Top 10 Major IoT Trends That Will Drive Growth in 2023

IoT is a valuable technology used by many industries for real-time data gathering, product monitoring, and generating insights. Check out the top 10 IoT trends.
Chris TaylorApril 12, 202327 min

IoT is growing at an exponential rate these days and is transforming how we live and work in our everyday lives. It is impacting many key industries and is considered a life-changing innovation.  

Naturally, many organizations worldwide are investing in IoT to create low-cost, efficient, end-to-end solutions. IoT-based solutions improve accessibility, reduce operational costs, and provide organizations with data-driven insights for quick decision-making.

Even though IoT products have security and data-sharing challenges, they allow companies to realize the full potential of their existing infrastructure. It’s important for profit-oriented businesses such as healthcare, manufacturing, and supply chain to keep a sharp eye on emerging IoT trends, which they can leverage for business optimization. 

So let’s have a look at the top 10 IoT trends for 2023.  

1. IoT Security 

Since the number of IoT devices is growing at a rapid rate, it’s very important to patch security vulnerabilities and address system security flaws in IoT systems. Organizations that won’t follow security protocols and underestimate the security risks associated with IoT are bound to face safety complications. 

In 2023, companies will start investing in standardizing labeling and incorporating security as part of their system design process. Even though most organizations already use threat detection software (such as antivirus) to monitor their IoT systems, threat monitoring, and prevention are going to be important parts of their cyber security strategy.  

Organizations today are also using device authentication tools to ensure that only regulated devices access their network. Using such tools prevents unauthorized access and allows admins to control their digital assets.

Encryption is also used to ensure that sensitive data is protected from malicious hackers during transmission. Businesses are now using different encryption methodologies, such as DES, AES, and ECC, to encrypt IoT data and prevent cyber criminals from accessing sensitive files.

Lastly, end-user vigilance is an important part of an effective cybersecurity strategy. Developers and engineers who use IoT networks should understand the distributed nature of IoT and the security risks associated with it. In addition, they should know how to save themselves from common system attacks such as phishing, DDoS, and MITM. 

2. Supply Chain Management

In 2023, supply chain companies will use IoT to increase incoming cargo visibility and improve transit workflows. Organizations will use milestone information to gather real-time information for cargo location and condition. This is important since transportation businesses often have too many workflows running together, which can sometimes be messy.

Companies will also start using IoT for collecting and managing cargo condition information. Oftentimes goods need to be transported in a controlled environment to avoid spoilage (such as seafood, oil, and dairy). This means that transportation companies need to monitor different product properties, such as weight, moisture, and smell, in transit. This can be difficult to measure without opening the container. 

In these situations, IoT can be a lifesaver since IoT sensors can be used to continuously monitor these attributes. Furthermore, these devices and the software can be connected to a central processor, which can adjust controller settings if required. 

Businesses can also program these processors to adjust cargo settings based on external factors such as temperature fluctuations, changes in sea routes, and vehicle speed alterations. This data can also be added to centralized ledgers to improve accountability and ensure end-customer visibility. 

3. IoT in Healthcare 

In 2023, IoT will play a major role in shaping the healthcare industry. It is already a huge part of this business and is projected to grow to $446.6 billion in 2028

Healthcare businesses will start using in-home sensors that will allow healthcare professionals to monitor people from home. These devices can also alert nearby ambulances and medical professionals if required. This means that patients won’t need to come to the hospital to receive care. Hospitals will only be used by patients who need urgent care. 

Telemedicine will make healthcare more accessible through the use of IoT-based smartwatches. These smartwatches will come equipped with fitness-tracking applications that allow family members and caretakers to make informed decisions based on patient conditions. 

What’s more, these devices will also connect to indoor navigation systems. This will enable affected individuals to adjust things such as lighting, temperature, and shower pressure from their own phones. This is extremely helpful for patients with restricted mobility. 

Lastly, such devices will allow healthcare businesses to collect patient data and metrics, which can be used to build predictive modeling algorithms. Then, by feeding real-time user data to these algorithms, doctors would be able to predict what will happen to the patient and how to best approach the situation. As a result, such AI-based solutions will reduce accidental misdiagnosis issues and improve healthcare accessibility.  

4. Digital Twins 

Digital twins is a rendering technique in which physical objects are represented virtually using IoT. This means physical object properties, such as processes and features, can be virtualized. Any changes in the physical product will cause the same change to appear in the virtual render. 

In 2023, this technique will be used by different small- and medium-scale businesses, such as manufacturing shops, retail stores, and shopping centers/malls, to reconfigure their physical space and services to better serve the online market. 

It has many use cases. Manufacturing companies can use this process to understand production line issues and fix common bottlenecks. Retailers can fix their online stores in real-time by adjusting them according to the footfall and choices of their physical stores. Tracking assets across vast stores will become easy, as users online and offline can check the actual inventory at the click of a button. 

In software development, logging software will allow systems to add proposed customer changes to the product roadmap without manual intervention. This will reduce development time and allow developers to create a product their customers like. 

5. Smart Cities 

IoT-based smart cities are not a new concept for developed countries. However, in 2023, developing countries are also adopting the idea for their locations. 

Smart cities are a smarter and financially effective way of city management. In such cities, sensors are used to collect and analyze real-time data. You can also control features such as lights, parking, and drainage via IoT devices. 

This enables city administrators to determine issues with the electricity grid, water circulation, and sewage. This also helps them monitor properties such as air quality and weather. By knowing these data points, admins can make real-time decisions regarding the infrastructure. 

For example, you can use energy-efficient lighting solutions to automatically increase or decrease their brightness settings as required. This will reduce electricity wastage and reduce greenhouse emissions. 

You can also use smart sensors to sense natural and man-made disasters. Engineers can set automatic security protocols in place, which will increase public safety and improve response time.

Transportation systems can be used to monitor real-time traffic flow and road congestion data to provide users with the best possible routes. This will reduce transportation times and cause fewer accidents. In addition, with the advent of efficient transportation, shared vehicles will become the new norm, and people will rarely use their own vehicles. This will also reduce greenhouse emissions and have a positive effect on the environment.   

6. Cloud

Since cloud-based IoT solutions are more cost-effective than on-premise solutions, many companies in 2023 will shift their focus toward them. Cloud-based IoT solutions are highly dynamic and don’t need manual intervention for day-to-day tasks, such as software updates and reporting. Admins can also manage their security protocols via the cloud.

IoT-based systems often use edge computing, which is a technique in which data is processed at the source instead of at the cloud. This allows IoT devices to be more independent, increase their efficiency, and reduce traffic-based latencies. It also ensures that real-time data insights can be created instantly. 

This also improves cloud security. In the case of a network breach, the infected packets will stay at the infected device sites and won’t reach the supernode. 

7. Governance

When different countries start adopting IoT in their day-to-day lives, they will want to start implementing laws for its governance. And it will affect how data is collected, stored, and distributed on IoT networks.  

Governments around the world will prepare social and legal regulations for these networks and devices, which means that businesses that use IoT for their business processes will have to change their infrastructure design as per updated laws and regulations. 

Furthermore, all smart contracts will use real-time IoT data to ensure that relevant information is relayed to all parties in a way they understand. They will also make sure all parties follow the code of conduct and that there are no changes in a predefined set of conditions. 

8. AI/ML in IoT  

For many organizations, IoT will have a significant effect on their AI/ML strategies. Businesses will start using automated real-time data for decision-making. As discussed above, this will affect different fields, such as healthcare, manufacturing, and the automobile industry. 

Furthermore, with edge networking, IoT devices will be able to make even faster real-time decisions on the source node itself. This will affect the business use cases and the IoT devices themselves. For example, an IoT device would be able to recognize and predict when its parts would fail. It would then schedule technical maintenance for itself. 

Since AI/ML algorithms need data to work, organizations (or organizational units) must share data with each other. This means that businesses will have to create a set of rules to standardize data exchange. 

9. Operational Efficiency 

Since there would be such widespread adoption of IoT networks and devices, organizations will have to focus on improving the energy efficiency of IoT devices and reducing their carbon footprint. 

This step would also include the use of renewable energy for IoT devices. In the future, IoT devices will automatically integrate into existing electrical grids to store and distribute energy. They would also be able to use real-time monitoring for renewable devices, such as wind turbines, solar panels, and hydroelectric generators. 

Furthermore, they would be able to perform maintenance tasks without manual intervention, such as part upgrades and software updates. This will allow businesses to perform automated asset management and maintenance. 

10. IoT in Mobile Devices 

Widespread IoT adoption will be accelerated through mobile devices since they will be able to use mobile-specific functionalities such as push notifications and location-based services for building IoT application infrastructure. 

IoT mobile devices will use low-power wide-area (LPWA) networking technology, allowing them to transfer data at a much cheaper cost and bandwidth than normal. This will also reduce the complexity of data transfer, allowing businesses to easily adopt IoT sensors and wearables in their network. 

Many industries worldwide will establish private mobile networks (PMNs) for their personal data transfer and communication. These are specialized networks that will be used by industries where data safety and reliability are critical.

As of today, many IoT devices are using eSIMs to ensure SIM safety and reduce tampering. Furthermore, since they are soldered directly into the device, they also make sure that security profiles are added correctly to the devices and that the device’s security is future-proofed. They will also reduce issues such as carrier locking and communication failure due to a single point of contact. 

This will also enable network owners to implement end-to-end encryption for their networks, which will ensure that the data sent over the network is fully secured and unmodifiable in transit. 

Conclusion  

The IoT market will continue to grow in the coming years in different sectors and industries. Companies will use both simple and complex IoT solutions to manage their use cases in 2023. Many industries such as shipping, retail, manufacturing, and transportation are using IoT for simplifying their products and improving their optimization. Even though there are some points that need to be focused on (IoT security, governance, end product accountability, etc.), this technology holds great promise for the future.

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Chris Taylor, Business Development Manager at BairesDev

Chris is a Business Development Manager at BairesDev, in charge of improving and growing relationships with customers, suppliers, and other partners. His knack for strategic planning makes him a great team leader with valuable reach across all areas of the business. Chris combines his experience in sales, business, and technology to write intriguing articles for BairesDev’s blog and other reputable media outlets. He has nearly 20 years of experience in the IT industry working in various capacities.

Chris Taylor

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