Top IoT Trends in 2024 and What IoT Holds for the Future?
January 19, 2024
9 min read

The network of physical things that are fixed with software, sensors, and different technologies for the purpose of swapping and connecting data with other systems and devices over the Internet is known as the Internet of Things (IoT). 

The Internet of Things (IoT) has experienced incredible growth, thanks to technological advancements and the surge in demand for instant insights into digital transformation solutions and activities. 

As we venture into 2024 and beyond, the future of IoT appears more promising than ever, with a multitude of emerging trends and forecasts. From the progress in Machine Learning and Artificial Intelligence to the emergence of smart cities and interconnected supply chains, the potential for IoT seems boundless.

So, what does the future of IoT hold for us? Let’s dive in!

Future of IoT

The digitalization of things has drastically increase dover the past few years and it has been made possible only because of cheap resources that are being made available to everyone so that each and every person can access these trends.

But we can not talk about digitalization without IoT. It’s like a boon to technology and in today’s era, no business can even grow without the implementation of IoT. Whether it’s a Startup or a Big Multinational company, everyone is required IoT to outperform its competitors.

As per Finance Online, there will be 25 billion or more IoT devices in use over the next seven years.

Well, it grew significantly during the Covid-19 pandemic, driven by the rising penetration of smart analytics and remote monitoring.

Furthermore, there has been a strong push in there cent decade from non-IoT devices to IoT devices. 

In fact, 75% of all devices are expected to be IoT by 2030.

The Internet of Things (IoT) has been smoothly integrated into many aspects of our globalized economy and mode of living, spanning from interconnected consumer products such as appliances, security systems, and automobiles to big manufacturing applications such as those in agribusiness and power.

According to projections, IoT expenditure will reach $1.1 trillion in 2023, maintaining the year-over-year growth rate.

IoT Spends from 2018 to 2023
IoT Spends from 2018 to 2023

As the number of connected devices grows, businesses misunderstand the finest ways to incorporate IoT into the problems they are currently dealing with. But, more specifically, they must find the most effective ways of ensuring cybersecurity in the coming generations of a technology-driven world.

Enterprise IoT will expand as 2023 advances to satisfy the elevated demands of an era of advanced technology and possess the traits that drive it. Therefore, in this article, we’ll discuss the leading IoT developments that we predict to emerge in 2024. However, before that, let’s see what IoT actually is!

So, now let’s have a look at the top IoT Trends in 2024.

How Antino can help you in Integrating your Products and Services with IoT?

As the Internet of Things (IoT) solutions are growing worldwide, the future trends of IoT will definitely play a vital role in the near future. Significant technologies like 5G, blockchain, AI, cloud computing, and others, are going to perform a very significant role in the improvement of global connectivity and the Internet of Things.

As a leading IoT applications development company, we can help you in every aspect of integrating your products and services with IoT. You can reach out to us so that we can have a quick call and will help in excelling what you are capable of radiating.

Interesting IoT Stats in 2024

  1. The number of cellular IoT connections is expected to reach 3.5 billion in 2024.
  2. Smart factories in North America are expected to be worth more than $500 billion in 2022.
  3. Forbes estimates 646 million IoT devices were used in hospitals, clinics, and medical offices in 2020.
  4. 646 million IoT devices were used in hospitals, clinics, and medical offices in 2020.
  5. Annual spending on IoT security measures will increase to $631 million in 2021.
  6. Cyberattacks on IoT devices skyrocketed in 2018 and surpassed 300% in 2019.
  7. As of 2018, nine in ten senior executives from tech-related industries say IoT has become critical to some or all lines of their business.
  8. Samsung is the top patent holder in the IoT industry with 820 patents to its name.
  9. In 2025, as many as 152,200 IoT devices will be connecting to the internet every minute.

Source: Forbes

How Antino can help you in Integrating your Products and Services with IoT?

As the Internet of Things (IoT) solutions are growing worldwide, the future trends of IoT will definitely play a vital role in the near future. Significant technologies like 5G, blockchain, AI, cloud computing, and others, are going to perform a very significant role in the improvement of global connectivity and the Internet of Things.

As a leading IoT applications development company, we can help you in every aspect of integrating your products and services with IoT. You can reach out to us so that we can have a quick call and will help in excelling what you are capable of radiating.

FAQ’s

What is the future trend in IoT?

The future of IoT is promising with advancements in edge computing, 5G connectivity, AI integration, blockchain security, industry-specific solutions, sustainability, enhanced data analytics, and expanded interoperability. It holds immense potential for transforming businesses and society, creating a connected and digitized world.

Which is the future application of IoT?

The future application of IoT will revolutionize various sectors such as smart cities, industrial automation, healthcare, agriculture, retail, smart homes, and transportation. With IoT, the possibilities for innovation and efficiency are boundless, transforming the way we live, work, and interact with our surroundings.

What are the major technologies in IoT?

Key IoT technologies include sensors, Wi-Fi, Bluetooth, IoT platforms, cloud computing, edge computing, AI/ML, security measures, and blockchain. They enable data collection, communication, processing, automation, and secure transactions in the IoT ecosystem.

What are the four 4 components of IoT?

The four key components of IoT can be summarized as devices and sensors for data collection, connectivity for communication, data processing and analytics for deriving insights, and applications and services for leveraging IoT capabilities. These components work together to enable the seamless integration of devices, data processing, and transformative applications in the IoT ecosystem.

How IoT will benefit in the future?

IoT will benefit in the future through improved efficiency, enhanced safety, advanced healthcare solutions, smart cities, and data-driven decision-making.

What is the forecast for IoT trends?

The forecast for IoT trends includes continued growth, edge computing, AI integration, 5G connectivity, and industry-specific solutions to enhance business operations with utmost ease and efficiency. 

What are the benefits of IoT?

IoT offers benefits such as improved efficiency, enhanced decision-making, increased safety, improved quality of life, environmental sustainability, cost savings, better customer experience, real-time tracking, remote accessibility, and opportunities for innovation and new business models.

Why the trend of IoT is in demand now?

The trend of IoT is in demand now for various reasons including technological advancements, cost reduction, increasing connectivity, potential benefits, industry transformation, and the demand for data-driven insights.

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AUTHOR
Radhakanth Kodukula
(CTO, Antino)
Radhakanth envisions technological strategies to build future capabilities and assets that drive significant business outcomes. A graduate of IIT Bhubaneswar and a postgraduate of Deakin University, he brings experience from distinguished industry names such as Times, Cognizant, Sourcebits, and more.