How the Internet of Things Will Impact Business in 2023

  • March 23, 2023

  • Eyes4Research

While the Internet of Things (IoT) is not a term that the average person is using every day, it is safe to say that the average person is indeed deeply engaged in the Internet of Things every day, as a result of the devices that they use daily. IoT has seen steady growth in applications for business, household use, workplaces, and as a way to connect people and municipal functions in cities. 

As a quick refresher, the Internet of Things is a term that describes the ecosystem of devices and technologies that are connected to the internet that is constantly collecting and transmitting data to be implemented and analyzed. Connected cars and smart appliances and smart cities are examples of IoT that we use every day and have become more commonplace in short order. With IoT continuing to grow, businesses need to keep these technologies on their radar and take advantage of how they can leverage IoT to fuel their own growth and refine their operations. 

What is Expected of IoT in 2023?

This year, IoT is forecast to continue its explosive expansion, with the number of installed IoT devices predicted to hit 30.9 billion by 2025. This expansion will be the result of increased investment on the development side, which translates to increased incentives for designing and producing IoT hardware and developing and applying the software aspect of IoT, which is also rapidly growing. When you consider the fact that IoT technologies are being adopted globally at a faster rate than the adoption of electricity and telephones, it helps to put its outstanding growth into more perspective. There are a few trends to keep an eye on this year that are the drivers of the growth of IoT. 

Healthcare Applications

The pandemic helped give rise to innovative solutions in healthcare, and that will be one of the trends that will drive the expansion of IoT in 2023. The development of personalized smart medical devices like smartwatches, fitness trackers, and smart scales are examples of how these innovations that made sense for business have become practical realities for patients and consumers. 

The primary benefit of these devices is that they are able to analyze and transmit highly accurate measurements of the body’s indicators, which allows treatments to be administered accordingly. It can also allow physicians to monitor the efficacy of their treatments or take notice of side effects and adjust their treatments, meaning that the patient will spend less time dealing with those side effects and get the best possible application of their course of treatment. 

Smart Cities

Smart cities have evolved recently to incorporate a variety of IoT data collection techniques. The goal of smart cities is to provide a more citizen-friendly, economically, and financially viable way to manage large metropolitan areas. This trend is expected to continue to help fuel IoT growth in 2023. These smart cities use connected sensors, lights, and meters to collect and analyze data, which is then used to improve infrastructure and utilities. 

Amsterdam is an interesting example of how smart cities work– as one of the first cities in Europe to fully embrace an integrated smart city model, its citizens are incentivized with energy storage units when they connect their homes to the smart grid. Having homes connected to the grid allows for the current and the voltage of the electricity grid to be constantly monitored, resulting in increased efficiency and reduced energy costs. 

Data Analysis

Data is an important weapon for any business to have in its arsenal. It gives a team the information they need to lay the groundwork for an effective strategy and execute it. Buying and selling IoT data is predicted to become even more essential to the development of IoT in 2023, as it continues to play a substantial part in the development of data collection and analytics. A good example of this is the application of IoT devices in the supply chain sector. The collection and transmission of data at intersection points along the chain allow companies to avoid crises and minimize their impact. 

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