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AI set to play a major role in IoT data analysis and value creation

The Internet of Things (IoT) will continue to see significant growth and advancement in 2023, impacting all four components of the IoT model: sensors, networks, analytics and applications. Here are five trends to watch out for in the coming year:

  1. Increased data and devices with more human-device interaction: The number of devices actively connected to the internet and used for everyday tasks is expected to continue to grow, driven in part by the deployment of 5G and the adoption of edge computing.
  2. AI plays a bigger role in IoT: Artificial intelligence (AI) will be essential to make sense of the vast amounts of data collected and increase its value to businesses. Cloud providers such as Amazon, Microsoft and Google will compete based on their AI capabilities, and startups will leverage machine learning and deep learning algorithms to extract more value from data.
  3. Widespread adoption of voice user interfaces (VUIs): Digital assistant devices such as Alexa, Siri and Google Assistant are set to become the hubs of the next phase of smart devices, with voice being the primary means of communication and control.
  4. Continued investment in IoT: Spending on IoT is expected to reach $1.4 trillion by 2023, attracting both emerging and traditional venture capitalists to innovative hardware, software and services projects in the sector.
  5. Expansion of smart IoT: Smart cities, which have been in a holding pattern, are expected to advance significantly by 2023, with the deployment of smart sensors and IoT technology aimed at creating comfortable, convenient, safe and clean environments for citizens. In addition, the adoption of smart farming and manufacturing practices will increase.