Contact us anytime to know more — Amit A., Founder & COO CISIN
Both technological advances and increased demands for real-time insights into digital transformation activities and solutions can explain the growth of the Internet of Things (IoT).
With new trends and projections emerging for IoT technology, its future appears brighter than in 2024 and beyond. Its potential seems endless, from artificial intelligence and machine learning advancements to developing smart cities with interlinked supply chains.
Top IoT Trends in 2024
Let's now examine the leading Top IoT trends for 2024:
Blockchain
An emerging trend in IoT applications is the increasing adoption of Blockchain. Due to being distributed and providing greater data security for devices connected via IoT networks and seamless interactions among various network nodes and record keeping, Markets and Markets forecast that global blockchain IoT markets will increase by USD 2,409 Million between now and 2026.
Today, almost all applications in banking, agriculture, finance, transportation, and other industries are beginning to embrace Blockchain - a decentralized distributed ledger technology - as an alternative solution.
Pairing it with another tech like IoT integration advancement makes it possible.
Smart Cities
The Internet of Things rapidly alters environments where innovation and people come together in new, sophisticated, and integrated ways.
Cities are no exception: data-driven technologies used in smart cities to upgrade resident amenities and address urgent problems are used in smart cities to upgrade resident amenities and address pressing problems - with potential results including improved durability, reduced deviance, increased transit availability, and availability, social services as well as decreased robberies/assaults by 30% while fatalities by 80% according to one McKinsey report.
The government will have the capability to provide intelligent solutions through smart cities. Over the last five years, several governmental organizations have launched IoT technology projects that promise to transform cities.
Massive data sets allow governments to apply intelligent solutions for problems like traffic congestion, energy consumption, citizen safety, and sustainable development, spanning numerous disciplines- brilliant cities.
IoT Powered With 5G Technology
Statista projects there will be approximately four and one-half billion 5G subscriptions worldwide by 2026, representing just under 5 percent of current mobile subscriptions worldwide.
Thus, 5G technology represents an evolution in wireless technology and an opportunity to realize its full potential through Internet of Things connectivity, revolutionizing technological progress. 5G marks not just another innovation but an entirely different era characterized by more flexible networking capabilities: applications will adapt accordingly, while services will meet user demands more precisely than before.
Robust connectivity will translate to more reliable IoT devices, making 5G technology one of the key emerging IoT technologies in 2024.
Benefits provided by 5G include broad coverage areas, lower latency rates, and real-time data processing capabilities.
Traffic Management
Trends show that Internet of Things (IoT) technology can help address global problems like traffic and blockages.
Businesses now offer plans and solutions incorporating IoT-installed technology in cars and traffic systems to build more intelligent traffic networks to decrease unnecessary congestion and traffic issues.
McKinsey estimates that by 2025, cities adopting smart-mobility technologies could see travel times reduced by 15-25% on average; some individuals may even enjoy more significant savings.
Therefore, after ten years of experimentation and trial and error, governments and decision-makers are beginning to realize that intelligent city plans cannot be successfully executed without reliable technologies like IoT.
IoT-Empowered AI Applications
Stats project that 2025, there will be 64 billion IoT devices worldwide. Artificial Intelligence and IoT technologies have quickly become some of the newest tools used within IT industries; consequently, it should come as no surprise that both technologies work so seamlessly together; their combination has significantly altered traditional business and industrial solutions.
Artificial Intelligence (AI) and the Internet of Things (IoT) work hand in hand to provide business solutions with current AI algorithms requiring only minimal amounts of data to generate trustworthy results.
Intelligent machines can also be created using IoT in combination with AI; these innovative automation technologies can automate repetitive tasks efficiently and support autonomous decision-making processes. By employing these two technologies, industries can reduce operating costs, boost productivity, automate many processes to minimize downtime, and enable predictive maintenance.
Digital Twins
Digital twins, also called virtual representations that act as digital counterparts of physical objects or processes in real-time, were first recognized in 2020 and can be used for monitoring performance, optimizing asset utilization, and diagnosis/control, among many other tasks.
By 2025, their market is projected to experience exponential growth compared with today.
Fortune Business Insights predicts the global digital twin market is set to reach USD 96.49 billion by 2029 with a compound annual compound annual growth rate (CAGR) of 40.6% from USD 6.75 billion at the time of valuation in 2024.
Digital twin technology brings data analytics, artificial intelligence, and the Internet of Things under one umbrella.
As more devices connect and share data, data scientists and IT specialists can optimize installations for maximum efficiency while creating multiple scenarios by having digital representations for everything that touches their world.
Voice Activated IoT Devices
Google data reveals that 27% of global internet users utilize voice search via mobile phones for searches. Siri from Apple, Google Assistant, and Amazon Echo each use artificial intelligence as their foundation and have raised the standard for voice-based user interfaces.
Technology's advancement will inevitably enable voice interactions to play an increasingly integral part in many industries and disciplines in the coming era.
Voice apps would allow users to control settings or provide commands with smart devices; banks and FinTech startups were among the early adopters of this interaction technology.
Voice biometric technology represents another exciting advancement in voice recognition technology, offering organizations more reliable approaches than those currently utilized for creating digital profiles of individual voices.
Companies trust voice biometry will increase productivity.
IoT Security
Statista reports indicate that IoT security will experience explosive growth from 2024-2025, rising from 34.2 billion dollars in 2024 to 38.7 billion by 2024 due to increasing networked devices requiring increased levels of protection.
Over the coming decade, security system software will become even more indispensable, making these projections regarding IoT device security no surprise.
Due to our increasing reliance on technology today, security has become one of our foremost concerns. Thanks to tech's growing influence in people's lives and its increasing presence of connected objects in daily life, more attention has been drawn towards their vulnerability compared to unprotected devices and things that weren't equipped for protection regarding cybersecurity solutions.
Accordingly, security solutions developed for IoT use various technologies available today, and worldwide companies are creating IoT security products using them as solutions.
Edge Computing
Statista reports that edge computing has emerged as an industry projected to bring in 274 billion US dollars in estimated global revenues by 2025.
Edge computing, an emerging data processing paradigm involving various devices and networks in its vicinity, aims to analyze information nearer its point of production for faster processing volumes and rates that provide more relevant real-time insights. This innovation fosters new business models in today's cutthroat business world.
Reports indicate that end-of-life marketers could retain a considerable portion of the public cloud market because well-known retailers like Dell, IBM, and HPE are developing edge computing solutions with cloud-like characteristics.
Edge computing allows businesses to support clients in new locations better while maintaining flexibility within an expanding workforce.
Metaverse
Grandview Research predicts that 2030 the global metaverse market will reach $679 billion. The Metaverse framework relies heavily on the Internet of Things (IoT).
Interaction between them should create new opportunities for tech sector growth and expansion. The metaverse's use across industries such as gaming, entertainment, media, e-commerce and retailing, training, manufacturing, and architecture engineering is expected to drive its expansion.
Conclusion
Future Internet of Things trends will undoubtedly be significant as IoT solutions increase around the globe. Innovation of critical technologies - Blockchain, 5G connectivity, AI capabilities, and IoT cloud platform computing, to name just some - will play an integral part in driving their development further, and global connectivity will increase accordingly.
