The potential of Internet of Things (IoT) developments has been on a rollercoaster ride, constantly evolving and expanding in recent years. In 2024, it might just be the start of another transformative revolution with the continued growth in IoT devices and applications.
With a reported 15 billion active IoT-connected devices in 2023, the IoT industry is set to grow nowhere but up. And, if you are not already on the IoT bandwagon, then now is the time to jump in.
This article will cover eight of the top IoT developments and trends that are expected to shape the industry in 2024. Let’s dive in!
The Growth of 5G Networks
Taking the spotlight at the top IoT trends in 2024 is the advancement of 5G networks.
In the last year, we saw that it was only available in a few locations and premium-priced, but 5G is set to become more affordable and widespread in the coming years. This will enable faster communication between devices, unlocking the full potential of IoT applications. We could expect breakthroughs in several emerging technologies too, namely smart city technologies and virtual and augmented reality.
With 5G-powered devices bringing us faster download and upload speeds, lower latency, and unmatched reliability, 5G services have also sparked advancements in connected car tech.
Many operators are trying to roll out connected car services as an add-on to customers’ 5G plans. This means we can expect better vehicle-to-vehicle communication, improved situational awareness in ADAS systems, and fewer collisions.
AT&T is already in on the action, partnering with BMW and Polaris to offer connected vehicle tech. With their NumberSync plan, owners of select BMW cars can even make and receive calls through their vehicles, no phone needed.
Taking it a step further, we could see 5G-powered autonomous vehicles and smart cities becoming the norm in the next few years.
Massive Integration of AI and Machine Learning
Two big names that always seem to pop up when discussing the latest technologies are Artificial Intelligence (AI) and Machine Learning (ML). And, for good reason—these smart systems are revolutionizing how we interact with IoT devices this 2024.
AI and ML in IoT will unlock the potential for smart IoT systems that adapt and evolve with their surroundings. This groundbreaking innovation will revolutionize IoT applications, from collecting data and predicting maintenance issues to detecting faults, managing energy efficiently, and automating tasks.
With the rise of distributed workforces and the increasing use of IoT applications, there is a growing need for advanced AI-driven data analytics. Machine learning algorithms help organizations extract valuable insights from the massive amounts of data generated by IoT devices. This integration enables connected devices to not only collect and transmit data but also analyze it in real time, empowering decision-makers with informed choices.
The result? Improved efficiency and adaptability in a new era of technology.
In smart homes, AI devices use advanced algorithms and machine learning to learn and adapt to user preferences. By analyzing data and patterns, these devices can adjust settings, anticipate needs, and provide a personalized experience. From temperature control to energy optimization, AI-powered smart home devices enhance everyday living.
In industrial settings, IoT sensors are invaluable for the machine learning data pipeline. Predictive analytics can forecast equipment failures, enabling proactive maintenance and minimizing downtime. Live data from IoT sensors monitoring factory equipment helps machine learning algorithms determine future service needs, known as predictive maintenance, a critical AI application in manufacturing.
In 2024 and beyond, it’s clear that AI and IoT have a symbiotic relationship. AI benefits from IoT’s distributed data, while IoT benefits from AI’s advanced management.
Proliferation of Digital Twins
Third on the list of the 2024 IoT trends is the digital twin technology, which is expected to revolutionize industries such as manufacturing, construction, and healthcare.
Introduced in 2020, a digital twin is like a virtual doppelgänger, mirroring the real-time existence of a physical object or process. It’s not just a look-alike but a powerful tool for diagnosing, optimizing, monitoring, and even controlling asset utilization and performance.
The tech allows companies to simulate models and processes in real time by integrating IoT sensors and ML algorithms. By creating digital twins of industrial equipment and systems, companies can keep an eye on their performance, spot inefficiencies or anomalies, and optimize operations.
This tech will offer more visibility into organizations’ processes and help stakeholders analyze and improve them. The past couple of years have seen the rapid growth of this tech, and it’s expected to become more mainstream.
Companies in the space are teaming up with tech giants to reach a wide range of clients and enhance their solutions. For example, Ansys Inc., known for mechanical engineering and simulation, has partnered with Microsoft Azure.
Adoption of Blockchain Technology
Blockchain is making the Internet of Things trendier than ever. In 2024, we’ll continue to witness increased adoption of this tech as it enhances connected devices’ security and privacy capabilities.
With IoT devices constantly hoarding sensitive data, sharing it securely is as important as remembering your WiFi password. Blockchain helps IoT devices, allowing them to exchange data and communicate securely without intermediaries.
Plus, its enhanced security and trust bring a whole new level of confidence to connected IoT devices. With its decentralized and tamper-resistant nature, sensitive data stays on lockdown, preventing unauthorized access and data manipulation.
Moreover, the transparent and unchangeable nature of blockchain transactions brings a lot of accountability, which is important in IoT platforms where data integrity is a big deal.
In simple terms, the combination of blockchain and IoT is a game-changer. It provides a secure and transparent foundation for the future of IoT. As businesses realize the huge potential of this tech, we can expect it to be widely adopted, revolutionizing trust, security, and efficiency in the Internet of Things.
IoT Security Solutions Now a Must
Blockchain is just one of the security integrations that we will see in IoT solutions in 2024. As the number of connected devices continues to grow, so do security threats.
In 2024, securing IoT devices will be more important than ever before. With the rise in cyberattacks and data breaches, companies need to prioritize IoT security solutions such as encryption, authentication, and access control.
According to Statista, the global IoT security market is expected to skyrocket from approximately $10.26 billion in 2018 to over $34 billion in 2024. The consulting segment currently holds the biggest piece of the pie at 37% in 2018, with a projected share of around 40.6% in 2024.
In the next decade, we’ll get to see more connected devices, so security system software will be more essential than ever. It’s not shocking that facts and figures about IoT device security emphasize this importance.
Essentially, the more connected devices, the higher the probability of attacks.
But it’s not just about securing IoT devices. In 2024 and beyond, businesses will also need to prioritize securing their networks and cloud infrastructure that connect and support these devices. As the ecosystem expands with more interconnected devices, security solutions must evolve to keep up.
Edge Computing is Expanding
Edge computing has gained momentum in recent years as a way to process data closer to where it’s generated. In 2024, with the growth of IoT development, businesses will adopt more edge computing strategies.
The Internet of Things heavily depends on cloud computing, but it’s not all sunshine and rainbows. Cloud services can be a bit sluggish with low bandwidth and high latency, making real-time data processing a real pain.
That’s why companies today are now turning to edge computing technology.
Edge computing is a new computing model that brings gadgets and networks closer to you. It’s all about analyzing info right where it’s generated, so you get faster processing and more actionable answers in real-time.
Edge computing not only reduces latency in IoT technologies but also boosts data security. Instead of sending data to a central server, it can be processed right on the edge device, minimizing the chances of hackers intercepting it.
It is also valuable when fast decision-making is crucial, particularly in areas like safety. For example, using IoT edge devices and computing to halt machinery when someone enters a restricted area in a factory helps ensure people’s well-being.
Another example is when self-driving cars have to receive IoT data to make crucial decisions on the road. This can literally be a matter of life or death.
In the next decade, we will see an upsurge in edge computing as businesses look for more efficient and secure ways to process data in real time. This tech can benefit companies in various industries, from manufacturing to healthcare, making it a crucial part of IoT solutions moving forward.
Advanced Voice Recognition Technology
Voice commands and hands-free search are the technology trends that have been on the rise in recent years. And the IoT ecosystem is no exception.
In 2024, we’ll witness a surge in IoT devices taking voice commands with advanced voice recognition tech. Voice assistants will be even more seamlessly integrated with IoT devices.
Voice assistants have skyrocketed in popularity, thanks to millennials leading the charge. It was found that 65% of 25-34-year-olds rely on voice assistants to navigate their daily lives. Not far behind, 59% of the 18-24 age group also embraces the power of voice assistance.
And with the constant improvements in voice recognition technology, more and more people will turn to voice commands for their IoT devices. This can include controlling smart home appliances, creating reminders or schedules, and even making purchases.
As voice recognition tech keeps getting better, tighter integration with voice assistants isn’t just convenient. It’s a crucial move towards creating more intuitive and user-friendly IoT ecosystems.
Here, we’re talking about the close collaboration between IoT devices and voice-activated digital assistants like Amazon’s Alexa, Google Assistant, or Apple’s Siri. This integration lets users effortlessly interact with their smart devices using voice commands.
Voice biometry is an exciting new development in voice recognition tech! It allows organizations to create a digital voice profile by analyzing specific characteristics like pitch, intensity, tone, dominant frequencies, and dynamics. Businesses believe this method will be more reliable than current approaches. Banks and FinTech startups have been early adopters of voice and speech recognition technology.
Increased IoT Investments in Healthcare
The healthcare sector is getting a lot of investments in digitalization, with a focus on adopting IoT technology in 2024.
IoT is totally shaping the future of healthcare. By boosting diagnostics and enabling personalized treatment approaches, it’s no wonder that a specialized branch called the Internet of Medical Things (IoMT) has emerged in the digital health realm.
We discussed healthcare development trends in 2024, but there are also other ways IoT technology is used in this sector. In hospitals around the world, there are IoT use cases like:
- Wearables for medical purposes
- Collecting and analyzing patient data
- Cool smart diagnostic tools
- Robots for surgery
- Remote monitoring patients
- Controlling storage conditions in labs
The worldwide healthcare IoT market is expected to hit a revenue of $108.60 billion US dollars by 2024. Over the past few years, we’ve witnessed IoT making its way into healthcare through wearables, voice assistants, and connected medical devices. Smartwatches and wearables now commonly feature heart rate and SpO2 sensors.
In 2024 and beyond, get ready for even more IoT solutions in healthcare! Wearable devices will get smarter with sensors that measure more parameters. Plus, at-home smart sensors will keep an eye on patients’ vitals.
And guess what? We might even see virtual hospital wards where doctors and nurses monitor patients from home.
Let’s Build Your App for IoT Devices Today!
The IoT space is getting more crowded by the minute, and in 2024, it’s set to become even busier. With so many different devices and technologies emerging, the opportunities for building innovative IoT apps are endless.
So why not hop in on the IoT trends and get started developing your own IoT app?
Whether you’re looking to improve efficiency in manufacturing or create a smarter home for yourself, we at StarTechUP have the expertise and experience to bring your IoT app ideas to life.
We also offer product ideation and market research services to help you refine your ideas and identify the best opportunities for success. Our enterprise digital solution services can also assist in integrating your IoT app with existing systems and processes, making sure it runs smoothly and securely.
Don’t wait until 2025 or further to jump on the IoT bandwagon. Contact StarTechUP today, and let’s work together to create the next generation of innovative IoT solutions!
Let’s build your IoT app today!