The Internet of Things (IoT) and smart devices have become more commonplace in recent years and are likely to continue to do so, Built In reports. The combination of lower costs, improved networks as 5G is deployed around the world and a vast selection of connected technologies are key factors in why smart devices will remain present in everyday life.
Keep reading to learn more about how and why IoT will continue to evolve.
IoT will continue to become more affordable
As processors, sensors and devices have become smaller, they also become less expensive to manufacture and buy, according to Built In. With the device manufacturing process becoming cheaper, the number of connected devices in circulation has increased significantly — as have connectivity opportunities.
The amount of IoT devices is expected to have grown over the course of the past year — there were 12.2 billion IoT connections worldwide in 2021. That number is forecasted to grow by 18 percent in 2022, to 14.4 billion connected devices, per IoT analytics. This expected increase in devices is not too surprising — as they become more affordable, more will be purchased, driving the need for additional devices to be produced.
More reliable networks will drive need for more IoT devices
Improved wireless networks are the key to IoT devices reaching their full capabilities. 5G appears to be the efficient and fast way for devices to connect to networks as well as other devices that IoT has been looking for, according to Built In. The fifth generation of wireless is reported to be 100 times faster than 4G.
Data transmission is a major factor in whether IoT will succeed or not; 5G allows for faster device connection and data transfers. Both improvements will allow for significant IoT advancements. Meanwhile, 5G is making its way around the globe; 70 countries have 5G networks as of June 2022 versus 38 just two years prior, according to Statista.
Companies need to prepare themselves to leverage 5G’s global growth, as it will impact IoT devices. They will need to know how to implement these technologies into their business, not just in the near future, but for the long term, Built In reports.
“Creating an IoT strategy isn’t something that can happen overnight, but rather requires planning and a long-term vision, especially due to the significant investment,” Justin Krieger, RSM Canada business development director, wrote for Built In. “Businesses that want greater connectivity and more granular data should consider such a strategy, and map out the infrastructure and security investments they will need to enable it.”
IoT is just getting started
It’s quite possible that IoT’s full potential has yet to be seen. Right now, people can use smart health monitors to track their physical activity every day and keep an eye on their health issues. Meanwhile, commercial real estate owners can use smart building technology to control lighting, temperature, door locks, security systems and more over the internet.
IoT devices have a place outside of the building, too. Smart cities with metro areas and other communities are using sensors to gather data in hopes of improving city operations. The cities have put apps that monitor water consumption, traffic, crime stats and more to work to help improve city operations and residents’ lives. New York City, for example, implemented sensors for its “smart city pilot program” to track statistics on water leakage and traffic, Built In reports.
“The future of the IoT is endless,” Krieger wrote. “As its usage globally continues to grow and more devices have connective ability, the network capabilities will also continue to develop and expand.”