Posted by The potential of Internet of Things (IoT) developments has been on a roller coaster ride, constantly evolving and expanding in recent years. In 2024, it could be the beginning of another transformative revolution with the continued growth of IoT devices and applications.
With 15 billion active devices connected to the IoT in 2023, the IoT sector will only grow. And if you haven’t jumped on the IoT bandwagon yet, now is the time to do so.
Let’s get to it!
The growth of 5G networks
The advancement of 5G networks captures the attention of the main IoT trends in 2024.
Last year we saw it only available in a few places and at a premium price, but 5G is set to become more affordable and widespread in the coming years. This will allow faster communication between devices, unleashing the full potential of IoT applications. We could expect advancements in several emerging technologies: smart city technologies and virtual and augmented reality.
5G devices offer us faster upload and download speeds, lower latency and unmatched reliability, and 5G services have also driven advances in connected car technology.
Many operators are trying to roll out connected car services as a complement to customers’ 5G plans. This means we can expect better communication between vehicles, better situational awareness in ADAS systems and fewer collisions.
Massive AI and Machine Learning Integration
Two big names that always seem to come up when talking about the latest technologies are Artificial Intelligence (AI) and Machine Learning (AM). And with good reason: these smart systems are revolutionizing the way we interact with IoT devices in 2024.
AI and ML in IoT will unlock the potential of intelligent IoT systems that adapt and evolve with their environment. This innovation will revolutionize IoT applications, from data collection and prediction of maintenance issues to fault detection, efficient energy management, and task automation.
With the rise of distributed workforces and the growing use of IoT applications, there is an increasing need for advanced AI-based data analytics. This integration allows connected devices to not only collect and transmit data, but also analyze it in real time, allowing decision makers to make informed choices.
From temperature control to energy optimization, AI-based smart home devices improve everyday life.
In industrial environments, IoT sensors are invaluable for pipelined machine learning data. Predictive analytics can predict equipment failures, enabling proactive maintenance and minimizing downtime. Real-time data from IoT sensors monitoring a factory’s equipment helps machine learning algorithms determine future service needs, known as predictive maintenance, a critical AI application in manufacturing.
In 2024 and beyond, it is clear that AI and IoT have a symbiotic relationship. AI benefits from IoT distributed data, while IoT benefits from advanced AI management.
Proliferation of digital twins
Introduced in 2020, a digital twin is like a virtual doppelgänger that reflects the real-time existence of a physical object or process. It is not just a look, but a powerful tool to diagnose, optimize, monitor and even control asset utilization and performance.
By creating digital twins of industrial equipment and systems, companies can monitor their performance, detect inefficiencies or anomalies, and optimize operations.
This custom enterprise software development will offer more visibility into organizations’ processes and help stakeholders analyze and improve them. There has been rapid growth in this technology over the past two years, and it is expected to become widespread.
Companies in the sector are partnering with technology giants to reach a wide range of customers and improve their solutions.
Blockchain Technology Adoption
Blockchain is making the Internet of Things more fashionable than ever. In 2024, we will continue to see greater adoption of this technology as it improves the security and privacy capabilities of connected devices.
Additionally, its enhanced security and trust bring a new level of trust to connected IoT devices. Thanks to its decentralized and tamper-proof nature, sensitive data remains locked, preventing unauthorized access and data manipulation.
Additionally, the transparent and immutable nature of blockchain transactions brings a lot of accountability, which is important in IoT platforms, where data integrity is a big issue.
As companies realize the enormous potential of this technology, we can expect it to be widely adopted, revolutionizing trust, security and efficiency in the Internet of Things.
IoT security solutions are now essential
Blockchain is just one of the security integrations we will see in IoT solutions in 2024.With cyberattacks and data breaches on the rise, businesses must prioritize IoT security solutions such as encryption, authentication, and access control.
According to a Statista, the global IoT security market is expected to skyrocket from approximately $10.26 billion in 2018 to over $34 billion in 2024. It’s no surprise that facts and figures on IoT device security highlight this importance.
Essentially, the more connected devices there are, the greater the likelihood of attacks. But it’s not just about protecting IoT devices. Starting in 2024, companies will also need to prioritize the security of their networks and cloud infrastructures that connect and support these devices. As the ecosystem expands with more interconnected devices, security solutions must evolve to keep pace.
Edge Computing expands
Edge computing has gained momentum in recent years as a way to process data closer to where it is generated. In 2024, with the growth of IoT development, companies will adopt more edge computing strategies.
The Internet of Things relies heavily on cloud computing, but it’s not all sunshine and rainbows. Cloud services can be a bit slow, with low bandwidth and high latency, making real-time data processing a real pain. That’s why companies are now turning to edge computing technology.
Edge computing is a new computing model that brings devices and networks closer to users. It’s about analyzing information where it is generated, for faster processing and more actionable responses in real time.
Edge computing not only reduces latency in IoT technologies but also increases data security. Instead of sending data to a central server, it can be processed directly on the device, minimizing the chances of it being intercepted by hackers.
It is also valuable when making quick decisions is crucial, especially in areas such as security. For example, using IoT edge devices and computing to stop machinery when someone enters a restricted area of a factory helps ensure people’s well-being.
In the next decade, we will see a boom in edge computing as companies look for more efficient and secure ways to process data in real time. This software development solutions can benefit companies in various sectors, from manufacturing to healthcare, making it a crucial part of IoT solutions for the future.
Advanced voice recognition technology
Voice commands and hands-free search are custom software product development that have been increasing in recent years. And the IoT ecosystem is no exception.
In 2024, we will witness a wave of IoT devices that receive voice commands with advanced voice recognition custom enterprise software development Voice assistants will integrate seamlessly with IoT devices.
The popularity of voice assistants has skyrocketed thanks to millennials. It has been discovered that 65% of people aged 25 to 34 rely on voice assistants to navigate their daily lives. Not far behind, 59% of the 18-24 age group also embrace the power of voice assistance.
And with constant improvements in voice recognition technology, more and more people will turn to voice commands for their IoT devices. This can include controlling smart appliances, creating reminders or schedules, and even making purchases.
As voice recognition technology improves, greater integration with voice assistants isn’t just convenient. It is a crucial step towards creating more intuitive and easy-to-use IoT ecosystems.
We are referring to the close collaboration between IoT devices and voice-activated digital assistants such as Amazon’s Alexa, Google Assistant or Apple’s Siri. This integration allows users to effortlessly interact with their smart devices using voice commands.
Vocal biometrics is an exciting new advancement in voice recognition technology. It allows organizations to create a digital profile of the voice by analyzing specific characteristics such as pitch, intensity, timbre, dominant frequencies and dynamics. The companies believe that this method will be more reliable than current methods. Banks and fintech companies have been early adopters of voice recognition technology.
Increased investments in IoT in healthcare
The healthcare industry is receiving many investments in digitalization with special attention to the adoption of IoT technology in 2024.
The IoT is shaping the future of healthcare. By empowering diagnosis and enabling personalized treatment approaches, it is no surprise that a specialized branch called the Internet of Medical Things (IoMT) has emerged in the field of digital health.
We are talking about healthcare development trends in 2024 but there are also other ways to use IoT technology in this sector. In hospitals around the world, there are IoT use cases such as:
- Wearables for medical purposes
- Patient data collection and analysis
- Excellent smart diagnostic tools
- Robots for surgery
- Remote patient monitoring
- Control of storage conditions in laboratories
The global healthcare IoT market is expected to reach revenues of €1 billion. $108.6 billion in 2024 . In recent years, we have seen IoT make its way into healthcare through wearables, voice assistants, and connected medical devices. Smartwatches and wearables often incorporate heart rate and SpO2 sensors.
Starting in 2024, get ready for even more IoT solutions in healthcare. Wearable devices will be smarter, with sensors that measure more parameters. Additionally, smart home sensors will monitor patients’ vital signs.
And guess what? We could even see virtual hospital rooms where doctors and nurses monitor patients from home.
Let’s build your app for IoT devices today!
The IoT space is increasingly saturated and in 2024 it will be even more so. With the emergence of so many different devices and software development solutions, the opportunities for creating innovative IoT applications are endless.
So why don’t you jump on the IoT trends and start developing your own IoT application?
Author Bio: Glad you are reading this. I’m Yokesh Shankar, the COO at Sparkout Tech, one of the primary founders of a highly creative space. I’m more associated with digital transformation solutions for global issues. Nurturing in Fintech, Supply chain, AR VR solutions, Real estate, and other sectors vitalizing new-age technology, I see this space as a forum to share and seek information. Writing and reading give me more clarity about what I need.