The Internet of Things (IoT) is actively shaping both the industrial and consumer worlds. Smart tech finds its way to every business and consumer domain there is — from retail to healthcare, from finances to logistics — and a missed opportunity strategically employed by a competitor can easily qualify as a long-term failure for companies who don’t innovate . The year 2020 will hit all 4 components of IoT Model: Sensors, Networks (Communications), Analytics (Cloud), and Applications, with different degrees of impact.
By 2020, the Internet of Things (IoT) is predicted to generate an additional $344B in revenues, as well as to drive $177B in cost reductions. IoT and smart devices are already increasing the performance metrics of major US-based factories. They are in the hands of employees, covering routine management issues and boosting their productivity by 40–60% . The following 10 trends explore the impact of many technologies on IoT and predict what is next for IoT (see Figure 1).
Figure 1: 10 Trends of IoT in 2020.
IoT Prediction 1: Growth in Data and Devices with More Human-Device Interaction
By the end of 2019, there will be are around 3.6 billion devices that are actively connected to the Internet and used for …