The Internet of Things (IoT) describes the proliferation of physical objects connected to the internet and capable of communicating and sharing information with us and each other. IoT devices include smartphones, industrial sensors, smart home appliances, smart cars and accessories.
As per the latest State of IoT – Spring report 2022, IoT connections only grew by 8 percent in 2021 to reach 12.2 billion active endpoints due to the recent chip shortage. Once chip supply increases and IoT growth accelerates, there will be 27 billion active IoT devices by 2025.
The Global Connected Devices Analytics Market report estimates the market to be USD 22.16 billion in 2023 and reach USD 60.48 billion by 2028, growing at a CAGR of 22.24 percent.
IoT devices continue to share, collect and store data to help inform decisions across industries and use cases. Let’s look at the top Internet of Things trends in 2023.
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The Internet of Things technology will be a primary driver of the metaverse as IoT devices bridge the physical and digital reality. The immersive version of the internet will rely upon IoT devices to let users access virtual shops, stores, businesses and houses through their digital avatars.
Web3 will simulate real-life experiences using an interconnection of IoT architecture and data analytics built on cloud technologies. For instance, a gaming application in Web3 will not only offer a visual and audio experience but might also increase a user’s heart rate or make them feel the gush of air on their skin.
Simulated environments have plenty of other use cases in the metaverse, such as learning and development, research, disaster management, etc.
Digital twins of office spaces, manufacturing units and showrooms in Web3 will help businesses market their services/products in an immersive and digital ecosystem. Retail stores can use IoT data to customize store plans in real-time to reflect user behavior and interests. The opportunities are endless with IoT in Web3.
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Verkada, an online video surveillance service, was hacked in March 2021. Hackers accessed the private information of Verkada’s clients and live feeds from 150,000 cameras installed in factories, schools, prisons, hospitals and other sites using admin account credentials from the internet.
A subsequent investigation discovered that over 100 Verkada employees had super admin privileges, lending them access to customer cameras and creating cyber risk.
IoT cybersecurity is a top trend as devices become increasingly inexpensive, accessible and forgotten. Zero trust architectures are necessary as they take infrastructure perimeter to its furthest end when a user, application, device or API tries to access a network.
The right cybersecurity solutions classify IoT devices, build risk profiles, assign them to IoT device groups, apply policies and enable monitoring, inspection and regulation based on network activity.
Related: Internet of Things and Cybersecurity- Challenges and Best Practices
The global internet of things in healthcare market is expected to reach USD 861.3 billion by 2030 after growing at a CAGR of 16.8 percent between 2023 and 2030, as per Grand View Research.
Here’s how IoT plays a role in healthcare’s various facets-
Accelerating IoT adoption, persistent security threats and the high sensitivity of IoT data create the need for regulatory actions. While legislators have fallen behind innovation historically, IoT regulations and governance have matured in due time.
The US signed the IoT Cybersecurity Improvement Act of 2020 on December 4, 2020, giving the National Institute of Standards and Technology (NIST) authority to manage IoT security risks for devices the federal government acquires.
The Cybersecurity Act came into force on June 27, 2019, in the UK and the EU and empowered the European Union Agency for Network and Information Security (ENISA) mandate to help member states address cybersecurity threats.
Post-Brexit, the UK proposed IoT Cybersecurity Law in January 2020 to shift the responsibility of security away from consumers and toward device makers.
In 2023, the EU is to introduce strict IoT security regulation, which Reuters reports is titled the Cyber Resilience Act. Once signed into law, smart device manufacturers will need to review their products’ risk profiles and fix any discovered vulnerabilities. And, companies will need to notify the ENISA within 24 hours of threat discovery.
Related: What Startups Need to Know Before Investing in IoT
The Internet of Things is driving the future of business and living, and 2023 will move the industry forward in meaningful ways. For mentorship, resources and support to grow your IoT idea into a flourishing business, reach out to us at KiwiTech.