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Internet of Things (IoT) and online payment methods are streamlining rapidly in the corporate sector. We have seen remarkable growth in both these technology trends in the year 2019, and we can certainly expect that in the year 2020, this trend will continue. It is expected that by the year 2020, we will have more than 30 billion connected devices that can give a boost to IoT app development.
Similarly, the year 2020 will be a milestone year for the payment industry. Be it cross-border payments or B2B (Business to Business) payments, a lot of companies will implement online payment methods as the BFSI sector will take the lead. It is interesting to jot down the top trends of both the IoT and payment industry to look for 2020.
Top IoT Trends Set to Rule in 2020
1.) Smart Home will rule
Smart home devices will gain more popularity in the year 2020 and beyond because they are highly intuitive and bring comfort with enhanced security. Smart devices can also automate the processes and ensure the safety of the user’s family.
2.) Healthcare sector will embrace IoT adoption
The healthcare sector will remain one of the biggest beneficiaries of IoT. A research firm Frost and Sullivan has predicted that healthcare IoT can reach $72000 million by 2021. Many healthcare companies want to improve patient services by using portable devices and medical equipment connected with the Internet. Also, from the patient’s viewpoint, it is better to get advanced diagnosis and treatment even if they live in remote places. IoT can serve both these objectives effectively, and therefore, its adoption will increase over the years.
3.) IoT security will remain at the center
IoT devices deal with the user’s data and confidential corporate information. As this technology is getting mainstreamed in the corporate sector, the chances of a data breach or cyberattacks are increasing. Therefore, the IoT network and apps need to implement more security to prevent valuable data from going into the wrong hands.
IoT app development also needs to integrate security features in customized apps to protect the data. What’s more, some IoT devices are still lacking security features, and the app development companies need to address this issue as well.
4.) 5G and Edge Computing
5G is considered as a game-changing technology. It is expected to come in the year 2020, and as a result of its arrival, the data transfer speed will increase significantly. IoT app development will also get a boost because of increased speed and uninterrupted data transmission. We will see cutting-edge IoT gadgets thanks to 5G innovation.
Edge computing will also gain ground in segments where complex information is transmitted continuously. Incredible AI capacity and high-volume data transfer will be responsible for the high penetration and prevalence of edge computing.
5.) AI and Big Data will prevail
While billions of connected devices will collect the user’s data, it is necessary to process and analyze the data on a huge scale. There, big data and AI technology come into the picture. Apart from analyzing the data fetched by the company’s IoT network, the AI will give predictive analysis of the data to make informed decisions. We can certainly expect that the combination of IoT, AI, and Big Data will lead the world to the next generation of data transmission and analysis. The IoT app development will follow this trend in the year 2020 and beyond.
6.) Blockchain will boost IoT security
The BFSI, retail, and eCommerce sectors can make the most of the blockchain concept. Now, this futuristic concept is ready to protect the IoT network with IOTA, a specially designed ledger to record and execute transactions between connected devices. It enables the companies to save big on SaaS and Cloud technology by facilitating safe transactions. When IoT will penetrate across different industry sectors like government, healthcare, BFSI, and manufacturing in the full swing, the blockchain technology will enhance its impact.
7.) Personalized experience
Entrepreneurs eye on providing a personalized experience to customers and employees alike. IoT concept will evolve to serve this purpose in 2020 and beyond. Sensors, beacons, and personalized notifications will rule the retail and eCommerce sector over the period. IoT will help companies to provide a personalized experience based on the user’s and employees’ behavior as well as other activities.
Along with these trends, it is interesting to see how SaaS (System as a Service) will get adoption in the corporate sector and how consumers will welcome the IoT concept in the year 2020.
Top Payment Industry Trends to Watch in 2020
The payment industry is thriving with many opportunities and challenges at the same time. Here we list top payment industry trends to watch for in the year 2020.
1.) International eCommerce trade
Global eCommerce giants like Amazon and Alibaba have written a success story in terms of higher turnover and sales figures. In the coming years, the fame of such online eCommerce stores will increase substantially to give rise to international eCommerce trading. The payment industry has to give robust online solutions to meet the increased demands of payment gateways and a higher number of online transactions. Apart from it, the payment service providers need to work on making the existing payment facilities secure.
2.) Use of blockchain
Just like an IoT segment, the blockchain technology will be used extensively in the payment industry to secure online transactions. What’s more, the technology will be used for smart contracts and other payment-related features. It is fair to mention that the blockchain technology will remain at the core of secure online payment.
3.) Mobile wallet and payment gateways
In today’s mobile-driven world, mobile-based transactions are gaining ground swiftly. It gives a strong reason for mobile wallets to grow. In the coming years, more convenient and secure mobile wallets will come. Also, the payment gateways will evolve to facilitate app users to use different payment options. The mobile app development company will integrate more options and innovative features to ensure swift and secure transactions through a wallet app.
As per the Deloitte report, we will see better collaboration between financial technology players and other entrants. Also, the payment industry will strive to meet the challenges in cross-border payments and improve the overall payment experience in the year 2020. Along with this, the focus will remain on B2B payments and multipayment integration.
Concluding Remarks
IoT and payment industry will see exponential growth in the coming years. These trends are here to stay and companies will plan their strategies to leverage the benefits of these trends.