IoT has proved itself relevant for a while now and it has already been predicted that by 2023 there will be more than 43 billion devices connected to the Internet worldwide.

Key trends for 2023 included increasingly realistic digital twins, a focus on VR, and high spending on IoT security. Healthcare was supposed to be one of the biggest matters of the year – being a huge area of opportunity for IoT technology, the value of the market for IoT-enabled health devices is set to hit $267 billion by 2023. From the consumer point of view, wearable devices with sensors were expected to allow everyone to gain better insights into their own health and fitness. That was supposed to translate into a better understanding of how diet and exercise impact our health.

IoT can be applied and revolutionize different industries as well as the normal lives of individuals. 

It’s commonly used in:

• designing smart homes, where it automates temperature, lights, or security systems

• wearables, such as smartwatches expected to count our steps and track fitness progress

• industrial automation for basically any manufacturer, depending on their specific goals and needs

• agriculture

• smart cities

• healthcare

• energy management

…and many more!

By the end of 2024, it’s expected that the number of IoT devices will surpass 207 billion and some of those will be augmented with AI, which should allow those devices to make autonomous decisions. As consumers, we are getting used to different wearables and profits coming from IoT. That being said this trend is here to stay for the upcoming year 2024.

PREDICTIONS FOR 2024

1 ) Security and Privacy matters

Since sensors necessary for IoT devices are collecting more and more data, as well as sensitive ones, security matters are going to be a priority. That’s a trend of key importance if companies using IoT want their customers to trust them.

2 ) Healthcare

Focus on healthcare was already a trend anticipated for 2023 and 2024 is going to be very similar in that matter. The value of the IoT healthcare market has been predicted to grow to around $150 billion this year, on its way to reaching a valuation of $289 billion by 2028.

3 ) AI-Augmented IoT

It has been noticed that IoT technology converges with other tools and devices capable of making decisions, such as AI technology or Machine Learning-based tools in general. It’s safe to assume, that in months to come IoT devices providing solutions with cooperation with AI are going to become one of the top priorities. And this will translate into many interesting gadgets, we suppose.

4 ) IoT in Retail

IoT has proved itself effective in transport or manufacturing but based on estimated spending on IoT in retail (an increase from $28.14 billion to $177.9 billion by 2031) it’s going to be used more often in sales, to increase customer satisfaction (obviously).

5 ) IoT in service of the circular economy

As ethics in technology becomes a common subject of discussion, we assume that IoT will try to become more sustainable, or, at least, present itself as such. IoT sensors are commonly used to monitor energy use and efficiency in buildings – the purpose being to identify where savings can be achieved. IoT has the potential to be used for inventory optimization, and having better control over delivery and supply chains. Efficiency is not only relevant for simple business goals, but it is sustainable and ethical simultaneously. IoT sensors can also help determine if the products are correctly reused or recycled, which might be a game-changer for many industries.

SUMMARY

IoT is becoming more and more relevant as we speak. It was already stated before, that companies that are not going to implement IoT tools are going to fall behind, but at this point is not a novelty anymore, but a technology that’s here to stay and make businesses operate better.

Author: Cezary Dmowski, CTO at ITSG Global