In 2024, the Internet of Things (or IoT technology) will add an estimated 15 billion connected devices. This number will nearly double by the year 2030. Most of these connected devices will comprise everyday devices like refrigerators, televisions, fitness wearables, and watches. By 2026, the market value of the IoT platform will rise to $1.39 trillion. Considering its relevance, what are the emerging trends that we are likely to see in the IoT technology space in 2024? Here are 10 of the leading IoT trends:
- AI-Augmented IoT (AIOT)
In 2024, we can expect to see the rise of AI-augmented IoT (or AIoT). Among the simplest use cases of AIoT applications, IoT sensors in a factory environment can transmit real-time machine data to AI applications, which can analyze if the equipment needs immediate servicing. Some of the common uses of AIoT applications include areas like predictive maintenance, fault detection, energy sustenance, and automation.
- Connected Mobility
In the automobile industry, connected mobility is an emerging trend where IoT-enabled vehicles can communicate with commuters and the infrastructure. As an example, IoT-powered smart traffic lights are reducing traffic congestion in Barcelona. IoT sensors embedded in vehicles can perform real-time data exchange with the transport infrastructure. Similarly, IoT-enabled connected mobility can improve fuel efficiency and reduce maintenance costs in logistics and transportation companies.
- IoT And Digital Twins
IoT-powered digital twins can produce a digital representation of any physical object or process. Through simulations, digital twins can accelerate research and development, thus optimizing costs and time. With IoT technology, digital twin models can now leverage real-world data from connected devices. For instance, digital twin technology in an IoT-powered smart city can capture insight from real-time vehicle movements, which can optimize the city’s infrastructure.
- IoT Wearables
IoT-powered wearables will continue to grow in popularity in 2024. Along with IoT technology, other technologies like Edge computing, 5G connectivity, and machine learning are driving innovation in the wearables industry. Industries like healthcare, retail, and entertainment are now using IoT wearables. For instance, smart clothing is emerging as the next big wave in IoT-powered wearables. Popular fashion brands like Levi’s, Tommy Hilfiger, and Ralph Lauren are now experimenting with smart clothing.
- Sustainable IoT
The 2024 global economy is fast moving towards environmental sustenance and reusability. This year, we can expect more applications of sustainable IoT solutions for energy savings and building ventilation. Similarly, an IoT platform in supply chain operations can optimize the entire process of storing and distributing perishable goods.
The use of IoT in smart cities can streamline traffic flow, thus improving air quality. IoT technology is also being deployed to monitor waste management and product recycling.
- IoT Security
2024 will also be the year of maturity of IoT security tools, with the mainstreaming of standardized protocols and embedded security in connected devices. Besides enhancing speed and connectivity, the rollout of 5G technology will also improve IoT security measures. Along with Edge Computing, IoT solutions can reduce latency, thus improving the security of data processing. With data processing on edge devices, there are fewer chances of data being intercepted by hackers.
- IoT in Healthcare
Among the recent trends, IoT in healthcare will grow exponentially in the year 2024. With the increase in the aging population, “virtual” care will be preferred by patients from the comforts of their homes. Using IoT technology, physicians can now remotely monitor their patients and prescribe their treatments. IoT in the healthcare market will grow to a market value of $150 billion in 2024, and to $289 billion by 2028.
- Retail IoT
Just like IoT in healthcare, retail IoT is gaining adoption across applications like inventory management, tracking store footfall, and automated checkouts. One example of IoT in business retail is that of Target installing Bluetooth-enabled IoT lighting systems across multiple stores. Retailers are understanding the value of IoT technology in improving their customer experience. This is why the market value of IoT in the retail industry is expected to grow to $35.5 billion by 2025, up from $14.5 billion in 2020.
- Smart Cities
As more countries invest in IoT technology, more smart cities will emerge in 2024 and beyond. Using smart IoT services, governments are improving city infrastructure and the quality of life for their citizens. In 2024, smart cities are likely to shift their focus to citizen-centric solutions. Thus, we can expect to see more investments in smart traffic lighting solutions, waste management, water preservation, and energy-efficient infrastructure.
- IoT Connectivity
For long, the widespread use of IoT for business applications was limited by low data rates on wireless technology. This is no longer a problem in 2024. The emergence of new connectivity technologies like 5G, Wi-Fi 6, and LPWAN are making IoT solutions more feasible for business use. For instance, LPWAN technology can efficiently connect low-power devices with low bandwidth over larger areas. Similarly, satellite-powered IoT can report emergencies to enable faster humanitarian aid.
Conclusion
Business enterprises around the globe are gradually unlocking benefits by investing in IoT solutions. As IoT implementation grows more complex and diverse, companies will need to start investing in integrated IoT trends.
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