According to a report by Grand View Research, Inc., the global Internet of Things (IoT) in retail market size is forecasted to hit USD 94.44 billion by the year 2025. That is a remarkable difference from its value of USD 31.99 billion in 2020!
As the world continues to embrace IoT technologies, it’s necessary for businesses to stay up-to-date on the trends. IoT will shape the market and change life as we know it.
With that said, here are 9 IoT trends and innovations to watch out for:
5G
When it comes to IoT, connectivity infrastructure has to be established first before sensors, edge devices, and other devices can be maintained. Mobile networks such as LTE can help in outdoor settings, but 4G LTE is limited by bandwidth.
56 networks offer faster connectivity than 4G LTE and are also more reliable for data processing.
LPWAN
Short for low-power wide-area network, LPWAN does a good job of connecting devices with low-bandwidth usage and low bit rates across bigger areas. It is also a more energy-efficient connectivity technology, and as a result, it is more cost-effective.
LPWAN technology is ideal if a huge number of devices need to be used over a large area.
Intelligent Retail
There are a lot of ways to apply IoT in the retail industry, and this was proven during the peak of COVID—when stay-at-home orders were enforced and social distancing was strict.
Even after the pandemic is over, IoT’s presence will still be felt around the world. Stores may offer personalized discounts and cashless payments while taking advantage of smart shelves, automated checkout systems, and inventory management.
Smart Homes
By now, most people are familiar with digital assistants like Siri, Google Assistant, and Amazon Echo. These assistants have made it possible to transform a regular home into a smart one. They are capable of controlling appliances, lights, and also security systems.
In the future, smart home IoT networks will be able to automate temperature control and lighting. Consumers can either manually configure the settings or AI algorithms can use the data they have gathered to automatically set them.
Smart Cities
IoT technology can play a major role in turning a city into a smart one.
Smart streetlights are a particular innovation that uses IoT. They can use cameras and sensors to provide real-time monitoring and ensure the right amount of light. They can also host Wi-Fi, conduct surveillance, and check weather conditions.
Another way IoT can be used in developing a smart city is by placing sensors around the area to monitor traffic.
Augmented Reality and Virtual Reality
IoT enables devices to receive contextual data in real-time, which can be really beneficial for wearable technology such as AR and VR. Doctors can use AR to transmit data when they do surgery while factory workers can also use it to get directions to an item they are looking for.
Healthcare
Thanks to the pandemic, smart healthcare systems rose exponentially. The technology is also known as the Internet of Medical Things (IoMT) and can make it much easier for hospitals to get and exchange data with better transparency. Electronic patient recording systems and accounting systems are two examples of smart healthcare.
With this technology, healthcare professionals can provide more efficient and effective care to several patients.
Banking
Another industry that depends on IoT is the financial industry. Financial institutes make use of IoT in their software and algorithms to improve their overall operations and security.
Bank of Things (BoT) allows data exchange between individuals and businesses via a single network. With BoT, people can enjoy financial services like contactless payments. Banks, on the other hand, can use the data they collect from their mobile apps to provide timely solutions to their customers’ needs.
Automotive
The worldwide automotive market is now full of new opportunities, thanks to IoT. This technology has increased the efficiency, safety, and management of transportation. It is now easier to transfer data and people also experience better vehicular communication.
In Closing
The Internet of Things technology has made the world more advanced than it has ever been. Implementing it in various industries will only serve to benefit everyone and its possibilities are nearly endless.
Whether you are interested in starting a business or plan on growing your existing one, it is a smart idea to leverage IoT. This will allow you to stay competitive—or even be a step ahead of the competition.
Need advice on using IoT for your startup or just have questions about building a business in general? Talk to a business consultant Thailand like Ande Aditya. As a startup expert, he can walk you through what you should do.
Go to Startup in Thailand today to schedule a consultation with Ande, your business management consultant and friend.
Please read more about Ande’s thought leadership on Future Businesses and the top 10 technologies that would prevail in our future times.
