2022 Industry Forecast
The MXC Foundation has achieved many great successes in 2021, and we are so excited for everything that is coming next year. But what is the larger context of our development? Where is the industry as a whole headed? What larger changes are occurring, what trends are evolving?
Read on to find out everything you need to know about where the IoT, crypto, and NFT-spaces are projected to head next year!
(And read our in-depth 2021 Year in Review article if you haven’t already!)
The IoT sector in 2022
The IoT sector has grown tremendously over the past five years, and it is expected to continue to expand at a rapid pace in the coming years as well. The global IoT spending for 2023 is projected to be $1.1 trillion USD.
With ever more smart city initiatives around the globe, connectivity and sensor-based city planning will continue to move into the mainstream. In 2021, the global revenue from smart city projects was $129 billion USD.
The ways in which sensor-based data can be used are incredibly varied, and limited in scope only by lack of creativity. Useful applications that the MXC Foundation and its sister company MatchX have been involved in include:
- Cameras can detect parking spaces and help improve parking scarcity in cities. The anonymous data collected can then be used for further research to aid in future city planning. Read more about this type of AI-based solution.
- Smart cameras can be taught to differentiate between types of refuse on the street, to then be able to determine which company was the originator of the most prevalent types of litter. Our AI EdgeX camera was successfully able to identify and count how many cigarette butts were in a given area, as well as determining other types of trash.
- Municipal entities can collect data on how much their infrastructure and facilities are used and how to optimize given these parameters. Individuals could use this information to know where parking spots are available, for example, and optimize their commute to and from work.
- The camera can also be used to conduct temperature checks to keep people safe when traveling or in other crowded areas.
As the World Economic Forum wrote in their State of the Connected World 2020 Edition,
“The ways in which IoT is being used to help manage and respond to COVID-19 hold the potential to spur and accelerate new opportunities to boost organizational and individual resilience and flexibility, and to respond more effectively to future challenges, instability and emergencies. However, it also brings with it risks for privacy and other human rights that need to be thoroughly assessed and addressed through proper governance structures.”
The report goes on to state that:
“The IoT market and ecosystem is expected to grow even faster in a new post-COVID-19 business environment, thanks to the release of pent-up demand and the determination to minimize the impacts from future disruptions, especially in the enterprise and public spaces domains.”
As such, low-power wide-area network (LPWAN) connectivity, as championed by the MXC Foundation, will continue to rise to prominence. LPWAN remains possibly the world’s farthest reaching low-power network for transmitting the exponentially increasing amounts of sensor-based data being generated and collected.
Security in IoT in 2022
A focus on security is another trend to watch out for. Device provisioning has been implemented by the MXC Foundation for precisely this reason, making it easier for people setting up devices to secure these efficiently at scale. Check out the device provisioning documentation — onboarding IoT has never been easier!
IoT adoption in the healthcare sector is another burgeoning field to keep an eye on. The MXC Foundation itself has struck a partnership with CareBand to aid in caring for senior citizens. More creative use-cases for IoT in healthcare are dreamt up daily, and the expansion and accelerated implementation of these technological solutions is something to look forward to in the coming years.
NFTs in 2022
NFTs — aka non-fungible tokens — saw a meteoric rise to prominence in 2021, setting record prices at auction, and making the NFT creator Beeple one of the most expensive living artists alive today.
Interest has been widespread and truly global, with many prominent companies joining the NFT space themselves, from Nike to the Olympics to the NBA, Taco Bell, and Coca-Cola.
Adoption has soared, with more collectors and enthusiasts joining the space month after month. Especially with their presence on social media, such as on Twitter with high-profile athletes and celebrities setting their NFTs as their profile pictures, mainstream exposure has become increasingly common. Here at the MXC Foundation, we believe that the next generation of NFTs to take over will be F-NFTs. They will not only serve as a collectible item, but also serve as a tool for unlocking additional features, functionalities and gamification, they will even be connected and integrated into our own metaverse! More on this will be explained in a future article about the F-NFTs.
Look forward to more growth across the board in 2022 and beyond. The MXC Foundation is excited to be part of the next big step into the future of IoT and beyond.
About MXC
Based in Berlin, Germany, the MXC Foundation is a purpose-built IoT foundation with the mission to inspire fast, efficient, decentralized data exchanges using LPWAN, blockchain, and token technology. The MXC Foundation is pairing $MXC — the pioneer IoT cryptocurrency — with advanced LPWAN technology, developing the next, vital step in the fourth industrial revolution, enabling secure, vastly scalable, and lightning-fast transactions. Learn more at mxc.org.
For further information, media requests or comment, MXC can be contacted directly at hello@mxc.org or via mxc.org.
