“It’s different to make predictions, especially about the future.” While debate rages about who’s responsible for that famous quote, every industry gets its share of predictions every year.
The Internet of Things is no different.
Check out the following predictions of trends that were expected to go mainstream in 2018. Now that we’re near the end of the year, let’s see how many they got right.
In 2018, security for IoT will be a main topic of focus. This is an easy one. Security has been a focus for the past several years, leading to the growth of blockchain and the advent of cybersecurity as a course of study in colleges around the country. Much of the Current IoT legislation up for debate centers around cybersecurity and the protection of personal data. End point security specialists are definitely in high demand.
The public sector will begin to embrace the smart city with the use of sensors and automation to improve air quality, traffic patterns, and improved citizen identity. This appears to be happening. Top smart cities in the U.S. include: NYC, Boston, San Francisco, Chicago and Seattle. The IoT is making it possible to make cities greener, safer and more efficient. By connecting devices, vehicles and infrastructure everywhere in a city, governments and their partners can reduce energy and water consumption, keep people moving efficiently, and improve safety and quality of life.
Machine learning will become increasingly important in IoT. Utilizing data science, AI, and ML has become more and more popular, and is being embraced across a wide range of industries and applications. Most businesses are inclined to use open source applications and data management software for resolving critical system neural networks, expediting their supply chain procedures or determining customer expectations. However, lack of suitably trained workers may prove to be a barrier to adoption across the enterprise.
Traditional revenue models will face new challenges. This one is certainly true, amid an increased debate centered around the new business models adopted by the IoT- generation of companies. The subscription revenue model used by Netflix and Pandora is based on the idea of receiving recurring revenue for providing prolonged access to a product or service. It is becoming increasing popular because it provides predictable revenue, allows for price diversification and promotes engaged users.