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Internet of Things (IoT) is key to the successful adoption of a variety of solutions, such as AI (and machine learning), 5G, cybersecurity and more. Learn how this emerging solution will only continue to impact and transform other technologies in 2022 and beyond.
First coined by the co-founder of MIT’s Auto-ID ID Center, Kevin Ashton, in 1999, the term Internet of Things, or IoT, refers to a web of devices exchanging and collecting data from one another, storing it in either a local device or the cloud. The adoption of IoT paved the way for automation and remote access not only in supply chain management but in other verticals such as healthcare, agriculture, retail, and energy/utilities. Many if not all industries rely on data to operate and expand their businesses, as well as calculate risk, making IoT a versatile technology for businesses today.
For this reason, the IoT technology market is expected to rise to $1.39 trillion by 2026, as businesses continue to utilize remote monitoring, smart devices and data analysis solutions. Businesses will only continue to invest in these technologies, boosting demand for IoT, which is key to implementing complementary solutions such as AI, machine learning and 5G. Read on to learn more about how IoT will drive innovation in 2022 and beyond.
Artificial Intelligence & Machine Learning
IoT and artificial intelligence (AI) are a match made in heaven, given that IoT collects data while AI manages and analyzes it. As businesses invest in AI, high-quality data will be essential for machine learning. IoT devices can provide data collection in real-time, allowing AI, in verticals such as manufacturing, to refine their algorithms. For instance, IoT devices can collect information that will enable AI to identify when machinery needs to be repaired, allowing automation to be adopted quickly and efficiently. Another benefit of merging IoT with AI is that businesses can use both technologies to predict risks to their organizations, as well as analyze customer behavior to improve and personalize their customer service.
5G
According to the Ericson Mobility Report, 29 billion devices will be connected to the internet in 2022, which can result in network congestion. Unlike the commonly used 4G networks, 5G is faster and allows IoT devices to process data more effectively, reducing latency and providing greater bandwidth. providing greater connectivity and scope.
Edge Computing
Edge computing has many benefits to businesses, one of which is decreasing latency by reducing the amount of data transferred to the cloud. Instead, information can be stored and processed locally within an edge device, saving bandwidth within IoT networks. The security of IoT is also improved as the information can be accessed locally outside of a centralized location. As businesses continue to turn to hybrid cloud systems to deliver IoT services, edge will be needed to ensure speedy and secure collection of information.
Healthcare & Telehealth
IoT in healthcare, or IoMT (Internet of Medical Things), consists of everything from heart rate monitors, blood pressure monitors and defibrillators to fitness bands and trackers for consumers at home. Hospital room monitors have become more common as social distancing measures began during the pandemic, recording patients’ vitals in a safe and secure way. With these IoT devices helping doctors easily diagnose and treat patients more remotely, the market for these technologies will only continue to increase. Consumers can expect wearable health monitors to become more common as demand for at-home care increases. IoT devices will also be used to keep inventory and organize remote appointments, making healthcare more accessible.
Security
1.5 billion attacks have targeted IoT in 2021, with numbers only increasing for 2022. While IoT networks are innovative, this massive ecosystem of devices leaves the entire system vulnerable to threat actors. All it takes is one hacked device to compromise the entire IoT network and all the devices within it. Another risk is that IoT consists of physical devices that can be easily lost or stolen. Given these vulnerabilities, IoT manufacturers have started shipping devices with default passwords, and consumers are becoming educated about these risks.
An opportunity that IoT is bringing to the security industry is its ability to collect data on network traffic to further predict and prevent cyberattacks. Most recently, IoT with blockchain is being explored to encrypt data safely and efficiently, further reducing the security risks for these technologies.
Overall, IoT will continue to be an important emerging technology, with a reach far beyond its supply chain roots in 1999. As more businesses seek to automate their operations, they will need to also consider complementary technologies that can either further secure IoT networks or benefit from IoT implementation. The possibilities are endless, as IoT transforms the services we rely on most.
ABOUT THE AUTHOR
Nefertari Bilal serves as TBI's Content Marketing Specialist. Raised in New York City, Nefertari moved to Chicago to complete her bachelor's degree in journalism at Northwestern University in 2020. An avid and curious writer, Nefertari is passionate about studying complex topics and explaining them in an engaging, impactful way. Her personal motto is, "feel the fear and do it anyway." In her spare time, Nefertari bakes keto treats, creates podcasts and short stories, as well as supports the local theater. You can reach Nefertari at nbilal@tbicom.com or connect on LinkedIn.
