IoT (Internet of Things) is one of the fastest-growing industries in the world right now. It is expected that by the end of this year itself, the number of internet-connected devices will surpass 200 billion, and a large majority of them will be IoT devices, than smartphones and computers.
So, it is not surprising that IoT innovations are actively influencing the direction of various business sectors, from everyday needs such as toothbrushes to large machinery used in construction and demolition.
By the year 2027, the IoT industry is expected to grow over $2 trillion. So, in whichever consumer products you are working on, it is important to be knowledgeable about the innovations and developments happening in IoT. In this article, we will discuss everything you need to know about the innovations happening in IoT.
What is IoT?
IoT is an acronym that stands for Internet of Things, used to describe a network of devices, objects, or other physical things that can communicate with each other through the Internet. The devices can be anything from a smart water bottle, or smartwatch, to automobiles connected to the internet.
This is made possible by the advent of inexpensive and easily manageable computer chips, sensors, and network modules. By integrating everyday things to the internet, IoT makes it easy to manage, and use them.
For example, you can connect your smart lights, air conditioners, and other IoT-powered appliances to your Alexa, Google Home, or other virtual assistant devices to control them through voice. The door cameras, such as the ring camera you can access remotely are another example of IoT. To accommodate more “things” to IoT, there are a lot of experiments and innovations happening in the field.
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Innovations in IoT
If you are running a business or enthusiastic about IoT, you may need to know the technological innovations happening in the field. Let’s see what aspects are improving and what you should expect in the future.
Edge Computing
One of the major innovations happening in the IoT industry is the development of edge computing. Edge computing is the part of IoT that makes it possible for the devices to do quick computations by analyzing the information they collected through the sensors, without sending the data to the server and waiting for a command to execute. This allows the device to make quick decisions and improves its operational efficiency.
The most noticeable example of edge computing is autonomous vehicles that utilize cameras and sensors to detect lanes, traffic signs, other vehicles, pedestrians, and other obstructions, to quickly maneuver the vehicle without waiting for a response from the servers.
The innovations happening in edge computing are making it possible for the device to do more computations in a given time to make quick and brisk decisions based on real-time data.
Healthcare System
IoT in the health care system is called the Internet of Medical Things (IoMT). The COVID-19 pandemic has played a major role in increasing the popularity of IoMT devices.
Most of the wearables purchased today belong to the health and wellness industry, and they include heart rate monitors, blood oxy meters, blood pressure detectors, glucose monitors, sleep cycle monitors, fitness bands, and more.
This can better help users monitor and manage their health, put forth necessary preventive care, and help healthcare professionals to quickly make clinical decisions. With the adoption of health and fitness-related wearables, many people reported improvements in their quality of life and a reduction in their medical expenses.
Security
While connecting devices to the internet improves convenience, it can be an invitation to various cybersecurity threats, especially in this day of age, where hackers are using advanced AI technologies. Ensuring adequate security and privacy features is extremely important.
The companies that offer IoT services should provide prolonged firmware updates, security patches, and other security features to maintain the trust of the users. So, security and privacy are one of the major things businesses should be focusing on.
Smooth Convergence
IoT devices are not manufactured by a single entity. In the same home, the lights may be from one company, but the AC can be from another. However, as improvements are happening in home automation and AI technology, it calls for different devices to communicate with each other and play nicely.
To make this possible, companies need to make a universal protocol that everyone can use regardless of the manufacturer. With more devices conversing together, and making the life of the user easier, the IoT industry as a whole can grow a lot faster.
Improvements in Generative AI
Generative AI, has been one of the most talked about technologies since last year. It has already made its way to wearables such as smartwatches and its hold is growing stronger day by day.
AI-powered devices can act as powerful virtual assistants that can do numerous tasks and analytics using the data collected through the wearable device including calling emergency services when detecting medical emergencies, providing workout assistance, helping dieting, and more.
Some of the modern generative AI can even make reservations at restaurants, or book doctor’s appointments through phone calls. They are more powerful than non-generative assistants such as Siri, Google Assistant, and Alexa.
Retail IoT
IoT is being adopted in the retail industry widely for various purposes including inventory management, marketing, and more. One of the glaring examples of the most modern use of IoT in retail can be seen in self-checkout counters and contactless stores.
Here, the retailers use a bunch of IoT-powered devices such as RFIG chips, CCTV cameras, barcode readers, and other sensors and detection mechanisms to make self-checkouts possible.
While contactless self-checkout counters were designed to be a faster and simpler alternative to the long queues forming up at the checkout counters, it is not as efficient as need to be.
Customers run into errors, requiring personal assistance from a staff member, making the process even more complicated than the traditional checkout counters. Amazon even closed a few of its contactless retail stores, meaning that there is a long road for IoT to go.
Brain Chips
It was just a science-fiction hypothetical to think about brain enhancements using a computer interface, but today, with the advancements in IoT, it is a real possibility at least shortly. Companies like Elon Musk’s Nueralink are already doing promising research and trials in this area.
However, there are a lot of concerns regarding such products. One of the major concerns is whether the attached chip can alter free will.
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Conclusion
IoT is an acronym that stands for Internet of Things, it is a branch of technology that makes it possible for devices other than computers and phones to connect to the internet.
The Internet of Things (IoT) is one of the fields where major technological advancements are happening, and in this article, we have delved into everything you need to know about innovations in the field of the Internet of Things (IoT). IoT has still a long way to go. In the coming years, we can expect to see better implementation of IoT in various sectors.
