The Top 5 Trends in Internet of Things to Watch Out For According to Forbes
The Internet of Things, or IoT, is a rapidly growing industry that is changing the way we interact with everyday objects. Connected devices are becoming more ubiquitous, with Gartner estimating that there are currently 8.4 billion IoT devices in use worldwide. Forbes projects that the IoT market will grow to $520 billion by 2021, with a compound annual growth rate of 26.2%. Here are the top 5 trends in IoT that you should watch out for, according to Forbes.
1. Edge Computing
Edge computing is a trend that is gaining momentum in the IoT industry. Edge computing allows data to be processed at the edge of the network, closer to the source of the data. This results in faster response times and reduced latency, which is especially crucial for real-time applications such as autonomous vehicles and industrial automation. According to Forbes, spending on edge computing will reach $6.72 billion by 2022.
2. Artificial Intelligence
Artificial intelligence (AI) and machine learning are increasingly being used in IoT applications. AI allows connected devices to learn and adapt to new situations, improving their functionality and efficiency. Forbes predicts that the market for AI in IoT will reach $16.2 billion by 2022. AI in IoT is being applied in various industries such as healthcare, agriculture, and manufacturing.
3. Blockchain
Blockchain is a decentralized ledger technology that allows for secure and transparent transactions. In the context of IoT, blockchain can be used to securely manage and track data from connected devices. Forbes predicts that the IoT blockchain market will grow to $3 billion by 2024. Blockchain in IoT is being used in industries such as logistics, supply chain, and energy management.
4. 5G Networks
5G networks are the fifth generation of cellular mobile communications, providing higher speeds, lower latency, and greater reliability. Forbes predicts that the 5G IoT market will reach $23.5 billion by 2026. 5G in IoT is crucial for applications such as smart cities, self-driving cars, and telemedicine.
5. Cybersecurity
With the rise of connected devices, cybersecurity is becoming a critical issue. Forbes predicts that the cybersecurity IoT market will reach $6 billion by 2022. Companies are investing in cybersecurity measures to prevent hacking and data breaches in IoT applications. Cybersecurity in IoT is being addressed through various techniques such as encryption, access control, and firmware updates.
In Conclusion
The IoT industry is rapidly evolving, with new trends emerging every year. Edge computing, artificial intelligence, blockchain, 5G networks, and cybersecurity are the top trends to watch out for in the coming years. These trends are being applied in various industries, from healthcare to logistics. As the IoT industry continues to grow, it will be essential for companies and individuals to stay up-to-date with the latest trends and technologies to stay competitive.
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