IoT technology is quickly becoming a cornerstone for data collection, sharing and utilization. IDC expects global investment in IoT technology to reach $1.2 trillion by 2022. And, IoT devices will be generating 507.5 zettabytes of data by 2020.
In short, people already use IoT technology a lot. And, people are going to use IoT even more as the technology develops.
There’s a lot to capitalize on. So, here’s where IoT is headed in 2020.
Private LTE networks will rise
LTE is ideal for connecting IoT devices, especially those that need to transmit high volumes of data.
However, public LTE networks managed by mobile carriers are often not secure or reliable enough to support clusters of local IoT devices or mission-critical IoT networks. Many companies will opt to build private LTE networks, so that they can internally manage the network performance and security.
If a private LTE network needs wide area or internet connectivity, these private LTE networks will most likely be connected to a carrier that operates a private IP network. That way, there’s very little risk of security breaches, even when data needs to be transmitted between distant private LTE networks.
Industrial and automotive sectors will lead the way
Industrial and automotive companies will invest the most in IoT technology, simply because these companies have the most potential uses for IoT devices.
IoT devices and sensors will be used to increase industrial and automotive manufacturing. And, many of the products the factories produce will have IoT devices in them. Employing IoT devices in everything from production to the consumer product means that industrial and automotive companies will have the most investment in IoT technology and the most IoT deployment.
IoT will cause expansion in data brokering
Data is more valuable than oil in today’s economy. And, most of the time, data is valuable to more than just the person or company that collected that data.
It’s happening already. But, as the IoT industry expands, more and more data brokering companies will pop up to help people buy and sell all that data. Given that 507.5 zettabytes of data will enter the data trading market every year, it’s safe to say that the IoT data brokering industry will be massive.
Metadata will gain notable importance
Even though selling data will be big business, not all data generated by IoT devices is sellable. Much of the data will be protected by consumer data protection laws—especially considering the broad scope of GDPR.
Even though large swaths of the specific data won’t be marketable, gathering metadata will enable companies to sell the data that’s not subject to data protection laws. The metadata is largely unregulated but offers useful insights for explaining certain IoT scenarios and assets and developing new products and services.
So, metadata will become a vehicle for leveraging the value of big data, without the risk of massive fines.
The current IoT trends are indicative of a growing industry that’s just hitting its stride. As the technology improves and gets deployed around the world, some of the focus will shift from developing and implementing IoT technology to refining the technology and finding new ways to leverage IoT data.
All this is great news for everyone since it means that the IoT will offer new opportunities for nearly every industry, even those that have limited use for the IoT devices themselves.
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