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According to research firm Gartner, the number of connected things in use will go up to 25 billion by 2021, from 14.2 billion in 2019.
Gartner said as the Internet of Things (IoT) continues to expand, the need for a governance framework that ensures appropriate behavior in the creation, storage, use and deletion of information related to IoT projects will become increasingly important.
The IoT will continue to deliver new opportunities for digital business innovation for the next decade, many of which will be enabled by new or improved technologies," said Nick Jones, research vice president at Gartner. "CIOs who master innovative IoT trends have the opportunity to lead digital innovation in their business."
By 2023, it is expected that new special-purpose chips will reduce the power consumption required to run a deep neural network (DNN), enabling new edge architectures and embedded DNN functions in low-power IoT endpoints, the report said.
This will support new capabilities such as data analytics integrated with sensors, and speech recognition included in low-cost battery-powered devices.
"Successful deployment of an IoT solution demands that it's not just technically effective but also socially acceptable," said Jones. "CIOs must, therefore, educate themselves and their staff in this area, and consider forming groups, such as ethics councils, to review corporate strategy. CIOs should also consider having key algorithms and AI systems reviewed by external consultancies to identify potential bias."
The survey also pointed out that the sensor market will evolve continuously through 2023.
New sensors will enable a wider range of situations and events to be detected, current sensors will fall in price to become more affordable or will be packaged in new ways to support new applications, and new algorithms will emerge to deduce more information from current sensor technologies. CIOs should ensure their teams are monitoring sensor innovations to identify those that might assist new opportunities and business innovation.