The Wireless Technology Trends That Are Fuelling New IoT Applications
This level of uptake is both a result and an impetus of the developing technologies that underpin the IoT. For one, technological advancement means that IoT technology will become easier to implement, opening the door for a wider variety of companies to benefit from IoT applications. Indeed, although large enterprises began to invest their sizable resources in IoT technologies years ago, the beneficiaries of this latest wave of IoT maturity will be small and medium-size enterprises. While they may not have the means to execute bespoke implementations, they can still invest in easy-to-use IoT solutions.
The wireless technology trends that are fuelling new IoT applications
The growing market for IoT technology reflects some of the ways in which maturing technologies have begun to fulfill the promises of the IoT. PE funds should evaluate opportunities to leverage IoT in their portfolio companies and look for emerging investment opportunities in both the IoT market and in sectors that can reap outsized benefits from these technologies.
To that end, we have worked with the external and internal experts on the McKinsey Technology Council to identify and interpret 14 of the most significant technology trends unfolding today. This study builds on the trend research we shared last year, adding fresh data and deeper analysis to provide a more granular assessment of trends in two thematic groups: Silicon Age, which encompasses digital and IT technologies, and Engineering Tomorrow, which encompasses physical technologies in domains such as energy and mobility.
Below, we lay out these considerations for all 14 technology trends, so that you can better understand them and consider how they relate to your organization. At the bottom of this page, you can download detailed profiles of all these trends or download a customized PDF containing profiles of the trends you choose.
Dynamic trends in automotive connectivity and technology are transforming the automotive industry. Incredible strides have taken place in a few short years, but the best is yet to come. Technologies such as artificial intelligence (AI) and next-generation advanced driver assistance systems (ADAS) along with increasing V2X infrastructure are moving the industry closer to autonomous driving functionality.
Research shows that there will be 35 billion smart devices online by 2021 and in the future of IoT this number will rise to 75 billion by 2025. So, it is safe to say that IoT is growing at an enormous rate and so are the use cases, trends and technologies surrounding it.
The emerging trends in IoT are majorly driven by technologies like artificial intelligence, blockchain, 5G, edge AI, and edge computing. Within this interconnected web of technological advances lies in the business value of IoT applications like smart wearables, smart homes and buildings, smart cities, autonomous cars, smart factories, location trackers, wireless sensors and much more. This level of connectivity helps consumers experience a comfortable secure household that they can control and monitor anytime. IoT also promotes healthcare, cost and energy savings. With the internet of medical things, the healthcare sector has increased its market and patient service. From a business point of view, IoT project succeeds by making operation management more efficient, improves the productivity of the resources, and reduces human labor and above all, it provides vast business opportunities.
5G technology is not just a new generation of wireless technology, it is a foundation to release the full potential of IoT thus revolutionizing technological growth. It is without a doubt that the most important internet of things emerging technologies 2021 since reliable connectivity will result in better performing IoT devices. Real time data processing, lower latency, network slicing, higher transmission speed and extensive coverage are a few things that 5G brings on the table.
Blockchain can ensure data protection in IoT devices. Blockchain allows successful interaction between multiple network nodes and ensures safe record keeping and that is why it is a great fit for IoT applications since they are also distributed by nature.
The digital twin technology trend came into limelight in 2020. A digital twin is a virtual representation that serves as the real-time digital counterpart of a physical object or process. A digital twin can be used for multiple things such as monitoring, diagnosing, optimizing and controlling asset performance and utilization. From US $3.8 billion in 2019, the projected compound annual growth rate of the digital twins market will be US $35.8 billion by 2025.
While witnessing the emerging technologies in IoT, one cannot ignore smart cities. Since the past five years, many governmental institutions have begun IoT technology projects that will impact entire cities. With enormous amounts of data, the government will be able to implement various intelligent solutions for multiple issues like traffic congestion, citizen safety, energy utilisation, sustainable development, etc.
Current IoT trends recommend that IoT technology is appropriate to address this challenge. Today, many organizations are providing solutions and arrangements that mean to utilize IoT installed technology in vehicles and traffic systems to design more smart traffic networks, expected to decrease unnecessary traffic and congestion.
IoT solutions are growing worldwide and the future trends of IoT will play a significant role in the near future. Major technologies such as blockchain, AI, 5G, cloud computing, and so on, are going to play a very crucial role in the advancement of global connectivity and the internet of things. IoT is taking over all aspects of our lives so, if you have an out of the box idea, now is the time to get in touch with an IoT application development company. We are one of the top IoT app development company in USA that creates applications which operate using sensors and deliver outstanding results.
Internet of Things (IoT) is a new paradigm that has changed the traditional way of living into a high tech life style. Smart city, smart homes, pollution control, energy saving, smart transportation, smart industries are such transformations due to IoT. A lot of crucial research studies and investigations have been done in order to enhance the technology through IoT. However, there are still a lot of challenges and issues that need to be addressed to achieve the full potential of IoT. These challenges and issues must be considered from various aspects of IoT such as applications, challenges, enabling technologies, social and environmental impacts etc. The main goal of this review article is to provide a detailed discussion from both technological and social perspective. The article discusses different challenges and key issues of IoT, architecture and important application domains. Also, the article bring into light the existing literature and illustrated their contribution in different aspects of IoT. Moreover, the importance of big data and its analysis with respect to IoT has been discussed. This article would help the readers and researcher to understand the IoT and its applicability to the real world.
The Internet of Things (IoT) is an emerging paradigm that enables the communication between electronic devices and sensors through the internet in order to facilitate our lives. IoT use smart devices and internet to provide innovative solutions to various challenges and issues related to various business, governmental and public/private industries across the world . IoT is progressively becoming an important aspect of our life that can be sensed everywhere around us. In whole, IoT is an innovation that puts together extensive variety of smart systems, frameworks and intelligent devices and sensors (Fig. 1). Moreover, it takes advantage of quantum and nanotechnology in terms of storage, sensing and processing speed which were not conceivable beforehand . Extensive research studies have been done and available in terms of scientific articles, press reports both on internet and in the form of printed materials to illustrate the potential effectiveness and applicability of IoT transformations. It could be utilized as a preparatory work before making novel innovative business plans while considering the security, assurance and interoperability.
A great transformation can be observed in our daily routine life along with the increasing involvement of IoT devices and technology. One such development of IoT is the concept of Smart Home Systems (SHS) and appliances that consist of internet based devices, automation system for homes and reliable energy management system . Besides, another important achievement of IoT is Smart Health Sensing system (SHSS). SHSS incorporates small intelligent equipment and devices to support the health of the human being. These devices can be used both indoors and outdoors to check and monitor the different health issues and fitness level or the amount of calories burned in the fitness center etc. Also, it is being used to monitor the critical health conditions in the hospitals and trauma centers as well. Hence, it has changed the entire scenario of the medical domain by facilitating it with high technology and smart devices [4, 5]. Moreover, IoT developers and researchers are actively involved to uplift the life style of the disabled and senior age group people. IoT has shown a drastic performance in this area and has provided a new direction for the normal life of such people. As these devices and equipment are very cost effective in terms of development cost and easily available within a normal price range, hence most of the people are availing them . Thanks to IoT, as they can live a normal life. Another important aspect of our life is transportation. IoT has brought up some new advancements to make it more efficient, comfortable and reliable. Intelligent sensors, drone devices are now controlling the traffic at different signalized intersections across major cities. In addition, vehicles are being launched in markets with pre-installed sensing devices that are able to sense the upcoming heavy traffic congestions on the map and may suggest you another route with low traffic congestion . Therefore IoT has a lot to serve in various aspects of life and technology. We may conclude that IoT has a lot of scope both in terms of technology enhancement and facilitate the humankind.