10 IoT Trends for 2024: Latest Predictions According To Experts

The Internet of Things (IoT) debuted as a much-hyped futuristic technology. It is now a reality that has become both a social and technological wonder. The latest IoT trends can attest to this fact. It is now used with data analytics software and artificial intelligence. These integrations help businesses improve processes, boost earnings and reduce overheads, especially in the challenging times that the onset of the COVID-19 pandemic has created.

IoT has paved the way for smart technologies just about anywhere. It is expected to rock different sectors, thanks to the increasing use of the cloud and the development of 5G. Smart appliances, security systems, phones, and cars are now commonplace. With this collection of the most recent emerging trends in IoT currently available, we intend to get you up to speed with IoT developments. If you are into business, you might learn a thing or two on how to leverage these trends to grow your company.

IoT’s ability to enable devices and equipment to communicate will impact lives. It will impact industries. According to a report (Forbes, 2020), IoT will find applications in areas like predictive maintenance, maintenance schedules, and data collection.

How big is the IoT market? IoT is fast becoming a critical disruptive technology. Businesses will see that IoT is not a hype but a useful tool. This will only result in mass adoption.

But, IoT use cases will not stop at corporate doors. The technology has the potential to make any process free of human intervention. In this context, the term “IoT” will not sit for long. Another study says a more catchy term will replace “IoT” in the next few years (Forrester, 2018).

More use cases for IoT are being uncovered as we speak and it shows no sign of stopping. This ranges from fitness monitors that can track calorie expenditure to fleet tracking tools that identify how vehicles are being used to the transmission of data for contact tracing during the pandemic. It is thus, not surprising for investments in IoT to increase in the coming years. You can confirm this by looking at the latest digital transformation statistics. More and more businesses are beginning to deploy IoT. And consumers have embraced the technology. Take a look at the following IoT trends that are happening now.

1. Focus on Security

The IoT tech market will see a renewed focus on security as complex safety challenges crop up. These complexities stem from the diverse and distributed nature of the technology. The network of connected devices remains vulnerable to attacks. So, how many devices are connected to the internet in 2021? The number of Internet-connected devices has reached the 10 billion mark (Statista, 2021). Device and IoT network hacking will become commonplace. It is up to network operators to stop intruders from doing their business.

Widely-accepted security concerns will help IoT providers improve sellability. This will be by highlighting the security measures they have in place. Those marketing end-to-end IoT solutions are most likely to enjoy this selling point. This early, informing users of such security concerns are paramount. Vendors and providers should make public what is being done about these issues. Learn more about security threats by reading the most recent cybersecurity statistics.

2. IoT in Manufacturing

IoT uses sensors, which can help managers identify machinery problems early on. Problems are identified before technicians are sent out to work on issues. Sensors are very handy for people handling preventive maintenance. IoT has been finding applications in smart factories. The use of wearables gives workers a clear picture of factory conditions and safety.

IoT and wearables connect factory floors to management. Wearables can connect to mobile devices. This improves time management and safety and allows for feedback. Innovations in preventive maintenance are coming every day. They will not stop anytime soon—all thanks to IoT. This development is clear among the most recent industrial IoT trends.

3. Big Data, Analytics, and Machine Learning

Even now, distributed IoT analytics and data are finding applications in IoT networks. This method lets systems trigger alerts or action sans transferring volumes of data to network cores. This results in improved performance as networks operate at low latency. The integration of data streams with machine learning and AI engines is another trend. Potential applications include smart homes and elevator maintenance, to name a few. Find out more by reading the most current big data statistics.

Integrated analytics are now being embedded into solutions as providers seek to speed up data analysis. Such analytics are directly fed into machine learning apps. This design supports IoT devices, processes, and infrastructure adaptation and optimization. IoT data will be sold as a commodity, which will be targeted mostly at appliance manufacturers. Selling IoT data will be used to prove product viability. Recent machine learning statistics reflect these developments.

In the wake of the pandemic, business executives believe that they must use a combination of emerging technologies such as cloud databases, data warehouses, automation, and analytics to keep their business resilient. CEOs have admitted that technology has put their company years ahead of their expectations. In a survey, 64% of executives said that using a mix of technologies is more advantageous than focusing on one solution only. They also expressed a positive outlook in terms of increasing their spending on emerging technologies in the next 12 months (KPMG, 2020).

4. Healthcare Spearheads IoT Adoption

The healthcare industry has been tinkering with IoT technology for years now. Pundits see the sector leading in IoT adoption and innovation. Healthcare now uses wearable sensors and devices, tracking, and indoor navigation tech. Like factories, healthcare facilities are enormous and state-of-the-art equipment. IoT’s ability to improve light and temperature control will improve these locations.

Lighting plays a key role in patient recovery. IoT can enhance lighting systems by linking them to health monitors and deploying sensors. IoT will make smart buildings out of healthcare facilities, drive revenue, and help healthcare providers save on costs.

IoT adoption has become even more crucial to the healthcare industry in the time of the pandemic. Technologies like telehealth visits make it possible for people to get medical help even while practicing social distancing guidelines. IoT devices can also be used to remotely track a patient’s conditions as well as the spread of the COVID-19 virus. Non-surgical robots connected to the IoT can also be deployed in hospitals to disinfect surfaces with a special UV light (Perle, 2020).

5. Better Workforce Management

Over the course of the pandemic, there has been a significant increase in spending on various technologies ranging from 5G and blockchain to AI and automation. With the use of these, alongside IoT, can allow companies to optimize their now remote workforce.

For starters, the use of beacons in clocking in is expected to become standard practice. Beacons are commonly used to send consumers targeted messages through smartphones. Cost reduction will result in the increased use of beacons in workforce management. Beacons can be used to monitor employees and schedule tasks. All the data from these systems can be used to populate performance management solutions.

Beacons can be used to monitor employee safety. This applies to cases where the right safety equipment should be worn. The healthcare sector can use beacons to monitor doctors’ and nurses’ activities. This covers accessing medical records and medical equipment use. IoT is one of the most significant disruptive technologies around.

Top Data Analytics Software

1. IBM Analytics. A robust data analytics tool built to streamline business decision-making with evidence-based insights. This IBM Analytics review provides an in-depth product tour.
2. Apache Hadoop. An open-source data analytics platform designed to help businesses process large data sets. For more information, read our Apache Hadoop review.
3. Apache Spark. An open-source big data analytics platform that features a powerful analytics engine to support batch processing and large SQL and stream processing. Our Apache Spark review offers a detailed product tour.
4. SAP Business Intelligent Platform: A powerful data analytics tool for businesses that want to derive valuable customer behavior insights and monitor other key metrics. For more information about this product, read our SAP Business Intelligent Platform review.
5. Sisense. A powerful, yet easy to use data analytics software built with data science, as well as all business users, in mind. To find out more about this self-service analytics tool, read our Sisense review.

6. The Emergence of Smart Cities

IoT adoption will result in the establishment of smart cities. This early, some US cities are using IoT to connect utilities, parking meters, and traffic lights. Smart city projects are now in the pipeline, a development that could only spread globally. Proof of this the increase in smart city tech spending, which can reach $158 billion by 2022 (Statista, 2020).

Smart cities do not only focus on making life comfortable for people. These cities improve the social, environmental and financial aspects of urban living. And as city populations grow, smart cities will become a key ingredient in improving sustainability and quality of living.

7. Cloud Vendors to Zero In on IoT

Cloud-based software vendors will compete with IoT platform developers to become prime destinations for IoT. They will focus on finding new applications for the technology and leverage their integration capabilities. Partnerships between vendors and IoT providers will proliferate to expand use cases and improve existing ones. Google will most probably lead the pack in seeking such partnerships.

8. IoT in Customer Service

IoT can greatly improve customer service by providing needed information. The technology can improve the power of CRM systems. The premise rests on the technology’s ability to detect customer problems and inform companies about them. Potential applications focus on appliances. However, even cable services can benefit from IoT. IoT devices can report problems to customer desks without the customer even knowing about them.

IoT data can be routed to companies’ CRM systems. This allows companies to join customer discussions. This, in turn, can improve engagement which leads to customer retention. Customer service improvement is one of the notable consumer IoT trends. Today’s CRMs are known for their ability to play well with other systems as most of them come with APIs. These integrations will connect IoT technology to existing business systems.

Another increasingly common use of IoT is to improve the overall customer experience. For instance, it can be used to build smart stores that can speed up payments and personalize shopping experiences. In some cases, it even allows customers to make their purchases without having to interact with anyone, making it particularly handy during the pandemic as it can reinforce social distancing measures.

9. Developers to Come Up with IoT Milestones

Contrary to what many of us see, it is not the technology titans who will take IoT to the next level. Small groups of tech contributors will foster IoT innovations in the long-run. These groups will include technicians, developers, and other like-minded individuals. These people will put more value on technology.

Technology tinkerers will ride the IoT wave, just like they did when the smartphone market first exploded. IoT platform development is inevitable. And it is these people who will spearhead the effort. Software developers will employ IoT data when creating new tools.

10. Powering Smart Stores

The use of radio frequency identification tags has been powering smart stores. RFID makes inventory management a lot easier and fun as opposed to the use of conventional data capture systems.

IoT can also record how visitors spend their time on the store premises. It does this by tracking their movement and product interactions with the help of smart lighting.

Using data collected by such systems, store owners can make the needed improvements to their inventory and even the way products are displayed on their shelves.

How Can These Trends Help Your Business?

IoT is starting to mature and will become a full-blown business technology in the next few years. This early, you should prepare to brace for IoT’s impact by figuring out how best to adopt the technology. The trends presented here can help you do just that. If you are an equipment manufacturer, it would do you good to identify ways by which you’re products can be made IoT-ready. For those in the retail sector, you can have your stores get ready to use IoT data.

The evolution of IoT has caught many off-guard. IoT applications increased, proving many pundits wrong. The manufacturing and healthcare sectors will use IoT to speed up their processes and improve operations, especially in the challenging climates that the pandemic has imposed on these industries. The latest IoT statistics will affirm this. You should get ready for IoT’s pending explosion. It doesn’t matter if you’re running a small outfit or manning a Fortune 500 company, IoT will find its way into your organization. Therefore, keep in mind that it’s better to be prepared than be left behind by the IoT train.

Key Insights

• IoT Security Focus:
  • Increased emphasis on security due to the complexity and vulnerability of IoT networks.
  • The market for end-to-end IoT solutions benefits from highlighting security measures.
• IoT in Manufacturing:
  • Sensors and wearables enhance preventive maintenance and connect factory floors to management.
  • Innovations in IoT continue to improve factory operations and safety.
• Big Data, Analytics, and Machine Learning:
  • IoT analytics improve performance with low-latency operations.
  • Integration with machine learning and AI supports smarter homes and other applications.
  • IoT data is increasingly being commodified and sold to prove product viability.
• Healthcare Adoption of IoT:
  • The healthcare sector leads in IoT adoption, using wearables and smart building technologies.
  • IoT enhances patient care through improved environmental controls and telehealth services.
• Better Workforce Management:
  • Beacons and IoT technology optimize remote workforce management.
  • IoT improves employee monitoring, task scheduling, and safety.
• Emergence of Smart Cities:
  • IoT adoption drives the development of smart cities, enhancing urban living quality and sustainability.
  • Significant investment in smart city technology is expected.
• Cloud Vendors and IoT:
  • Competition among cloud vendors and IoT platform developers to find new applications and integrations.
  • Increased partnerships between vendors and IoT providers.
• IoT in Customer Service:
  • IoT enhances customer service by providing real-time problem detection and integrating with CRM systems.
  • Smart stores use IoT to personalize shopping experiences and improve customer interactions.
• Developer-Driven IoT Innovations:
  • Small groups of developers and technicians will lead IoT innovation.
  • IoT data will drive the development of new tools and applications.
• Smart Store Technologies:
  • RFID tags and smart lighting enhance inventory management and customer experience in stores.
  • IoT tracks visitor activity to optimize store layouts and operations.

FAQ

1. What is the Internet of Things (IoT)? The Internet of Things (IoT) refers to a network of interconnected devices that communicate and share data with each other through the internet. These devices range from everyday household items to complex industrial machinery, and their connectivity allows for enhanced automation, monitoring, and control.
2. How does IoT impact security concerns? IoT introduces new security challenges due to the diverse and distributed nature of connected devices. These devices can be vulnerable to hacking and other cyber-attacks, making it crucial for IoT providers to implement robust security measures and inform users about potential risks and solutions.
3. What are some key applications of IoT in manufacturing? In manufacturing, IoT is used for predictive maintenance, where sensors identify potential machinery issues before they become critical. Wearable devices connected to IoT systems improve factory floor management and worker safety by providing real-time data and feedback.
4. How does IoT integrate with big data, analytics, and machine learning? IoT generates vast amounts of data that can be analyzed to improve system performance. By integrating IoT data with machine learning and AI, businesses can create smarter applications, such as automated home systems and advanced maintenance solutions, which operate with low latency and high efficiency.
5. Why is the healthcare sector a leading adopter of IoT? The healthcare sector leverages IoT for various applications, including wearable health monitors, smart building technologies for environmental control, and telehealth services. These technologies enhance patient care, improve operational efficiency, and support remote monitoring, especially crucial during the COVID-19 pandemic.
6. How does IoT enhance workforce management? IoT technology, such as beacons, optimizes workforce management by automating attendance tracking, task scheduling, and safety monitoring. These improvements lead to better time management, cost reductions, and enhanced employee safety.
7. What are smart cities, and how does IoT contribute to their development? Smart cities use IoT to connect and manage urban infrastructure, including utilities, traffic systems, and public services. IoT enhances the quality of urban living by improving sustainability, efficiency, and residents’ overall comfort and convenience.
8. What role do cloud vendors play in the IoT ecosystem? Cloud vendors compete with IoT platform developers to provide integrated solutions for IoT applications. They focus on leveraging their cloud infrastructure to support IoT deployments and form partnerships with IoT providers to expand and enhance IoT use cases.
9. How does IoT improve customer service and retail experiences? IoT improves customer service by detecting and reporting issues before customers are aware of them, integrating this data into CRM systems to enhance customer interactions. In retail, IoT technologies like RFID tags and smart lighting personalize shopping experiences, streamline inventory management, and optimize store layouts.
10. Who are the key players driving IoT innovation? While major technology companies play a significant role, small groups of developers, technicians, and independent contributors are crucial in driving IoT innovation. These individuals focus on creating new IoT applications and developing platforms that leverage IoT data for various uses.

References:

1. Forbes. (2020). The Industrial IoT Data Expansion And The Future Of Work. Forbes
2. Forrester. (2018). Predictions 2019: The Internet Of Things. Forrester
3. KPMG. (2020). Technology Industry CEO Outlook. KPMG
4. Perle. (2020). How IoT is Helping Health Care During the COVID-19 Pandemic. Perle
5. Statista. (2021). Number of IoT connected devices worldwide 2019-2030. Statista
6. Statista. (n.d.). Smart city Initiative Investment Worldwide in 2018-2023. Statista

By James Anthony

A senior FinancesOnline writer on SaaS and B2B topics, James Anthony passion is keeping abreast of the industry’s cutting-edge practices (other than writing personal blog posts on why Firefly needs to be renewed). He has written extensively on these two subjects, being a firm believer in SaaS to PaaS migration and how this inevitable transition would impact economies of scale. With reviews and analyses spanning a breadth of topics from software to learning models, James is one of FinancesOnline’s most creative resources on and off the office.