10 IoT Trends to Drive Innovation For Your Business in 2019-2020
Internet of Things is the biggest paradigm shift in recent years, compelling businesses to realign their current products offerings. We collate the latest IoT trends for business for 2019-2020 that will shape not just how we buy and sell but also how we live.
An internet-powered coffee machine that communicates with your alarm clock, then brews your morning coffee without you lifting a finger?
Thanks to the revolutionary innovation that is the Internet of Things, this whim is now a reality. IoT enables the connecting, monitoring and functioning of everyday devices to deliver unprecedented solutions in data sharing, connectivity, security and much more. Thus, impacting not only how we do business but also how we live.
The IoT has captured the mindshare of many manufacturers across markets and geographies. Every service provider today is looking to capitalize on the IoT bandwagon, ushering what we believe are trends in the IoT space. The international IoT growth chart is proof of that, displaying a massive CAGR of 19.92% from 2014 to 2020. Bain forecasts the doubling of IoT spends from $235 billion in 2017 to a colossal $ 530 billion in 2020.
In this post, we’ve put together key drivers and trends in IoT 2019 that will chart the trajectory of an internet phenomenon that’s sure to be bigger than the internet itself.
Trend#1: Connected devices grow by billions
Latest trends in IoT usher an era wherein there are more internet connected devices than humans. And rightly so, the number of devices leveraging the IoT worldwide ballooned from 3.03 billion to just shy of 5 billion in 2015 in a mere two years. This is also forecasted to scale 25 billion in IoT predictions 2019.
From smart homes, IoT driven automobiles, connected health devices and industrial IoT you will find every element of your daily life has a connection to the IoT phenomenon. This is made possible by billions of devices that connect with one another to fuel how we function.
Trend#2: Brand Convergence
The onset of the internet saw brand convergence which in turn was extended a step further with smartphones and mobile solutions. What we’re about to experience according to current trends in IoT is brand convergence on an unprecedented and unimaginable levels. While it’s the smaller businesses that are the evangelists of the latest IoT innovations, it is the global biggies who will bring the tech trends to your doorstep.
Take for example IKEA. The Swedish home hardware giant uses IoT to allow consumers to virtually see how an assembled product will look or fit in their home. Home Depot lets you select a product on their mobile application, you can then walk into their store and their smart systems will direct you to the product you viewed.
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Trend#3: Smart Cities – A Rapidly Growing Market
Smart cities – a buzzword we’ve been hearing a lot of lately. The smart city concept has caught the attention of not just industrialized countries but even the developing ones. The issues faced by densely populated cities can be nullified by the administrative standards that smart cities promise. The smart city concept relies on making data-driven decisions which is an IoT based phenomenon.
Particularly in areas of traffic control, security, education, sanitation and healthcare, IoT promises to bring tremendous benefits. The city of Los Angeles has already leveraged smart city solutions in 2013 by employing magnetic road sensors and camera feeds that help control over 4500 traffic signals. A $400 million investment has delivered 12 percent reduction in delays at intersections and 16 percent improved travel speeds.
Private organizations, municipalities, government and companies have all contributed to the widespread adoption of IoT. Wi-fi enabled smart trash cans could soon find themselves in your neighborhood. These bins can communicate with local collection authorities to signal an imminent trash spill.
Trend #4: IoT Meets Cloud
The coming together of two digital stalwarts is how we would describe IoT working in tandem with the cloud. One of the most basic needs of codependency is the fact that IoT generates and relies on huge amounts of data, analytics, and computation. As IoT gets bigger, the impending need of bringing the cloud into the picture arises.
In comparison with the other trends in the IoT umbrella, we have not seen much hype about a cloud and IoT integration. But, trends in IoT 2020 we believe will mark the rise of this next big pairing.
Trend#5: Voice Interface is the New Black
On a personal level, you owe to the IoT trend for giving you the one voice that’s a constant feature in your life. It is your smart home device, whether Apple HomePod, Alexa or Google Home. Because of IoT, the success of a device today will not only be measured by how it pleases the eye or if it provides great browsing and navigation experience. The emerging success indicator is how well the voice interface functions. According to Gartner, 30 percent of online searches by 2020 will be done without a screen.
VUI or voice user interface, however, is not just restricted to our homes. It has crept into our professional space too. Liberty company, a luxury retailer, uses VUI to check and track warehouse stocks. Voice interfaces are also making deep inroads into real-time translation and transcription, thanks to companies such as Nexmo.
The voice interface IoT trend blends with brand convergence initiatives too, Alexa and Logitech being an apt example. You will soon find that your Ford, VW or Volvo car can sync and work seamlessly with Alexa. VUI truly is one of the biggest current trends in IoT.
Trend #6: The dawn of 5G
The recent trends in IoT are crawling into niche areas of manufacturing & heavy machinery, automotive, artificial intelligence, healthcare and robotics, and most factory-produced products. All of these domains require the fastest possible network platforms and real-time responsiveness in the truest sense of the word. Imagine losing connectivity with a smart device powered car traveling at over 70 miles an hour. Scary, right? The consequences could be dire.
Hence, it is almost imperative that 5G capabilities come up to speed, in order to feed our need for all things IoT-enabled. These statistics tell us just how important 5G is to the nurse the IoT dream. A Machina study predicts enterprises with multi-country solutions will pull the plug on earlier generations by 2020. This study also goes as far as to predict that IoT will account for 25 percent of all devices connected to 5G capabilities.
Trend #7: The mainstream phase of smart homes
Brace yourself for the concept of smart homes taking the home improvement industry by storm. Can you imagine a virtual fence that alerts your smart home devices when you are approaching home and are within a certain geographical range? Welcome to the idea of Geofencing!
We as consumers cannot even begin to imagine the inroads IoT will make in personal spaces. Berg Insight predicts the skyrocketing of the smart home market, currently valued at $20 billion, to $58 billion in 2020. But here’s a statistic that’s going to leave you absolutely baffled. In 2006, 2 billion smart devices existed. Intel’s IoT predictions 2020 state a hundredfold increase in smart devices to 200 billion devices. Take a moment to digest those staggering numbers.
An additional benefit of the smart homes wave is the opportunity it throws up for consumer product manufacturers to cater to their clients. IoT allows them to connect with their audiences at a deeper level, tap unexplored solutions and products and cost skim with first mover advantages.
Trend #8: IoT transforming retail
The retail markets alone are looking at a combined IoT spend of $94 billion by 2025. Amazon has already given us a preview on how IoT trends for business are influencing the retail world. The much acclaimed Amazon Dash has revolutionized how retail shopping is done. This tiny widget alerts you through the Amazon shopping app if you need to replenish your supplies. This product is proof that IoT is going to penetrate deep into the retail ecosystem.
The retail landscape will also be impacted by the advent of voice interface and smart homes. Using one simple smart home device, IoT enables you to control more than a thousand devices such as ACs, microwaves, and kettles. This calls for manufacturers to invest and make their products IoT enabled. More importantly, it will significantly impact how retailing itself is done. Marketing your new coffee maker for its fast brewing capability or smooth rich blend isn’t going to resonate to buyers if it’s not a connected device.
Trend #9: Improved Office Spaces
IoT throws open opportunities in smart motion sensors, air-quality sensors, smart lighting and security. Trends that can significantly reconfigure how workplaces function. Just like our smart home devices, virtual assistants at offices will soon be commonplace. Alexa for Business is a pioneer in this space. From replacing speakers, booking conference rooms to responding to emails and reviewing business ideas, your smart device almost works like a reliable colleague.
Current trends in IoT Internet of Things for office spaces not only make work life easier but also significantly impact human productivity levels. Devices such as Google’s Nest thermostat, Philips’ smart lights, and smart window shades makes your office a responsive and intelligent workplace. Additionally, energy savings, sustainability, and efficiencies in costs are all taken care of. Unlike smart homes, smart offices are yet to reach their precipice. The smart office market is predicted to reach $ 61.4 billion by 2023 at a CAGR of 12.94% from 2017-2023.
Trend #10: New Business Offers Available
Every business in the coming years will be looking to capitalize on the latest trends in Internet of Things. Manufacturers will not only look to integrate IoT with their product but also collaborate with other service providers to achieve competitive advantage. An unprecedented increase in co-dependency and brand convergence is also in the cards.
No prizes for guessing that telecom stalwarts will stitch together IoT-enabled services as part of their retail packages. Expect appliance manufacturers to bundle an Amazon Dash with your new smart refrigerator. How recent trends in Internet of Things impact new business models and offers is exciting and gripping to anticipate and experience.
IoT really does tie in changing market trends and trajectories together. What we, as technology partners and enthusiasts, can anticipate is only what we expect and imagine.
If you wish to explore how current trends in Internet of Things can impact your business landscape, get in touch with us here. You can get benefit from discussions on all things of IoT with the subject matter experts at Ardas-IT. We would be glad to answer your questions and help make your unique idea a reality!
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