How IoT solutions are taking tech into the future

Guest post by Matthew Margetts

The Internet of Things (IoT) is becoming a household name — and one that has found unique applicability in not only our homes, but in our businesses, workplaces, and cities. The number of installed IoT devices is expected to surge to around 30.9 billion units by 2025. The myriad of different forms of technology has the potential to provide incredible business value.

They are vital tools for digital transformation and datafication — and their power lies in performance improvements, as well as problem-solving capabilities. IoT’s importance as a technology trend this year and into the future is the role it plays in the successes of other technologies. For business owners looking to drive evolution, keeping a finger on the pulse of the latest IoT trends is important for agility into 2023 and beyond.

WHAT IS IoT?

Broadly speaking, IoT is the ecosystem of internet-connected smart devices and technologies in our homes, cities, and workplaces that continuously collect data.

IoT FACTS AND FIGURES IN 2022 AND BEYOND

●There are more than 7 billion connected IoT devices currently in operation.

●By 2030, 75% of all devices are expected to be IoT.

●Worldwide IoT spending is anticipated to reach $1 trillion and this growth rate is predicted to continue in 2023 and beyond.

WHY IS IoT IMPORTANT?

A quick view of the benefits of IoT in business

●IoT solutions help to build resilient supply chains

●Improved health, wellbeing, safety, and security

●Optimized asset usage and maintenance

●Reduced overheads

●Improved communication and engagement

●Meaningful sustainability and environmental advances

TECHNOLOGY TRENDS: POWERED BY IoT

1. Remote monitoring