December 7, 2023

Overview: IoT Trends 2024

According to Gartner from 2024 IoT market started rapid growth and will reach more than 1120 billion till 2026. Supported by the digital transformation the scope trends become significant for the further development of industries and business scopes.

Written by
Serhii Uspenskyi
CEO

The environment forces us to become smarter, why don’t we demand the same from it? Connecting its components together and giving them some sort of freedom can bring unexpected benefits.

Internet of Things opened the new possibilities for workflow automation across industries allowing address the optimization and productivity issues on other levels. In combination with digital solutions for forecasting and analytics, they complete the tooling for clearing up the path to cost-efficiency.

The basis of IoT is the ability to create required connections between various devices equipped with sensors so they can exchange diverse data for certain purposes without manual maintenance. Such an approach brings business monitoring, management, and analysis to another level.

Data transition enabled via different connectivity types that vary in technology and protocols to ensure the required device performance and fulfill such goals as providing some information for customers or employees.

IoT in the full definition isn’t just a framework of connected devices. It’s an ecosystem that contains it and can be controlled and control remotely and also implies:

  • infrastructure for data storage,
  • platform for maintenance and management,
  • solution/application for analytics, etc.,
  • access for services and API.

    In other words, anything that is necessary for the fulfillment of the system purpose.

Such complexity is empowered by different advanced technologies concerning software and hardware development and namely:

Sensors for measurement, monitoring, etc. as well as elements for data transmitting to enable the essence of the scope.

Protocols of the network concerning the Internet, Bluetooth and other connectivity options that allow covering diverse needs of industries.

Cloud/edge computing for data storage and global authorized access and made integration of data science and automation solutions possible for the SME sector.

Machine learning that is a core of the majority of optimization tools allows collecting and analyzing data concerning device purpose and its operation.

Artificial intelligence that enables the interaction on another level including through actual communication using achievements for natural-language processing (NLP).

What industries can benefit from IoT

LIke AI solutions IoT can bring changes to the wide diversity of scopes on different levels of operations and aspects starting with core processes and up to customer engagement.

Supply chain

Starting with manufacturing IoT optimizes the processes by improving monitoring of the production process minimizing risks concerning defects, breaks, thefts, etc. It also brings asset and fleet management on another level that can be crucial for specific working and storage places.

Retail

Being a final link of the supply chain it deserves separate mentioning since IoT solutions in retail allow not just optimizing business running and ergo diminishing operational costs. They re also bringing in the new value to customer experience not waiting but starting the interaction with them via portable devices.

Automotive

The industry is one of the examples of how IoT can bring changes to ready products not just their creation and delivery. Such devices can simplify control of the vehicle and raise driver security disregarding his proficiency.

Public Sector

From utilities to transportation it’s hard to make the services optimized for all customers due to their significant number. IoT solutions for Smart Cities allow making control over them more focused and ergo more personalized. It allows raising the quality level for each particular user.

Healthcare

IoT is especially valuable for scopes where accuracy is vital and it’s one of the examples. Besides asset tracking, novelty inventions present new approaches to health monitoring that can be performed by patients themselves in home conditions.

Telecommunications

Providing devices, standards and network protocols that can be used as the core of IoT systems the scope itself requires advanced connectivity management. Because the majority of assets are remote the ability to monitor their performance is basic to ensure service stability.

General Safety

Internet of Things not only simplifies and improves the workflow making it more easy to handle for employees. It helps to raise the safety of the work performance by tracking health and environment conditions on a temporary basis and preventing accidents in advance.

IoT trends 2024: what to expect

2024 will be another stepping point to IoT penetration across fields thanks to wider technology acquisition and its improvement due to the greater contribution of the growing IoT solutions company number.

From cities to supply chains, the intelligence continues entering it on the executive and management levels. That’s why business and industries should keep track of the IoT trends.

Cloud vs edge computing distribution

The integration of any digital transformation solutions is impossible without establishing data infrastructure that isn’t affordable especially for startups and small businesses. Cloud technology enables that option for any budget and company size and opens new possibilities for data access, processing and sharing.

However, the cloud disadvantages, especially concerning the security, are shifting the business focus towards edge computing. This technology brings data storage closer to the user improving response time that can be vital for some IoT solutions and services. Empowered by blockchain it’s balancing up between centralized and distributed architecture.

IoT platform development

One of the biggest scope challenges is bridging the gap between devices and users via digital platforms and IoT business solutions providing them with powerful and convenient tooling. The ability to centralize monitoring, management, and analytics in one ecosystem can bring the internal workflow processes on the new level.

However, another ongoing tendency concerns the necessity of combining efforts of tech distributors and users for the creation of a unified framework. The absence of the centralized platform currently significantly slows down wider IoT distribution. The solution will ease the setup and provide new adopters with better support.

Confluence of IoT as-Service Products

The providers of digital solutions help the scope with distribution by easing IoT platforms that offered as services (PaaS) to make them convenient for users of any level. Bringing them closer to cloud-based SaaS they become simpler to set up and customize not losing the flexibility of more advanced specialized tooling.

Focus on IoT data analytics

While the concentration of recent years on infrastructure and connectivity challenges got fruits analytical algorithms still require optimization.to take full advantage of IoT solutions benefits. Cooperation with AI and ML technologies and data science methodologies will get system data analytics on the new level.

Reliance on novelties

The scope development will be based on neoteric technology achievements of Artificial Intelligence and Telecommunication (5G, etc.) allowing it to enter new industries, especially those that have specific working conditions and can significantly benefit from the efficient asset management.

Many devices are examples of technological breakthrough themselves that come through the definition and integration challenges. The next year will be marked with multiple IoT solutions development that will require beneficial cooperations with other scope reps to stay and make an impact on the market.

Upgrading security

One of the most difficult challenges to overcome is ensuring the appropriate level of device, data and user security within the whole IoT solutions architecture that are still vulnerable to cyber-attacks. Hardware and software providers already gather efforts to assure the safety of the systems and their conformity to the chosen purpose.

It becomes feasible by applying blockchain technology and AI and ML approaches to the infrastructure and data transmitting. It allows not only protecting but preventing or minimizing possible risks using predictive forecasting and comprehensive analytics.

Consumer adoption

The technology will continue not only connecting business and customer sectors but also becoming useful instruments for both. Raising the level of living with IoT home solutions as well as the convenience of the working space, improving shopping and travel experience, physical and mental health monitoring it becomes an integral part of everyday life.

Deeper and deeper entering scopes Internet of Things becomes a powerful instrument for their further development, scientific progress, and improvement of living conditions. Healthcare, Smart Cities and Homes. Industry 4.0, Supply Chain, etc. - the list of fields that will widely apply IoT hardware solutions empowered by management platforms will grow every year.

Customer retention is the key

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What are the most relevant factors to consider?

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Don’t overspend on growth marketing without good retention rates

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What’s the ideal customer retention rate?

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Next steps to increase your customer retention

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