A new year is always an exciting opportunity to look ahead and examine the technology and trends that will be making headlines and advancing Internet of Things technology. While many developments will come to fruition in 2023 – such as advanced artificial intelligence, 5G development, integrated virtual and augmented reality, and security and data sovereignty developments – KORE takes a look at the following 3 key developments and the impact it will have on businesses in 2023.
The hype behind eSIM has not been fully realized, as adoption globally has only reached relatively tepid predictions for this connectivity technology: Kaleido Intelligence estimates that half of the global connected devices will be leveraging eSIM by 2027. This is a significant number provided by Kaleido Intelligence, but it has most of the adoption happening between 2022 and 2027, when a steady incline of adoption was anticipated beginning in 2018.
While there have been roadblocks in the path to widespread adoption in eSIM, the fact remains that this technology is highly positioned to see radical adoption in 2023.
What has emerged with eSIM is that the technology works best in tandem with other support technologies to create a next-generation connectivity ecosystem. As this technology matures through 2023 and throughout the remainder of this Decade of IoT, the expectation is that the supporting tools behind eSIM will mature, as well.
The technological landscape of IoT is going to increase alongside its adoption and in 2023, the convergence of services across stakeholders in the industry is likely going to increase. With 2023, the further development and adoption of new technologies is anticipated, including 5G, low power wide area (LPWA) networks, edge computing, private networks, and more. Looking at a very simplified view of the IoT stack, there are the sensors in devices that collect information, the network connectivity that communicates the data, and the data computing and storage that manages the data and sends it back through to the analytical user interface.
The connectivity owners are mobile network operators, the cloud service providers are the hyperscalers that integrate the data into cloud storage and computing, and all along the infrastructure are IoT enablement service providers to help tie device to network to computing.
These stakeholders cannot operate without each other and collaborations among the entities is growing in key movements to simplify IoT to help support adoption.
IoT has the opportunity to enhance business practices in a way that can support environmental and sustainability goals for organizations, which are increasing in adoption. According to analysts McKinsey, more than 90 percent of the S&P 500 organizations publish environmental, social, and governance (ESG) goals each year.
Many of these goals can be a reduction in use of consumables, such as water, electricity, or gas. Other might be reduction in emissions, such as carbon, or a reduction in waste. IoT can be used to monitor assets, consumption, locate areas of waste, reduce water use, support the use of electric vehicles, or support global goals such as decarbonization.
When IoT can optimize and support efficiencies, it can not only impact an organization’s bottom line but also support initiatives through what KORE likes to call, IoT for Good.
Learn more about how KORE can help utilize these key trends and more – reach out to talk to our experts.
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