Future of IoT Developments: Top Trends of 2024!

In the last year, we have seen exponential advancement in the Internet of Things or IoT technologies. It has transformed our way of living into a high-tech lifestyle and continues to influence our daily lives. This transformation is certain to take its peak in the near future with new developments in IoT systems. This blog shall cover the top future trends of IoT developments you will discover throughout 2024.

Smart Homes & Smart Cities

The concept of smart homes and smart cities, driven by IoT, is increasingly transforming urban lifestyles across the globe and is one of the top trends of IoT developments in 2024.

Industry experts predict that by this year, “309 million homes worldwide will have smart systems installed”. This growing popularity of smart homes with smart thermostats, adaptive lighting systems, smart locks, and more is paved by the complete freedom of personalizing a home.  

Likewise, the potentials of IoT-enabled smart cities are limitless, from optimized traffic controls to sensor-based waste management, water management, and so forth. The future awaits to see a better quality of life and increased productivity across different cities with such an IoT development.  

Digital Twins

Another top trend in IoT development in 2024 is the proliferation of digital twins across various industries. With greater visibility into the diverse organizational processes, the digital twins technology is likely to help stakeholders analyze and improve them.

2023 had already witnessed attempts at creating a standard for this technology, where Twinity and Digital Twin Consortium led the pack. In the near future, we can see several organizations incorporating digital twins to build robust logistics and supply chain solutions.    

Edge Computing & AI Integration with IoT

IoT developments in 2024 would also encompass the integration of artificial intelligence and edge computing.

IoT-enabled devices will shift from cloud-based systems to edge computing, i.e., “a distributed computing system” where data is processed at the network periphery that’s closer to the original data source.  This integration would enable faster operations within the organizations and subsequently increase efficiency.  

Similarly, with AI in the IoT systems, businesses would be able to automate more processes and improve the quality of their products and services. While IoT solutions having edge processing capabilities can deploy AI closer to the sensors or actuators, connectivity requirements can be reduced. Hence, the future of IoT would embed faster decision-making within the systems.  

New Sensor Tech

As per Gartner, the future of IoT in 2024 will entail rigorous innovations in sensor technologies. This will contribute to a price drop in the existing sensor techs, subsequently paving the way for a price reduction of IoT solutions.

There will be innovations in the algorithms to gain more insights from the already existing sensor techs. Besides, you can find the development of barometric pressure sensors, high-performance magnetometers, long-range Lidars, AI-based sensors, etc.  

Also Read: What is IoT Industry 4.0 and How it Matters?  

5G Connected Car Services

As 5G connectivity is becoming common daily, advances in IoT systems are certain to incorporate this prospect and IoT-enabled connected cars will be its biggest example in 2024.

Several operators are trying to launch their connected car services in the near future that will act as an add-on to their customers’ 5G plans. Such a development can improve vehicle-to-vehicle (V2V) communication, elevate situational awareness amongst the ADAS systems, and thereby reduce collisions.

The collaboration between AT&T operators and brands like Polaris and BMW has made the advent of connected vehicle techs apparent, where car owners can make or receive calls via their cars even without their phones. Indeed, this will be a significant IoT development this year, making connectivity more seamless than before!      

Chip-Level Innovation

In 2024, we are also expected to witness the advent of more specialized chips for IoT systems. Developments would be made leveraging chip-level advantages and use cases. By the end of this year, we can see chips handling neutral networks and AI systems at minimal power.

Meanwhile, governments and organizations are exploring effective solutions to reduce the global chip shortage. Many companies are trying to create robust supply chains, reducing their reliance on a small number of chip manufacturers.  

Rise of IoT-as-a-service

2024’s another top future trend in IoT development is the rise of IoT-as-a-service. It means IoT would represent a set of end-to-end services where businesses sign contracts with external providers to “design, build, install, and operate IoT solutions, including advisory consulting for IoT planning.”    

Many booming businesses across various industries are turning to IoT-as-a-service for the implementation of IoT solutions within their business operations. The major reason behind this strategic move is the affordability of IoT-as-a-service.    

Blockchain Integration

The future of IoT developments in 2024 will also constitute the integration of blockchain technologies to ensure greater data security in IoT devices and eliminate the chances of DDoS attacks. A blockchain-based IoT framework would further topple the scalability challenges of IoT, establishing easy interactions between various network nodes and safe recordkeeping. 

In a nutshell, IoT holds the potential for limitless growth and innovation in the future, paving the world towards a more automated, hyperconnected digital landscape. Of course, the challenges of data security and privacy coming alongside the above-mentioned developments can’t be denied. However, with effective organizational strategies and government initiatives in place, such challenges can be addressed.