5 IoT Trends that Experts Believe will Emerge in 2023

Applied Tech Review | Wednesday, December 28, 2022

While the global IoT market is growing, many experts shared concerns for 2023 due to cybersecurity risks and issues in the global economy.

FREMONT, CA: The internet of things (IoT) business is continuing to thrive despite economic problems and technological advancements. The global IoT market is predicted to increase from USD 243 billion this year to USD 575 billion in 2027.

With the introduction of Matter 1.0 in October, the effort to establish a global smart home standard gained momentum. This standard, which has the support of more than 280 firms like Google (NASDAQ: GOOGL) and Amazon (NASDAQ: AMZN) intends to promote interoperability; between smart home devices regardless of the brand or platform.

Many experts have offered their forecasts for the changes the industry might experience in 2019. While some are optimistic, others anticipate a flood of problems as IoT transitions into a new stage.

Voluntary Security Standards

As cyber criminals take advantage of gaps in corporate supply networks, cyberattacks have increased in frequency in recent years. According to a recent PWC survey, 88 per cent of Irish executives said that since 2020, cyberattacks had increased as a result of their organisations' greater digital acceleration. IoT brand suppliers will accept voluntary security standards, researcher at cybersecurity firm Rapid7, to increase brand trust and gain an advantage over rivals.

To establish those security standards for IoT technology, they anticipate IoT providers to collaborate more closely with federal and state organisations.

A Rise in Recalls

Smart digital technology and the physical world collide, and new problems will arise and have an effect on the sector. IoT gadgets will begin to have severe health and safety problems in 2023, suppliers will be forced to conduct extensive recalls akin to those that have occurred in the auto sector.

IoT Will Stutter

Despite IoT advancements, research firm Forrester predicts that the effects of the global economy would result in a rise in the number of smart products that are abandoned. Fitness equipment and smart home appliances would be most impacted, according to the business, which forecasts that economic uncertainty will result in an additional 350m IoT bricks.

The business stated that economic headwinds will limit both consumer and industrial expenditure as well as IoT enterprises' access to private funding. And if customers stop using these items, the result will be an increase in e-waste, which poses a serious threat to the environment's health.

5G IoT Will Create New Security Risks

By the end of 2023, 5G IoT, according to cybersecurity focus provider Claroty, will start to take off because of the growth of smart city initiatives. The company's CRO feels that despite the advantages of these new goods, consumers may face additional dangers as a result. These connected edge points will require their own set of security and monitoring technologies, which will bring new difficulties for organisations.

A Rise in Automated Smart Home Attacks

Immersive Labs, a provider of cybersecurity training, also highlighted IoT security threats. Cyber threat analysis predicts that as the number of smart devices increases globally in 2023, there will be a spike in automated attacks against home smart devices at scale. This may have a particular effect on businesses with remote employees.

It's challenging to determine whether this number is declining because software providers are becoming better at locating vulnerabilities at the source or because researchers have become busier in recent months and haven't been reporting on this as frequently. In either case, researchers and threat actors will continue to identify, disclose, and use new vulnerabilities.

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