IoT: What does the future look like?

The next most prominent technology after the internet is the IoT (Internet of Things). IoT is not only changing people’s lifestyle but also the way consumers, businesses and governments interact with each other. Robots in all shapes and forms have been among us for years. According to Business Insider, the number of internet-connected devices (10 billion in 2015) is currently on track to increase more than three times by the end of the decade. In 2020, the IoT devices will be 25 billion, and the number of traditional computing devices such as PCs, Macs, smartphones, and tablets will reach the staggering 10 billion. More than $5 trillion will be spent on IoT solutions between 2015 and 2020.

And while IoT is already shaping our lives, it is still considered to be in its baby steps. Connected devices will continue to be adopted not only by technology-savvy consumers and innovative companies but will start being part of the masses. The number of efficient IoT connected smart cars and vehicles will continue to increase. IoT lowers the operating costs for businesses and governments, it is known to increase productivity. It also helps developers and entrepreneurs create whole new categories of product offerings.

What does the future look like?

It is not a secret that we already live and work among robots. While the modern-day robots luckily do not look and behave as the robots we know from the sci-fi movies, these devices are part of our lives. We have all sorts of smart tools that help us ease our lives, i.e., smart vacuum cleaners such as iRobot’s Roomba, Robomow intelligent lawn mowers, and even smart massage chairs like Bodyfriend’s Rex-L Plus. Those devices are so integrated into our lives that we don’t even think of them as robots. While you probably don’t call your thermostat or a dishwasher a robot, those devices indeed fulfill the definition of robotic devices. We no longer have to spend time vacuuming, mowing or driving to the massage therapist – we control all these connected devices from our smartphones and get them to do series of complex actions that save us time and money. While there is work that needs to be done into improving the human-robot interactions, with the help of AI, companies are continuing to design, build and deploy more human-like solutions for our everyday problems.

How bright is the future of IoT?

While there indeed are risks associated with the security, as your Roomba is known to have been mapping your home, and robots will be taking more and more jobs away from the humans, the future is not bad at all. While jobs are being lost, due to automation prices will continue to drop. More and more products will be more and more affordable. New categories of products will continue to emerge for both businesses and consumers. Companies will keep on implementing IoT solutions to cut costs and increase productivity and companies will continue to invent new tech categories. ROMY PARIS is an excellent example of a new product category invention as they created the formulator – a device that allows you to brew your own beauty cream from the comfort of home.

Cybersecurity concerns, regulation, and integration of IoT solutions will continue to be among the forefront challenges for the industry but one way or another, with the help of governments, cybersecurity firms and new technologies such as AI and Blockchain, the trend of having more and more connected devices will continue. Even though we see IoT products every day, we are still in the beginning of IoT adoption and the industry has a long way to go until it evolves into a highly connected world that we hope won’t be as grim as the one described in Netflix’s TV show Black Mirror.