IoT Trends for 2018

Internet of things or IoT has become the backbone of a lot of ideas and is having a world-changing impact on global commerce and lifestyle. It has now entered the next stage of business where it has become the core idea behind strategies, transformations and innovations.

2015-2016 was the year when IoT accelerated and it has never paced down ever since. We believe that in the years to come, it will become an even more valuable asset for businesses and be the platform for bigger ideas to shape up. In this article, we shall discuss few trends that IoT is set to follow keeping the present technological scenario.

Blockchain – Cryptocurrency – Bitcoin, these were the technology buzz words that swept most of 2017. The convergence of IoT and Blockchain is believed to bring a real shift in the way transactions are managed. The real-time data from an IoT channel can be used in automated encoded transactions that preserved the security of all parties involved.  The Blockchain – IoT combination will be the answer to all security concerns that were making news especially in the financial sector.

IoT enables dynamic data sharing which is why the role of Big Data will be very important in the process. This will increase the dependency on Big Data Analytics a more and more data from devices across various channels will form a strong database. Big Data is now being used in different ways, HR being an example, which increases the demand for good analytical skills.

With the help of Artificial Intelligence and Machine Learning, real-time alerts can be triggered across various IoT channels, making the system more agile and responsive. This can be used in various security and Smart Homes concept to bring a more reliable system for us to use.

There are no two ways to the fact that the number of connected IoT devices will grow at a rate we had never imagined. With technologies bringing innovative devices for us, like smartphones, health and wearable devices etc, it is expected that by 2018, the number of devices will double to what it was in 2016 and will reach a mark of 46 billion by 2021

Brands are trying every possible way to connect with customers and the IoT channel is one of them. They are using the technology to locate our location and automatically suggest relevant ideas/updates and provide more personalized information according to our behaviour or routine. The real-time data access helps them know the exact mood of the customer, which they try and use it to their advantage.

There is no doubt that IoT will be a game changer for a lot of industries in 2018. It will be interesting to see how industries embrace this technology and come up with new ideas to disrupt the way things operate today.