The Internet of Things (IoT) has already boosted the concept of interconnectivity, and we have seen much of it. Yet 2024 would be the most incredible show for the new and extraordinary IoT trends in almost every aspect. We could see such a bloom and continuously increasing pace just because of the interest and confidence of businesses and consumers in this field.
That has what the research firm Gartner predicted. According to their survey, almost 20 billion IoT devices will be there by 2020, and IoT product and service suppliers will generate over $300 billion in revenue.
Increase in IoT Devices
IoT has provided an innovative and all-new concept of interconnectedness. In the current period, there are thousands of routing things through which we can exchange data with the help of the internet.
However, just a few years back, one could never visualize such novelty. IHS and others have made a prediction similar to Forecast, which shows that there will be a massive rise in the Internet of Things in the coming decade.
However, these reports suggest that the very next year will spark this rapid proliferation of IoT gadgets. Departing from 2017, we have already seen an extraordinary expansion in purchasing smartphones, tablets, and other gadgets.
More Investments in IoT
Witnessing the great success of IoT devices, companies are investing in low-power and short-ranged network devices, anticipating an immense profit over a year.
The BI Intelligence has reported on IoT, according to which the next five-year era would probably encompass a $6 trillion investment.
In the Forrester survey, almost 19% of the business firms reported their existing usage of IoT. However, 28% expressed plans to induce IoT in their businesses soon. Such significant investments and notions are because of the fantastic facilities IoT could provide organizations regarding utilities, manufacturing, and transportation.
Improved Healthcare
The Internet of Things (IoT) has dramatically improved the healthcare benefits catering to patients and medical staff.
With other aspects, the most prominent boost to the healthcare system is in terms of money management and fewer investments. For instance, the cost of hospitals drastically reduced due to the IoT influence when a patient could be remotely monitored without being hospitalized.
Also, hospital data management is overwhelmingly improved due to the insertions of IoT devices such as scanners and monitors. The betterment has been seen in detecting widespread and joint diseases like diabetes. The self-management wearable gadget constantly monitors a patient’s situation, and unique apps could be used to control the fluctuating blood sugar level.
Therefore, it’s evident that an ongoing boom will further bloom in 2018.
Potential Security Threats
With all the IoT, as mentioned earlier, benefits, a probable threat is security and privacy. The existing risk may become more potent in 2018, with some new ones popping out. Despite a trove of benefits, a drawback for IoT devices is that they are a source of attraction for malevolent entities who could quickly gain personal data via an internet-connected device.
In 2016, a cyber attack was reported that has taken down many internet entities for which hackers have used IoT to power their attack. With a vast network of interconnected devices, malware or vulnerability could spread more rapidly than before.
Retail Benefits
A prosper business has core dependence on things such as proper retail and marketing to the targeted customers of a specific product. With the assistance of IoT, firms could manage their retailing fares more effectively and efficiently.
Sensors and data-driven devices by IoT are equally beneficial for a customer’s production for customer preference.
It could secure the operations like supply chains and location-based marketing. However, to enhance customer experiences, the IoT devices such as automated inventory verification and sensors could prove extremely valuable.
It is never possible to predict science accurately with all these future predictions. However, the Internet of Things could take over the majority of living spheres in the near future. Remember that the security threats may decrease the incredibility of IoT, but to evade or minimize such vulnerabilities. Proper implementation could play a vital part.
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About the Author
Zehra Ali is a Tech Reporter and Journalist. She has done her Masters in Mass Communication. Topics related to cybersecurity, IoT, AI, Big Data and other privacy matters are extensively covered by her on various platforms. You can follow her on twitter.
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