developing 5G-enabled IoT technologies in 2023

We examine the top 10 5G-enabled IoT technologies that are developing this year as the market for IoT is predicted to have amazing growth in 2023.

IoT Insights' most recent IoT Market Update predicts that market spending will increase by 19% in 2023.

According to projections, the market would grow at a 19.4% CAGR between 2022 and 2027 to reach a value of $483 billion.

Many transformational technologies are expected to emerge as a result of the IoT market's expansion and development. Our Internet of Things (IoT) devices are expected to reach totally new heights in the very near future, spanning everything from houses to cars and wearables to drones.

So this week, we looked at the top 10 IoT technologies expected to make the biggest advancements in 2023.

10. Robots in manufacturing

The market for factory robotics is expanding, though perhaps not as quickly as other IoT technologies. In 2020, it was worth US$24.35 billion, and by 2026, it will be worth US$52.85 billion.

Cobotics (with computer vision and machine learning applied to their operating systems), AI, and robotic depalletization are a few of the greatest trends in this area.

9. Mobile devices

Our cellphones and their capacities are undergoing significant advancements thanks to 5G connectivity. Rapid data speed increases open the door for a plethora of new functionalities.

As usual, the most recent iPhone release provides an excellent preview of the direction the mobile market is expected to take in 2023.

8. AR tools

Moreover, significant advancements in AR technologies are anticipated in 2023. AR devices are receiving a lot of attention for their usage in medical settings and training in harsh situations, in addition to the enthusiasm that their applications in CX experiences and virtual shopping are generating.

7. UAVs

Statista predicts that the global commercial drone market will grow at a CAGR of more than 16% from 2021 to 2026, reaching a value of $58.4 billion.

Drone technology has a remarkably broad range of uses, ranging from private use to new building designs.

6. Metaverse with VR technology

By 2025, the worldwide metaverse market is expected to reach $1.35 billion, and investment in the sector is expanding quickly.

In the first three quarters of 2020, venture capital investment in metaverse firms surpassed $2.5 billion, according to a CB Insights analysis. This is only one example of the mounting trend that has already been established.

Eventually, in 2021, estimates showed that more than $4 billion had been invested in VR and AR firms.

5. Infrastructure for smart cities

IoT technology have the ability to drastically change a city's infrastructure.

To name a few cutting-edge applications, these technologies will make it possible to create smart energy grids, intelligent traffic control systems, and smart houses.

Smart cities are not only an abstract idea. Although US is mostly driving the drive, more and more European towns are adopting ground-breaking smart solutions.

4. Self-driving vehicles

The connected automobile industry is now estimated to be worth $63.03 billion globally, with a compound annual growth rate of 17.1%, and is expected to reach $225.16 billion by 2027. And the significant market expansion is being fueled by 5G connection.

3. Technology in Events

Nearly every industry may benefit greatly from IoT's possibilities, but the events industry is one that will change the most as smart cities become more prevalent.

For event planners, this new degree of interconnection has enormous possibilities. Companies can maintain the value of in-person attendance in the face of constantly better online streaming by utilising these cutting-edge technology to provide an amazing guest experience.

In fact, according to a recent PwC poll, connected technology and gamification represent the biggest opportunity for physical sport, according to 70% of sports leaders.

2. Jewelry

Spending on wearable technology worldwide doubled between 2019 and 22. And this market, which had a value of £14.61 billion in 2018, is expected to increase at the same rapid rate in 2023.

The market for wearable technology is as expansive as our imagination, ranging from implantables and smart clothes to fitness monitoring applications and smartwatches. We are still learning about a growing number of wearables that are being created.

Thus, the growth of the wearables market in 2023 is eagerly anticipated by both consumers and IT industry executives.

One. Medical technology

The healthcare industry is about to undergo a complete upheaval because to 5G-enabled medical devices. To assist healthcare practitioners in managing the fast rising demand, phenomenal advancements are being made in telemedicine technologies, remote patient monitoring devices, and wearable medical gadgets.

"Smart cities have the potential to transform how our health systems are designed by supporting the rise of health communities, where public health is integrated into urban design to proactively address factors affecting the public's health, instead of reactively treating illnesses and injuries," claims Bob Zemke, director of business development at Extreme Networks.

Mikael Sandberg, Executive Chairman at VX Fiber, adds, "The potential of cutting-edge technologies to assist preventative, predictive, and individualised treatment is huge, and we've only scratched the surface of what could be possible in the future.