A Look at IoT Technologies and Trends for 2024

The Internet of Things (IoT) is a variety of devices equipped with sensors, computing capabilities, and other technologies that communicate with other gadgets and equipment.

The number of IoT solutions worldwide promises to triple in the ten years from 2020 to 2030 and exceed 29 million units.

IoT devices are used everywhere. While the global installed base of non-IoT connected devices is slightly increasing, the number of IoT devices has been booming in recent years.

IoT and non-IoT active device connections worldwide from 2010 to 2025

Various technologies form an IoT stack:

• Hardware
• System software
• Wireless technologies and communication protocols
• Cloud platforms
• Software applications

IoT stack

Connected devices of different sizes, complexity, and purposes make our lives easier and businesses more efficient.

Types of Connected Devices

IoT-connected devices can be divided into consumer and industrial groups based on the scope of use.

Consumer IoT solutions are designed for consumers. These are smartphones, smart watches, trackers, other wearables, smart assistants, and household appliances.

Consumer Internet of Things

Consumer IoT devices are the most popular.

Forbes points out that the most sought-after consumer IoT devices are smartphones, smart watches, remote patient monitoring devices, smart TVs, voice assistants, hearables, home control devices, and connected cameras.

Shipments of wearable devices, for example, grew 18.5 times from 2014 to 2021.

Wearables unit shipments worldwide from 2014 to 2021

Wireless wearables alone sold 310 million units worldwide in 2021.

The Industrial Internet of Things (IIoT) is represented by numerous devices that help improve the efficiency of industrial systems in mining, manufacturing, medical, agricultural, automotive, logistics, and many other fields.

Industrial Internet of Things

IIoT is inferior to consumer IoT in quantity, but surpasses it in cost.

When developing IIoT devices, engineers expect a long lifespan, as the connected system must fit into a specific manufacturing process. Any breakdown can lead to a standstill.

An extended service life implies high requirements for the reliability of software, parts, and assembly, and hence an increase in the device's cost.

Distribution of IoT spending worldwide in 2021

Some solutions are difficult to attribute to one market segment since they can be used in different areas.

IoT devices use various wireless technologies to communicate.

IoT solutions can be divided into short-range IoT and wide-area IoT based on wireless technologies used. A lot of devices combine both technologies.

Short-range wireless technologies include Bluetooth, Wi-Fi, Bluetooth Low-Energy (BLE), Zigbee, etc. 

Short-range technologies are expected to dominate the number of IoT connections in the coming years compared to other communication technologies.

Number of wide-area and short-range IoT devices worldwide from 2014 to 2026

Statista says that the number of short-range IoT objects worldwide is more than 80% of the total number of devices.

Wide-area technology can be cellular or non-cellular.

Non-cellular LoRaWAN technology is noted for low power consumption and inexpensive chipsets. A LoRaWAN-based gateway covers up to 30 kilometers.

Manufacturers often combine technologies in one IoT system to get maximum benefit.

For example, a custom agricultural IoT supports different wireless technologies.

IoT devices with sensors installed on hay balers record the number of collected bales and provide geolocation data.

A cross-platform Qt application uses BLE to receive data. It displays the GPS coordinates of haystacks and running machinery on a map and shows yield calculations.

The sensors in the warehouse transmit bale temperature and humidity data via LoRaWAN to the AWS server.

A scheme for obtaining sensor data

Sensors inside the dryer chambers transmit data to the farmer's mobile application using BLE and cellular connections. 

The IoT system helps farmers reduce crop losses and enhance production efficiency, freeing up time and resources.

Why IoT

IoT is the third most popular IT trend that North American and European companies have implemented or plan to implement by 2024.

Adoption of IT trends, current and planned, in organizations in North America and Europe for 2024

Where did the trend for connected devices come from? What benefits can IoT bring to your life and your business?

Being one of the leaders in IoT business application development, Microsoft says in its report that more than half of the companies apply IoT to optimize workflows and increase productivity. Implemented IoT systems enable manufacturers to complete operations faster, with fewer errors, and to keep equipment operational for longer periods.

Companies use IoT to improve security and protection, hence supply chain management, quality assurance, and asset tracking.

IoT devices help monitor health, exercise more efficiently, remotely control smart home appliances, and monitor security in everyday life.

Businesses benefit financially from using IoT solutions.

The revenue of the Intel Internet of Things Group in the fourth quarter of 2021 reached its highest quarterly figure of $1.1 billion, not only catching up but also significantly improving its pre-COVID financial performance.

The leaders among IoT companies in the world are:

• Intel, with IoT-optimized Intel processors;
• Microsoft, with Azure platform, Microsoft Streaming Analytics, and Microsoft Band;
• IBM, with IoT-optimized cloud services such as the IBM Watson IoT Platform;
• Apple, with its intelligent device technology ecosystem;
• Samsung, with outstanding wearable technology;
• Cisco, with network equipment development and hosting the World IoT Forum;
• Google, with Google Glass and self-driving cars;
• SAP, with HANA database, which is claimed to simplify business IoT applications.

The world's IoT leaders' research groups, as well as international summits, meetings, and symposiums bring out IoT trends for the coming years.

The 8th IEEE World Internet of Things Forum 2022 (WF-IoT 2022) took place in Yokohama, Japan, in October 2022.

The leading IoT event of 2024 will be the IoT Solutions World Congress, which will be held at the end of January in Barcelona.

The AI IoT World Congress 2024, occurring in June 2024 in the USA, will bring together scientists and students to discuss artificial intelligence and IoT ideas and news.

IoT Market Trends of 2024

2024 IoT trends

• Artificial Intelligence in data analytics

IoT machine learning provides complex algorithms for analyzing large amounts of data, complementing or completely replacing time-consuming processes. 

• Digital twins 

Digital copies simulate physical objects or systems. Data received from sensors is then transferred to the processing system and applied to the copy. Digital twins operate in a two-way data flow from sensors to the system processor and back to the original object.

• Enterprise metaverse

The metaverse is a virtual structure where companies can offer their digital tools and services. IoT solutions allow the metaverse to interact with the physical world.

• Security

IoT devices are a favorite target for cyberattacks.

Developers put a lot of effort into data privacy and security using complex approaches or blockchain technologies.

• Smart city

City governments are using IoT solutions to enhance city infrastructure and solve numerous traffic, congestion, and security issues, improving the quality of life in the city.

By 2025, global smart city technology, product, and service revenues are projected to exceed US$241 million, up 61% from 2022.

Projected revenue generated by companies in the global smart city market up to 2025

• Smart home

Smart homes are taking over the world. Connected systems allow users to adjust the lights and thermostat, as well as turn on voice assistance or video entertainment from their smartphones.

Consumer spending on smart home products and services is predicted to rise to more than US$170 billion by 2025, with the number of users exceeding 400 million.

• Intelligent manufacturing

The growing demand for production automation is pushing industrial IoT development. The trend toward equipping manufacturing processes with connected systems will continue into 2024.

• IoT healthcare solutions

Various trackers, smartwatches, and other smart devices help users monitor their health, and doctors promptly receive information about patients' health status.

IoT solutions help diagnose and monitor patients in medical centers and at home.

A device for detecting malignant skin diseases, which is attached to a smartphone, uses image processing and recognition algorithms and allows self-diagnosis of skin neoplasms with an accuracy of up to 80% in the shortest possible time.

Healthcare IoT gadgets help identify diseases in their early stages and improve the prognosis of patients.

The IoT market will continue to grow in the consumer and industrial sectors. Both simple, low-cost devices and complex, intelligent IoT solutions will be in demand in 2024.

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