IoT's Future Offers Opportunities and Challenges

Security concerns, the metaverse, Web 3.0, and lingering chip shortages are all factors to consider as technology blends into the metaverse.

FREMONT, CA: The Internet of Things barely qualifies as an emerging technology these days.

Technology, however, continues to advance. Emerging technologies are influencing IoT. The nascent metaverse and 5G are just a few examples. Convergence between IoT and other innovation streams will lead to new use cases, applications, and adoption scenarios.

It is indeed encouraging to see the long-term trends. The near-term shortage of components dampens technology growth projections. Flexibility will be the key to success in IoT technology vendors, systems integrators, and customers.

Let us know the recent trends to watch in IoT.

IoT meets the metaverse: In the online metaverse, the IoT is poised to play an important role as a way to knit the physical world with the virtual world. The concept of digital twins, the virtual representations of physical devices, is becoming increasingly relevant thanks to the increasing amount of data generated by IoT. The metaverse is likely to contain a variety of digital twins generated by the Internet of Things.

According to research, IoT and other technologies are evolving into Web 3.0 and are thus playing a significant role in Web 3.0's development. It was contended that the original World Wide Web was primarily a data portal and a search engine. With the advent of social networks and people's internet in 2000, the web transitioned into an internet of people. It is important to note, however, that the next shift -- mobile internet and Web 2.0 -- encompasses 3G/LTE as well as IoT, according to the research.

There is a lot of progress in the industry toward Web 3.0 and the Internet of Places, two fundamental capabilities. There are two approaches: one provides interoperable online venues for sharing and collaborating experiences, and the other uses blockchain and distributed ledgers to establish a secure digital identity.

This ongoing development will be driven by the IoT, which is poised to build upon that foundation.

Cellular IoT is experiencing high growth: Over the next few years, cellular IoT technology, which utilizes mobile networks to connect devices, will have a high-growth track due to the widespread use of mobile networks. It is estimated that the global market will nearly double in four years, from $31 billion to $61 billion in 2026, as market research firm Juniper Research predicts.

IoT continues to face challenges due to chip shortages: While there are many benefits that the technology can offer, it is not entirely rose-colored - despite the expanding metaverse and cellular IoT applications.

Compared to traditional smart devices, many IoT-based devices use lower-end chipsets such as four-bit or eight-bit microcontrollers, which are cheaper to manufacture, have lower processing demands, and are easier to integrate. IoT-enabled smart devices are expected to use these lower-end chipsets soon, so supply will continue to outpace demand throughout the year.

An IoT botnet is attacking infrastructure: The security of IoT devices and devices connected to the internet has long been a concern for IoT users. This is because myriad connected devices and sensors provide a vast attack surface.

There will be more threats in the future. According to Forrester Research, an IoT botnet will take down some critical communications infrastructure through a DDoS attack in the future. According to Forrester Research, the attack is expected to surpass 30 million requests per second, which will cut off availability and cause economic pain to companies.