Top 10 Future IoT Trends
In a world dominated by artificial intelligence, data, and constantly evolving connectivity, the Internet-of-Things (IOT) acts as a crucial player. It’s acts as an important factor in today’s tech world, influences everything from machine learning to daily life, and drives innovation and success at every turn.
As the market evolves in the coming years, it becomes important for businesses to keep an eye on how things are changing in the market world. The best and most successful ones are only those who are good at using new technologies in clever ways. But in the process of utilizing these technologies, it is important to stay updated on the latest trends. Today in this blog, let’s discover the top 10 future IoT trends that can be proven as a gem for business success.
The Future of IoT
The future of IoT holds numerous possibilities for transforming various aspects of our lives. With the advancements in technology progress, we anticipate a more extensive integration of smart devices into our homes, workplaces and cities. This integration leads to optimized energy consumption, improved healthcare accessibility, better transportation systems, and safe communities. However, with several advantages, a few significant challenges occur too such as data privacy and cybersecurity. Overcoming these challenges can help in harnessing the full potential of IoT.
Despite the obstacles, the future of IoT offers limitless opportunities for innovation and societal transformation. The only thing to remember is to know what is right or wrong for your device and make sure you keep it safe from hackers. By doing so, we can ensure that IoT continues to benefit our lives while protecting our data in an unethically connected world.
10 IoT Trends in 2024
In today’s time, the world is buzzing with gadgets linked together, delivering a lot of information. But the question arises is having the data enough? Well, no having just the data is not enough to make big changes, that’s when the need for artificial intelligence of things occurs. Let’s explore the below 10 exciting IoT trends in 2024, that can change how businesses work.
Blockchain
One of the exciting trends in the Internet of Things (IoT) realm is the combination of blockchain technology. Blockchain enhances data security in IoT devices, ensuring safe and secure interactions between different network modes. This connection between blockchain and IoT seems perfect due to the similar decentralized setup. According to recent news, the global market size for blockchain IoT is projected to grow by USD 2,409 million by 2026.
Currently, due to its functionality of keeping records secure and safe, Blockchain technology is used in many areas like banking, farming and finance. Its integration with IoT opens up even more possibilities for making things better in multiple fields.
AI Improves IoT Performance
AI enhances IoT performance by empowering devices to understand data and make better decisions. It’s like giving them a brain to think smarter and make better, reliable and efficient decisions. With AI, it becomes easy for IoT devices to predict when they need maintenance or optimize energy consumption, and adapt to user preferences for customized experiences.
The collaboration of AI and IoT systems enables IoT devices to evolve from mere data collectors to proactive problem solvers, revolutionizing industries and making everyday tasks smooth and efficient.
Smart Cities
The Internet of Things (IoT) is a game-changer in today’s time. This transformation is especially evident in cities, where smart technologies use data to improve services and address important issues. With the addition of these advancements, cities can enhance more opportunities and ease with services like transportation, social services, safety, and sustainability. According to the recent survey held by McKinsey, smart cities could potentially lower the death percentage by 80% and incidents of crime by 30%.
Governments are taking the lead in using IoT technologies, especially if considered for smart cities. Over the past five years, many government agencies have started picking up the projects with aim to change the city view by using IoT technologies. These initiatives done by the government help keep people safe, save energy, ease traffic, and make cities more eco-friendly.
IoT Powered with 5G Technology
According to the surveys, Statista predicts that by the year 2026, there will be more than five billion 5G subscriptions present worldwide.
This prediction not only makes 5G just another wireless tech upgrade, but a secret key to harness the full potential of IoT. IoT Powered with 5G Technology transforms how technology grows. 5G is not just about better and faster speed but will make networks more flexible, adjusting and customizing services to fit customers’ needs perfectly.
In 2024, 5G stands out as one of the finest technologies for IoT. 5G guarantees stronger connections, allowing IoT devices to perform better and more reliably. Other benefits that 5G technology offers to the IoT are lower latency, network slicing and real-time data processing.
Traffic Management
Modern trends in the Internet of Things (IoT) are proof that IoT tech can be a saviour to tackle global traffic and congestion problems. In today’s time, many organizations are offering solutions that use IoT technology in traffic systems and vehicles to create smarter traffic networks, resulting in reduced congestion.
McKinsey states that cities opting for smart mobility tech could easily cut travel times by 15 to 20% on average by 2025, where big improvements are a promise.
IoT-Empowered AI Applications
By 2025, experts claim that there will be approx. 64 billion IoT devices in use. Well, when a user thinks about the newest tech, artificial intelligence and the Internet of Things (IoT) often come up. These technologies work well with each other, transforming how businesses and industries work.
Even though AI and IoT technologies are quite different, but still, they work together really well, especially in businesses. AI need a little bit of data to work well, and if combined with IoT, they create intelligent mechanics. These automation tools not only handle tasks with ease but also make decisions without human help and make the process smooth, reliable and efficient.
Digital Twins
Digital twins, which started and gained popularity in 2020, are like virtual copies of real things, helping in a lot of functionalities like finding complexities, making things work better, and keeping track of how things are processed. Businesses found this trend best to use because of ease of work functionality. According to experts, the market of digital twins will gain more popularity by 2025.
This innovative technology not only enhances efficiency and productivity but also allows businesses to make informed decisions based on real-time data.
Voice Activated IoT Devices
According to the data, from Think with Google, about a quarter of people worldwide use the technology of voice search within their phones. This is the one major reason why virtual assistants like Google Assistant, Amazon Echo’s AI tech, and Apple Siri have gained the most popularity. It also took the voice commands to a completely new level, making people fond of the process.
With the rise in technologies, we’ll see voice commands being used in many more fields and industries. Users will be able to get more controls like changes in settings and can get all the insights with ease by just speaking. Banks and FinTech startups are already the big examples who are using this voice recognition tech. Businesses believe that this is a great trend to follow as it is a more reliable way to verify identities.
IoT Security
According to the research shared by Statista, the IoT security market is found to have a great growth of 38.7 billion in 2023, up from 34.2 billion in 2022. The reason behind the growth is the increasing number of connected devices requiring strong protection. As a result, security software will become more important in the upcoming decades.
Security is a prime goal and a big concern as a lot of devices are connected at a single time. Technology is indeed playing a big role in our lives, resulting in a bigger risk, if the devices aren’t safe. This is the reason, why many companies in today’s time, prioritise IoT security solutions using different technologies.
Edge Computing
Statista claims that edge computing is a growing trend and could hit 274 billion US dollars by 2025.
Edge computing is a new and fresh way of computing that involves various devices and networks that are closed to users. It's about processing data when is generated, which results in quicker processing and more useful insights in real-time. This innovation opens doors for new opportunities for businesses.
Big companies like Dell, IBM, and HPE are developing edge solutions with cloud-like features, that change how people use the public cloud. This trend allows companies to reach to maximum customers with ease helping to gain control and flexibility in the growing market world.
Wrap Up
In conclusion, the future of IoT offers a lot of new opportunities for businesses willing to grow and improve. From using smart trending technologies like AI and blockchain to making cities smarter and using voice commands, there’s a lot to offer businesses for growth. As businesses navigate this dynamic landscape, staying ahead with the finest trends acts as a bonus for the business’s success.
AAHENT plays a crucial role in enhancing services through IoT by empowering innovative technologies to streamline processes, improve efficiency, and provide a better user experience. From healthcare to education, AAHENT promises to be your companion. For example, in healthcare AAHENT can enable remote patient monitoring through IoT devices, and for education, AAHENT can help by providing personalized learning experiences. Overall, AAHENT empowers various service industries to help you and your business utilize the full potential of IoT, driving progress, success, growth, and innovation.
Hi, I am Anant, co-founder and director at AAHENT Consulting. I am a technology enthusiast and loves to discuss about software product development, latest technology trends. I am mostly focused on business analysis, project management and client management.