The business landscape with geopolitical tensions, sustainability concerns, and supply chain disruptions is changing the IoT market perspective, according to Frost & Sullivan's recent analysis, Internet of Things (IoT) Top 10 Growth Predictions for 2023. As a result, businesses are implementing a comprehensive IoT strategy in the short term, envisioning outcomes and growth opportunities that will help them overcome adversity and ensure growth. Frost & Sullivan highlights 10 critical IoT trends for businesses as they enter a challenging and hectic digital phase. The findings were derived from the organization's 2022 IT decision-maker (ITDM) survey of 2,094 ITDMs from end-user companies of various sizes and industries across regions.
"A majority of respondents, 40%, use IoT in security and surveillance systems as it promises to protect critical assets across industries," said Cecilia Perez, ICT Research Analyst at Frost & Sullivan. "Additionally, for 39% of respondents, industrial automation and smart manufacturing are among the main applications driving IoT projects."
Perez added: "The need to meet CEOs' top goals—improving processes, automation, and productivity—will accelerate Industrial IoT (IIoT) deployment in 2023. Further, IoT sensors and analytics will help digitize the physical world and quantify human actions, which support organizations in predicting, optimizing, and enhancing customer interactions for a better customer experience (CX)."
To tap into the growth prospects of changing IoT trends in the short term, market participants should:
• Consider incorporating 5G and edge computing to process IoT data in real time for mission-critical applications and automation.
• Incorporate artificial intelligence (AI) and machine learning (ML) to make data smarter. It helps businesses engage with customers through multiple channels, including social media, and deliver better CX.
• Encourage the manufacturing sector to leverage the potential of IIoT as its use can improve energy management and reduce consumption and costs.
Internet of Things (IoT) Top 10 Growth Predictions for 2023 is the latest addition to Frost & Sullivan's ICT research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.