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What Does 2024 Hold for IoT: Discover the Five Trends that will Shape the Growth of IoT in the Years Ahead

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As of 2023, the global Internet of Things (IoT) market commands a valuation of $1177 billion, projected to reach $2227 billion by 2028, exhibiting a CAGR of 13.6% ( The surge in its adoption is underpinned by rising demand for greater connectivity, enriched data insights, enhanced operational efficiency and the proliferation of intelligent systems. The sustained growth trajectory hinges on the ecosystem’s capacity to consistently deliver quality performance at scale, diversify its applications, and fortify its network resilience amid an escalating threat landscape marked by increasingly sophisticated cyber threats.

In this blog post, we will talk about the five trends that will shape the growth of IoT in the upcoming years.

1. Increased Integration of Edge Computing with IoT

In 2024, we will see increased integration of edge computing into IoT devices. IoT solutions operate across a broad range of use cases without the inbuilt capability of edge computing. Such networks enable real-time data transfer and storage, enabling access to critical insights about newer revenue-generating opportunities and potential issues that may lead to downtimes.

But as more and more devices become connected, it will lead to an exponential growth in data volumes and a rise in the cost of transmitting raw data to the servers to extract insights. Edge computing lowers this escalating demand on servers by analysing data at the network’s edge, reducing the need to transfer data to the cloud for analytical purposes. This leads to lower bandwidth consumption and enables organisations to use cloud resources more efficiently. Therefore, as you build applications with even more stringent latency, bandwidth and security requirements, edge computing will become a key enabler of IoT adoption for industrial, healthcare, and commercial uses.

2. Enhanced Security Needs

2024 is not just going to witness advances in the application of IoT services. However, it will also notice increased sophistication in cyberattacks that leaders and planners must anticipate and account for when implementing these solutions in their processes.

As per Forbes,

  • AI-powered cyberattacks are expected to become a growing threat in 2024
  • Security and authenticity of connected devices and networks, especially in the age of remote and distributed work model
  • Deepfake social engineering attempts will become more widespread, and their detection will become more difficult
  • Generative AI (such as ChatGPT) tools will enable attackers to manoeuvre their attacks to resemble more personalisations and authenticity
  • 2024 may also see the adoption of the concept of Zero Trust extend beyond the corporate walls to the social ecosystem of remote workers, partners, vendors and end customers

This technology relies on a network of connected devices, software, and cloud. As this interconnectedness deepens, it also increases the number of entry points for cyberattacks unless each of these points is thoroughly checked and managed by robust and updated security solutions. That is why managed security solutions become more critical for organisations aiming to make IoT more mainstream for their operations or end users. Managed security solutions that offer end-to-end monitoring of networks and devices for any suspicious activity to help reduce the risk of cyberattacks and the resulting loss of revenue, productivity, and consumer trust.

3. AI, Gen AI and ML Augment IoT Capabilities

IoT solutions revolutionised the connectivity ecosystem by enabling device-to-device communication and seamless data transfer. With the merging of AI-ML capabilities into IoT networks, platforms and solutions, these systems will elevate themselves from just a set of connected devices to that of smart or intelligent devices.

This integration will enable businesses to extract intelligent insights from the vast amount of raw data in real-time, helping them adapt to their environments faster with improved decision-making and more accurate problem-solving capabilities.

4. Expanding Opportunities for IoT

So far, Industrial IoT adoption has been primarily prominent in the manufacturing and logistics industry for its potential to enhance operational efficiency, reduce waste by enabling pre-emptive maintenance, prevent unplanned downtimes, save costs, improve productivity, and augment workplace safety. But 2024 will also see increased demand from other sectors, like healthcare and agriculture.

IoT solutions in healthcare have the potential for better management of chronic diseases, augmented remote patient monitoring, real-time tracking and alerts, reduced need for hospital visits and enhanced patient care.

Remote patient monitoring, enabled by wearable IoT devices, allows real-time tracking of vital signs, facilitating proactive and personalised healthcare. Smart medical devices enhance diagnostics and treatment by providing accurate and timely data. Hospital operations benefit from IoT-driven asset tracking, optimising inventory management and reducing costs. Additionally, IoT aids in medication adherence through smart dispensers, improving health outcomes. The seamless integration of these technologies enhances preventive care and fosters a more patient-centric healthcare ecosystem, marking significant advances in the delivery of medical services.

IoT will revolutionise agriculture, optimising outcomes through precise monitoring and data-driven insights. Smart sensors collect real-time data on soil moisture, enabling farmers to implement precise irrigation, conserving water, and enhancing crop yield. Connected weather stations provide accurate forecasts, aiding in proactive crop management and risk mitigation. Livestock tracking ensures animal health and streamlined operations. Drones equipped with IoT devices monitor crop health, identifying diseases early. Automated machinery, guided by IoT data, enhances efficiency in planting and harvesting.

Therefore, this technology has the potential to empower farmers with actionable information, fostering sustainable practices, reducing waste and bolstering productivity in agriculture.

5. Enhanced Capabilities with 5G

The implementation of 5G is poised to catalyse a paradigm shift in IoT capabilities. The ultra-low latency and high data throughput inherent in 5G networks will exponentially amplify the efficiency of IoT applications. Enhanced bandwidth facilitates seamless data exchange between a myriad of connected devices, fostering a more responsive and interconnected ecosystem. This heightened connectivity, coupled with the ability to support a massive number of simultaneous connections, augments the scalability and reliability of IoT deployments. Also, the reliability and speed of 5G networks empower real-time data processing, propelling applications such as autonomous vehicles, smart cities, and industrial automation into a new realm of possibilities.

IoT will be an exciting space in 2024 with newer use cases, broader applications, and more nodes to keep track of. Not only will it benefit consumers and enterprises, but it will also create more opportunities for cyberattacks if not built and managed thoroughly. So, yes, there are immense benefits to adopting this technology, but how you do it – will determine the sustainability of this technology for your business.