You must pay attention to the latest innovations coming to the Internet of Things. IoT devices complement many other advanced technologies, so people are starting to combine them. These emerging IoT trends stand to revolutionize how businesses use the technology.
How Are IoT Trends Evolving Technology?
Emerging IoT trends are evolving technology into something entirely new. It combines with the most advanced, popular innovations to create something never before seen. The IoT as you know it may soon change forever.
In 2022, IoT startups secured the highest amount of funding they had received since 2012. They collected an average of nearly $16 million, a 30% increase from 2021. People saw the emerging trends of 2023 and decided they needed to be a part of the technological innovation.
The market for IoT devices dipped over 20% in 2022. However, they still secured incredibly high funding because investors believed the upcoming trends would revolutionize the technology. How much money they receive gives businesses a direct insight into its future. In this case, it is a clear indication of success.
What Are the Emerging IoT Trends?
The emerging IoT trends offer new takes on traditional devices. While some incorporate other well-known technologies, others create something entirely new.
Many emerging trends combine IoT devices with other advanced technologies. Automation has been a massive success for many businesses and is among the most popular. Although it has existed for a few years, it is only starting to pick up speed.
Many companies use IoT in robotic automation. For example, FedEx has used it for five years to organize and distribute mail, replacing traditional carriers. Most businesses rely partially on e-commerce sales, so they would benefit from technology that can package, label and ship products.
Even if you do not ship items to customers, you should pay attention to this trend because it has many real-world uses. No matter your industry, you can automate some of your responsibilities with IoT devices. It could streamline your processes, increasing accuracy and profit.
Artificial intelligence in IoT — what people call AIoT — is one of the latest IoT trends. It combines artificial intelligence with traditional IoT technology. However, the extent of its presence differs depending on the device’s purpose.
Incorporating AI into IoT allows businesses to rapidly analyze data, make accurate predictions and run things smoothly. The simplest form of AIoT uses an algorithm to process information, while the more advanced version makes the devices operate independently.
Much of the buzz around it comes from the potential for peer-to-peer communication where each IoT device interacts with others. They already have a constant connection to the internet, so establishing one between a group of them is a minor leap.
A business owner is no stranger to supply chain delays and surprises, considering everything from a bad storm to a foreign conflict can disrupt things. IoT asset tracking can give immediate updates on an item’s location.
You can use remote IoT tracking to find packages in real time, no matter where you are. It improves traceability, helping you reduce losses. All you have to do is put a device on a pallet to keep track of its whereabouts the entire time it is in transit.
On top of tracking where products are, IoT asset tracking can tell you if they break in transit. The sensors can detect minor changes and alert you to potential damage. This technology can even improve your brand’s reputation since you can resolve the issue before your customer receives a defective item.
A digital twin is a virtual copy of a physical object. Basically, it is an advanced version of traditional simulations. You use IoT sensors to map whatever item you want to visualize to monitor it in real time or simulate it after a change.
A digital twin can handle thousands of variables simultaneously, so you can use it for complex situations. For example, you could simulate how your new packaging design will function. You can use a digital twin instead of repeatedly building and testing prototypes.
It is also helpful for visualization. A digital twin can help you if you want to keep track of something remotely. Since it is a replica of the item in a digital format, you can monitor it even if you are not close to it. If something on the actual object begins to malfunction, you can consult the copy to understand how to troubleshoot things.
Regulations have begun to appear because of the rapid appearance of new IoT trends. Businesses should be aware of each new law to protect themselves as they adopt the technology. Regulatory bodies want to set ground rules as more industries use it.
For instance, the European Commission accepted a data protection act in 2023. In the United States, the Federal Communications Commission proposed mandatory cybersecurity labels for IoT devices in the same year.
What Can Businesses Do to Prepare?
Businesses can analyze their needs to prepare for upcoming IoT trends. Once they identify where to use the technology, they can figure out how to implement it. While AIoT may be the best choice for one company, automation may be vital for another, depending on their individual needs.
Whatever they choose, it is a good idea to act now since the technology is only getting bigger. In 2023, the amount of IoT devices reached 15.14 billion globally. Experts expect the number will continue to rise and reach nearly 29.5 billion as early as 2030. They can take advantage of the growth if they prepare for it.
Follow the Trends
Businesses can benefit from paying attention to emerging IoT trends revolutionizing technology. You could use it to automate your e-commerce packaging, test new product prototypes digitally or predict supply chain delays. Ultimately, it could improve your company’s operations and elevate your digital processes.
Eleanor Hecks is editor-in-chief at Designerly Magazine. Eleanor was the creative director and occasional blog writer at a prominent digital marketing agency before becoming her own boss in 2018. She lives in Philadelphia with her husband and dog, Bear.
