Businesses are flocking to the Internet of Things (IoT) to help them optimize operations and drive business innovation. In fact, according to IDC's Worldwide Internet of Things Spending Guide, investments in the IoT ecosystem are expected to increase from $805 billion in 2023 to $1 trillion in 2026.
“The last few years have shown that connecting with a digital infrastructure is no longer a luxury, but a necessity,” said Carlos M. González, Research Manager for IoT at IDC. “For organizations to excel in data-driven operations, investing in IoT projects is essential. Connecting devices to data networks to gather insight, expand operations and increase performance are the hallmarks of executing an IoT ecosystem.”
Let’s explore trends in IoT and how it’s driving business success.
What Are the Top Trends in IoT?
The proliferation of IoT is accelerated by several complementary technology advancements, including the following:
- Artificial Intelligence (AI) and Machine Learning (ML) enable intelligent IoT systems, wherein devices can analyze data, identify patterns, and make informed decisions.
- 5G network expansion supports low-latency IoT connections for real-time data processing.
- Edge computing moves IoT data processing closer to the source for faster response performance.
- Advances in data security protect networks and sensitive data from potential breaches.
IoT is also driven by overarching business imperatives, including the following:
- Cutting Costs– IoT can help companies work more cost-effectively by automating and optimizing operations, monitoring and reducing energy use, tracking and allocating assets efficiently, and more.
- Achieving Sustainability– IoT is integral to reducing carbon footprint by monitoring and curbing energy use in buildings and factories, monitoring water quality and waste, and supporting alternative wind and solar energy sources.
How is IoT Enabling Business Innovation?
IoT is fueling innovation across a variety of vertical industries, such as:
- Healthcare– The medical community is embracing IoT for applications, including monitoring patients’ vital statistics to improve health outcomes and tracking medical hardware so it’s easily accessible and well maintained.
- Retail Chains– Retailers are using IoT for tracking inventory and automating checkout to improve the customer shopping experience.
- Smart Cities– Municipalities are using IoT to manage traffic, parking, and air pollution in an effort to optimize infrastructure for efficiency and sustainability.
- Agriculture– Farmers are using IoT sensors to monitor growing conditions, track livestock, and enable smart greenhouses and irrigation systems to improve production and sustainability.
Aside from these industry-specific applications, most businesses can benefit from IoT for:
- Asset Tracking– Locating vehicles or equipment inside or outside of the company premises.
- Supply Chain Management– Tracking assets throughout supply chains.
- Energy Conservation– Monitoring and managing air conditioning, lighting and energy usage to reduce energy waste during off-hours when buildings aren’t in use.
- Security– Strengthening physical securing with smart cameras, sensors, and locks, as well as monitoring IT assets to predict when they may fail or pose security risks.
IoT is a Smart Move
IoT applications are driving innovation, turning companies large and small into “smart” businesses. To realize benefits for your company and customers, connect with Cox Business for expert design deployment and management from a name you trust. Our IoT specialists will draw on cross-industry and cross-technology experience to customize an IoT solution to meet your industry-specific needs or business imperatives securely and cost-effectively.
