There will be over 43 billion devices connected to the internet in 2023. Moreover, by the end of 2023, this world will have more than 13.15 billion I0T devices. This means IoT is going to continue revolutionizing industries across the globe such as healthcare, automotive, e-commerce, and banking and their products like wearable fitness trackers, smart speakers, connected cars, enhanced shopping experience, etc.
Let’s talk about Industry-wise IoT trends that are going to be popular in 2023.
IoT Solutions for Automotive Industry
The automotive industry is one of the largest and most influential markets. To meet customers’ expectations and to be ahead of your competition in the industry, automakers must utilize advanced and relevant technologies to provide innovative features. To make this possible, the industry must keep anticipating the trends of tomorrow and stay a step ahead of them to grow and rule the industry.
Some of the latest trends in the automotive industry are-
- Autonomous Vehicle- Digital cockpit solutions have centralized Advanced driver assistance (ADAS), head unit, and instrument cluster to make customer experience seamless, and the implementation of automation easier. Connected and smart cars in the automotive industry are the fruits of Internet of Things technology, which has made a way for the automotive industry in the future. Many leading automotive players are hugely investing in the R&D of autonomous vehicles to increase the limit of personal experience. Autonomous vehicles are known for having automated features such as Emergency braking, parking, driving, and lane assist.
- Electric Vehicle: IoT trends for EVs (Electric Vehicle) will be more focused on improving charging infrastructure by efficient data sharing. Companies will leverage connected chargers that can communicate with each other, the owner of the car through apps and with EV batteries to optimize charging times and manage traffic at the charging station. The data then can be used to better plan the charging infrastructure. This data can also be used to help plan the future charging infrastructure.
- Predictive Maintenance- Every specific part of a vehicle that has embedded sensors collects data from that specific part if the vehicle is made with IoT technology. It also predicts which part needs to be upgraded, serviced, or replaced.
- Firmware of the Air (FOTA) – Firmware updates over the air will ensure that the automotive ECU gets seamlessly upgraded, as a result, car owners will not have to go to the workshops to get the updates.
IoT Solutions for Healthcare Industry
Healthcare is an industry that has enormous opportunities for IoT technology, as the demand in the market for IoT-enabled health devices is increasing (Global Market of IoT Solutions for healthcare is expected to reach $267 billion by 2023). During the pandemic, people have experienced what virtual doctor appointments look like. This gave the medical devices companies a positive sign that the demand of medical devices powered by IoT solutions will increase as home healthcare and personalized health monitoring is going to be in-trend for humans.
Moreover, fortune business insights has predicted the Internet of Medical Things (IoMT), is going to be worth over $352 by 2027.
- IoT in Home Healthcare – Wearables and in-home sensors enable healthcare professionals to monitor their patients remotely. In the coming year, many of us will get to know the concept of a ‘virtual hospital and ward.’ This way, patients’ health can be monitored from home during the treatment; it will also reduce healthcare costs.
- Personalized Health Monitoring- Wearable devices give their users the right kind of insights into their health which can help the users to identify health risks in time. Also, the user can carry the device wherever they want to. This, in turn, helps the patient to understand their health in a better way and it will decrease the burden on the existing healthcare system.
- Neuralink – There is a fair chance that Elon Musk’s Neuralink might debut this year. The technology helps in reading neurological signals; it can be pathbreaking as it can cure paralyzed patients regain control of their bodies.
eInfochips helped a client develop a device using the Microsoft Azure-based IoT platform that allows the patient to scan their eyes remotely. Click here to read the case study.
IoT Solutions for the Retail & eCommerce Industry
Technological progress has made consumer lifestyles more flexible and reorganized. I0T solutions are revolutionizing business operations for good. For example, Walmart manages about 1.5 billion messages from IoT devices each day. To attract and retain more customers, the retail & eCommerce industry must be more competitive in the market and provide innovative products and services.
- Advantages of IoT solutions and Artificial Intelligence- Businesses are increasingly implementing IoT Solutions in their operations to track the quality and quantity of the goods in the supply chain while transportation. In 2023 the use of IoT devices in the ecommerce industry and in the brick & mortar stores will become more common, like the usage of sensors that can share data about the conditions within the container which makes the supply chain more efficient.
- New Era of Shopping Centers- In this new era, as most of the transactions have started to take place in the mobile app, retailers have shifted their focus on creating a more modern physical store. Supermarkets have started using sensors and cameras to figure out the quantity of products available, by placing cameras and sensors on the shelves. The same quantity is then reflected in the customers’ in-app virtual cart. This type of inventory and product management will be one of the hot IoT trends in 2023.
IoT Devices for Security Vulnerability and Provisions Taken to Safeguard the Data Sharing Process
As the number of IoT devices increases, the risks associated with them will also shoot up. When these devices get connected and interact with each other they generate copious amounts of data than we can ever interpret. Thus, the data becomes more prone to hackers.
- When a physical and virtual world meets, it needs more awareness and funding. IoT security tools will be hugely in trend in 2023 to supply protection from any security breaches and fix network vulnerabilities.
- Blockchain has already been trending as the most secure technology for protecting IoT networks in banks and businesses.
IoT Solutions for Banking/Finance Industry
The power of the internet has made banking super convenient, and the future of banking is going to be more secure and advanced in the way customers can perform banking transactions. ATMs (Automated Teller Machines) have already been the perfect example of a successful implementation of IoT solutions for banking. Technology plays a significant role in daily transactions when it comes to retail banking or mobile banking. IoT technology is the way forward for the future of banks and retail and in this technological transformation, the customer needs to adapt to all the changes and IoT trends in retail and banking.
- Customer Centric- Banks are now focusing more on how IoT can help in designing products that adhere to customer desires. For example, there are many banks who are using “Beacons” that send personalized offers to customers’ mobile as soon as they enter the branch. The world’s largest banks have also started re-organizing their first office because of the need for a customer-centric approach. Banks are focusing more on digital customer experience while keeping the traditional services for older customers.
- Smart ATMs – Smart ATMs are automated teller machines (ATMs) that are connected to the internet and other devices through the Internet of Things (IoT) technology. This allows them to communicate with other devices, such as cameras and sensors, and with financial institutions and other networks. As a result, smart ATMs can provide a wider range of services, such as account management, bill payment, and even video conferencing with bank representatives. Additionally, IoT-enabled smart ATMs can also provide improved security features and real-time monitoring of their operational status.
- Chatbots- IoT technology has led the way to the development of a 24/7 customer experience with the use of virtual assistants or chatbots. Natural language processing and machine learning technique are used by chatbots for a better customer experience.
In 2023, IoT will continue to evolve and become more sophisticated. Companies will need to stay ahead of the curve and invest in the latest technologies to remain competitive. Companies should also focus on developing secure and reliable IoT solutions to protect their data and ensure customer privacy. Additionally, businesses should focus on developing innovative solutions that can help them gain a competitive edge in the market. Overall, the future of IoT looks bright and businesses should take advantage of the opportunities it presents. With the right strategies and solutions, businesses can use the power of IoT to gain a competitive edge and stay ahead of the competition.
eInfochips provides its expertise in customized IoT solutions from IoT security, remote device management, IoT application development, and connect device management. eInfochips helps businesses execute a reliable, cost-efficient, and highly scalable network by using various IoT platforms such as (AWS/GCP/Azure). We aid customers in deploying IoT solutions that increase efficiency, productivity, and profitability. Contact our team of experts to learn more about our key offerings and services.