Developers and analysts are of the view that more than 20 billion devices would be connected to IoT by 2020 and that IoT product and service providers will add more than $300 billion of revenue. There’s no doubt that IoT is evolving at a great pace and we are yet to know what it holds for us in the future. However, at ITspresso, we will look at the 5 hottest trends that are expected to define the future of IoT in 2020 and beyond.
The days of cloud computing may have been numbered because one of the greatest transformations is likely to happen. IoT devices, which used to use the cloud for data storage may shift to edge computing. In this scenario, instead of transferring the data to the cloud, the data would be stored to a local device located closer to the IoT device. This may also be closer to the edge of the network because that is why it is known as Edge Computing.
The best thing about this local storage is that it can filter, sort, and calculate the data and send only that part of the data to the cloud which is necessary thus reducing traffic to the network. There are a lot of advantages to this type of computing. It can manage a large amount of data and reduce dependency on the cloud making the application to perform faster and better. Furthermore, it consumes less bandwidth because the data is stored locally and even in slow internet connections, it can perform well.
Big Data & Artificial Intelligence
The amount of data that needs to be processed and analyzed will grow significantly because of the growth in the number of consumer and industrial devices connected to IoT. The basic idea is not only to collect data but to generate information that can be processed. In this regard, serious big data and artificial engineering techniques would be needed to process all the information. A unique mix of artificial intelligence, big data, and IoT would lead a new generation of applications that will change the way we have been benefiting them in the past.
Blockchain and IoT
The benefits of Blockchain for data encryption are not hidden to anyone. The wave of decentralization has taken many financial institutions, entrepreneurs, industrialists, and consumers as well; due to which they have become smarter and self-governing. Even today, some of the new companies have started building their devices to develop modules along with other components for firms. These modules and other components for firms come with the additional cost of cloud and SaaS.
Blockchain will help in creating more decentralized IoT devices in the future in the sectors of health, finance, and many others that today we can’t even think of. Such types of IoT technology will have great effective impact.
Personalization of Retail Experience
Retail supply chain management is one of the vastly used applications of IoT. In the next year i.e. 2020, sensors and other smart beacon techniques and technologies, shopping experience would be enhanced to an unimaginable level. In 2020, it is very much on the cards that IoT trends will personalize the commercial presence. For consumers, there would be massive innovations like receiving a discount notification on a product that you usually purchase from your favorite store. Here the role of artificial intelligence will also come into play. The latest and upcoming technological trends of IoT will definitely ensure better integration of personalized retail experience that will innovate the way we have been shopping online all these years.
Resource and Energy Management
Energy and resource management depends on the acquisition of a better understanding of consumption. The products that reach the market the most are the ones that can fit in electrical panels because they manage the energy consumption quite well. IoT technological trends, most of the time, can be easily integrated into resource management that make the lives quite easier and comfortable at the same time.
In the world of IoT, anything is possible and since we are depending a lot on smartphones and other smart devices, notifications can be added to them as well that will make the process of energy and resource management easier. When the power threshold is exceeded, the applications will give out notifications for functions like temperature management and sprinkler control. Think of other possibilities? Surely they would also be covered by IoT.
These are just 5 of the hottest trends that will dominate IoT application development in 2020 and beyond. Of course, you would be seeing more advancements in this field that will transform the way we have been looking at IoT. And what’s worth mentioning is that ITspresso would also be a link to this chain driving the innovations. So, if you have any exciting idea that we can turn into an application, leave us a message or Contact Us. You can also send us an email at [email protected]. We would love to answer all your queries and provide a free quote as well.