The Future Trends of the Global IoT Market

The future of IoT research and applications in the USA looks promising in the year 2021. The market for IoT will expand globally over the next few years. However, in the year 2021, when the globe is looking towards reviving its socioeconomic order, the IoT sector will step up to the challenge. The IoT applications will focus on improving the social indicators worldwide. Moreover, IoT applications are diversifying into different sectors. Therefore, in the next few years, you can see the IoT market increase in valuation and application.

The growth trends of the global IoT market are so high that the valuation of the market will reach USD 1.4 trillion. As the world continues to combat the COVID 19 pandemic, it will also focus on improving the scenario around social distancing and automation with IoT applications. Moreover, there is an inherent need for automated applications in the workspace with restrictions on physical involvement. Thus, IoT applications have scope for further deployment.

The growth of cloud computing and storage is a trend that supports the growth of the global IoT market. Cloud computing and cloud storage is important for IoT devices. This is because the data collected and used by the devices is stored in the cloud. This, in turn, makes the data accessible at any time.

The leading providers of cloud computing services are Amazon Web Services, Microsoft, and Google.

The trends of the future IoT market

The IoT market is evolving, and so are the applications of IoT research. Here are a few trends that will dominate the IoT market in the future.

• Evolution of IoT to IOB- the IoT applications will develop into the Internet of Behaviour applications. These Internet of behavior applications will be used by companies to monitor employee behavior. This will help in adhering to social distancing in workplaces and public settings. Moreover, the Internet Of Behaviour applications will help in monitoring customer behavior too. This will come in handy for the companies that can use this data to tweak their marketing strategies. Therefore, IOB will help them adopt smart marketing and sales strategies. The IOB applications will focus on collecting smart dust data like biometrics and device usage data.
• IoT devices collaborate with AI for better performance- According to studies, the number of IoT devices in usage will cross 40 billion in number by the next five years. These devices together will generate nearly 80 zettabytes of data every year. The vast amount of data will need the help of AI for analysis. The Artificial intelligence sector has started collaborating with the IoT sector. By the next few years, this trend will become dominant.
• Medical IOT becomes a dominant sector- The 2020 pandemic has brought the focus on the global healthcare sector in a major way. The IoT sector will also help the medical and healthcare sector strengthen their defenses. Moreover, the IoT sector will help in a major way in diminishing the chances of a future pandemic. Apart from this, healthcare on all fronts will improve with the help of the IoT sector.

These are the dominant trends for the global IoT sector in the near future.