerns and opportunities for the Internet of Things; hopefully, our findings give you some food for thought.
Also, you can get in touch with the top IoT application development company in India to get a better understanding of important Internet of Things (IoT) trends in 2022 and beyond.