One of the most game-changing tech trends that have transformed into an expansive universe of smart gadgets is the Internet of Things (IoT). Any digitized objects that generate data and are connected to the internet are considered IoT. Smart technology that communicates via wireless networks to a central data station also falls under the IoT umbrella. Here are the top tech trends and predictions involving IoT to watch for in 2023.
The Internet of Healthcare Things
Among the most noticeable tech trends impacting the healthcare industry is the increasing adoption of the Internet of Healthcare Things such as connected wearables. The market value for IoT-enabled health devices is expected to hit $267 billion in 2023.
These modern medical devices, along with telemedicine – the use of digital communication for virtual meetings – connect doctors with patients remotely in real time. Wearables provide doctors with patient biological data. They further allow patients to recover at home while more hospital beds can be used for emergencies.
AloT: Unleashing the Power of IIoT Data
Artificial Intelligence of Things (AIoT) is a mix of artificial intelligence (AI) and IoT that’s used for advanced analytics. It’s based on machine learning software, which scans a massive amount of data points rapidly to generate quick recommendations for solutions to problems. Ultimately, AIoT allows you to prioritize data value over data volume.
The Industrial Internet of Things (IIoT) has helped set the pace for IoT adoption across multiple industries. Also known as “Industry 4.0,” IIoT has helped manufacturers and utility companies streamline their operations to reduce waste and cut costs. This tech trend along with any type of IoT delivers an abundance of useful data in real time. This data can be used to make quick decisions that prevent losses. Retail store managers can use the data to adjust prices in real-time based on demand.
Adoption Soars for Predictive IoT Technology
Accurately predicting the future has been a challenge for every business, but the convergence of IoT and AI technology produces better forecasts. Consider the enormous amount of data evaluation that goes into a machine learning system. It uses complex algorithms to estimate probabilities most people don’t know how to calculate.
The use of predictive IoT can cut maintenance costs by ten percent, according to a study by Deloitte Analytics Institute. That’s significant since 70 percent of a manufacturer’s cost is maintenance. Predictive IoT is among the top tech trends in 2023 that can generate savings in multiple other ways as well. A retail store can use predictive software tools to forecast daily foot traffic and which sections of the store get the most attention.
Digital Twins and the Enterprise Metaverse
The metaverse connects the physical and digital worlds, creating virtual experiences. These tech trends including the concept of digital twins, or digital representations of real-world products, have been around for a few decades. Both digital twins and 3D printers have revolutionized prototyping, which has accelerated the pace of innovation.
The main benefits of digital twin technology have been faster and better quality production. Digital twins allow designers to experiment with different configurations to evaluate product quality and performance. Furthermore, digital twins can accelerate a product’s time to market by 50 percent while improving product quality by 25 percent, according to McKinsey.
The growth of digital twins across several industries is evident from a 2022 Gartner study, which found that 17 percent of manufacturers have adopted the technology. Meanwhile, 27 percent said they would be adopting digital twins by 2024. Industrial firms are increasingly using digital twins combined with metaverse applications such as virtual reality (VR). This combination produces an effective model for predictive decision-making.
IoT Security
One of the most in-demand and top tech trends in 2023 and beyond remains centered on IoT security. No matter how sophisticated IoT technology gets, it requires strong security to protect confidential data from hackers. That’s why businesses are expected to spend $6 billion on cybersecurity in 2023. At the same time, smart device manufacturers are working on building greater security into IoT products. The U.S. government via the White House National Security Council is planning on setting industry standards for labeling cybersecurity risks in early 2023.
Innovations In Sensor Technology
The reason IoT has been widely embraced by industrial organizations is that sensors can be applied to various production elements to measure output and efficiency. IoT sensors can generate measurements such as temperature, humidity, force, pressure, and other environmental or mechanical conditions. Due to the value IoT sensors can produce, the industrial automation sensors market is expected to surpass $22 billion by 2029, according to a study by Research and Markets.
Photorealistic XR
The age of photorealistic experiences has arrived with the advent of XR hardware and software. Some of the leading pioneers in this development are NVIDIA with its Holodeck software, Unreal Studio and Trezi. The more people engage with these platforms, the more it will raise their awareness of visual fidelity. You can expect photorealistic XR developers to improve their products in 2023 as demand increases for virtual 3D experiences.
One of the reasons for the rise in demand for virtual 3D experiences in recent years has been tied to the pandemic. The need for social distancing caused real estate firms to speed up the adoption of augmented reality (AR) technology, which combines the real and digital worlds to provide home buyers with virtual experiences of home tours using headsets.
Economic challenges such as reducing transportation costs have also triggered the wider use of AR across multiple industries. Retailers will particularly need to adopt AR to help consumers make purchasing decisions online. The practice of live-stream shopping is now well-established in China and is spreading worldwide. Economists expect the global market for live stream shopping to reach $770 billion in 2023.
Private Network Ecosystem Fuels Demand
We spend 80% of our time inside buildings so 80% of wireless voice and data is generated and consumed indoors. This, first of all, presents unique challenges for wireless connectivity. Hence carriers have launched BYOC – build your own coverage – programs. And equipment vendors are focusing on 5G RAN and DAS – distributed antenna systems – solutions. Second, more and more large enterprises want networks that can be installed and managed by their in-house IT staff. The driving force is that more employees need to access work tools from their phones, things like collaboration tools and the ubiquitous two-factor authentication. And since the network starts and ends in their own buildings, these companies are looking for private 5G mobile networks to supplement other kinds of connectivity. The privacy factor is a driving force, but a cellular network solution is also attractive because it is easier to scale than Wi-Fi.
Conclusion
Staying up to date with the latest tech trends in smart technology will prepare you for what to expect from IoT predictions and development in 2023. The number of devices populating the internet will continue to expand astronomically along with big data. The rapid growth of IoT technology has empowered business leaders to do things that weren’t imaginable a few decades ago. Businesses that want to gain a competitive edge this year should have a clear understanding of emerging IoT trends.