7 Trends for IoT in 2023
IoT in 2023 – that does more than just rhyme. New technological advances and continuous growth and adoption of IoT in more industries are exciting the market. But what are the main trends and topics that are shaping IoT in 2023?
Let’s take a look into 7 current trends of IoT:
1. Rising impact of artificial intelligence in IoT
The year 2023 kicked off strongly with ChatGTP gaining momentum in the tech scene. As this was an impressive display of what the incorporation of AI in current use cases can look like.
With the further growth of AI, the ever-growing amount of data collected through sensors and devices will need the help of artificial intelligence. To recognize patterns, make predictive analytics, and visualize the many data points, artificial intelligence can help IoT solutions make smarter decisions without delays or latency.
Be prepared to read a lot more of “AIoT” – the “artificial intelligence of things”
2. Increased adoption of IoT in healthcare
Admittedly, a smartwatch isn’t precisely a trend. More than 223 million smartwatches worldwide are tracking health stats on people’s wrists. But the still-growing market of this and other “wearables” that collect and process data will raise its profile also in the coming months and years.
For 2023, the predictions go in the direction of combining these technologies with in-home sensors to realize a “virtual hospital ward”, where doctors and other healthcare professionals can monitor the condition of patients virtually outside the hospital. This frees up resources and provides a new form of care to patients in remote areas.
3. Growth of IoT in combination with ESGs
ESG is a framework developed by the United Nations that helps understand how an organization manages environmental, social, and governance criteria (ESG factors). As these factors rise in importance for businesses, IoT solutions can help them keep track of the data in these areas.
This ranges from innovative building technology like automating climate control to improve energy efficiency to monitoring working conditions for employees and energy resources.
4. The emergence of new networks
5G technology was on trend lists in the past years regarding tech and IoT. Increased data transfer bandwidth sounds appealing But there are new developments in the area of connectivity that are just as exciting. For example:
- Nb-IoT is getting more traction, but only slowly. The low-cost cellular LPWAN technology can offer long battery life and long-range communication with better penetration than traditional cellular technologies, allowing your device to stay connected in hard-to-reach places.
- Mioty is positioning itself as a LoRa alternative, with the license-free standard becoming increasingly attractive. The telegram-splitting technology boasts increased reliability and supports a longer battery (up to 20 years).
- Helium surrounds a certain buzz in the industry. Their approach to building community networks (“The People’s Network”) with LoRa and 5G technology is discussed a lot and is expected to gain further reach and market share.
- And what about LTE? Major mobile carriers in the US are expected to phase out their LTE services by 2030. The release of the LTE Cat-1 bis chipset by Qualcomm in 2022 brought that discussion to the forefront again, with suitable alternative technologies being more available.
5. Increased security concerns
As the number of IoT devices increases, so will the potential for security breaches. Companies must prioritize security in the earliest stages of their IoT projects to protect sensitive data and prevent attacks.
The increased security mindset will make “security by design” an even greater selling point for IoT solutions and platforms.
6. The rise of edge computing
Edge computing, which involves processing data at the source rather than sending it to a central server, is expected to become more prevalent in the IoT industry. This will enable faster decision-making and real-time processing of data from IoT devices.
Benefits include that users minimize latency, network bandwidth is conserved and the operation runs reliably for quicker decisions.
7. IoT MVNOs are coming
Mobile virtual network operators – short MVNO – will gain more volume in the markets. As eSIMs are also on the rise, their usage for IoT largely favors MVNOs. Since there is no need for complex integrations with mobile operators, MVNOs have a competitive edge here.
Your 2023 with IoT
Without a doubt, IoT will continue its way further. New technologies and broader adoption in the private space as well as in even more industries give businesses a whole new range of possibilities to benefit from a fully connected world.
That’s why it’s good to take the first step and start thinking about possible value creation through an IoT solution. It is not as tricky when you have the right tools - like a low-code self-service platform at the heart of your solution like akenza. Let 2023 be your entry into that world and let us help you make the most of it.