The Internet of Things (IoT) has grown from a niche technology for startups to a widespread technology in which big tech enterprises are heavily invested. During the 4th Edition of IoT Solutions World Congress in Barcelona, it was noted that the interest for IoT is growing rapidly as evidenced by a 25% increase in the number of attendees.
Companies in almost every sector are embracing this technology, and its implementation has moved from the development stage to practical solutions with tangible results.
With the consistently high growth in popularity of IoT, the global market IoT-led solutions is projected to grow to $2.4 trillion by December 2022. Without a doubt, IoT is here to stay. Every business needs to know how to embrace the technology or else it will face unfavorable disruption. Check the following top 4 IoT developments expected to change the way business is done in 2019.
1. Edge Computing
The increased appreciation and use of IoT has significantly promoted edge computing. Edge computing refers to the processing of data where it is generated (near the edge of your network), instead of processing it from a centralized warehouse. It allows for faster data streaming and real-time processing, and enables smart devices and applications to respond almost instantly to data thus eliminating lag time. Edge computing is critical for technologies such as self-driven cars.
In 2019, devices will become more powerful. They will have more AI and data processing capabilities. Data transfer volumes will reduce and businesses will achieve more agility and flexibility. Industries where immediate action based on analysis of complex real-time data is needed will be significantly affected. These industries include public security, manufacturing, and logistics.
2. 5G Networks
5G networks have been long anticipated, but in 2019 they are expected to welcome a new era for IoT. By supporting more inter-connectivity of electronic devices, 5G will drive innovation in the IoT space further. Data gathering, managing and analyzing will be done almost in real time, thus enhancing the adoption of IoT technology in many areas where bandwidth speed is crucial.
A recent report by International Data Corporation (IDC) showed that spending on 5G networks will jump to $26 billion by 2022 from just $528 million in 2018. 5G is expected to unlock a lot of revenue growth potential.
3. Digital twins will become more usable by businesses
Since the introduction of the digital twin concept in 2002, it is only after the advent of IoT that the concept has become a cost-effective idea. Today, the digital twin concept is imperative to business.
A digital twin is a virtual model of a product, service, or process. The model allows for pairing of the physical and virtual worlds, allowing for data analysis and systems monitoring. This helps to plan business in a better way as problems can be identified and avoided before they occur. Using digital twins, businesses are able to increase operational efficiency, avoid downtime, develop new opportunities, and have fewer non-compliance issues. As more sophisticated devices and systems become interconnected thanks to IoT, having a digital equivalent enables IT specialists such as business analysts and data scientists to optimize deployments and simulate what-if scenarios with greater accuracy.
4. The use of IoT in trading (capital markets)
Financial markets are known to be information-driven. Almost all decisions are made based on available data, although there are a few where guesswork is used. However, most of the data used for trading currently comes from exchanges or government agencies. Usually, it is information about done deals (historical data). Research and experience show that analyzing old data and using it to predict future movements in the financial markets is not the best approach for successful trading.
You could be an experienced stock or Forex trader, or are planning to further your career by trading CFD. As IoT continues to digitize the real world, traders can digest and analyze large data masses to get a better understanding of the markets. Innovative traders are harnessing the power of IoT to improvise new trading strategies that help them to stay ahead of the fierce competition on the market.
The Internet of Things (IoT) can be said to overshadow the internet of people completely. Now, we don’t look at the internet as just a brilliant way by which people get connected all over the globe, but the center of all physical and virtual connections. It is indisputable that IoT is quickly becoming a crucial part of everyday life as evidenced by its integration in almost every critical area of business.