When the internet came along, computers were the first devices to connect to it, followed by smartphones. This list has consistently grown over the past decade so that now people can experience lightbulbs, cameras, doorbell systems, smart alarm systems, fridges, kitchen appliances, and TVs controlled over the internet. Outside the home, populations are living in smart cities, driving smart cars, and sharing work spaces with smart machinery. To put it simply, it is the age of IoT.
The Internet of Things is expected to keep sweeping over different areas of human life. Experts predict that over 43 billion devices will be connected to the internet in 2023, changing even further how we interact with our environment. Here are some trends that may accompany this move.
IoT Security
Everything going online is a good thing. It makes services and processes faster and more convenient. In the gambling sector, where part of the industry has gone online, a new and booming market has bloomed – online gambling now worth $88.65 billion.
IoT promises a similar endeavor. And while it is exciting, there are security concerns. Online gambling providers often have to jump through countless hoops to protect their users from unscrupulous cybercriminals and so will IoT facilitators. Experts maintain that IoT will introduce new and varied forms of cybercrime so that you are more vulnerable the more devices you have connected to the internet.
In response, businesses, governments, and security experts will be working overtime this year to secure all possible channels of malicious attack. The UK is expected to pass a Product Security and Telecommunications Infrastructure (PTSI) bill this year as the White House National Security Council in the US works on standardized security labels for IoT products.
Automated IoT Payments
The payment industry is already leaps and bounds ahead of other sectors in terms of automation and digitization. Through secure device connections, people and businesses can transact across bank accounts, crypto wallets, online platforms, and more. But as IoT progresses, these payments are expected to become even more autonomous, with transactions triggered autonomously.
IoT payments will be enacted by connected devices with little to no input from users. These payment decisions will be made based on previous data and spending patterns. For instance, a smart fridge can be programmed to track groceries and make orders when levels drop below a certain level.
This application offers serious opportunities for multiple B2B and B2C industries, including the commerce, travel, restaurant, and iGaming industries. Once applied, platforms like topaustraliangambling.com can automate deposits or withdrawals across gamer accounts based on collected data and patterns. This market is so promising that it is projected it will grow at a 66 percent CAGR between 2021 and 2028 to be worth $5.4 trillion by the end of the projection period.
The Metaverse and Digital Twins
The Metaverse will facilitate the production of digital twins – virtual products that exist only in the Metaverse and mimic their physical counterparts completely. Digital twins will revolutionize the production process by allowing manufacturers and business owners to test their products without the typical physical constraints. Consumers can access the virtual copies of said products via the Metaverse and facilitators can get real-time feedback on how their inventions are being perceived. All of this will be made possible through the use of data collected by IoT sensors. So, essentially, we are likely to see two innovations – the Metaverse and IoT – come together to create one – digital twins.
Healthcare Applications
IoT wearables allow you to more than monitor the security alarm in your home. In the medical fields, experts are harnessing IoT technology to create in-home sensors and wearables that monitor patient conditions and alert medical professionals of any problems. This market is so promising, it is expected to be worth $267 billion by the end of the year. The round-the-clock monitoring of patients outside the hospital will allow medical facilities to free up key resources for patients who actually need to be present in the hospital. It may also allow healthcare providers more flexibility and time away from the office.
IoT Regulation
In line with increasing security concerns over IoT, experts are also worried about how IoT systems collect, store, and use data. This is why 2023 will also see increased legislation around this technology. Governments are likely to impose stricter rules on how data should be collected, handled, and protected from breaches. In China, authorities agree that IoT has immense capabilities for the economic world but that the social aspects should not be ignored. The understanding is that IoT needs to expand and be managed in ways that do not endanger personal rights and privacy.
Autonomous Machines
Autonomous driving remains just outside our grasp, despite the many strides being made in that sector. Developers are still grappling with how autonomous vehicles can cope with the dangers, inconsistencies, and unpredictability of real road conditions and it may be a while before we see the first fully self-driven car. Despite that, manufacturers and engineers have made progress in terms of autonomous machinery. A combination of AI and IoT has been used to create autonomous picking arms, forklifts, and shelving systems, among other things. Early adopters like Amazon will be looking to increase the size of their robotics projects even as other enterprises come on board.
The Future of IoT
IoT has come to mean more than phones and computers. It now described the ever-expanding network of devices and physical objects that are connected to the internet and able to collect and share information with each other and use. This technology is constantly growing to reach even more spheres of human existence. And as other technologies evolve, we can expect to see its capabilities increase. IoT in 2023 will see more high-bandwidth applications and adoption across more industries. Moreover, it will likely converge with other promising developments like the Metaverse to usher in the new age of the internet, which will be exciting to see, to say the least.