The Internet of Things (IoT) continues to open new opportunities for Digital Business Innovation as well as businesses who are transforming digitally, many of which will be holistically digitally enabled in the coming years. Internet of Things (IoT) in the Enterprise currently stands at a perfect state for allowing opportunities to lead digital innovation in the businesses across the globe. Understanding and catering to newer IoT trends and technologies is a must-have skill for Chief Information Office (CIO’s) by 2020, states Gartner.    

Below we have compiled a list of 6 most competitive IoT trends and technologies which will enable new revenue opportunities, business models, and transformation within the enterprise.

1. Artificial Intelligence (AI) 

Infonomics is the science of monetizing IoT data and provide companies insights and detailed strategic inputs. Reports suggest that by 2023, IoT data will be sold and bought in open markets for new IoT systems to get trained. Data Broking is a critical subject, which carries several digital policies, disclaimers, and is only to be used for beneficial causes for society and enterprises. More than 35% of IT projects respondents have shown interest to sell their IoT data to products and services. 

2. Infonomics    

Reports suggest that more than 14 billion connected devices will be adopted by the end of 2019 and is set to reach a whopping 25 billion by 2021. Data is undoubtedly the oil of this 4.0 industrial revolution. It has applications to a wide range of IoT data in information which includes images, speech, network and server traffic with enhanced sensors. These all complex data sets is an excellent opportunity for AI-driven solutions which are set to emerge in the coming years. Artificial Intelligence (AI) will help in better decision making as well as informed choices within the enterprise.

3. IoT Governance 

IoT Governance framework ensures appropriate behavior, and a modus operandi in the process of creation, usage, alteration, and storage of information related to IoT projects. IoT governance is the need of the hour, and it ranges from simple technical tasks to firmware and sensors updates. CIOs must cater to this area carefully by educating the organization on governance issues and train the team accordingly. If everyone follows a standard operating procedure and framework, it would be easy to regulate future IoT businesses.  

4. Sensor Innovation 

Sensors play a significant role in IoT across all applications. The sensor market is enabling a wider range of solutions, and a more substantial number of activities and events to be detected. As more competitors enter into the sensor arena, the prices of sensors and hardware are set to fall and be convenient for new applications as well as unique algorithms to adopts from sensors in their projects. IoT implementation should have a clear agenda of enabling necessary sensors to the IoT infrastructure and harness the new solution to create constant business innovation.   

5. Silicon Chip Innovation   

IoT devices are still using conventional processor chips, which have low power ARM architecture, which is quite popular in the nano computing arena. However, the current architecture has its own drawbacks and limitations that are not well suited to the tasks that it can perform. A deep neural network is one such example which gets limited by memory and bandwidth rather than processing power. By 2025, it is expected that a new Silicon Chip will be introduced, which will reduce power consumption and will enable cutting edge technologies and architecture to be embedded in low power IoT endpoints. This will also so have the capability of data analytics integrated with sensors and facilitate speech recognition at a low-cost battery-powered device.

6. New Wireless Networking   

IoT networking generally involves balancing a set of competing requirements, budgeting, power consumption, latency, operating costs, bandwidth, memory, and quality of service. No single networking technology can optimize all set of IoT networking technologies. This provides a new opportunity to harness wireless networking technologies which are much more flexible and cost efficient in the long run. With the upcoming 5G, the coming generation can expect seamless integration of multiple devices and sensors across geographical boundaries. 

Xpetize is one of the leading IoT technology solutions providers. We have a core team of IoT engineers to help you with your business transformation journey. Please feel free to get in touch with us to know more about us.