If we cast our mind to the ’90s, had we thought of connecting anything with everything? It may have looked like a far-fetched idea. But, the explosion of the internet and IoT devices turned around everything for the world.
The proliferation of these technologies happened when businesses around the globe started taking digitization more seriously. Also, the Covid-19 eruption was one of the prime reasons that led companies worldwide to find new ways to bring more productivity. Fortunately, those who took advantage of the technology in 2021 had experienced a fruitful year.
How Will IoT Perform for Businesses in 2022 and beyond?
According to IoT Statistics by Statista, billions of IoT devices were installed worldwide in 2021 and were projected to reach 46 billion by the year-end. In addition, Fortune Business Insights have estimated that the market is expected to grow at a 25% CAGR rate, resulting in a value of $1.8 trillion by 2028.
Also, the United States will generate maximum revenue in global comparison. Another research by McKinsey Global Institute reveals that IoT will generate $4T to $11T by the next three years. The most significant contribution will come from factories, followed by healthcare, retail, public and private sectors, and automotive.
As one would expect, business operations are expected to work more efficiently than ever, provided business leaders and others in a management role are aware of the upcoming 2022 IoT trends. So, if you are one of those industry leaders who want to progress with the mounting technological change, look at some prominent business IoT trends that will thrive in 2022 and beyond. But before we proceed, let’s get some more insights about IoT Technology.
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What Factors are Involved in the IoT Growth Story?
- Extended internet connectivity.
- Increased mobile adoption by individuals.
- Availability of low-cost devices.
- Tremendous improvement in cloud computing.
IoT Business Trends to Watch for in 2022
1. Focus Vigorously on Cybersecurity
According to Statista, the worldwide internet users were 4.66 billion in 2021, having increased nearly five-fold since 2015. And it won’t come as a surprise if the number increases in the coming years. Since remote work has become the new norm, there has been a staggering increase in the number of web-enabled devices.
How about the security, then? If companies can’t do anything about the spontaneous rise of internet-connected devices, they can at least cite the concerns and address the weak security of IoT devices and avoid threat vectors.
How Can Your Business Transform Using Cybersecurity IoT Trend?
According to researchers at Kaspersky (Source: TechRepublic), IoT faced 1.5 billion attacks during the first half of 2021, and the trend is set to accelerate this year. To overcome these challenges, businesses can team up with certified experts who can offer services like regularly conducting security updates, helping build more secure and robust software ecosystems, and implementing certain business practices to keep devices safe while online.
2. IoT Integration in Healthcare Industry
For decades, the healthcare industry has been a prominent adopter of IoT technology. However, since the pandemic struck the world, the industry was at the forefront to embrace the adoption. As a result, IoT technology became a game-changer for the industry and people who wanted to take advantage of digital healthcare services.
For example, the technology helped monitor millions of elderlies with homecare solutions, such as checking for irregularities, tracking sensors’ activity, etc. During this pandemic, other offerings that came to light include telehealth visits allowing patients to get medical aid while maintaining social distancing norms, remotely tracking patients’ conditions, and deploying non-surgical robots in hospitals that connect with the IoT to disinfect surfaces.
How Can Your Business Transform Using Healthcare IoT Trend?
Since IoT has brought revolutionary advancements in the past two years, the healthcare industries lacking to offer much-needed aid to patients need to buck up. If you want a revolutionary change in your healthcare sector, get in touch with professionals who have collaborated with healthcare industry leaders in the past and have extensive knowledge and experience to give you the right direction, taking your business to the next level.
3. IoT for Manufacturing Industry
Like businesses, consumers also demand a shift. However, that’s not an easy piece of the cake for manufacturers since they find it challenging to cope with on-demand products and services. By illustration, customers demand quick delivery, personalized services, and products and efficient and transparent delivery, which is only possible if businesses are competitive globally.
Here’s when IoT comes to businesses’ rescue. IoT plays a vital role in gathering data from equipment, increasing manufacturing process efficiency, using sensors in production services to identify abnormalities, highlighting security concerns to ensure improved maintenance, and more. Besides, IoT tools leverage some manufacturing techniques, such as 3D printing, which offers state-of-the-art approaches to creating products and allows high-level customization and personalization while curtailing waste.
How Can Your Business Transform Using Manufacturing IoT Trend?
Well, looking for experts offering consumer-driven manufacturing services can help you anticipate your customer’s needs. Some of the contributions include integrating existing and new IoT trends into your legacy business system/software and implementing strategies like asset location monitoring, quickly delivering products while reducing machine downtime, increasing operational efficiency, quality control checks, and more. Experts can also assist in decreasing maintenance costs through Predictive Maintenance.
4. IoT Synergy & 5G
It’s no doubt that 5G is set to rock the world and will boost the IoT Network more than ever. Though excellent speed is one of its specialisms, it is expected to announce an enormous 5G IoT ecosystem where networks will provide communication requirements for billions of coupled devices, with the apt mix between cost and expectancy.
Besides, 5G allows businesses to offer required services, specifically those too difficult to operate and expensive. Companies that have started leveraging its advantages, like devising more robust networking parameters and using the present IoT conventions for R&D, are enjoying the fruits of their efforts.
How Can Your Business Transform Using 5G IoT Trend?
Businesses’ rapid adoption of 5G networks is greatly accelerating the IoT world, and so can it do for your telecom industry in 2022. So, give a push to your business with apt Industrial IoT Solutions that can be the primary catalyst in accelerating growth in your industry. Some of their capabilities should include securing customers’ data, digitally inspecting and maintaining equipment regularly, and more to get the desired outcome for your business.
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5. Edge Computing & IoT
There’s no denying that edge computing combined with IoT can open a world of possibilities for businesses. The combination is more of good partners who are increasingly dependent on each other. To put it simply, it means developing devices having capabilities of onboard analytics so that the computing is done seamlessly to the source of data analyzed.
However, not all industries have understood the power of edge computing and IoT. Therefore, they are struggling to bring stability to their business.
How Can Your Business Transform Using 5G IoT Trend?
In 2022, many organizations are continuing to look out for hybrid cloud environments to provide their customers with IoT services. Edge computing will prove to be a helping hand and will have an increased demand as part of the solution. Especially, when there will be a demand to deliver fast and secure insights.
IoT is Way More Powerful Than You Think!
True, indeed! It aids in cutting operational costs, promotes a smart environment within workstations, and improves overall productivity. Ultimately, it is taking businesses to gain a competitive edge in their respective industry. Some of the high-value drivers of IoT include:
- Cost Reduction.
- Revenue Growth.
- Quality Assurance.
- Safety & Security.
How to Get Started?
It’s true that businesses only succeed with a clear vision! However, at times, clarity takes a backstep, and confusion pops in. If that’s the case with you, and you haven’t considered IoT implementation for your business yet, it’s high time you should consider transforming your business by leveraging ongoing 2022 IoT trends.
Also, below we have mentioned a few reasons that may be holding you back from flourishing your business globally:
- You may have put aside the idea due to ambiguity around,
- You don’t know whether to start from scratch or not,
- Should you add IoT-powered features into your legacy system?
Well, the reasons may be many, but the solution for all your doubts is one. If you’ve been with us through this guide, we know you are here for a defined answer. Look for an expert who excels in all domain expertise and helps you shape your business ideas.
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Steer Ahead and Transform Your Business into an IoT Enabled Future!
Though IoT technology originated a few decades back, it gained a lot of traction in the recent past. Businesses of all sorts found potential in it to free human intervention, especially after the outbreak of Covid 19. Companies realized that IoT Devices usage had grown immensely, which requires resourceful ways to use them effectively.
The trends we stated portray the benefits of IoT and what it has in stock for the world of business in 2022. As we wrap up, we recommend keeping an eye on these latest IoT business trends. Deploy them into your business for utmost business success.
This article is written by Prat Gupta. Prat is a founder, investor, and entrepreneur who established several companies under the Bursys Group portfolio. Founded in 2005, Bursys offers the best-in-class technology consulting and software development services. FieldEquip, a division of Bursys, is an innovative field service management platform that brings machine learning (ML) and artificial intelligence (AI).
