It is estimated there will be over 30 billion IoT devices by 2020. It’s important to take note of which trends could affect your business with the rising popularity of the Internet of Things (IoT) across industries.
From retail to healthcare, IoT has affected every industry. Marketers have to stay informed on the upcoming trends to know which ones can help them achieve sustainable, long-term growth, and which ones are more hype than substance. We’re going to see an influx of data-related challenges regarding bandwidth, network speed, and more as the popularity and function of IoT increases across industries. There will be a noticeable increase in edge computing to combat these issues, which essentially means processing and analytics on the IoT device itself, rather than using the cloud.
Nest Cam IQ indoor security camera is an example of a product using edge computing which uses on-device processing tools to distinguish faces and send alerts if someone doesn’t look familiar. While other IoT security cameras rely solely on the cloud for processing, Nest’s product sets itself apart by operating on less bandwidth and storage. Additionally, what makes Nest’s product more accurate than other devices in the market is the on-device processing that can improve the speed and precision of alerts.
It is predicted that by 2020, IT spend on edge infrastructure will reach 18% of the total budget on IoT infrastructure. 2018 has already seen the beginning of this shift, and things will only get better further.