Technology Trends 2023: How IoT Solutions Are Taking Tech Into The Future
If you’re looking into technology trends 2023, the Internet of Things (IoT) and smart technologies are bound to feature prominently as important role-players in digital transformation. IoT is modifying the traditional models governing how cities and industry are run – but their applicability is just as powerful for individual homes and businesses.
By 2030, it is predicted that the number of IoT-connected devices will exceed 29 billion. For business owners and building managers, this creates myriad opportunities for competitive and strategic advantage. Have a read through the top strategic IoT trends and technologies through 2023 and work with the team at Smarter Technologies Group around your business’s smarter future.
2023 technology: What is IoT?
A simple definition of IoT is the nexus of internet-connected smart devices and technologies that constantly collects data.
New technology in 2023: Why IoT should matter to you
The transformative capabilities of smart technologies are underpinned by data. Data is being used to create human-centric homes, businesses, buildings, and cities through technology. Through collection, analysis, and reporting on meaningful data, smart technologies empower performance improvements and problem-solving abilities.
The rate of adoption of these technologies and spend (IoT spending is expected to reach $1 trillion worldwide and this growth curve is set to continue) is noteworthy. As business owners, it is important to keep an eye on IoT in smart buildings market outlook and forecasts 2023 and beyond to ensure ongoing relevance, competitiveness, and agility in a digital future.
IoT technology trends 2023
Remote accessibility, monitoring, and control have seen enhanced importance following global lockdowns during the COVID-19 pandemic. According to McKinsey, the pandemic accelerated the adoption of digital technologies by seven years – and managing supply chains and performance remotely is a common feature in this trend.
Remote monitoring, tracking, and reporting across whole-business operations presents many exciting opportunities for streamlining processes and systems and improving performance. It is widely accepted that what can be effectively monitored can be effectively managed – and detailed, accurate, real-time data gives this a new meaning. From long-term strategising to daily decision-making and reactions to emergency events, smart technologies pave the way for high-level agility, flexibility, and resilience.
A Digital Bigger Picture – With Control Over Components
Digital trends have evolved from one device that does everything. Rather, we are seeing a network of connected, modular devices. This creates a powerful, centralised network that is well-connected. The benefits of this include improved communication and collaboration; enhanced security; and a granular view of operations that plays into holistic digital cohesion.
Strategic Decision-Making Through Data
High-quality data collection and analysis allows decision-makers to craft strategies around actual behaviour and conditions. This acts as an important tool in levelling up performance, identifying and overcoming challenges, and working throughout supply chains to great effect.
The smart building technologies – like those available from Smarter Technologies Group – allows for thresholds to be pre-programmed. Alerts and notifications are sent to remotely accessible dashboards when anything outside of the norm occurs. This helps to avert the cost, downtime, and potential harm to staff and customers through instant actionability.
Importantly, this data has an important role to play in sustainable transformation within built environments. Smart building energy monitoring, for example, allows for energy consumption to be better understood. This leads to identification of areas of potential saving. In resource and asset management, these data insights are used to prevent wastefulness.
The potential areas of impact include maintenance scheduling, compliance and reporting, machine learning and automation, refined customer service, employee wellness, and evidenced return on investment – although the areas of application are almost endless.
Systems of Digital Growth
It is important to remember that it seems the growth of IoT has strong parallels with other areas of digital growth. For instance, the networks required to run expansive IoT systems will need to be developed in line with growth of the sector. This means faster, more reliable, and more secure networks to run our homes, businesses, and cities.
Smart Infrastructure – Across Our Lives
The power of smart technologies is attributable to their simplicity. They are easily integrable into existing systems and technologies and are scalable according to growth and shifting needs. From homes and small businesses to whole cities, large-scale agricultural concerns, and big industry, smart infrastructure is being adopted.
In cities, this is creating a more engaged public and a more adaptable range of public places and services. In general, it is attractive for its potential around responsible resource usage, reduced wastage, and the important shift to greener processes.
There is no one-size-fits-all approach to the application of data-collecting smart technologies. These can be tailored around the details of a single project or process or across multi-location, broad-scale operations.
Digital Solutions, Reduced Real-Life Risks – and Increased Benefits
The COVID-19 pandemic also had the effect of fast-tracking automation and AI, according to KPMG. This has been met with mixed responses from the public. However, business leaders have reinforced the sentiment that these technologies are critical at meeting global challenges in a meaningful and productive way.
Lockdowns and Brexit highlighted labour issues in Britain and around the world. This is one reason that underscores the importance of automation to business continuity.
Automation, AI, machine learning, visual inspections, and the creation of digital twins are all reliant on data for effectiveness. The former all lead to greater accuracy and reduced chance of human error across a range of applications.
Additionally, digital twins create a replica of real-life situations and allow these to be digitally manipulated to gauge the effect of different factors on outcomes. This presents no risk to actual operations and informs high-level decision-making.
The future starts today
Prepare for the future by working with strong digital partners. The team at Smarter Technologies Group offers a range of smart solutions to spearhead data-driven digital transformation for public and private entities. Contact Smarter Technologies Group today for tailored smart solutions to match your needs and to align your business with technology trends 2023.