Navigating the Future
Living in an era dominated by artificial intelligence, data, and rapidly advancing connectivity technologies, it’s impossible to overlook the significance of the “Internet of Things” (IoT) among innovative and transformative technologies. IoT stands out as a key player, influencing the success of technologies like machine learning.
As the business landscape undergoes continuous evolution, it becomes imperative for businesses to closely monitor these changes. Successful enterprises are those that exhibit creativity in adapting to evolving technologies. The ability to conceive innovative ideas for utilizing and integrating these technologies relies on vigilant observation of emerging trends. Let’s delve into the future of IoT technology and the trends shaping global markets in 2024.
The IoT technology market value is projected to reach $1.39 trillion by 2026, as reported by Mordor Intelligence. Several factors contribute to this remarkable growth, including the accelerated adoption of remote monitoring, smart home devices, and data analysis solutions during the COVID-19 pandemic. Businesses are actively developing advanced AI solutions, often relying on IoT networks. While IoT networks offer efficient task execution compared to centralized solutions, challenges such as the semiconductor chip shortage impact production costs.
Trend #1: AIoT – Artificial Intelligence & IoT Technology
IoT’s synergy with artificial intelligence (AI) is a compelling use case. AI benefits from distributed data provided by IoT sensors, while IoT gains advanced management capabilities from AI. The collaboration between AI and IoT is evident in various applications, such as predictive maintenance in manufacturing.
Trend #2: IoT Connectivity — 5G, Wi-Fi 6, LPWAN, and Satellites
Improvements in wireless data rates have been a significant challenge for IoT networks. Emerging connectivity technologies like 5G, Wi-Fi 6, LPWAN, and satellites are enhancing the feasibility of IoT solutions across different domains.
Trend #3: Edge Computing – Low Latency & Security
Real-time applications depend on edge computing. Instead of calculating everything at a central source, edge networks process information closer to the user and lighten the load of the entire network for all users. Not only can edge computing reduce the latency of IoT technology, but it also has the potential to increase the security of data processing.
Additionally, with the growing threat of AI-powered cyber-attacks in 2024, ensuring the security of IoT devices in an age of remote workforces becomes crucial. Maintaining customer and workforce trust necessitates prioritizing security and privacy when building networks of smart devices and connected technology.
Trend #4: Wearable IoT Technology
While sensors and edge devices play crucial roles, wearable IoT devices like smartwatches, earbuds, and AR/VR headsets are gaining prominence. Wearable technology offers potential in healthcare, continuously monitoring patient vitals and aiding in emergencies.
Moreover, generative AI is becoming a common addition to wearable devices in 2024. Smartwatches and fitness trackers augmented by this technology act as personal assistants or fitness coaches, signaling a shift from regular AI assistants like Siri and Alexa on wearables.
Trend #5: Smart Homes
Digital assistants like Google Assistant and Amazon Echo have transformed the smart home industry. With IoT technology managing various devices, the focus is now on smart home automation, allowing users to automate tasks like lighting and temperature control.
Additionally, IoT security and privacy concerns become paramount as more devices connect to networks. With the growing threat of AI-powered cyber-attacks, securing devices in an age of remote workforces becomes a key trend. Trust remains essential for businesses in the digital age, emphasizing the importance of prioritizing security and privacy in building networks of smart devices.
Trend #6: Smart Cities
IoT technology is crucial in developing smart city networks and addressing issues like traffic monitoring, water level monitoring, and smart streetlights. The application of IoT in smart cities extends to experiments with self-driving shuttles and reducing the reliance on private vehicles.
Furthermore, the convergence of IoT technology with AI and machine learning systems has become prominent, enabling intelligent devices to collaborate seamlessly. Developing protocols to ensure the harmonious operation of these devices and secure data sharing will become a priority in 2024.
Trend #7: IoT Technology in Healthcare
Beyond wearables, IoT technology is making significant contributions to healthcare, facilitating efficient telemedicine through WebRTC and monitoring patient vitals for better diagnosis and treatment.
Additionally, generative AI is expected to be used alongside connected healthcare devices in 2024 to turn patient data into natural language reports and analyses. The IoT healthcare market is predicted to grow to around $150 billion this year, on its way to reaching a valuation of $289 billion by 2028.
Trend #8: Connected Networks Aid Manufacturers
IoT technology has a great deal of potential to advance the manufacturing industry. With arrays of sensors on factory floors, this industry has become more automated than ever before. One of the most important results of the expansion of IoT sensors in manufacturing is that these networks are powering advanced artificial intelligence applications.
Furthermore, addressing IoT security and privacy concerns becomes critical as the number of connected devices increases. With the rise of AI-powered cyber-attacks, securing devices has become a key trend, especially in an era of remote and distributed workforces.
Trend #9: Retail IoT
IoT adoption in retail takes various forms, including inventory systems, footfall tracking, automated checkouts, and RFID marketing devices. Despite occasional setbacks, such as the closure of contactless stores, overall spending on IoT in retail is expected to increase significantly, reaching $177.9 billion by 2031.
Trend #10: Sustainable IoT And The Circular Economy
Sustainability will become a priority in 2024, with IoT technology contributing to energy efficiency, optimized inventory management, waste monitoring, and traffic flow optimization. IoT sensors play a crucial role in achieving sustainability goals, making them essential tools for monitoring and improving environmental impact.
Trend #11: Vehicle-To-Vehicle (V2V) Communications
Automobile manufacturers leverage V2V communications in 2024 to enhance safety, reduce maintenance costs, and lower carbon footprints. Cars sharing real-time data with nearby vehicles optimize driving, reduce wear and tear, and cut emissions. Additionally, vehicle-to-infrastructure communication, connecting cars to roadside sensors, has become a growing area of investment.
Trend #12: IoT And Digital Twins
Digital twins, virtual models of objects or systems, gain popularity across diverse use cases in 2024. Enhanced by IoT technology, digital twins enable super-fast experiments based on accurate real-world data. Applications range from optimizing infrastructure planning in cities to diverse innovative scenarios enabled by IoT.
Trend #13: Brain-Computer Interfaces
Advancements in wearables include brain-computer interfaces capable of reading brain signals, paving the way for thought-controlled devices. While still futuristic, experiments and trials by companies like Neuralink in 2024 generate excitement, with products leveraging this technology beginning to appear.
The future of IoT technology lies in each of these trends and beyond, with possibilities extending into areas like the retail industry and indoor navigation. It’s essential to recognize that the Internet of Things is not a standalone technology. The synergy between technologies like IoT and AI enables businesses to cultivate innovation and remain relevant against their competitors. All it takes to get started is an idea or a vision to modernize your business’s infrastructure to take the future head-on.
If you’re ready to take the first step toward modernizing your business, please reach out to us so Fordewind.io can get started talking about how we can work together to realize your goals.
Fordewind.io is an IoT engineering and development company based in Kyiv, Ukraine. Our main areas of interest and expertise are the automotive industry and Smart Home/City projects. Contact us right now without a doubt and learn more about how we can help you build the future.