The Internet of Things (IoT) has been a significant technology trend post-2015 era. Internet of Things (IoT) technology which transfers data from cloud-connected devices and sensors and provides enterprises to perform analytics and gain insights on the data. IoT started as a technology fad, primarily focused by startups. However, it is now a technology which billion-dollar enterprises and Fortune 500 companies are harnessing to make their enterprises smarter by taking a step into the future. Research by Gartner projects that the number of connected devices will reach 14 billion in 2019 and 25 billion by 2021. With the technology being widespread,  the price of the technology will fall down, which will motivate companies to install IoT in various sectors like manufacturing, retail, and automobile to name a few.  Let’s see the top five trends which will dominate the IoT industry in 2019.  

1. Data is the new oil 

In 2019,  we will see an uptrend of enterprises selling IoT data also known as “Infonomics”. The data collected by various devices and sensors is an asset to companies and enterprises to create structured decisions for the consumers and businesses. Sharing and selling data won’t just be for additional revenue but also to provide use cases of predictive maintenance and analytics. There will be a whole ecosystem of buyers and sellers of IoT data which will complement each other’s needs and businesses.  

2. Preventive Maintenance 

Manufacturing is the leading sector where IoT will be a game changer. IoT equipped with sensors provides various analytics for technicians and engineers for predictive maintenance.  By understanding the problem beforehand will save enterprises a lot of cost and time leading them to the stepping stones for envisioning a smart factory. Workers will rely on wearable devices for safety, knowledge base and create optimum factory conditions. As factories start utilizing wearables and IoT technology,  it will act as a bridge between the corporate office and factory in terms of faster decision making and shared information leading to a smart factory.  

3. Smart Cities  

The Smart City initiative has been picked up by various cities across the world which aims to utilize their resources efficiently, be transparent with their citizens, and provide lesser carbon footprints in the ecosystem. Smart cities have been deploying IoT services by connected traffic lights, intelligent street meters, enhanced water management as well as electronic voting.  Microsoft has also created a platform where citizens can easily track their tax amount utilization by using smart devices in the country.  Additionally, cities are committed to using renewable resources as their primary source of energy which will have an enormous scope for seamlessly connected devices.  

4. Smart Retail 

E-Commerce won’t kill retail,  but IoT will surely transform retail into smart retail. The Retail Industry will witness transformation across multiple facets like supply chain management, understanding consumer insights, detect potential errors and bottlenecks in prior and keep the supply chain efficient. In our traditional retail, innovations are opposed due to various environmental and workforce issues.  Automating the retail eliminates human errors, and automation gives a ray of transparency and output sustainability. A smart retail ecosystem is optimized, transparent and decentralized for both supply and demand side which enhances the whole supply chain from manufacturer to consumer. The decentralized approach of amalgamating IoT with detail helps to self-correct the inefficiencies which directly impact the sales.  The automation brings a vast scope of adaptability among the retailers. Amazon Go – Smart Retail is ready to use an outlet in the USA which demonstrates human-less retail outlet powered by multiple smart devices.  

5. Powered by 5G 

Technology leaders like Huawei have started their 5G pilot project,  and the 5th generation network is all set to transform various industries altogether.  IoT will harness this robust network as IoT requires multiple devices and sensors to be connected to the internet and work seamlessly with each other.  5G makes all of this a piece of cake, by providing enhanced bandwidth and speed, ultimately unlocking the unrealized revenue potential.  

Way Forward 

Our generation is on the edge of digital transformation,  where IoT will have profound effects on our daily lives and reshape how we drive, manage our work life as well as transforming our cities and industries collectively.  2019 is a remarkable year in history where 5G will also be introduced to businesses and consumers, and we will be the first generation to witness how smart technology helps humans to transform themselves.  

At Xpetize, we have vast experience in providing IoT solutions for fortune 500 companies. Please feel free to get in touch with us to know more about our services