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Internet is engulfing all technologies at a brisk speed, resulting in the creation of a world where every other thing relates to the internet. The internet is no more limited to just computers, smartphones, and tablets. It has now touched hearts of several other devices and is making our lives more convenient by enabling us to communicate with devices with ease and simplicity.
The phenomena 'Internet of Things' is an umbrella term used to describe devices that relate to internet. Today, Internet of Things has become a mainstream topic and the technology world is striving hard to make key inroads towards development of IoT.
It is expected that spending on IoT will reach $772 Billion by 2018 resulting in stratospheric development of IoT. But what does the future hold for Internet of Things?
IoT in 2020 - Top 7 Predictions
This is an exciting phase for IoT. The world is awakening to the potential of IoT and is embracing it at a tremendous speed. Tech giants are investing massive capital in developing IoT while some of the best minds across the world are focused on pushing the limits of this eco-system.
The upshot? IoT is developing immensely and we are all geared up to witness some breathtaking changes in the upcoming years.
Want to know top IoT predictions for 2020? Here we make seven for Internet of Things predictions which reflect a lot about the future of IoT and how it will look by 2020.
By 2020, Internet of Things Will Connect 21 Billion Devices
The Internet of Things has taken the technology world by storm. And its limitless applications have fueled its popularity. Hence, every year more and more devices are getting connected with IoT.
In 2015, there were 4.9 million devices related to IoT, but by the end of 2016 this number skyrocketed to 3.9 billion. Within one year, the number increased from million to billion and experts believe that this sensational rate of growth will continue in the upcoming years as well.
It is estimated that by 2020, there will be up to 21 billion devices across the globe connected with 'Internet of Things'. This number is enough to reflect how enormous the ecosystem of IoT would become and how it will be practically impossible for a person to stay away from this phenomenon.
Cities Will Continue to Become Smart
Internet of Things won't only be limited to devices and things, it will have wider applications. One such obvious application of Internet of Things is the functioning of cities.
In future, cities will become smart courtesy the data gained from IoT and will enable its citizen to enjoy a hassle free and comfortable life. Thanks to IoT, cities will become more efficient & will be able to save money, time & other resources.
Data will be collected, managed and automated through video camera surveillance systems, taxi services and visitor kiosks.
Modern cities make it easier for citizens to travel from one place to another and access basic amenities. This system will also enable cities to maintain a detailed profile of its citizens and curb crime and other issues.
IoT Will See Fragmentation
The growth and development of IoT will not only be vertical, in fact, it will see a lot of fragmentation. This obvious fragmentation will cause serious issues of compatibility as companies will struggle to create and maintain device standards and certifications.
This will push companies to come together and create an eco-system that channelizes smooth running of IoT. It will open new avenues for tech personals to create systems that collaborate with other devices and have universal adaptability.
This fragmentation could also mean that we would see several eco-systems of devices being developed and facilitated under one bigger IoT ecosystem.
There Will Be Increase in Security Concerns
Security is already a widely discussed facet of Internet of Things and it is believed that as IoT grows, the security concerns will grow as well.
Internet of Things offers limitless opportunities to enhance communication between devices and data sharing, but this same feature makes it highly vulnerable from the point of view of security.
As the network of connected devices grows, it becomes daunting to regulate it and to keep the data safe. Companies will have to develop better solutions to ensure that data remains safe and there are no potential leakages in the network.
A Boost to Artificial Intelligence
Internet of Things will enable devices to collect data about you. From thermostats to vehicles and to even coffee makers, all devices will collect information about your behavior. This data will get stored in the cloud and will be used to make the device 'learn' without any manual programming. This learning known as machine learning is a critical aspect of artificial intelligence and the growth of IoT will boost artificial intelligence as well.
Companies Will Have to Develop Data Processing Solutions
The growth of IoT will result in accumulation of enormous data which will need to be processed and analyzed. The current data processing systems won't be enough and hence companies will have to invest in solutions that are faster and cheaper.
There Will Be Big Money
The technology world has acknowledged Internet of Things' ability to enhance customer experience. Hence there will be no dearth in funding and capital for IoT. It is predicted that by 2021, IoT spending will reach $6 trillion.
Want to Tap IoT's Potential to Leverage Your Business? Flatworld Solutions Can Help You!
Flatworld Solutions is a reliable and trusted name with expertise in mobile app development and customized software development. We provide customized solutions to enable our clients across the world to solve evolving problems. Our dedicated software development team and data scientists understand the nuts and bolts of the tech world and delivers results in quick time and without blowing up your budget.
If you are looking to tap into the potential of Internet of Things, future trends of IoT, then Flatworld Solutions is the right place. Here we help you to know how to customize your business to gain maximum returns from IoT.