Internet of Things Trends

The main trends of the future development of ioT are:

 – Many more devices: As IoT continues to expand to more verticals, we will see an increase in network-connected devices. If we take for granted the data that we point out in What is the Internet of Things?, that there are about 14 billion connected things, this figure represents less than 0.1% of the total of things that could connect to the Internet, which  CISCO figure at 1.5 trillion. The growth potential is huge. 
 – Smartphone connectivity with IoT: We are already connecting to IoT devices using smartphones to manage thermostats, security cameras and home appliances. Smartphones will become the majority user interface for accessing IoT devices.
 – Fragmentation in standards/communication: Despite the efforts of some players like Qualcomm, the lack of standards will remain the norm for several years.
 – Vocal interface: Increasingly, the way to communicate with IoT devices will be through voice.  Virtually every automaker is working on virtual assistants to help drivers drive more safely and conveniently behind the wheel. And voice  control will increasingly become an option for industrial and enterprise technology.
 Cybersecurity challenges : As with most technologies, security will be the main challenge facing IoT solutions. In this case, particularly aggravated by the massive number of devices and the difficult control in updating software versions of them.
 – Integration with empowering technologies, especially Big Data, predictive analytics and artificial intelligence. Currently, most IoT data is not used. For example, on an oil rig that has 30,000 sensors, only 1 percent of the data is examined. This is because this information is mainly used to detect and control anomalies, not for optimization and prediction, which would provide much more value. 

One idea that should be clear is that by the end of 2019, we are at an early  stage in IoT adoption. Still, the IoT is starting to have a real impact by changing the way products are manufactured, distributed, and repaired, by making smartphones the most ubiquitous, rich, and accessible IoT device, or by changing the way doctors and patients handle health and wellness. For McKinsey, capturing the full potential of IoT applications will require:
 – Innovation in technologies and business models.
 – Investment in new skills and talent.
 – Policy actions to promote interoperability, ensure security, and protect privacy and property rights.

According to the report McKinsey’s “Unlocking the potential of the Internet of Things,” IoT has the potential to generate between $4 trillion and $11 trillion in economic value by 2025.  The largest contribution is expected to come from Industry 4.0, followed by smart cities, healthcare and retail.