The Internet of Things (IoT) consists of networks of physical things equipped with sensors, software, and different technologies for exchanging and connecting data over the Internet with other systems and devices. The devices range from everyday household objects to modern industrial tools. How will IoT affect our lives in the future? Let’s dive in!
“Number of Internet of Things (IoT) connected devices worldwide from 2019 to 2023, with forecasts from 2022 to 2030. (in billions)“
Source: Statista
Table of Contents
Emerging IoT Trends for 2024
A Glimpse Into the Future of Connectivity and Automation
1. IoT Powered by 5G Technology
Statista predicts five billion 5G subscriptions worldwide by 2026.
5G technology is therefore not only the next generation of wireless technology but also a foundation for realizing the full potential of the Internet of Things (IoT), thus transforming technological growth. With 5G, networking will become more dynamic and versatile than ever before. Customers will be able to get perfectly tailored service on 5G networks.
5G is without a doubt one of the most significant Internet of Things (IoT) emerging technologies in 2024 because strong connectivity will result in more reliable IoT devices that perform better. 5G will bring low latency, network slicing, real-time data processing, extensive coverage, and real-time data processing.
2. Smart Cities
The Internet of Things is transforming how people and innovation converse in innovative, more integrated, and intellectual ways. Smart cities use data-driven technologies to enhance resident facilities and solve pressing problems. As a result, transit and availability can be improved, social services can be enhanced, deviation can be reduced, and durability can be improved.
According to a report, smart cities could reduce fatalities by 80% and assaults and robberies by 30%.
Governments will be able to implement a wide range of intelligent solutions. Smart cities will always lead the Internet of Things (IoT) when it comes to emerging technologies. In the past five years, several governmental institutions have begun IoT technology projects that will reshape whole cities. By using enormous amounts of data, the government will be able to implement intelligent solutions to a variety of issues like citizen safety, energy utilization, traffic congestion, and sustainable development.
3. Blockchain
Blockchain technology adoption is one of the latest Internet of Things (IoT) trends. Besides securing data in IoT devices, Blockchain facilitates interactions between multiple network nodes and ensures safe record-keeping. This makes it an ideal solution for IoT applications since they are also distributed. Reports say the global blockchain IoT market is expected to grow by USD 2,409 million by 2026.
Blockchain technology, a decentralized and distributed ledger technology, has begun to take over virtually all applications in banking, agriculture, finance, and transportation. Combined with other technologies, such as the Internet of Things, such advancements are possible.
4. IoT-Empowered AI Applications
Statistics show 64 billion IoT devices will be used by 2025. Artificial intelligence and the Internet of Things are among the latest IT industry technologies. There’s no surprise that these technologies complement each other so well. Together, they have revolutionized traditional industrial and corporate solutions.
Artificial intelligence (AI) and the Internet of Things (IoT), two quite different technologies, can be combined to present commercial solutions. AI algorithms require very little data to deliver reliable results. Intelligent machines can be created by combining IoT and AI. As a result of these intelligent automation technologies, mundane chores can be automated and decisions can be made without human involvement.
The use of these two technologies can help industries reduce operating costs, reduce downtime, increase productivity, and facilitate predictive maintenance.
5. Traffic Management
Internet of Things (IoT) trends suggest that IoT technology is relevant to address global challenges such as traffic and blockage issues. Many organizations use IoT-enabled traffic systems and vehicles to devise smart traffic networks and reduce unnecessary traffic.
According to a report, cities that implement smart-mobility technologies could reduce traveling times by 15 to 20% by 2025, and some people could benefit from much greater reductions. It has taken a decade for cities and leaders to realize that smart-city strategies cannot be achieved without robust technologies like IoT.
6. Voice-Activated IoT Devices
Voice search on mobile devices is used by 27% of the global online population, according to a report.
AI-powered virtual assistants such as Google Assistant, Amazon Echo, and Siri have revolutionized voice-based user interfaces.
Voice interactions will be used in a variety of industries with the development of smart technologies that will allow people to give commands, change settings, and receive results from smart devices.
FinTech startups and banks were among the early adopters of voice and speech recognition technology.
Voice recognition technology is evolving with voice biometry. Using voice biometry, organizations can create a digital profile of someone’s voice based on specific characteristics such as pitch, intensity, tone, dominant frequencies, dynamics, etc.
This method is considered more reliable than current methods by businesses.
7. Edge Computing
According to Statista, the market for edge computing is expected to grow to 274 billion US dollars by 2025.
A new computing concept called edge computing includes a variety of devices and networks that are located near the user. Information is analyzed near its source using edge computing. This allows for faster and larger processing rates, which results in more actionable answers in real-time. Various kinds of businesses have emerged as a result of this innovation.
According to a report, end-of-life marketers can keep a sizable share of the public cloud market thanks to notable retailers like Dell, IBM, and HPE developing edge computing solutions with cloud-like capabilities. Edge computing offers organizations the ability to contribute to clients in new ways and regain control and flexibility in a burgeoning workforce.
8. IoT Security
Statista expects the IoT security market to grow from 34.2 billion to 38.7 billion by 2023. There are an increasing number of connected gadgets that require extreme security. In the coming decade, security system software will be more crucial than ever. This explains why such IoT device security facts and figures are not surprising.
IoT security is one of the major concerns these days when it comes to the extensive level of connectivity we are involved in, which is why numerous businesses around the world are developing IoT security. Increasing technology intervention in people’s lives has highlighted the threat of unsecured connected devices. IoT security is an evolving trend, and several businesses around the world are developing IoT security solutions.
9. Metaverse
A research report estimates that the global metaverse market will reach $679 billion by 2030.
The Metaverse framework relies on IoT to maximize its capabilities. The Metaverse and the Internet of Things will create new opportunities for expansion and growth in tech.
Various industries are predicted to benefit from the metaverse, including games, entertainment, media, eCommerce, retail, training, manufacturing, architecture, and engineering.
10. Digital Twins
The digital twin was recognized in 2020 and is a virtual representation that represents a physical object or process in real-time. It can be used to diagnose, optimize, monitor, and control asset utilization and performance. By 2025, the digital twin market will grow severalfold.
According to a report, the global digital twin market size was USD 6.75 billion in 2021 and will grow to USD 96.49 billion by 2029. This is exhibiting a CAGR of 40.6%. The Internet of Things, artificial intelligence, and data analytics have merged into digital twin technology.
As more complicated “things” interconnect and provide data, having a digital equivalent allows data scientists and other IT professionals to optimize installations for maximum efficiency.
What Can HashStudioz do to Help You Integrate IoT Into Your Products and Services?
IoT future trends will certainly play a vital role in the near future as Internet of Things (IoT) solutions grow worldwide. Technology such as 5G, blockchain, AI, cloud computing, and others, will play a substantial role in improving global connectivity and IoT.
We can help you integrate your products and services with IoT as a leading IoT development company. Get in touch with us so that we can have a quick call and help you to excel.
Frequently Asked Questions
1. What are the major IoT technologies?
IoT technologies include sensors, Wi-Fi, Bluetooth, IoT platforms, cloud computing, edge computing, artificial intelligence/machine learning, security measures, and blockchain. In the IoT ecosystem, they enable data collection, communication, processing, automation, and secure transactions.
2. What are the four 4 components of IoT?
IoT consists of four key components: devices and sensors for collecting data, connectivity for interacting, data processing and analytics for drawing insights, and applications and services to utilize IoT capabilities. Devices, data processing, and transformative applications are seamlessly integrated into the IoT ecosystem by these components.
3. How will IoT benefit the future?
Smart cities, improved efficiency, enhanced safety, and data-driven decision-making will all benefit from the Internet of Things in the future.
4. What is the forecast for IoT trends?
Industry-specific solutions are predicted to enhance business operations with ease and efficiency, including edge computing, artificial intelligence integration, and 5G connectivity.
5. Why is IoT in demand now?
IoT is in demand now for many reasons, including technological advancements, cost reductions, increasing connectivity, potential benefits, industry transformation, and data-driven insights.
Aparna Kashyap 
Manvendra Kunwar