Internet of Things (IoT)
One such technology is the Internet of Things (IoT). The IoT consists of networks of physical objects with sensors, software, and connectivity devices inserted into them. These ‘smart’ appliances collect and exchange data, communicating with each other and central systems over the internet. When combined with Edge Computing, by which the processing of data takes place close to its source, instead of in centralised data-processing warehouses, IoT technologies become even more reliable, offering better automation and remote control across applications.
Public interest in IoT has been substantial for quite some time. The number of Google searches for ‘Internet of Things’ and ‘IoT’ was, on average, at 73 points in 2010 for each, and increased to 83 and 86 points, on average, in 2023, respectively. Articles and reports on IoT have increased almost four times over the same period and academic publications on IoT have doubled. According to Statista, the number of IoT-connected devices is expected to reach 75.44 billion by 2025, up from 30.73 billion in 2020. The global IoT market revenue is predicted to reach USD 947.50 billion by 2024 and grow at an annual rate of 10.49% (compound annual growth rate, 2024-2029), resulting in a market volume of USD 1,560 billion by 2029.
These steep upward trends suggest that innovation in the field of IoT is set to continue – but how will IoT technologies impact our work lives? IoT has the capacity to create smart workplaces that can optimise our work environments. Employers using these technologies will be able to gather data so as to understand work patterns and employee behaviours and this in turn, will help them make adjustments. For instance, they could adjust the temperature, lighting and noise levels in the workspace and track how resources are being used. In theory, this should be beneficial for employees, but it comes at the cost of a much greater level of surveillance than has hitherto been used and this raises important ethical, legal and social concerns. There is a fine line between boosting productivity and crossing into excessive surveillance, breaching employees’ privacy.
Augmented Reality (AR) and Virtual Reality (VR)
While IoT allows us to create ‘smart’ offices, technologies such as Augmented Reality (AR) and Virtual Reality (VR) allow people to experience the world in a different way. AR adds digital elements to the real world around us. For example, during job interviews, AR can enable candidates to take a virtual tour of the office, see where they might work and even meet digital representations of their potential colleagues. In meetings, AR can display data in 3D, making it easier for everyone to visualise complex information. Teams can interact with these visual aids in real-time and from remote locations. By contrast, VR is about immersing yourself in a virtual world. You are transported into a new environment that can look the surface of Mars, a fantasy game world, or, more prosaically, a virtual office. VR can bring remote teams together for virtual team-building exercises, where they can collaborate on projects, play team-building games, or even attend virtual company retreats. With VR, remote workers can join virtual office spaces and interact with colleagues as if they were physically present. Even chats by coffee machine can be simulated.
The Metaverse is the term given to virtual worlds created by a host of different companies, and businesses can purchase space within them to set up shop (open to the public) or to accommodate their workers in office-like spaces. The internet was the first step, but it is essentially a 2-dimensional experience, whereas on the Metaverse, you can enter, move around and interact with objects and other people in a way that is much more akin to our 3-dimensional world.
In terms of public interest in AR and VR, in 2010, the average number of Google searches for ‘Augmented Reality’ was 86 points, while ‘Virtual Reality’ had an average of 80. By 2023, these numbers had slightly decreased to 63 and 79, respectively. Academic publications have remained relatively stable throughout the period. By contrast, the number of articles and reports on ‘Augmented Reality’ and ‘Virtual Reality’ has doubled during this time, According to Statista, the AR and VR market is expected to generate revenue of USD 40.4 billion in 2024 and to grow at an annual rate of 8.97% (compound annual growth rate, 2024-2029), reaching an estimated market volume of USD 62.0 billion by 2029.
The growth of AR and VR technologies is likely to have a significant impact on the employment market, particularly given the popularity, post-Covid, of remote working, which they facilitate. Of course, it is not known exactly when we will all start using, for instance, the metaverse for work. In the past, it is fair to say that its capabilities have been somewhat overplayed and its performance has never quite reached the heights expected. But this is probably just a question of time. These technologies no doubt will transform how remote workers operate and interact with their colleagues and that change will take place over the coming years – which means, inevitably, that employers will need to be prepared. The advent of these new ways of working will increase the need for re-skilling and upskilling of workers and businesses will need to invest in training and development to ensure their workforce can fully leverage the new wave of IT tools that are coming our way.