Future of IoT Technology: 8 Trends for Businesses to Watch in 2022
The future of IoT technology: 8 trends that companies should watch in 2022
IoT Technology: A More Connected World
As machines got smaller, they became easier to make. Recently, there has been a shift in technology philosophy: industries are moving away from a monolithic, single-device model in favor of a more modular microservices approach. Instead of a single device handling every calculation and every measurement, a network of devices can do it. Each device can also have its own individual usage, which can benefit the entire network. This is the core of IoT technology. Limited production: Chip shortage
Due to the high demand and low supply of expensive semiconductor chips, IoT solutions are becoming more expensive to manufacture. The situation has only worsened due to the pandemic. Although production of these chips has increased, it will take some time for the chip shortage to end. Some companies choose to order their semiconductor inventory well in advance rather than use a just-in-time solution.
According to Forrester, semiconductor shortages will limit the growth of IoT markets by 10 to 15 percent in 2022. This sounds like bad news for companies looking to invest in new IoT solutions, but it’s not all.
There is good news on the horizon. In February 2022, the European Union adopted the European Chip Act, a combination of public and private investment to support efforts to address supply chain gaps.