Speakers and smart glasses are already familiar to everyone. The next thing will be smart cities and clothing that tracks our every move. Surely you’ve talked to Alexa before and in recent months have read about smart glasses and Google applications framed in the Internet of Things, or (IoT). Keep reading and discover the Internet of Things trends for 2023.
What is the Internet of Things?
The term Internet of Things was first used at the Massachusetts Institute of Technology (MIT). The idea it represents is well illustrated by its name. It refers to all everyday things connected to the internet. However, it could go much further than that…
While most of us today have cloud-connected computers, smartphones, tablets, smart TVs, game consoles and vehicles, not everything in the world is like that. But they can be close!
We are moving towards a reality where every device ends up connected to the internet and with it other things that it can connect to. This connection will be made through various means such as WiFi, bluetooth or the famous 5G.
This IoT trend also includes machine-to-machine (M2M) communication. We can ensure that Internet connections become more frequent between devices, allowing millions of threads to communicate the data they record. Keep reading and discover the trends related to the Internet of Things in 2023!
An Increasingly Connected World
According to a recent report published by Frost & Sullivan, the number of devices connected to the Internet of Things will continue to increase in the coming years, reaching 66 billion units by 2026. In this way, large organizations will continue to try to recover from the coronavirus epidemic . • COVID-19 and become more efficient, productive and aware of the importance of the customer experience
With a compound annual growth rate (CAGR) of nearly 15% since 2017, companies around the world are open to investing in hybrid and multicloud environments where IoT-connected devices play an essential role.
In the words of research vice president at Gartner, Nick Jones, “CIOs (Chief Information Officers) who dominate the innovative trends for the Internet of Things have the opportunity to drive digital innovation in their businesses”. Let’s see the main trends of the Internet of Things in 2023!
Internet of Things Security
Internet of Things devices make our daily lives easier, and smart homes are proof of that. However, here’s the real problem: these devices are a gateway for cyberattacks that we are not used to until now. Hackers can learn more about us through the technology we plug into our homes.
That’s why, as the number of smart devices increases, the number of attacks increases and security experts stop working.
Digital Twins are Here
A digital twin is a representation of a product being presented to engineers before it is released. One of the trends we will see in 2023 is that IoT will be essential to the development of these digital twins in virtually any application. Digital Twins will help customers leverage data for product design, production and innovation.
Half of the companies in the manufacturing space are expected to use digital twins this year in order to increase their overall efficiency.
Internet of Things and the Metaverse
Many experts have declared that the Internet of Things and the Metaverse will completely revamp the world of technology.
This merger will create new commercial, industrial and social opportunities. Furthermore, it will allow Metaverse to expand into other areas of business such as education or science and will increase entertainment and a highly immersive experience.
IoT and Data Analytics
IOT is no longer just about owning wearables or talking to Alexa. Now it looks like the Internet of Things will focus more on processing data and making recommendations based on the results.
This is largely due to the ability of the Internet of Things to partner with artificial intelligence and machine learning technologies to process massive amounts of data. In 2023, we will see more data aggregation to make smart and informed decisions and recommendations, which is one of the big trends of the Internet of Things.
The Internet of Health Things
Healthcare is an area with many IoT business opportunities. It is estimated that the market value of IoT-enabled healthcare devices will reach $267 billion by 2023.
Smart watches are very useful for people with health problems. These elements allow them to know your vital signs in an approximate way; in fact, smart watches have ECG and Sp02 sensors.
In 2023, we will also see new products such as wearable skin patches and many other consumer features. An obvious example is Elon Musk’s Neuralink devices, which make implants that read nerve signals and can help paralyzed people regain control of their bodies.
The Scarcity of Chips has to Speak
Chip shortages will be a constant theme in 2023. The global shortage of semiconductors will continue this year, affecting price stability and availability of these materials, an issue that will affect the sector, as most of the supply is made of silicon for the production of CPUs and GPUs.
The effects of the supply crisis will be felt, above all, by the lack of microcontrollers and sensors, essential elements in this market.
Integration of 5G Technology and Remote Work
The apparent growth of 5G technology, as well as cloud computing and faster and wider network access, will continue to underpin the growth of the Internet of Things, while the new variables of COVID-19 will continue to drive the need for companies improve remote work and access to data in a decentralized way.
New User Experiences
Businesses gain a greater understanding of their business operations and how their customers use their products or services with connected equipment.
With an unstoppable number of object interactions without screens and keyboards, enterprise user experience designers will need to leverage new technologies and perspectives if they want to create a superior user experience that reduces friction and blocking while enhancing engagement. Use and Retention.
User experience innovation will be one of the most relevant IoT trends in 2023 based on new sensors, algorithms, experience architectures and socially aware architectures.
The Legal and Ethical Internet of Things
As the Internet of Things grows, so do social, legal and ethical issues. This includes data ownership, privacy issues, algorithmic bias and data protection. Therefore, the development of the legal and ethical aspects of the Internet of Things will be one of the points to be taken into account throughout 2023.
Internet of Things Data Trading
During 2023, data commerce will become an essential part of many IoT systems. IT managers should educate their organizations on the risks and opportunities related to data sharing, establish the necessary IT policies in this area, and provide advice to other parts of the organization.
Innovation in Fintech and Proptech
X-Tech expert Jaime Fernández says that some trends related to cybersecurity or sustainability solutions will drive the growth they have been showing lately.
It is a fact that in the last year significant investments were made in these areas, which led several companies to try to position themselves in this sector.
In addition, Fernandez expects that some solutions driven by the current situation will grow, such as open banking services for small and medium-sized companies or distressed real estate, trying to find companies that can improve their solvency position and recoverable real estate loans to generate different opportunities for return.
Other business models that will continue to grow are those that offer alternative savings or financing solutions, such as rent-to-buy or account management. Models related to superior technology will also increase.
Crowdfunding for the Internet of Things
Crowdfunding in 2023 related to the Internet of Things will again be a clear example of innovation in this sector. According to Master Professor of Blockchain and Fintech Valentí Acconcia, “we will continue to see campaigns on platforms such as Kickstarter, which will launch IOT projects through pre-sales”.
In addition, the specialist guarantees that “more and more brands are going to launch their own campaigns on their websites”. It seems clear that we will be able to respond to the greatest innovations in the Internet of Things by closely monitoring the large crowdfunding platforms, as experts in the sector already do.
