The Internet of Things (IoT) has witnessed phenomenal growth, fueled by technological advancements and a rising demand for real-time insights in business transformation solutions and activities.
As we step into 2024 and beyond, the trajectory of IoT looks exceptionally promising, marked by a plethora of emerging trends and forecasts. From advancements in Machine Learning and Artificial Intelligence to the evolution of smart cities and interconnected supply chains, the possibilities for IoT seem limitless. The Internet of Things (IoT) market is expected to experience a notable compound annual growth rate of 13.60% (CAGR 2023-2028), reaching a substantial market volume of $2,227.00 billion by 2028.
So, what lies ahead for the future of IoT? Let’s delve into the exciting journey ahead!
How is IoT Used In The Future?
The Internet of Things is discussed as taking the future into account because of the innovations in technologies that will only be equated to future developments. IoT is evolving rapidly by shortening the duration of manual work that otherwise takes long hours to complete.
Companies that are involved in IoT technologies are aiming to create a scenario in the future that can reduce waste, use energy efficiently, and move towards greater personal autonomy. For instance, most customers expect the refrigerator’s IoT technology to notify them of buying options if the vegetables are running short. Instead, it is required to gather data about energy usage from all points on the grid. Make use of this information to determine how energy resources should be distributed to minimize total energy usage. This is how both consumers and companies will benefit.
A French multinational tire company named Michelin has made an interesting case study by adding sensors to the tires to monitor and understand the wear over time. By using these sensors, the company can note the data on when to replace tires, which will protect the users from any accidents and also save them money and time. With the help of this technology, the company will be able to learn how to maintain the tires from the sensor data. That’s how IoT technology will make a huge difference in the lives of customers. Plus, the industries that are striving to enhance the user experience by installing updated technologies into their systems will transform their functioning.
Why is IoT a Trending Technology?
Currently, IoT dominates various sectors such as home appliances, cars, medical devices, and factory machinery. This widespread adoption is fueled by the integration of artificial intelligence, which not only generates smart actions from stored data but also provides context and creativity. Moreover, AI utilizes real-time data to anticipate and prevent machine malfunctions, mitigating risks effectively.
By using IoT and AI together, numerous challenges can be dealt with with ease, such as identifying illegal activities in ATMs, predicting machine maintenance in the factory, reducing the cost of maintenance, and many more.
Best 4 Future Trends in IoT Industry
The pandemic has also been a factor in the rise of IoT trends. Now, in 2024, these developments are bound to gain more momentum. Here’s a list of some of the most important IoT trends.
Healthcare
In the past two pandemic-ridden years, the healthcare industry has actively embraced IoT development. There have been many IoT-enabled developments and innovations in the healthcare industry in telemedicine, patient monitoring, and social distancing. Healthcare IoT devices will keep allowing healthcare professionals to collect patient data remotely.
The IoT has impacted people’s lives, particularly those of elderly patients, by making it possible to track their medical issues continuously. Wearable devices such as fitness bands and wireless gadgets give patients personalized attention. These devices can be set to remind users to keep track of their blood pressure, exercise, appointments, and much more.
5G Expansion
One of the best IoT future trends out there in the market is the advent and deployment of 5G, which means reduced latency and hyper-connectivity. 5G and IoT go hand-in-hand, and with 5G’s faster data transfers, energy efficiency, and increased coverage, IoT will experience tremendous growth and advancement. Together, 5G and IoT reach new heights in every respect, connecting an increasing number of IoT devices faster and completely replacing the requirement for slow-moving objects. This requires investigating the route to a digital revolution made possible by 5G and IoT.
Security
When IoT is concerned, security plays an important role, and the expansion of 5G will not only double but quadruple the need for cybersecurity. This is because this expansion will result in an increase in the number of IoT devices and thus potentially increase the targets for cyberattacks. The first half of 2021 witnessed 1.5 billion cyberattacks against IoT devices. Nearly 15% of businesses deploying IoT still use outdated security protocols. Businesses are now focusing on deploying cybersecurity tools and have an increased understanding of cybersecurity as an essential part of IoT solutions.
Industry and business
The Industrial Internet of Things, or IoT, will have a huge impact on every aspect of the industry. The availability of robotics and IoT technology “as a service” suggests that smaller businesses will start to take advantage of the IoT opportunities to streamline operations, upgrade their infrastructure, and increase efficiency. IoT technology in the manufacturing industry includes sensors fitted to machinery to measure performance and enable predictive maintenance to detect or predict failures and breakdowns that can occur. IoT in industry and business can highly improve communication between businesses and customers and enrich the user experience.
Conclusion
From 2024 onward, the Internet of Things (IoT) won’t be a disruptive force like the iPhone but rather a seamless evolution in our tech-infused lifestyle. The convergence of cloud, AI, and a healthcare focus will give rise to IoT devices shaping our personal lives. Expect increased investments in healthcare IoT and the widespread integration of smart devices at home. Siri and Alexa will play integral roles, monitoring and enhancing our daily lives for a more enriched experience.