While some companies began exploring the Internet of Things (IoT) before 2020, the COVID-19 pandemic forced many organizations to fully commit. Companies are recognizing the necessity of IoT technology for stability during turbulent times. Here are some key trends driving IoT innovation in 2022.
Digital transformation
Increased consumer demand, the influx of data, and the shift to remote work have highlighted the value of digital tools in streamlining processes and improving communication. The current COVID-19 pandemic and labor shortages have impacted staffing levels, forcing companies to adapt to meet greater demands within shorter timeframes. Embracing technological innovation is one step companies are taking to meet customer expectations and maintain a competitive edge.
The Internet of Things (IoT) will drive digital transformation. According to Statista, there will be over 25.4 billion IoT devices by 2030. Advances in artificial intelligence (AI), 5G networks, and blockchain technology will simplify communication and data processing, enabling companies to meet customer needs more efficiently. AI and ML will enable machines to handle more complex tasks, allowing employees to focus on other things.
While digital transformation will drive GDP growth, businesses must develop comprehensive plans to implement digital transformation tools. Technological innovation requires flexibility and a willingness to learn. Companies will encounter a learning curve in the trial-and-error process of integrating IoT technologies, but the potential return on investment and competitive advantage offered by such technologies will make the investment well worthwhile.
Asset tracking
According to a study by ABI Research, asset tracking is driving innovation in the Internet of Things (IoT). In 2022, companies will see the democratization of asset tracking as cost-effective solutions come to market. Competition will intensify as small and medium-sized enterprises (SMEs) can also use asset tracking due to low-power wide-area (LPWA) networks and affordable IoT devices. In fact, smaller companies may find it easier to adapt than larger ones due to their scale.
Asset tracking will continue to receive attention as companies use it for multiple use cases. Using asset tracking across multiple use cases will help companies prevent losses and manage inventory.
While asset tracking has been adopted and will continue to be adopted by many industries, the adoption of IoT solutions for asset tracking in the healthcare sector is expected to increase in 2022. By reducing search time and improving process efficiency, asset tracking will enable healthcare professionals to better serve patients and improve overall efficiency. As technology advances and security requirements are addressed, asset trackers will also be used for real-time monitoring and reporting of patient conditions. The increased interest in telemedicine following the COVID-19 pandemic will further stimulate the adoption of asset tracking and other IoT solutions in the healthcare industry.
Supply chain solutions
Post-pandemic supply chain challenges will continue to impact businesses. Reduced workforces necessitate innovative solutions to meet growing customer demands. IoT technologies offer solutions for tracking, status monitoring, inventory management, and security and compliance. As companies adopt more IoT technologies, they will be able to minimize risk and improve their resilience to ongoing supply chain disruptions.
The demand fluctuations caused by the pandemic have left logistics professionals struggling to forecast inventory needs for 2022. IoT solutions such as asset tracking provide real-time data updates, offering companies accurate inventory management information. Furthermore, the introduction of artificial intelligence will improve the forecasting and analysis of future inventory needs.
While companies aim for accurate inventory management, tracking and monitoring assets in transit will also become crucial in 2022. Indoor and outdoor location tracking and monitoring will improve companies' supply chain visibility, enabling them to identify delays and problems before they occur, thereby increasing efficiency and facilitating better communication with customers.
