The future of
IoT technology:
From theory to practice

The confluence of supply and demand factors has created excitement around the future of IoT —the Internet of Things. As IoT technology continues to advance—making devices smaller, more intuitive and more economical—businesses have begun to realize the potential of near-real-time data to improve operations and create new revenue opportunities.

A 2021 study found that the average American household contains 25 connected devices. Despite the nearly unlimited access and growing volume of these devices, there are still vast untapped possibilities for the future of IoT and linkages between compatible devices. Industries, such as automotive, healthcare and finance, are leveraging IoT technology and IoT applications but have not yet seen the massive disruptive benefits projected after full connectivity.

Some IoT applications are mature and have been widely adopted. Telematics in the automotive industry is one example of an IoT application. Transportation companies are investing in IoT technology as they develop electric and autonomous vehicles.

Healthcare is leveraging IoT technology and 5G to implement near real-time monitoring for improved patient care. The future of IoT also involves bringing change to the financial industry by improving transaction encryption and security and enhancing point-of-sale systems.

These examples demonstrate the power of IoT technology and signal trends for the future of IoT and IoT applications. Though IoT technology is delivering measurable business benefits, the business world is a long way from reaching a saturation point for the number of possible connected devices.

However, the use cases already being employed across industries demonstrate the benefits of IoT technology and point to a future of continued IoT adoption, making the business case more palatable to organizations. 

Two megatrends driving the deployment of IoT technology and the future of IoT are 5G and edge computing. 5G can dramatically reduce latency, enabling near real-time information availability. Healthcare especially can benefit from the ultra low latency data transfer of 5G, as time-sensitive information can get to physicians sooner, which could help them make outcome-impacting decisions more quickly. 5G can also enhance cloud computing performance by decreasing data transmission time, helping enable scalable, secure and cost-effective external storage.

Edge computing processes data closer to the application and thereby reduces latency, especially when combined with 5G. Data processing at the edge can also reduce energy consumption by lessening the computing burden on the device.