Hot IoT Trends Transforming Business Industries
Kos Chekanov
CEO, Artkai | Helping with Strategy, Design & End-to-End Development of Customer-centric digital products and services
I recently came across a report highlighting that the IoT market that used to cost around $300 billion in 2021 will exceed $160 billion by 2026. The expansion of IoT technology use is unstoppable, and the best thing businesses can do is embrace the IoT trends in 2024.
So in this post I decided to cover up the most impactful IoT trends, some interesting numbers and my insights about IoT adoption.
Brief IoT Market Overview
The IoT market is ready for expansion! Businesses have quickly grasped the benefits of adopting IoT. Here are just a few of them that came to my mind:
As of 2023, there were over 14 billion active IoT systems worldwide, and this means that there are 50+ billion IoT sensors used in a variety of settings for different purposes today. IoT is here to stay, and now is the best time to adopt it.
The present-day IoT sensor market is pretty diverse, with key segments including pressure sensors, temperature and humidity sensors, magnetometers, image and acoustic sensors, gyroscopes, etc. The dominant share of the IoT sensor market is given to Micro-Electro-Mechanical Systems (MEMS) IoT sensors and video sensors, both of which are widespread in driverless vehicle technology.
Top 5 IoT Trends to Adopt in 2024
With the promising market growth potential and increasing demand for IoT sensors, it’s crucial to discover top trends to reap business opportunities in the IoT sector. I would recommend founders to take these 5 trends into account as they will be popular and beneficial for many business industries.
Trend 1 – IoT Security and Privacy
In an era of increased connectivity, ensuring the security and privacy of IoT devices is paramount. As businesses continue to integrate IoT into their operations, robust security measures become crucial to safeguard sensitive data and prevent unauthorized access. Especially now, when AI-powered cyber attacks pose a huge threat and can lead to a data breach and loss.
In 2024 businesses that actively use IoT (or plan to implement it) should fortify their smart ecosystems. The best ways to do it is by:
Investing in IoT security not only protects sensitive information but also contributes to the overall resilience and reliability of connected systems and your business.
Trend 2 – IoT Enhancing Digital Twins
The concept of digital twins, virtual representations of physical systems, can be enhanced by the capabilities of the IoT. By creating digital counterparts of real-world assets, businesses can monitor, analyze, and optimize their operations with unprecedented precision. And IoT helps to make those digital twins more real, built on accurate and real business data.
Recommended by LinkedIn
In 2024 we will observe more digital twins (and various use cases) and most of them will be powered by the IoT. Those digital twins will provide a holistic view of assets' performance, predicting maintenance needs, and simulating various scenarios. The business benefits of implementing IoT for digital twins will include improved operational efficiency, reduced downtime, and enhanced predictive maintenance capabilities.
Trend 3 – Implementing Generative AI in Wearables
Wearable devices are evolving with the integration of generative artificial intelligence, enabling them to go beyond basic tracking functionalities. Generative AI in wearables will be able to understand user behavior, preferences, and health patterns, providing personalized recommendations and insights.
Businesses can leverage AI + IoT combo to enhance employee well-being, boost productivity, and offer innovative products and personalized services. From personalized fitness routines to AI-driven health monitoring, wearables will become powerful tools for both individual users and businesses seeking to promote customer engagement. Integrating generative AI into wearables not only transforms the user experience but also opens new avenues for data-driven business strategies.
Trend 4 – The Emergence of AI-Augmented IoT (AIOT)
In 2024 we will observe something brand new - the convergence of artificial intelligence and the Internet of Things. It will lead to the emergence of AI-Augmented IoT (AIOT). This trend involves embedding AI capabilities into IoT devices, enabling them to process and analyze data locally.
AIOT facilitates more intelligent and autonomous devices, making them adaptive to changing environments and user needs. Businesses can harness this trend to create smarter, self-learning systems that optimize processes, reduce dependency on centralized processing, and unlock new possibilities in various industries.
The benefits of AIOT implementation for businesses are multifaceted, including reduced latency, enhanced real-time decision-making, and improved overall system efficiency.
Trend 5 – Active adoption of IoT in Retail
In the retail sector, IoT is revolutionizing the customer experience and operational efficiency. From smart shelves that monitor inventory in real-time to personalized shopping experiences powered by IoT-enabled devices, the retail IoT trend is reshaping the industry.
Businesses can leverage IoT to track customer preferences, optimize supply chain management, and implement smart in-store technologies. Retail IoT transforms traditional shopping into a connected and personalized experience, fostering brand loyalty and creating new opportunities for businesses to thrive in a digitally-driven marketplace.
Final Thoughts
2024 brought us 5 big IoT trends. This year all forward-looking businesses will actively implement IoT and improve their existing smart ecosystems.
The main focus of all businesses actively using IoT should be on ensuring a high level of systems security and empowering their systems with AI. A combination of IoT and AI will disrupt many industries and improve customer service and experience.
And now is the right time to start modernizing your solutions or even build new ones from scratch to generate new revenue streams.
Need help with that?
DM me and let’s talk!