The ever-expanding networks of real-world items that can connect to the internet, communicate with humans, and share information with one another have come to be known as the “Internet of Things (IoT)”.
It is anticipated that there will be more than 43 billion internet-connected gadgets by 2023. They will produce, exchange, gather, and assist us in using data in a variety of ways. Here is a summary of some of the major themes that will influence how we use and interact with these gadgets throughout the course of the upcoming year.
Business Metaverse and Digital Twins
In 2023, how technology is used in business and industry will be determined by the convergence of two key technological trends. Bringing the actual and virtual worlds closer together will be one of the metaverse’s most beneficial uses for business. Building more and more accurate digital twins of various systems, from industrial plants to retail centers, will be achievable with the help of data from IoT sensors. After that, business users will be able to enter these digital twins utilizing immersive metaverse technology, such as VR headsets, to gain a better knowledge of how they function and how changing particular parameters is likely to affect business outcomes.
The retail industry is already utilizing this technology convergence, with shop planners able to track foot traffic in real-time and alter displays and promotions in order to track how this affects consumer behavior and, eventually, revenue creation. It enables the designers of factories and production facilities to test out various machinery configurations, as well as to draw attention to potential safety concerns and anticipate probable malfunctions.
Security for Internet of Things (IoT)
Internet of Things (IoT) gadgets make our lives more simple and easy, but they also expose us to new and different cyberattacks. Simply said, the more linked gadgets we have in our settings, the more possible entry points there are for intruders. Businesses, device manufacturers, and security experts will intensify their efforts to fend off “malicious actors” and reduce their chances of gaining access to our priceless data as the number of devices grows in 2023 and beyond.
According to the US White House National Security Council, uniform security labeling for makers of consumer IoT devices should be in place by early 2023. These will assist purchasers in identifying potential risks associated with certain equipment they install in their homes. By adopting simple safeguards, users can resist many fundamental attacks, such as phishing attacks, which rely on social engineering to deceive users into disclosing access data. Additionally, a Product Security and Telecommunications Infrastructure (PTSI) law is anticipated in the UK.
Spending on security measures is expected to reach $6 billion by 2023 for those active in IoT, especially in the consumer area where networks can be the only line of defense between criminals and extremely sensitive personal data.
The Internet of Things (IoT) in Healthcare
IoT technology has a lot of potential in the healthcare industry, and by 2023, the market for IoT-enabled health products is expected to be worth $267 billion.
Using wearables and in-home sensors to let medical staff keep an eye on patients outside of the hospital or doctor’s office is one of the major game changers. This makes care possible around-the-clock while freeing up important resources for patients who require immediate assistance. By 2023, more of us will be familiar with the idea of the “virtual hospital ward,” where medical professionals would use sensors and telemedicine to monitor and treat patients in their homes under the supervision of nurses and doctors.
On the consumer side, wearable technology enables everyone to gain better insights into their own health and fitness, which again will help ease the burden on the current healthcare systems by enabling us to seek assistance sooner when something is wrong and to better understand how diet and exercise affect our health. In the coming year, more goods, like wearable skin patches, are likely to become available. Smartwatches with ECG and Sp02 sensors are already typical. The Neuralink company, founded by Elon Musk, is developing implants that sense brain signals; one of the first uses they are aiming for could be to enable people with paralysis regain control of their body.
IoT Space Governance and Regulation
The EU is anticipated to implement laws in 2023 mandating smart device operators and manufacturers to adhere to stricter guidelines for the collection, storage, and prevention of data breaches. This is only one of several new pieces of legislation that will soon be put into effect all throughout the world. This indicates that 2023 might very well be the year when governments begin to understand the legal and societal repercussions of a constantly growing IoT. Additionally, it is anticipated that EU law would address concerns regarding edge computing, which makes use of tools made to analyze data right where it is being received rather than sending it back to centralized cloud servers to be analyzed.
The Chinese government’s three-year plan to implement regulations allowing the widespread adoption of IoT technology across the nation would be completed in 2023, meanwhile, in Asia. Like everywhere else in the world, China is aware that the IoT has the potential to propel rapid commercial growth, but that this expansion must be regulated to prevent possible conflicts with privacy concerns and individual rights.