In recent years, we all have been watching the rapid growth of the Internet of Things (IoT) across the world and have observed how we could adapt to the exciting digital trend so far.
Businesses have been taking the opportunity of using IoT to provide new technologies and service delivery models to achieve a wide range of new solutions for their clients.
While companies have been benefiting from these IoT-based devices, individuals were not falling behind.
We’ve seen lots of new changes in technological tools and digital developments during the last few years and IoT is one of the most mentioned names during these periods. Thus, it’s now time to understand Internet of Things better and interpret it truly to keep up with the changes.
To get an overall idea about IoT landscape and in which ways it’s expected to see in 2018, we have gathered some outstanding IoT trends below.
1. Business Transformation Will Gain Speed
IoT products and services give companies a big opportunity to grow their business in an efficent way. While IoT enabling companies to reach a large data collection and wise business insights, it also allows them to reduce risk with also revealing new revenue flows.
All these improvements in last years are now promising that we will be having a close relationship with IoT in 2018 and no one can deny that adapting IoT is not a “take it or leave it” thing anymore.
According to Vodafone’s 2017/18 IoT Barometer, 74% of companies agree that digital transformation is impossible without IoT.
In the same report, it has been also emphasized that, 29% of adopters who said they’d achieved cost reductions, saved more than 20%. But IoT isn’t just about reducing costs. It’s also helping organisations increase revenue and find new revenue streams.
2. Security Concerns On IoT Will Be Reduced
Even we have already acknowledged that new technological developments will remain its popularity with the new updates and innovations in 2018 too, security is still a big concern when it comes to IoT usage in our devices.
In order to handle this situation, lots of companies are becoming more confident in their IoT implementations thanks to their expertise and developing resources.
On the other hand, this security issue is guiding the participants of IoT ecosystem to apply the best practices for business industry.
IoT solution service providers such as device manufacturers, enterprises and consumers are all aware of the importance of education, design thinking and collaboration. These hardwork in the industry promises that IoT will soon be used with less suspicion in next years.
3. Blockchain Will Be Upgraded
This year, we all have observed the inevitable rise of Blockchain – Distributed Ledger Technology, powering Bitcoin and have already amazed with the power of this digital transformation trend in various areas.
When Blockchain technology met the term IoT, we’ve come across with a great and strong match in terms of empowering the current digital trends and also innovating new ones.
The cryptographic process strengthens Blockchain to tackle with security issues. Because of we have already mentioned how significant working in a secured digital environment for IoT is, this strength would be one of the most important factors that Blockchain will be used and enhanced more in 2018.
Moreover, this promising digital trend also allows businesses to gain an advantage by automating encoded transactions and to finish their work faster.
According to digital industry experts, the relationship with IoT and Blockchain will be leveraged in a few effective ways in 2018. While the trend will provide trustful transaction between people and parties, it will also reduce financial cost as well as the time spend on such processes by removing the “middle man”.
Thanks to this change, IoT and Blockchain will allow transactions to be accelerated more in the upcoming months.
4. Smart Home & Smart City Projects Will Increase
Along with the development of the IoT ecosystem, we will be talking more about Smart Homes and Smart Cities throughout the world in the future.
Smart home devices enable people to control and also monitor a wide range of electronics in their homes. Thanks to IoT technologies, home monitoring can be improved; energy and security can be provided more efficiently.
In addition to ‘Smart Home’ improvements, the number of ‘Smart City’ related IoT Projects is increasing speedly and this allows big metropolises to become more livable places.
The most popular trends to monitor Smart Cities in 2018 are as follows:
• Smart street lighting networks
This is defined as a cost-effective gateway to IoT supported city solutions. The smart street lights mentioned are effective for cost saving. What is more, they are useful for preventing the crime and traffic accidents might be happened. The system can be programmed to work automatically when needed.
• The Smart Grid
Smart street lighting networks enable cities to have grid-based platforms which sensor-related services can be delivered. We are already able to monitor vehicles, control traffic lights, park smartly, manage the waste and receive real-time traffic information via this technology. Who knows what else we will be using ‘Internet of Things’ for the things in our daily lives in the near future?
• Fog computing
Traffic congestion, public safety, energy use, sanitation are some of the challenges that large cities have faced so far. With IoT-based fog computing, these problems including security concerns, data encryption can be addressed.
5. Digital Twins Will Evolve
Digital Twins, simply represent a real-world entity or system digitally. It’s a virtual form of a system, product or a service given. The term is not new but it is now shared that many factors combined to bring a new digital twin concept to the industry in next years.
It’s expected that Digital Twin technology will enable organizations to merge the physical and digital world actions in short time. IoT leverages specific data about real assets in order to help businesses with making better decisions.
IoT technologies stand as a bottom line for Digital Twins by driving sensors, artificial intelligence, and machine learning data and analytics. As the experts share, the number of IoT platforms that adopt Digital Twins will increase quickly in next years.
Here you can watch the video that Christopher O’Connor, General Manager of IBM Internet of Things Offerings explains clearly what a ‘digital twin’ is:
Dave Lauzun, the Vice President of Automotive and Transportation Strategy shared at Digital Twin Summit:
Everyone’s doing it and using it. No one, maybe other than a few start-up companies, are trying to get to autonomous vehicles without very representative digital twins of their vehicles and their performance.
The fidelity of the digital twin is the key to that innovation, but companies are also using digital twin technology to work toward more perfect change management.
Apart from these 5 IoT trends, there are still several areas which IoT has been utilized thoroughly and we haven’t mentioned. However, these trends would let you think wider when it comes to imagine how ‘Internet Of Things’ would continue to be applied on real life business cases.
Even it’s hard to say that IoT-based developments will be getting the largest slice of a cake in the Digital ecosystem in 2018, we can still expect to observe a rapid growth in terms of companies and individuals start adapting themselves and their businesses to digital transformation trends.