Five trends driving the Internet of Things (IoT) market, from cybersecurity to 5G to enterprise adoption.
Rapidly evolving trends are driving change in the Internet of Things (IoT) sector, which itself is growing exponentially. The IoT market is forecast to grow at a 25.4 percent CAGR rate, zooming from $381 billion in 2021 to $1.8 trillion to 2028, according to Fortune Business Insights.
Going into 2022, the vast number of IoT devices that connect and communicate with one another will help business operations work still more efficiently. Business leaders and IT specialists should be aware of upcoming trends in the IoT space and how it could affect the market. Let’s dive into the top Internet of Things trends moving forward into the next year.
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There is no doubt that the growth of IoT devices will bring new vulnerabilities for business security. This is because if one device is compromised, the other devices it’s communicating with could face equal vulnerability.
A Trend Micro and GSMA Intelligence report showed that 15% of businesses that have deployed IoT for their operations have not updated their security protocols. This is surely due to the rapid growth and adoption of these technologies. As of now, there are very few government standards requiring businesses to stay on top of their cybersecurity. For the most part, investing in cybersecurity is a decision made purely out of the volition of business leaders themselves.
Expect not only a growth in cybersecurity tools, but an increase in businesses viewing addressing cybersecurity as an essential part of their growth.
The growth of IoT and 5G goes hand in hand. The rapid adoption of 5G networks is greatly accelerating the world of IoT, and will continue to do so going into 2022.
5G enables businesses the power to offer services that would have previously been too expensive or difficult to operate. Generally speaking, 5G offers a number of additional advantages over 4G that will only allow IoT devices to more efficiently connect and communicate with one another. These include:
Expect 5G to be a main catalyst in the growth of IoT. However, note that 5G itself has cybersecurity concerns similar to those of IoT devices. Both 5G and IoT could usher in a new era of rethinking cybersecurity.
Read also: Understand the Differences Between 5G, WiFi 6 and Wifi 6E
One surprising trend business leaders should look out for is IoT’s push for more wearable technology.
Wearable tech, such as smart watches, have huge potential in the IoT space and for many businesses. Fitness and lifestyle-based businesses will especially find this trend beneficial, considering the fact that many smartwatches and wearable devices are integrated with health and fitness monitoring options.
Expect the healthcare industry to also take advantage of this growing trend. Wearable IoT devices could be used to prevent and monitor heart attacks, track EMG sensors for stroke patients, and monitor asthma.
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Although the IoT space is growing, there is an initial learning curve that might discourage enterprises and business leaders from adopting it.
Andrew De La Torre, group VP of technology for Oracle Communications, says that bundled IoT solutions that offer user-friendly functions and integrated analytics will drive much of IoT’s adoption. He says that “enterprises are investing in the form of off-the-shelf IoT solutions with a strong desire for connectivity and analytics capabilities built-in.”
Indeed, enterprises are driving much of the investment in the IoT/edge computing sector.
The healthcare industry, especially since the beginning of the pandemic, has been at the frontlines of IoT adoption. This is due to the potential to gain high-quality data.
Together, IoT and artificial intelligence can be leveraged to analyze patients and their needs, as well as blood samples and genetic information, to find diagnoses and create new drugs.
Another way IoT devices can be used in the healthcare realm is through wearable devices, as mentioned earlier. There are a number of notable examples of wearable devices helping patients. Wearable defibrillators are one of the most striking examples of the potential of IoT and healthcare.
For instance, the Zoll LifeVest 4000 is a wearable defibrillator used to treat dangerous and life-threatening heart rhythms for patients with risk of sudden cardiac arrest. This is clearly an example of one of the more ambitious projects centered around IoT and healthcare. This ambition explains the devices’ rather pricey cost, coming in at over $3,000 a month. However, businesses should expect the growth of these devices and IoT solutions to drive these prices down, due to the increase of market competition.
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