The ubiquitous Internet of Things is restructuring our society and our surroundings more and more every day. Smartwatches, smartphones, smart TVs, smart kitchen appliances, smart cars — it’s everywhere, and it’s just the beginning. This trend is gaining momentum to sweep us off our feet in the near future with the era of the Internet of Everything.
If you are not keeping up with this pace, you might be already late. What business opportunities the Internet of Things holds for businesses in 2023? What are the main trends that will dominate the market in the new year — uncovering this in today’s article.
First off, metaverse. It is an innovative digital environment that is not presented as a separate space, but rather as a set of developing technologies that create a new interoperable ecosystem. Metaverse is also dependent on digital currencies and NFTs (non-fungible tokens). Gartner predicts that by 2026, 25% of people will spend approximately one hour a day in a metaverse for work, education, entertainment, etc.
Being one of the biggest IoT trends in 2023, digital twins and metaverse are closely intertwined in terms of how they will form the general technology landscape this year. IoT sensors provide valuable data for building numerous digital twins of many important systems and devices. Then, businesses will be able to use some of the metaverse technologies, like VR, to get insight of how the recreated systems (in the form of digital twins) work and what they lack in order to improve them.
The combination of IoT and Artificial Intelligence is known as AIoT (Artificial Intelligence of Things). The growth in the use of artificial intelligence (AI) cannot be underestimated. It is now used to make decisions based on the data collected by IoT devices. AI is being used to analyze large volumes of data and to create predictive models that can help make better decisions. This technology has already been used in some areas, such as autonomous vehicles and healthcare, and it is expected that it will become more commonplace in the future.
Take a look at ChatGPT that is now wreaking havoc in the business and technology worlds, setting up new opportunities as well as new risks. The widespread adoption of AI in companies may help delegate tasks to the AI and thus automate many of the processes that had been previously done manually.
This trend is of growing importance because with the increasing number of connected devices around the globe, businesses need to have a holistic tool for managing the software of those IoT devices. Containerized applications are here to help — they provide improved security, scalability, portability, and abstraction.
The main principle of how containerized app function is the virtualization of the whole interconnected IoT ecosystem. For large-scale IoT, this is a game-changer. Developers are able to visualize, observe, and understand the processes inside the IoT ecosystem, which can make deploying the application across multiple environments much easier. Additionally, by isolating the application from the host operating system, it can become more secure and any potential vulnerabilities can be contained.
This market is growing with an unprecedented pace. The Internet of Medical Things is expected to grow to a network of 20-30 billion IoMT devices being used in this sphere. Such devices encompass everything from miniscule IoT device sensors monitoring crucial indicators to the software for smart beds in hospitals.
Remote patient monitoring, telehealth, makes it so much easier for people to have access to healthcare by digitizing medical visits. It also allows healthcare workers to identify and prevent diseases so much quicker. Almost 84% of physicians claim that they provide some kind of telehealth for their patients.
Data privacy and cybersecurity threats must be addressed with the highest caution, as almost 57% of IoT devices can become an object of a malicious cyberattack. 98% of IoT devices traffic is unencrypted, it exposes confidential personal data on the network thus allowing attackers to have access to the unencrypted network traffic. This here is a serious security threat that raises the need for improved and refined cybersecurity standards.
In 2023, it is expected that there will be a continued increase in the number of connected devices, with estimates of about 25 billion by 2025. As the number of IoT devices increases, focus on security and privacy will be the main one. With the advancement of technology, we are seeing more and more devices that are designed to be secure, with encrypted communication and advanced authentication methods.
The Internet of Things is expected to continue to grow and advance in 2023, bringing with it a range of opportunities for businesses and consumers alike. With an increasing number of connected devices, enhanced security and privacy, the use of AI, and more advanced features, IoT is set to be an increasingly important part of our lives in the coming years.
The IoT development will open up more advanced features & technologies, such as 5G connectivity, AIoT, containerization, digital twins and other sophisticated IoT tools. As technology advances, it is likely that more companies will be drawn to the possibilities of the IoT, leading to even more opportunities and uses.