Forbes’ Top 10 Predictions for the Internet of Things: What Will 2021 Bring?

The Internet of Things (IoT) has been a buzzword for the past few years, and 2020 saw a substantial growth in IoT adoption. With the onset of a new year, organizations worldwide are curious about the latest trends and how they will impact their businesses. Forbes has released its predictions for the top 10 IoT trends that will dominate the market in 2021. Here’s what you need to know.

1. IoT Integration with 5G Networks

One of the most significant trends in IoT for 2021 is the seamless integration of the technology with 5G networks. This is set to boost IoT capabilities to unprecedented levels, allowing IoT devices to transmit and receive data in real-time. 5G networks can support IoT devices on a much larger scale, enabling the deployment of IoT devices in mass numbers.

This means that organizations can implement IoT devices in their processes without facing network capacity issues. As a result, we can expect to see new and inventive IoT solutions being developed in 2021.

2. IoT Security Threats to Increase

With the prevalence of IoT devices, the potential for cyber threats is becoming more significant. Hackers can attack these devices through unsecured networks or vulnerabilities in device software. Forbes predicts that organizations will be investing more in IoT security measures, such as encryption and secure communication protocols to mitigate the risk of cyber threats.

3. Edge Computing to Fuel IoT Growth

Edge computing has gained momentum in recent years, and it is set to accelerate IoT growth in 2021. With traditional cloud computing, the data needs to travel to and from the cloud, leading to a delay in processing times. Edge computing brings the data processing closer to the source, reducing latency and increasing the scalability of IoT.

This is particularly beneficial for IoT systems that require real-time data insights, such as industrial manufacturing or healthcare. By leveraging edge computing, organizations can deploy IoT devices across a broader range of applications.

4. AI and Machine Learning in IoT

Artificial intelligence (AI) and machine learning are increasingly becoming crucial components of IoT systems. By combining the two technologies, organizations can analyze vast amounts of data generated by IoT devices, gaining valuable insights into their operations and identifying opportunities for growth.

Moreover, AI and machine learning can enable IoT devices to learn independently and adjust their operations accordingly. This means that IoT devices can adapt to their environments, optimize their performance, and reduce the costs of maintenance and repairs.

5. IoT and Blockchain Convergence

The synergy between IoT and blockchain technology has the potential to revolutionize various industries. Blockchain technology enables secure and transparent transactions while IoT provides real-time information about the objects being transacted.

The integration of blockchain and IoT offers a secure, tamper-proof, and transparent way to manage the entire lifecycle of physical assets, ranging from tracking to resale. Forbes predicts that IoT and blockchain convergence will enable organizations to create new business models and accelerate digital transformation initiatives.

6. Predictive Maintenance through IoT Analytics

Predictive maintenance is the ability to identify potential equipment failures before they occur. This is becoming increasingly crucial for organizations looking to reduce downtime and maintenance costs. Predictive maintenance can be achieved through IoT analytics, which enables the collection and analysis of large amounts of data generated by IoT devices.

By analyzing this data, organizations can identify patterns and trends that indicate potential problems. This enables them to fix issues before they impact operations, thus reducing downtime, and increasing operational efficiency.

7. IoT in Healthcare

IoT is making inroads into healthcare, bringing a range of benefits to patients, care providers, and healthcare facilities. For instance, IoT technology can enable remote patient monitoring, allowing physicians to track vital signs and monitor patients’ conditions from anywhere in the world.

Moreover, IoT devices can track medication adherence, reducing the likelihood of adverse reactions and improving patient outcomes. Forbes predicts that IoT will continue to grow in healthcare, enabling the delivery of personalized care and improving patient outcomes.

8. IoT in Agriculture

The agriculture industry is poised for significant growth in 2021, thanks to the integration of IoT technology. IoT sensors can collect data such as temperature, humidity, and soil conditions, providing farmers with real-time insights into their crops.

By leveraging this data, farmers can optimize their operations, reduce water and fertilizer usage, and increase crop yields. Moreover, IoT can enable precision agriculture, allowing farmers to identify and treat specific problem areas of their crops, reducing waste and increasing profitability.

9. The Rise of Smart Cities

Smart cities are another IoT trend set to grow in 2021. By leveraging IoT technology, cities can optimize their infrastructure, improve traffic flow, and enhance public safety. IoT sensors can monitor traffic patterns, detect hazards, and automatically adjust traffic lights to prevent congestion.

Moreover, IoT can provide real-time air quality monitoring, enabling cities to identify and mitigate pollution. Forbes predicts that smart cities will continue to grow in 2021, creating opportunities for businesses to develop innovative IoT solutions.

10. IoT in Retail

Finally, IoT is transforming the retail industry, providing businesses with valuable insights into their operations and customers. IoT sensors can track consumer behavior, such as shopping habits and product preferences, enabling businesses to personalize their offerings.

Moreover, IoT can optimize inventory management, ensuring stock levels match demand, reducing waste, and increasing profitability. Forbes predicts that IoT will continue to shape the retail industry, enabling businesses to create unique customer experiences and drive growth.

Conclusion

In conclusion, Forbes predicts that IoT will continue to grow in 2021, providing organizations with new opportunities to optimize their operations and create innovative solutions. With the integration of 5G networks, edge computing, AI, and machine learning, IoT capabilities will continue to expand, enabling businesses to unlock unprecedented potential.

However, IoT security threats will continue to rise, making IoT security measures a top priority for organizations. Moreover, IoT and blockchain convergence, predictive maintenance, and IoT in healthcare, agriculture, and retail are trends set to dominate the market in 2021, creating a more connected, smarter and efficient world.

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