6 Trends in IoT to Watch in 2017April 11, 2017
Most technology trends that gained momentum in 2016 are starting to get bigger and better in 2017. And, of course, this includes the internet of things (IoT). Like it has been over the past couple of years, innovations in IoT applications including smart homes, and offices, appliances, utility meters, and smart factories will continue to dominate the technology landscape in 2017.
So, whether you are contemplating your own IoT startup, thinking of adding IoT applications to your business or considering investment opportunities, it is important to consider the key trends shaping the IoT space in 2017.
1. Convergence of Blockchain and IoT
The blockchain technology is no longer in a conceptual stage; rather its footprint is now visible across various industry verticals. The emerging technology, in 2017, will play a pivotal role in resolving the scalability, reliability, and privacy concerns in the Internet of Things.
The convergence of IoT with Blockchain will obliterate failures, and create a robust ecosystem for the new generation of connected devices and applications. Blockchain’s cryptographic algorithms will leverage enhanced security, enabling IoT to become more resilient.
2. IoT Will Flare up Smartphone Functionalities
2017 will witness more ‘mobile moments’, as smartphone users will increasingly use their phones to control an array of connected devices like cars, home appliances, and smartwatches. The stream of data from these connected devices will open up new opportunities for enterprises to interact, engage, and heighten customer experiences, which will eventually boost loyalty.
3. IoT, Artificial Intelligence (AI), and Cognitive Capabilities
The IoT ecosystem helps the development of AI and cognitive capabilities that turn raw data into meaningful, actionable insights. The traits and patterns drawn from these insights can be utilized to learn more about customer behaviors. This can help businesses improve targeting and enable better and faster decision making.
IoT in the cloud will accelerate the evolution of artificial Intelligence, machine learning, and cognitive capabilities in 2017, enabling organizations to effectively mine and put to use the data coming from connected devices.
4. IoT and Connectivity
Different IoT components are connected to the sensors via technologies like Bluetooth, Wi-Fi, Wi-Max, Low Power Wi-Fi, Long Term Evolution (LTE), regular Ethernet, and Li-Fi. The advent of new wireless technologies such as Sigfox, LoRaWAN, and 3GPP narrowband (NB)-IoT in 2017 will drive the industry to adopt new standards for connectivity
5. IoT and Talent-Crisis
45% of the IoT companies, according to a survey by TEKsystems, are struggling to find fresh talent for large-scale IoT projects like smart cities and other industrial facilities. The shortage of application developers and security professionals will force the enterprises to bring IoT training and certification into mainstream training curriculum in 2017.
6. IoT and New Business Models
IoT in 2017 will introduce smart business models across vertical, horizontal, and consumer markets. IoT will enable organizations to reinvent their business processes, develop innovative products and services, lower cost of ownership, and make the customer journey hassle-free and more seamless.
2017 is expected to see an exponential growth in the adoption of the technology as more IoT offerings and game-changing features continue to emerge. Watch out for these trends to stay prepared for what’s coming next.