Future of IoT Technology
Future of IoT Technology: 8 Trends for Businesses to Watch in 2022 In a world dominated by artificial intelligence, data, and ever-advancing connectivity technologies, it's hard to leave the 'Internet of Things' out of a list of innovative and game changing technologies. In fact, IoT may be one of the most important technologies out there right now, as it is responsible for the success of many other technologies, like machine learning. As the market landscape evolves over the next several years, it's critical for businesses to monitor how things are changing. Some of the most successful businesses are the ones who think creatively about evolving technologies. Coming up with ideas for innovative ways to use and combine these technologies together isn't possible without keeping an eye on these trends. Let's talk about the future of IoT technology and IoT trends that are shaping markets around the world in 2022. IoT Technology: A More Connected World As machines get smaller, it becomes easier to produce. A shift in tech philosophy has occurred recently: industries have shifted away from a monolithic, single-device model in favor of a more modular, microservices approach. Instead of one device handling every calculation and every measurement, a network of devices can do this instead. Each device may have its own individual utility as well, and it may benefit the entire network. This is the core of IoT technology. IoT Technology’s Growth According to Mordor Intelligence, the IoT technology market value is expected to rise to $1.39 trillion by 2026. This incredible growth is likely due to a number of factors: Don’t get too excited just yet – there’s more to the story. Limited Production: The Chip Shortage Due to high demand and low supply of valuable semiconductor chips, IoT solutions have become more expensive to produce. The situation has only...
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