Despite or perhaps precisely because of the fact that the current crisis is creating a massive challenge to mankind, this challenge will open up new opportunities, especially within the IoT ecosystem.
Nevertheless, the Internet of Things is an increasingly important part of our daily lives. More and more systems are set up to gather, analyse and respond to data without human intervention. More tasks are becoming automated and devices are becoming increasingly connected, allowing them to function together more efficiently. It is becoming easier to share data and perform transactions within closed networks, meaning that IoT is now essential to many businesses and industries. In 2020, IoT will continue to become more important in our lives and our societies.
IoT In Society
The growing prominence of “smart homes” demonstrates that IoT already plays an important role in many people’s home lives. It is also becoming increasingly important in business transactions and professional communication. In 2020, we are likely to see IoT take a central role in how our cities and societies function. It will play an increasingly important role in many industries. IoT has the potential to have a dramatic impact on healthcare, education, manufacturing, transport and many other crucial areas.
A Growing Market
In 2018, the global IoT market was valued at 190 billion USD. By 2026, it is forecasted to be worth 1,102.6 billion. This extraordinary and rapid growth will be evident in 2020. The McKinsey & Company graph below demonstrates just how significant it could be economically. Here, we’ve gathered together a few of the IoT trends to look out for in 2020.
Edge computing is one of the key developments in IoT. It involves bringing computation and data storage closer to relevant devices. Data is processed by these devices themselves, or by local systems, rather than through a data centre. This helps systems to operate more efficiently and to use less bandwidth. As IoT becomes more prevalent, edge computing will help it to operate more effectively.
Blockchain and IoT
Blockchain plays a crucial part in IoT systems. Blockchain refers to systems of records linked using cryptography. It facilitates direct, secure transactions between members of a particular network.
The system uses strong coding to ensure that transaction records cannot be altered. As online transactions and data security become increasingly important, blockchain will play a crucial role in IoT development.
Many homes have become increasingly smart in recent years. In 2020, expect cities to begin to follow suit. IoT systems will be used to share data between public organisations, private companies and citizens. Cities will be made more efficient with regards to issues such as traffic congestion and availability of goods and services in the areas where they are required.
Sustainability and Automation
IoT will be used to make cities more environmentally sustainable. Certain activities that are now carried out by people will become automated. These will be gradual developments, but we’re likely to see them emerge during 2020.
IoT in Home Healthcare
IoT developments are dramatically improving the potential of home healthcare. Doctors can now monitor and advise patients remotely via IoT systems. Complex medical support systems are also becoming increasingly automated. This means that people undergoing treatment can now rely on these systems at home rather than requiring hospital facilities. This has the potential to revolutionise our healthcare systems.
The current Covid-19 crisis may teach us more about how IoT can support healthcare. For example, home testing for medical conditions may become more common due to IoT advances. Doctors may also begin to advise people on symptoms remotely to reduce the strain on overburdened healthcare systems.
An Exciting Time
These are only a few of the IoT trends to look out for this year. Every aspect of our society will ultimately be affected by the progression of IoT. It is an exciting time for those of us invested in the Internet of Things.