In the past few years, the Internet of Things has drastically increased, with many consumers using digitalized products on a day to day basis, whether it’s the Amazon Echo or the Apple HomePod. By 2020 it is predicted that over half of new businesses will run using IoT technology, so it’s no surprise that The Internet of Things is such a hot topic right now.
Many German companies are among the first to adopt using IoT technology, competing to secure a vital place in the competitive market. One of the most prolific German IoT inventions is Mindsphere, a cloud-based IoT operating system developed by Siemens which connects products, systems and machines. It’s not just big companies leading the way for digitalization in Germany either. Some start-ups are at the forefront of the movement.
What are the Main IoT Trends in 2018?
Digitalization is quickly transforming the way businesses worldwide operate. One of the main IoT trends is ‘Digital Twin’. A digital twin is basically a virtual copy of a real-life product or system, which runs using real time data. One of the main benefits of Digital Twin is that it allows companies to solve problems and defects before actually manufacturing the product and therefore saving production costs.
Another big trend when it come to the Internet of Things is the merge of Blockchain and digitalization technologies. Blockchain is an encrypted computer filing system which allows the creation of tamper-free records that are readable by the public. A major benefit of using Blockchain with IoT technologies is that humans cannot overwrite the information written by machines, so that all data is accurate and can be trusted by all parties involved.
One more technology trend which can have many advantages when combined with IoT technology is Cognitive Computing – self-learning systems that mimic the way that the human brain works by using data processing, pattern recognition and language processing. This means that when Cognitive Computing is used with the Internet of Things, it is possible for things not only to be connected, but to be intelligent too. A simple example of this could be your car recognizing your body and automatically adjusting the car seat to your preference, and your car giving you restaurant recommendations based on restaurants you have already previously visited and rated on connected technologies.
Growing Concerns About Digitalization
While there is much excitement surrounding the Internet of Things and plenty of benefits, there is also a lot of concerns surrounding the topic too. A lot of consumers are still wary of The Internet of Things, and don’t have confidence in the idea of digitalization. One of the biggest difficulties companies are facing in regard to the Internet of Things is security concerns. These security issues range from network security to data security and even real-world dangers like fire risks or damage caused from vehicles being hacked. Other problems that companies are facing is that the adaption process is very slow, often taking twice as long as planned, because the retrofit is complicated and often expensive.