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The Future of IoT is on the verge of a transformative journey, poised to break barriers and redefine how we interact with the digital realm. In this era of rapid technological evolution, the future of IoT presents not just possibilities but a realm of limitless potential.
The catalysts for this evolution are manifold. Advances in the industrial internet, fueled by enhanced network agility and seamlessly integrated artificial intelligence (AI), are propelling the IoT into uncharted territories.
The anticipation of this future is not just confined to the realm of connectivity. A wave of groundbreaking IoT applications is set to emerge, characterized by an intuitive and seamless interaction between humans and machines.
Human 4.0, as we term it, envisions real-time, long-distance interactions that mirror local sensory experiences. This groundbreaking advancement holds promise for fields like remote learning, surgery, and repair, revolutionizing how we perceive and engage with the digital world.
In the vast and ever-evolving realm of technology, the current state of the Internet of Things (IoT) paints a dynamic picture of growth, deployment trends, and emerging patterns. As we delve into the intricacies of this landscape, the numbers themselves bear testimony to the magnitude of IoT’s impact.
Globally, the trajectory of IoT devices is on an upward spiral, set to reach an astounding 29 billion by 2030, a threefold increase from the 9.7 billion recorded in 2020. This surge is not merely a numerical spike but a testament to the escalating integration of IoT into our daily lives and industries.
The market volume for the Internet of Things is projected to soar to US$33.74 billion by 2027, showcasing an impressive Compound Annual Growth Rate (CAGR) of 11.49% from 2022 to 2027.
This underscores the financial significance of IoT and hints at the accelerating pace of innovation and adoption within the global market.
In the realm of enterprise IoT, strategic deployments are reshaping industries. The majority of these implementations are observed in critical sectors such as electricity, gas, steam, water supply, and waste management. Undoubtedly, the wholesale and retail industry is emerging as a pivotal player in embracing IoT for operational efficiencies.
Transportation, storage, and government sectors are tailing closely behind, collectively contributing to over 100 million deployed IoT devices.
Verticals like connected vehicles, IT infrastructure, and asset tracking are poised to surpass the billion-device mark by 2030, therefore heralding a new era of interconnected efficiency.
In the consumer segment, the smart home industry takes centre stage, driving the deployment of IoT devices. Projections indicate that the smart home segment is set to burgeon by 350 million devices by 2023, reflecting the increasing integration of IoT into our daily lives.
Voice assistants are experiencing significant growth, with millennials at the forefront, contributing significantly to this surge. A notable 65% of individuals aged 25 to 34 utilize voice assistants in their daily routines. Following closely behind are individuals between 18 to 24, with around 59% embracing this hands-free technology.
In the wake of this exponential growth, attention toward IoT security has reached new heights. Enhancing security has become paramount for adopting IoT, particularly among European users.
However, the awareness of security risks and vulnerabilities has also intensified, catalyzing governmental actions. In 2020, a substantial portion of cyberattacks targeted organizations relying on IoT devices, prompting governments to draft and implement legislation establishing minimum security standards for these interconnected technologies.
The future of IoT is an ever-evolving landscape, and as we stand on the cusp of 2024, it’s crucial to peer into the crystal ball of technology trends that will shape the next chapter of connectivity.
So here are the top 10 IoT trends and predictions that will influence the trajectory of IoT technology in the coming year:
The year 2023 witnessed the rapid proliferation of digital twins across industries. In 2024, this trend is set to become even more mainstream, offering unprecedented visibility into organizational processes.
As organizations seek to fortify supply chains post-COVID-19, digital twins will play a pivotal role in building robust solutions. Collaborations between companies like Ansys Inc and Microsoft Azure underscore the industry’s commitment to advancing digital twin technology.
The wealth of granular data generated by IoT devices is becoming the bedrock for AI model development. This rise of AIoT allows businesses to automate processes, enhance product and service quality, and deploy AI solutions with edge processing capabilities.
Predictive maintenance, which gained prominence in the past year, will become even more widespread across manufacturing, logistics, fleet management, and various other industries.
Gartner predicts a surge in sensor technology innovations throughout 2024 and price drops in existing sensor tech. This innovation will not only fuel advancements in IoT devices but also lead to a reduction in the overall cost of IoT solutions.
The Consumer Electronics Show (CES) 2023 showcased Bosch presenting cutting-edge sensors, including long-range Lidars and AI-based sensor systems. The focus on autonomous vehicles and smart agriculture is pushing the boundaries of what sensors can achieve.
With 5G connectivity becoming more ubiquitous globally, 2024 is poised to be the year where 5G services overcome initial implementation challenges. This advancement is catalyzing connected car technologies, enhancing vehicle-to-vehicle communication, situational awareness in Advanced Driver
Assistance Systems (ADAS), and reducing collisions. Collaborations between telecom giants like AT&T and automotive leaders like BMW are laying the groundwork for seamless connected vehicle experiences.
While IoT sensors and solutions have advanced, chip-level innovation is set to take center stage in 2024. Specialized chips tailored for IoT systems, driven by the demands of edge computing and AI, will emerge.
These chips will handle neural networks and AI systems at low power, ushering in a new era of efficiency. Simultaneously, efforts to address the global chip shortage will lead to more resilient supply chains and reduced reliance on a small number of manufacturers.
The integration of IoT into healthcare is a trend that will gain momentum in 2024. Wearables, from smartwatches to at-home smart sensors, are set to become smarter, monitoring an extensive array of patient vitals.
The concept of online hospitals, where healthcare professionals oversee and monitor patients within their homes, is poised to become a reality. The healthcare IoT market is projected to reach $267 billion by the end of the following year, indicating a significant shift in patient care dynamics.
As IoT matures, so does the awareness of its ethical, legal, and privacy implications. Users are becoming more cognizant of the privacy risks associated with IoT devices.
Instances of data misuse, as seen with Ring doorbells, have prompted a closer examination of data ownership and usage. In addition to that the year 2024 will witness heightened awareness and regulations addressing the ethical dimensions of IoT.
Security concerns surrounding IoT devices have garnered increased attention in recent years, and this focus is set to intensify in 2024. Legislation mandating the removal of default passwords and labeling devices with security risks is gaining traction globally.
Governments in countries like Singapore, Germany, the US, the UK, and the EU are actively exploring measures to ensure IoT security. Lastly this emphasis on security reflects a collective effort to safeguard users and organizations from potential cyber threats.
With IoT becoming more prevalent in the consumer segment, 2024 will witness a departure from conventional touchscreen interfaces. Moreover, companies are exploring novel ways for users to interact with devices, moving beyond traditional screens.
Automobile manufacturers, for instance, are rethinking infotainment systems, recognizing that touchscreens may not be the most effective interface. This shift, coupled with the rise of voice and digital assistants, promises exciting and innovative user interfaces.
Advancements in connectivity technologies will continue to unfold in 2024. The previous year witnessed the introduction of Narrowband IoT (NB-IoT) services, a trend expected to persist. OEMs will experiment with new connectivity technologies tailored for specific use cases.
Progress in 5G and satellite internet connectivity will not only create opportunities to develop innovative IoT products, but will also pave the way for a more connected and technologically enriched future.
At TechAhead, we pride ourselves on being your premier IoT App Development Company, propelling you into the future of connected ecosystems. So here’s how we can help you build a revolutionary IoT space:
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As we step into 2024, the future of IoT is a thrilling landscape of innovation and connectivity. The surge in IoT devices globally, expected to reach 29 billion by 2030, underscores a transformative integration into our lives and industries.
The top 10 trends for 2024 offer a glimpse into this future:
This future unfolds not just as technological evolution but as a symphony of progress. From digital twins enhancing efficiency to AI reshaping automation and sensors driving cost dynamics, IoT is breaking barriers.
On this horizon, security, ethical considerations, and user interfaces take centre stage. The future of IoT is not just about possibilities; it’s about actively participating in a connected world of endless opportunities. Welcome to the future where the limitless becomes the norm.
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