Top IoT trends
Machines are getting smaller, more mobile, easier to produce, and more interconnected on a global scale. Technological philosophy is moving swiftly away from a monolithic device or system approach to more modular and specialized devices that help share the data processing load across an organizational network. Each device can have unique utility, but they create a greater-than-the-sum efficiency and effectiveness that defines the Internet of Things (IoT).
With over 7 billion IoT devices now active around the world, this number is expected to accelerate to over 30 billion by 2025.1 And the global IoT market size is expected to grow from $300 billion in 2021 to $650 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.7% from 2021 to 2026.2
This exponential growth of smart, connected gadgetry is already omnipresent in the business sphere, and organizations are seeking ways to adapt to this technology strategy and supporting infrastructure. It is vital to note ongoing (and growing) trends that can impact IoT-related productivity, revenue, and enterprise adoption.
Supply chain disruption and manufacturing shortages
With the disruption of global supply chains over the past several years, vital semiconductor chips are in short supply while remaining in high demand. Production of this equipment has been upped but has yet to match industrial needs, especially where IoT markets are concerned. According to one survey by Forrester, IoT development will be hampered by anywhere from 10-15% throughout 2022.3 While this trend will likely slow down or reverse in the next couple of years, the ripple effects will continue to reshape the way whole industries deal with supply and demand as well as adjust to long-term strategies for hardware investments.
AI-driven IoT initiatives
Artificial intelligence and IoT are mutually beneficial technology and software developments finding their best performance in relationship with one another. As the IoT device base grows, so does the data being produced or used by the devices required to operate them optimally. Artificial intelligence is primed to parse the interconnected devices, which, in return, can be used to refine and “train” the AI.
Healthcare patient service
IoT has changed the way healthcare is being delivered around the country and the world, especially spurred on by the COVID-19 lockdowns. 2021 telehealth statistics show that telehealth is utilized for 13% to 17% of U.S. patient visits across all specialties.4 Now, 84% of physicians offer some form of telehealth service,5 which has spurred a new generation of IoT medical devices for remote medical diagnostics and biometric monitoring. A whole new industry has been formed, called the Internet of Medical Things (IoMT), which is estimated to be worth over $350 billion by 2027.6
The rise of wearable technology and AR/VR
Wearables are one of the primary areas where consumers engage with IoT technology, ranging from smart watches and smart rings to upcoming releases of smart eyewear, smart fabrics, IoT medical implants, smart tattoos, biomedical implants, and more.
These wearables are beginning to be combined with augmented and virtual reality (AR and VR) apps that provide real-time contextual data, increase employee performance, and deliver a broad array of network data on immersive heads-up displays (HUDs). This may also crossover with the IoT-related healthcare trend as doctors can perform surgeries via AR head wearables or perform remote procedures with the help of virtual reality and robotics. Manufacturers and distributors can look forward to running factory simulations, tracking mobile devices in a warehouse, or monitoring supply chains from aerial drone views.
How aware is your organization of these IoT advancements? Are you making investments in these areas? If it’s not a current part of your growth strategy, are any of these trends relevant to your business, and should they be considered or accounted for moving forward?
- Statista, “Internet of Things (IoT) and non-IoT active device connections worldwide from 2010 to 2025,” 2021 https://www.statista.com/statistics/1101442/iot-number-of-connected-devices-worldwide/
- Markets and Markets, “IoT Market Report,” 2022, https://www.marketsandmarkets.com/Market-Reports/internet-of-things-market-573.html
- Forrester, “Predictions 2022: Sustainability, Digital Divide Shape Edge, IoT, And Networking,” 2021, https://www.forrester.com/blogs/predictions-2022-sustainability-digital-divide-shape-edge-iot-and-network-trends/
- Single Care, “Telehealth statistics and telemedicine trends 2022,” 2022, https://www.singlecare.com/blog/news/telehealth-statistics/
- AMA, “2021 Telehealth Survey Report,” 2021 https://www.ama-assn.org/system/files/telehealth-survey-report.pdf
- Market Research Future, “Internet of Things in Healthcare Market,” 2021, https://www.marketresearchfuture.com/reports/internet-of-things-in-healthcare-market-10671