5 IoT Trends to Watch in 2020

The Internet of Things is a widespread technology and most of us are starting to experience it on our own. It’s estimated that there will be over 3 billion devices in 2020. The market is developing at a more and more high pace. As a result, it’s crucial for company managers to keep up with IoT trends.

This post is an overview of what lies ahead for IoT in 2020. Follow these trends to be able to launch sustainable, relevant products.

The State of IoT Market

For many, the Internet of Things is a buzzword that is too expensive or complicated to install. In particular, it may seem that launching an IoT project requires money and workforce. Yet the reality is much different.

To understand the full power of the Internet of Things, take a look at its most impressive statistics:

State of IoT Market

Photo by Annie Spratt on Unsplash

Popular IoT Applications

A few years ago, the contributions of IoT were limited to automating simple, mundane tasks. Now, technology has made its way into the most significant areas of life. For instance, we use IoT in hospitals, cars, homes, big industries and cities. Most recent startups prove that you can push the IoT trends even further.
There are the Internet of Things innovations in most fields — such as the following ones:

The Internet of Things succeeds in the urban environment. It can track traffic, keep track of electricity management. World’s most beautiful and innovative cities have already embraced IoT innovations.

Barcelona uses a connected system to optimize electricity usage in the city streets. Connected LED bulbs dim if a street is empty and brighten if there are people in the area. Singapore has implemented a sensor-based ‘Smart Nation’ network to enforce public safety.

2. Smart vehicles

Many IoT innovations help drivers enjoy the experience of commuting and cut traffic. For example, vehicle-to-vehicle communication, smart cars, connected speed monitoring systems. According to the National Highway Traffic Safety Administration, the U.S. pays $871 billion for traffic management.

Cars that use IoT will reduce the impact of human error and increase driving safety.

3. Smart hospitals

Tech leaders — Amazon, Google, Apple — take a lot of interest in IoT integration at hospitals. The most promising applications of IoT in healthcare are:

  • Bio-telemetry — doctors can scan patients' vitals to check adherence to medical instructions;
  • Drug management — use connected platforms to administer drugs effectively. Also, you can study their side effects on every patient’s body;
  • Connected rehabilitation — an IoT helps doctors walk patients through post-op treatment.

4. Smart home

The smart home is one of the first and most common IoT applications. Voice assistants like Siri and Alexa made the Internet of Things into a phenomenon it is now. Apart from voice assistants, most house owners can afford other smart devices. Such as a connected security camera, a smart doorbell, etc.

5. Connected banking

The Internet of Things has a plethora of applications in the financial industry. Connected branches create an environment for seamless customer service, improve security. Generally, helping companies connect with visitors. IoT increases the efficiency of loan management and background checking. It does so by facilitating data gathering and sharing it between branches.

IoT Smart Home

Photo by Stephan Bechert on Unsplash

Top 5 IoT Trends of 2020

IoT is growing to become commonplace at every home, office, across all cities and towns. The development of complementary technologies (cloud computing and 5G Internet), influences the growth of the Internet of Things more and more. Here are the five Internet of Things trends that are taking the technology to the next level:

1. Voice-driven connected devices

Hands-free connected platforms have been making their presence since 2015. Voice-driven interfaces are crucial for cars, where drivers can’t rely on hands-on experience with an interface. It is a convenient way to manage smart home tasks as well. Especially thanks to a seamless experience voice assistants provide.

2. Growth of edge computing

Edge architecture — a way to store data in a microprocessor, as opposed to a centralized and cloud system, is taking the IoT market by a storm. It’s a cheaper data handling approach than any of the existing alternatives.
By the next year, IoT developers will be able to connect a wide range of devices via edge computing, creating flexible and responsive systems.

3. Training IoT specialists

The Internet of Things is developing as a separate job market now. And it has astonishing demand for developers and security professionals. MIT, Oxford, and other frontrunning schools responded by creating specialized courses. As a result, soon enough, university graduates will be able to fully support IoT projects.

4. Blockchain meets IoT for heightening security

When it comes to IoT, topics like hacking or data tampering make the headlines and heated online debates. Connecting IoT and blockchain ensures no one, but project stakeholders can access data records. The blockchain-empowered sharing of IoT logs is cheap and fast. That’s why it’s a common application in aircraft and fleet management.

5. 5G facilitates IoT adoption

IoT helps build faster connections among devices, empowering mass IoT adoptions. The networks of the near future will have a higher connection speed and bandwidth, along with reduced latency. 5G will improve the connectivity in places that are now considered unreachable — tunnels, faraway rural areas, subways, and so on.

IoT Smart House

Photo by BENCE BOROS on Unsplash

Cost of Implementing IoT

Calculating the cost of an IoT project is a multi-layered project, due to a wide range of features a developer can choose to include or leave out. To have a better idea of how much you’ll need to pay for bringing your next idea to life, take a look at the cost breakdown below.

1) Custom hardware cost: $138,000 — $207,000

Device size

Large — L

Waterproofness

Waterproof

Relative accuracy of sensors

Over 3%

Sensor quantity per device

Sensor quantity per device

Functionality

User interaction

Data preprocessing

Data acquisition

Connectivity

Bluetooth, Lora, ZigBee, LAN, cellular, SigFox

Additional components

LED indicators, display screen, switchers, photo capturing, touch screen

Device powering

Wireless charging, rechargeable battery

2) IoT mobile application cost: $137,800 — $206,700

Real-time data

Yes

Dashboard

Dynamic

Multilingual

Yes

Sensor quantity

50

Platform

Android, iOS

Availability

Clients, platform owners, retailers

Login methods

Phone number, email, social media

Modules

Virtual (augmented) reality, notifications, maps, user management, analytics, reports, payment, device management.

Conclusion

The Internet of Things is developing in synch with other technologies. That’s why business managers need to keep an eye on tech trends when launching IoT projects.


If you are looking forward to launching an IoT project, there’s no point in putting it off. Start testing the technology on a smaller scale, then gradually increase the array of features. When working on a solution, keep current industry trends in mind — this way, the project will be relevant to the audience and easy-to-use.

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5 IoT Trends to Watch in 2020