The Internet of Things (IoT) has been around for some time now, and it has transformed almost every industry. Consumer wearables and electronics are all the rage, doctors can monitor patient data in real time, building maintenance systems can be automated, and the list goes on. IoT in business has skyrocketed, and according to Gartner, 8.4 billion connected devices will be in use by the end of the year. 2017 has brought us some interesting IoT trends, which we suspect will become more apparent in 2018. Here are some IoT trends businesses should look out for this year:
You may have heard of the buzzword ‘Blockchain’ before, but what is it really? Blockchain was originally devised for Bitcoin, the cryptocurrency currently taking the world by storm. Investopedia defines it quite nicely: “A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order. This allows market participants to keep track of digital currency transactions without central recordkeeping.” Blockchain and IoT technologies are being combined to solve problems, as together they can enhance security in devices and make transactions more seamless. This means that companies will leverage Blockchain to build trust, reduce costs, and accelerate transactions.
One of the biggest trends for IoT in 2018 is security. Our reliance on connected devices will require improved security. In a recent survey, only 44 percent of IT professionals said their company had a known IoT security policy. IoT security is a little more complicated since it requires a multi-layered approach, but companies are putting more focus on improved security to avoid data breaches and other security concerns. No one wants to be a victim of cyber-crime — just ask Jeep and Sony.
IoT is doing great things for healthcare. The technology has made it significantly easier for people to use devices to monitor their health. You can now monitor your heart rate, blood pressure, or stress levels with wearable gadgets. These gadgets can also remind patients to take their medication. For 2018, it’s been predicted that IoT will focus on analytics, which will increase the relevancy of data interpretations while decreasing the time needed to piece together data outputs. With the rise of the use of IoT in healthcare, we’ll probably also see benefits like enhanced disease management, better treatment results, and reduced treatment costs.
IoT Will Grow Even Further
Predictably, IoT will expand significantly in 2018, with more and more connected devices hitting the market every day. The retail industry will see the biggest IoT impact. IoT can be used to better connect with customers and improve customer experience, for example Baker Tweet, which sends a tweet as pastries exit the bakery oven. Stores are increasingly using sensor-based analytics, allowing them to track both their inventory and customer traffic. Smart price tags could make surge pricing possible.
Zoosh is a leader in IoT application development. If you’d like to know more about the possibilities of IoT, take a look at this interactive game we created to demonstrate how IoT can improve app development.