September 23, 2022
With billions of IoT devices worldwide, IoT solutions and services are the raging fire in the field of technology. Industry leaders and IoT developers are always on the lookout for industrial trends. To step up your IoT game, you can engage in this blog and stay informed of the IoT app development market trends. Let's read along!
Since IoT solutions and services have been around for more than ten years, it hardly qualifies as an emerging technology today.
However, this technology is still evolving. Perhaps more emerging technologies influence the future of IoT app development services. The emerging Metaverse and 5G are two prominent examples. As IoT development services converge with other innovative streams, new use cases, applications, and adoption scenarios will emerge.
Indeed, the long-term trends are encouraging. However, the restricted supply of electronics components impedes the technology's long-term prospects and dampens growth predictions. Flexibility will be the keyword for top IoT app developers, systems integrators, and consumers coping with a volatile market.
Let's first understand what are IoT solutions and services, in essence.
The IoT is a network of connected computing devices, mechanical and digital machinery, items, animals, or people that may exchange data across a network without requiring human-to-human or human-to-computer interaction.
The term 'thing' refers to any natural or artificial object that can be given an Internet Protocol (IP) address and can transfer data over a network. It includes people with implanted heart monitors, farm animals with biochip transponders, cars with built-in tyre pressure monitors, and other examples.
Organizations across a range of industries are increasingly utilizing mobile IoT app solutions to run more smoothly, better understand their consumers, provide better customer service, boost decision-making, and raise the company's value.
The leading trends in IoT, on which an IoT app development company can keep tabs, are as follows.
1. The Metaverse and IoT
IoT holds great promise for the Metaverse, connecting the real world to the virtual one. IoT data is used by digital twins, which are virtual versions of physical objects that may be extremely useful. Digital twins powered by IoT solutions and services will likely be widely distributed throughout the Metaverse.
IoT, along with innovations like synthetic data and quantum computing, was mentioned by Paul Daugherty, group chief executive for technology and CTO at Accenture, as technologies that will have an impact on the Metaverse and change how business is conducted.
IoT development services and Metaverse are slowly establishing themselves as digital twins at the epicenter of a transformative age. Daughtery claims that the industry is transitioning to Web 3.0 and two important capabilities right now: the internet of place and the internet of ownership. The only distinction being the former offers interoperable online spaces for shared, collaborative activities.
Here IoT app development services are ready to play a part in that continued expansion as a building block.
2. Strong Cellular IoT Expansion
Over the coming years, mobile IoT app solutions, which use cellular networks to connect devices, will experience rapid expansion. According to Juniper Research, the global market will grow from $31 billion in 2022 to $61 billion in 2026, or nearly double.
We anticipate that the value of 5G will rise and that adoption will increase as the number of IoT connections increases.
Cellular Low-Power Wide-Area (LPWA) solutions and 5G are the two main technologies propelling this growth.
The LPWA category, which includes narrowband IoT and LTE for Machines, will grow the fastest during the predicted period.
According to the report, remote monitoring technology will become more widely used in industries including manufacturing, smart cities, and agriculture due to the low cost of connectivity and hardware.
In terms of growth, 5G lags behind LPWA, but its time will come.
3. AI Models Using IoT Data
Every IoT solutions provider and Artificial Intelligence (AI) expert is now working together.
Additionally, when the technologies coupled, they offered insights that were previously virtually impossible.
AIoT is the name of this combo. In 2019, Gartner discovered that only 10% of IoT projects used AI to generate insights.
But as more IoT devices are deployed, companies will inevitably use AI to sort through the vast amounts of data these gadgets collect. The information will also be crucial for "teaching" AI systems.
IoT devices are predicted to produce over 73.1 ZB of data by 2025.
This is almost four times the 18.3 ZB produced in 2019.
4. Healthcare IoT Connects To Patient Needs
The COVID-19 lockdowns altered how healthcare services were provided.
Before 2020, it was projected that 36 million people would visit a virtual health facility each year.
Post-COVID, this figure skyrocketed, with some experts estimating that by the end of 2020, there will have been close to 1 billion telehealth visits.
According to McKinsey, the number of telehealth visits to clinics and other outpatient settings has stabilized at a level that is around 38 times higher than it was before the epidemic.
Now, almost 84 percent of doctors claim to offer some type of telehealth software solution to their patients.
A whole new range of prospects for the Internet of Things has emerged due to this abrupt change.
The Internet of Medical Things (IoMT) market is anticipated to be valued at over $350 billion.
5. IoT is a Growing Key Element of 4.0
The Fourth Industrial Revolution, often known as Industry 4.0, is a term used to describe significant advancements in manufacturing and industry brought on by widespread automation and improved productivity.
Top IoT app developers know that IoT is key to this idea. The extensive data gathering and monitoring necessary to increase industrial capacity would not be possible without IoT.
IoT, AI, cloud infrastructure, and Big Data/analytics are the four main elements of Industry 4.0, according to Statista, and industrial enterprises believe that IoT is the most crucial component.
Given that data collection and factory monitoring serve as the foundation on which Industry 4.0's other elements are developed. This makes a lot of sense.
IoT development services and other technologies can transform any industry dependent on manufacturing and industrial processes.
Overall, Industry 4.0 advancements are anticipated to boost the US GDP by nearly $7.1 trillion by 2030.
IoT adoption promises much over here.
Every IoT solutions provider can fundamentally alter numerous components of the manufacturing supply chain as well as some unexpected industries (like the medical field.)
The IoT sector must resolve significant cybersecurity and data privacy issues for quick growth. Consagous Technologies, a top-notch IoT app development company USA, can be your IoT-fueled transformation partner.