5 Trends in IoT to Play Major Role in Digital Business

Over the next five years IoT should become a strategic concern for the CIOs to strengthen their digital transformation. According to Gartner’s insight, key IoT technologies will drive digital business innovation from 2018 through 2023. This is because as per the agency’s forecast 14.2 billion connected things will be in use in 2019, and that the total will reach 25 billion by 2021
“The IoT will continue to deliver new opportunities for digital business innovation for the next decade, many of which will be enabled by new or improved technologies,” said Nick Jones, research vice president at Gartner. The main trends include AI, Social and Ethical IoT, Infonomics, IoT Governance, Sensor Innovation, IoT Wireless Networking, IoT User Experience etc.

The top trends

Trend #1: Artificial Intelligence in IoT
As the number of connected things grow exponentially, so will the volume of data. Processing this data in the right way will help make IoT more relevant for digital transformation for any organisation. This is where AI will come into play. Organisations will have to develop AI capabilities to understand a wide range of IoT information including video, images, speech, network traffic activity and sensor data. According to Jones, organisations can benefit a great deal with AI in a wide range of IoT situations, so CIOs must build an organization with the tools and skills to exploit AI in their IoT strategy.

Trend #2: Infonomics and Data Broking
Last year’s Gartner survey of IoT projects showed 35 percent of organisations who collated data from their IoT products and services will be selling that to other organisations. This evolves the new business paradigm of Infonomics. In this data is seen as a strategic business asset and can be monetized. Gartner further states that by 2023, the buying and selling of IoT data will become an essential part of many IoT systems.

Trend #3: Sensor Innovation
The sensor market will evolve continuously through 2023. New sensors will enable a wider range of situations and events to be detected, current sensors will fall in price to become more affordable or will be packaged in new ways to support new applications, and new algorithms will emerge to deduce more information from current sensor technologies. Gartner’s Jones advices that CIOs who are looking at IoT seriously should also start monitoring sensor innovations so that they can use the same for their business innovation.

Trend# 4: New Wireless Networking Technologies for IoT
IoT networking involves balancing a set of competing requirements, such as endpoint cost, power consumption, bandwidth, latency, connection density, operating cost, quality of service, and range. No single networking technology optimizes all of these. CIOs can look forward to new IoT networking technologies for additional choice and flexibility. CIOs need to explore 5G, the forthcoming generation of low earth orbit satellites, and backscatter networks to make most of their IoT investments.

Trend#5: Novel IoT User Experiences
The IoTuser experience (UX) covers a wide range of technologies and design techniques. The IoT UX will be driven by four factors: new sensors, new algorithms, new experience architectures and context, and socially aware experiences. With an increasing number of interactions occurring with things that don’t have screens and keyboards, UX designers will need to use new technologies and adopt new perspectives if they want to create a superior UX. The aim has to be an experience that reduces friction, locks in users, and encourages usage and retention.

CIO Perspective
According to the Gartner analysts, the CIOs need to start acquiring the necessary skills and partners to support the necessary IoT technologies. “By 2023, the average CIO will be responsible for more than three times as many endpoints as this year.CIOs who master innovative IoT trends have the opportunity to lead digital innovation in their business,” added Jones. In addition, CIOs should ensure they have the necessary skills and partners to support key emerging IoT trends and technologies

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