There’s a good reason why a report found that by 2022, there will be 29 million connected devices. It’s almost impossible to navigate society these days without reliable internet and cellular service.
IoT, or the Internet of Things, changed our lives in ways that nobody could imagine. But what’s in store for the future of IoT?
New connective device technology will not only change the way we communicate with each other, but it will also change the way we drive, build homes and manage property. At Converged Services, we help you future-proof your residential communities and multifamily properties with the latest in Internet services. In this article, we’ll walk you through everything you need to know about the future of IoT.
What Is IoT?
The Internet of Things, or IoT, refers to the collection of devices that are capable of connecting to the Internet and sharing data.
Typically, when we think of the Internet of Things, what comes to mind are computers, laptops, and smartphones.
While these devices do make up a significant portion, Internet connectivity and data sharing have spread to many new products.
These days there are “smart” devices — everything from your toaster to your washing machine - that can connect to the Internet and collect data about your living habits.
This data can then be used to help you save money. For example, a smart light system can auto-operate when you enter or leave the property.
Features that learn information about our habits can both add convenience to life and savings to monthly bills. So, what does the future hold for IoT? Let’s find out.
IoT and 5G
5G is better than 4G for a lot of reasons — but the main reason is its speed. 5G networks are much faster than 4G networks, which is important when you’re dealing with multiple smart devices that need to hook up to the Internet to function.
5G is also more ideal for IoT because it connects to more devices at once. For example, on a single cell, 4G networks can connect with around 6,000 IoT devices.
By contrast, on a 5G network, a single cell can connect with one million different devices. Due to the obvious superiority of 5G, we can expect to see a bigger transition to 5G in the future as more and more devices rely on the Internet of Things.
However, it’s also important to realize that 5G networks come with some setbacks, too. With more connected devices comes a higher risk of hacking, particularly if people don't change the default passwords.
Securing these 5G systems against attacks will be one of the main focuses of research in the coming years.
Check out ways to future proof your property with Converged Services.
IoT and Security
Smart home technology implemented in an apartment context can make it easy for property managers to monitor the various units they own. This kind of technology is ideal for security because it allows managers to turn on the alarm systems remotely.
Camera system alerts can also inform you if there is someone breaking into your property. Tech can also spot potential leaks, HVAC problems, and have access to the lock systems.
However, there are some cons you should be aware of before committing to smart apartment technology. While smart technology may appeal to some renters, others may not be so keen, particularly more elderly tenants.
This could potentially worry prospective renters. If people have concerns about using smart technology, make sure that your on-site team shows them how it works, and how it can keep them more secure.
You can learn more about securing your smart apartment tech through our guide.
The Role of AI
We can expect an increase in artificial intelligence in IoT devices. No, your toaster won’t come with a personality, but it may utilize machine learning.
Devices that make use of machine learning can make decisions based not on programming, but data gathering. So, your coffee machine can “learn” your preferences and streamline the process each morning.
This technology is similar to the video preference algorithms on Netflix. It picks out something you liked based on past decisions and data it’s gathered.
Related: THE TIMELINE TO 5G.
Unfortunately, smart technology also exposes us to new threats, like cyber attacks. These types of attacks can range from annoying pranks to identity theft.
The most popular type of cyber attack is a DDOS attack, which stands for distributed denial of services. These types of cyber attacks can infect the smart devices we use every day and allow hackers to turn them against us.
For example, an individual could launch a DDOS attack and take control of your home's thermostat.
While this may not always be a huge issue, these attacks can affect multiple connected systems. As such, one of the major points of security for the IoT in the future will be protecting against these types of cyber attacks. However, don’t get too worried - there’s little incentive for hackers to target residential buildings, and choosing the right technology will help you prevent attacks.
Better Residential Property Management
Imagine if you could detect plumbing leaks, appliance breakdowns, and dangerous electrical problems before they were serious issues. With the future of IoT, this fantasy is more of a reality than ever.
Many of the preventative maintenance sensors that we find all over the world in planes, cars and factory systems will soon be found in homes.
In more extreme cases, these sensor systems can save lives by detecting gas leaks, fire hazards, and other household threats.
We can also expect home insurance companies to jump on this tech in the future. Monitoring equipment can significantly reduce the amount of risk that insurers would need to bear, which should drive down prices.
As more and more people move into cities, it becomes increasingly important to work smart technology into the urban environment. So what do smart cities do?
Smart cities come equipped with sensors that can detect things of importance in the city. Environmental sensors can detect pollution levels, waste runoff, and wildlife numbers.
Safety systems can run advanced warning systems in the case of an earthquake or similar emergency. Embedded sensors in the city streets can provide real-time traffic information.
The city can then use this information to redirect traffic and cut down on commute times in the city. Sensors in the utility systems can inform companies of the usage habits of their occupants.
This information can help deliver only the required amount of energy. It also helps the city reward the people who use less energy — which encourages further green lifestyles.
Like smart homes, smart buildings can help use technology to save money on heating, cooling and water bills. These types of smart cities will be able to reduce the unnecessary waste of energy.
One Cisco study estimate finds that smart city technology can increase energy efficiency in cities by up to 20%.
As the populations in cities continue to rise we can expect to see an increase in IoT tech being used to keep up with the vast number of people.
Larger Demand for Smart Homes and Apartments
Have you ever been out and suddenly had a troubling thought? Did I turn the oven off? Is the security system engaged? Is the coffee machine on?
Sometimes these problems are power-wasting inconveniences, but they can also do serious potential damage to homes.
Smart homes and smart apartments are the solution to these problems. Smart home technology started as a quirky idea — who needs a fridge that hooks up to the Internet?
But it has turned into an extremely practical way to streamline management of your lighting, heating, security, and entertainment systems. These types of homes contain devices that all link up to a user's smartphone.
So, you can turn off lights, decrease the heat, or engage the security system all from the convenience of your phone. In the future smart home, technology will increasingly offer it's users recommendations or make use of automation.
For example, if everyone is out during a certain time of day, then the app may recommend turning off all major systems. This function can help you save money over time.
The Future of IoT Will Provide More Efficient Energy Use
One area of IoT technology that’s exciting a lot of building managers is building energy management systems. These systems are easy to install and scalable for a larger property.
Many of the appliances in our home are secretly draining energy every month. Things like a plugged-in television, toaster, and lamp may not seem like a big deal, but they’re costing you a lot in terms of wasted energy.
Luckily, building energy management systems can stop waste through their intelligent detectors. They’re also intelligent enough to detect when a family is watching television in another room on a hot, summer night.
When it detects this it will intuitively turn off the lights in other parts of the house and turn on the cooling system to bring the temperature down.
Systems like this and the data analytics that they gather can provide property managers with real-time information about the energy uses of their tenants.
Check out the available technology for Internet connectivity from Converged Services.
Need Help FUTURE-PROOFING Your Property? Call Converged Services.
Are you a property manager interested in bringing the future of IoT technology to your buildings?
Many people are interested in saving money through IoT, but not many people know how to begin. If only you had someone to walk you through the process.
That’s where Converged Services comes into the picture. We provide curious managers with personal advisors that can help them upgrade their building with smart technology.
Converged Services will help you plan improvements, give you vendor contacts, and manage all of your contract renewal needs.
If you’re interested in learning more about how our company can help your property, then contact us today.