The Internet of Things in 2020

IoT can now be considered as an established technology. One can see IoT in action across connectivity and usage available across markets worldwide. McKinsey & Co. has predicted that by 2025, the economic impact of IoT could reach $11 trillion.

Some current trends of IoT being witnessed are mentioned below.

• Security is a major apprehension for using IoT solutions today. There were more than 100 million attacks in 2019. Experts believe that blockchain could play a pivotal role toward achieving higher security levels in the IoT.
• Software as a Service is well entrenched in the IoT world. Cloud solution benefits the customer and the service provider. Customers can avail a better price while the service providers have access to better and more sophisticated solutions.
• IoT solutions translate into better data analytics. Better analysis and understanding of data are critical for the overall efficiency of the system, network and infrastructure.
• Smart cities are also witnessing increased usage in IoT. Since the bulk of the population is urbanized, services for residents can be improved through IoT applications.
• Manufacturing industries are applying Industrial IoT applications to increase productivity, manage resources effectively and help in overall cost control and management.
• The healthcare industry has witnessed explosive increased investment and usage of IoT. This ranges from chronic disease monitoring to usage of medical and diagnostic smart tools and devices. In fact, Frost & Sullivan predicted the Internet of Medical Things (IoMT) to grow to $72 billion by the end of 2021.

Whirlwind changes are expected in the world of IoT moving ahead. It will continue to serve as a catalyst for innovation and growth.

RPA

The present crisis provided a fillip to robotic process automation. RPA has played a critical role in the case of utilities. This is primarily to enhance cash flow and handle workforce issues that arose out of the pandemic.

A recent trend indicates that RPA has currently also moved beyond value automation and moved toward the concept of automation for a purpose.

RPA was conceived to lower or eliminate manual humdrum work, the initial focus being supply chain and HR. Currently, newer occasions to explore the application of RPA include workforce management, asset management, etc.

However, it’s augmenting technologies among others that could shape the future of RPA. To enable that, an ecosystem of augmenting technologies to make RPA more effective. This includes optical character recognition and machine learning among others that would pivot the course for Smart RPA solutions.

These technologies would have to be used across areas where automation is being introduced.

Combining RPA with multiple AI is called Intelligent Document Processing. Banks, Financial Services and Insurance have pioneered the usage of IDP.

Every industry has operational inefficiencies that need to be ironed out. RPA along with augmenting technologies can create solutions to resolve inefficiencies and enhance or automate processes across industries.

RPA will definitely make a bigger splash in the months ahead.