Internet Of Things (IoT) Trends 2024
No, it’s a cake!
In fact, everything is cake!
Surely, you’ve recently come across videos on social media where bakers create detailed cakes resembling ordinary objects. Some videos even put real objects next to cakes that resemble them and make viewers guess which one is real and which one is cake. Let us tell you – it isn't a piece of cake! (pun intended!)
Yet, a similar fad that’s going around technology circles is manufacturers and innovators (aka bakers) turning ordinary objects into smart ones (cakes). Day-to-day objects such as lights, appliances, cars, industrial machinery, monitoring devices, etc. are being connected to an online network, instantly making them smarter and autonomous. Welcome to the world of the Internet of Things (IoT)!
Just like the bakers who seek novel techniques to create realistic-looking cakes, manufacturers and innovators want cutting-edge methods to create smart cakes, we mean, smart devices!
If you're one of them and are looking to stay up to date on the latest trends shaping the future of the industry - you're in the right place. With IoT sweeping the business landscape, it is critical to stay ahead of the competition.
Read on as we bring you a list of the Top 5 Internet of Things (IoT) Trends of 2024!
You’ve just returned from a hectic day at work and sat on the couch to watch the last episode of your favorite TV show. The anxiety of knowing how the story ends is killing you! Wait, you remember you’ve forgotten to turn on the washing machine after dumping the clothes in it. You have also left the TV remote in the kitchen while grabbing a snack – but you're too exhausted to get up to do either task. #Relatable
We’re going to give you two scenarios to imagine. Ready?
Scenario 1: You spend the night browsing social media sites and watching YouTube videos on your phone; you’ll do the washing the next morning. No, you cannot! You’re meeting friends for brunch the next day and won’t be able to wash or watch the last episode. If only you didn’t forget to run the machine and bring the remote!
Scenario 2: You don’t have to get up at all as you live in a smart house! You tell your voice-controlled smart speaker to “start the washing machine to setting number 5” and “turn on the TV and play Supernatural Season 15 episode 20.” That’s it, both activities are underway in just a few seconds – that too from your couch!
So, how is this possible? Well, IoT is the new sheriff in town!
Just kidding, IoT isn’t actually new. The current count of connected IoT devices is roughly 15.14 billion (2023) and studies indicate it could rise to over 25 billion by 2030. IoT is quickly evolving and reshaping modern-day technologies. So, it is only fair everyone wants to focus on its progress and stay updated. Last year we predicted the Top Internet of Things (IoT) Trends Of 2023. We’re now taking a step back to look at which trends from last year stayed and which new trends emerged in the past 12 months.
Read on and explore the Top 5 Internet of Things (IoT) Trends of 2024!
Trend 1: 5G Connectivity Will Increase Speeds And Offer Better Connectivity
Coming in as a highly anticipated and new trend this year is 5G connectivity. With its faster download and upload speeds, lower latency and strong connectivity and reliability, 5G will usher in a new generation of IoT applications that require real-time data transfers and better connections.
This will help enhance applications such as autonomous vehicles, connected cars, healthcare, remote surgeries, AR/VR (augmented reality and virtual reality), sensor feedback, business process bottlenecks and power smart cities. Furthermore, it will also work in tandem with technologies such as artificial intelligence (see trend #2) and edge computing (see trend #3) as well as others.
In fact, the global 5G IoT market size was around $4 billion in 2022 and is predicted to reach around $823.14 billion by 2032, with a CAGR of 70.4% from 2023 to 2032. In the US, AT&T, which powers over 117 million such devices (as of 2023), is driving IoT development by enabling access to capable 5G services and even became the first to perform a 5G Reduced Capability (RedCap) data calling.
Arun Santhanam, VP and Head of Telecommunications at Capgemini America said, “5G low latency innovation will be key for enabling the outcome of real-time data coming from relatively inexpensive IoT solutions.” Hence, 5G will become a key driver of IoT adoption in 2024 and beyond.
TechDogs’ Takeaway: Businesses engaged in the IoT industry must look to prepare organization-wide changes to adopt 5G connectivity for wireless devices, as it will soon be a requirement for developers and innovators of IoT devices seeking more responsive and reliable systems. Those looking to take advantage of such IoT devices in their processes or for industrial use cases must work towards setting up their infrastructure with 5G enablement. Businesses operating in industries such as supply chain, healthcare, manufacturing and autonomous vehicles will find maximum use cases, which is why they must lead the change. Those using AI-infused devices must identify where they require speed, precision and reliability, to prioritize which areas need adoption before the others. 5G will also enable faster connectivity for more smart devices and those looking to leverage such devices must invest in 5G network infrastructure.
Trend 2: Artificial Intelligence And Machine Learning Will Bring Better Operability
Artificial Intelligence (AI) and machine learning has seen a remarkable year, enhancing numerous industries including IoT, which is why it’s a new trend this year. Coming to the showstopper, generative artificial intelligence (Gen AI) will find itself enhancing the functionalities and capabilities of wearable technology such as smartwatches, fitness trackers and personal AI assistants. This is where large language models and their ability to interact with users come in. Speaking of interactivity, current AI assistants like Alexa, Siri, Cortana and Google Assistant will be improved upon.
On the other hand, conventional (non-generative) AI will be able to analyze large datasets, which will create intelligent IoT systems. This will provide insights that can help with fault detection, predictive maintenance, energy management, automation and more. Essentially, it will help IoT devices learn and adapt to their surroundings leading to enhanced, efficient and effective applications and better problem-solving and decision-making abilities. This will be beneficial for edge devices (see trend #3) too.
Speaking about the benefits AI will bring to IoT in the healthcare sector, Haifa El Ashkar, Director of Strategy of Telecommunications Market and Solutions at CSG, said, “There are now AI-edge-supported medical devices such as laparoscopes, allowing surgeons to leverage real-time insights and make faster decisions on life-saving measures such as identifying anomalies that might otherwise have been missed or detecting bleeding in real-time.”
TechDogs’ Takeaway: Businesses should look to set up dedicated AI and ML teams within their organization. Aside from IoT, AI crosses over various business verticals, meaning it can merge functions and quicken processes across organizations by deploying IoT devices/sensors that help automate functions. This forms a good avenue for businesses to tie up with experts and leaders in the AI sector, to identify and address key areas where AI can be implemented. Furthermore, businesses should look to set up their own R&D department to cater to customized requirements. Companies engaged in industries that need real-time processing and quick results, such as healthcare, supply-chain, autonomous mobility and automation services must pay attention to AIoT (AI + IoT) development.
Trend 3: Edge Computing Will Help Reduce Server Straining
Making its way onto our list as a new trend this year is edge computing. This technology enables devices to process data locally or close to the originating source, rather than on a separate application or a centralized cloud. The idea is to reduce network latency, delayed responses and strain on distant and centralized servers and trade it in for quicker responses, saving bandwidth and better utilizing resources. It also helps by improving security and reliability.
Edge computing benefits industries that need real-time processing, such as autonomous vehicles, which can save time by analyzing and processing data from camera feeds and other sensors locally to identify hazards on the road or get quicker insights. Edge computing forms the third part of a trio that includes 5G connectivity (trend #1) and AI (trend #2), which will act as catalysts for innovation in 2024 and beyond.
Speaking about how automating IoT processes using edge nodes can help, Milind Kulkarni, VP and Head of InterDigital's Wireless Lab, said, “Edge computing plays a vital role by offering smaller amounts of storage and computation much closer to the device where it's needed. In addition, edge computing can be customized to support specific use cases such as storing content for delivery of video on demand or running AI algorithms for fast decision making on incoming data.” Hence, we expect more businesses to look at edge computing to bolster their IoT deployments in 2024.
TechDogs’ Takeaway: Businesses should identify areas that can benefit from using edge computing. Those engaged in industries that need quick turnaround and real-time insights, such as healthcare systems, autonomous vehicles and industrial automation must establish dedicated teams that can work in tandem with AI and 5G technology departments or experts. Businesses must turn to their edge devices as data sources to gather information on how to enhance business processes, while also standardizing the IoT platform they wish to use. Furthermore, businesses that generate vast amounts of IoT data must consider offloading some of their processing activities towards edge devices that can help reduce the burden on central servers and free up network bandwidth.
Trend 4: IoT Adoption Will Boost Smart City Infrastructure
Retaining its spot in our IoT trends this year is the concept of smart cities! While smart cities have been around for a while, recent developments in 5G connectivity, AI, ML and other technologies have made them more prevalent this year. The idea is that smart cities will improve the quality of life, make society function more efficiently and reduce costs by leveraging existing technology trends in IoT.
Smart cities rely on effective IoT technology to manage and monitor traffic flow, energy usage, waste management and other functions to increase sustainability and reduce pollution, congestion and resource wastage.
Automakers will be able to produce smarter vehicles that improve overall safety, provide better maintenance, share important data and metrics and reduce costs. This will also help organize public transportation vehicles. Additionally, the healthcare industry will be able to cater to an aging population with remote patient monitoring, collect data for research, help in diagnoses and more.
While the global smart cities market is believed to reach revenues of $89.49 billion in 2023, it’s expected to reach $165.8 billion by 2028, with a CAGR of 13.13% (2023-2028). Mridul Gautam from the University of Nevada, believes, “Affordable housing, building design, physical and transportation infrastructure and connectivity are examples of the typically large-scale projects best addressed through private-sector partnership. The smart, connected cities of our future will demand these kinds of partnerships.” Thus, IoT will be pivotal for those exploring and pushing the boundaries of smart city developments.
TechDogs’ Takeaway: Businesses must identify avenues where their products or services can be utilized as smart cities offer a vast area of applications and use cases. Those engaged in the automobile industry can simplify and improve V2V (vehicle-to-vehicle) technology for connected cars using 5G and AI, to reduce costs and enhance safety. Those engaged in healthcare should aim to build effective virtual hospitals and must invest in preparing their infrastructure to be compatible with smart devices. Public and private organizations should prepare a robust roadmap to provide safe, efficient and affordable infrastructure while providing a stable supply of utilities and amenities. Overall, businesses should tie up with others to standardize hardware and software applications to facilitate better interoperability, which will be a hallmark of smart cities of the future.
Trend 5: Ensuring Privacy and Security Will Be Paramount
We welcome security and privacy into our list of the top IoT trends this year, just as we did last year. It’s for good reason too, seeing as how malware attacks on IoT devices rose 77% in the first half of 2022. Furthermore, Gartner found that over 25% of all cyberattacks against businesses will be IoT-related. The cause for concern stems from PWC’s report that finds 93% of executives say the benefits of IoT outweigh the risks. The risks though, need to be addressed, considering 2024 will bring an increase of AI-based cyberattacks.
Considering that IoT operates on a large network of connected devices, security and privacy protection efforts will become paramount to IoT developers and customers too, especially with the ever-growing number of devices. This is probably why the IoT security market is expected to grow from $3.35 billion in 2022 to $13.36 billion in 2028, with a CAGR of 26.36% (2022-2028).
Speaking on a prominent issue pertaining to security in IoT devices, Ryan Barnett, Principal Security Researcher at Akamai Technologies, said, “Many IoT devices come with the username “admin” and a common, guessable password. That means any preset password needs to be changed. This issue must be addressed by manufacturers but will also require more vigilance on the part of consumers.” Hence, businesses operating IoT infrastructure must be aware of cybersecurity risks in 2024 and invest in security tools.
TechDogs’ Takeaway: Businesses must look to invest in security systems, endpoint protection software and stricter protocols to ensure they retain the trust of customers. They should consider exploring blockchain technology to reduce vulnerabilities in data transmission, as it offers a transparent record of data generated and exchanged between IoT systems and can’t be tampered with. Another avenue to look at is managed security solutions specifically for IoT systems, which bring in monitoring of networks and devices and is a service gaining popularity with IoT developers. Furthermore, businesses can use AI algorithms and edge computing solutions to bolster the security and privacy of IoT deployments.
Wrapping It Up
So, there you go! The Internet of Things (IoT) helps businesses with quicker, more efficient and simplified functionalities. Every year, businesses look to leverage technologies and techniques to enhance their IoT development and deployment efforts. The focus in 2024 will be on using 5G for better speeds and connectivity, artificial Intelligence and machine learning to quicken processes, edge computing to reduce server strain, improve smart city infrastructure and embrace stronger security and privacy practices.
Consider where you can adopt these emerging trends into your IoT framework, as they’re coming in full swing in 2024!
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