Top 10 Technology Trends in IoT in 2024: Future Tech Insights

Technology trends in IoT have transformed various industries and changed how we interact with technology. The IoT market size is projected to grow at a CAGR of around 26.1% according to some reports. Other estimates suggest that there may be as many as 32.1  billion connected IoT devices worldwide by 2030. This means it’s now become an integral of our digital lives too! In the year 2024 alone we’ve seen some significant breakthroughs in terms of technological advancement coupled with increased demand for data-driven insights across different sectors.

10 Technology trends in IoT

In this blog we will outline 10 technology trends in IoT, offering a glimpse into what lies ahead.

1. 5G-Powered IoT

5G is one of the trends transforming the tech landscape with faster speeds and more reliable connectivity with lower latency. Development of 5G networks will enable seamless communication between numerous industries through real-time data processing powered by an increasing number of internet connected devices worldwide. 

Global subscriptions for 5G are projected to hit almost 4.6 billion by 2028 thereby accelerating the expansion of IoT into areas like smart cities, advanced healthcare solutions among others which require high capacity networks such as those supporting autonomous vehicles. Therefore, it can be said that low latency coupled with high bandwidth provided by the 5G mobile networking standard serves as a backbone for future IoT technology trends where quick exchange of real time information is needed most.

2. Edge Computing

Edge computing has become increasingly important in IoT technology trends, as it brings data processing closer to source thus reducing latencies and saving network bandwidth when performing various tasks especially those that require real time actions like automotive and industrial automation. The edge computing market is estimated to grow up to $15.7 billion by 2025, driven by the need for faster data processing and more efficiency in IoT deployments. Edge computing also enhances data privacy and security by keeping sensitive information local, reducing the risks associated with cloud-based data processing.

3. AI-Driven IoT Applications

AI-driven IoT applications are becoming a new reality in the year 2024. AI makes it possible for IOT devices to analyze large amounts of data in real time thus enabling smarter decision making processes as well as predictive maintenance services. By 2027, there will be an estimated figure of about 41 billion IoT devices, these smart gadgets will therefore be critical in automating tasks as well as enhancing efficiencies across all sectors including health care or manufacturing among others. Moreover, such artificial intelligence algorithms may help optimize resource allocation while providing personalized customer service experience at the same time.

4. Digital Twins

IoT industry trends have seen an increasing application of digital twin technologies which involve creating virtual replicas of physical assets, systems or processes used in various industries including manufacturing healthcare and smart cities. By 2032, the market for digital twins is expected to reach $259.32 billion due to complex system management demands. Digital twins enable businesses to simulate and test scenarios virtually resulting in reduced costs and better decision-making ability.      

5. Blockchain for IoT Security

Blockchain technology can enhance security levels in IoT security systems, one of the vital trends in IoT. As the number of internet-connected devices rapidly increases, so does the need for data integrity and security, making this aspect critical across all sectors, including finance, healthcare and supply chain management, which require tamper-proof records stored on decentralized ledgers. It is predicted that the global blockchain IoT market will grow by $2.409 billion in 2026 due to its increasing usage as a safe and transparent method of managing IoT data.

6. Smart Cities

The concept of smart cities is evolving with IoT industry trends, playing a major role in their development. Traffic control enhancement, public safety improvement and efficient consumption of resources such as energy or water in urban environments has become possible due to the application of Internet of Things technologies.

McKinsey estimated that smart city initiatives could reduce fatalities by 80% and incidents of assault or robbery by 30%. Rising urbanization rates will result in higher adoption levels for these systems in coming decades. Innovative companies like Mapsted are contributing to the growth of smart cities by providing real-time heat mapping solutions that help optimize resource allocation and improve public safety.

7. IoT-Enhanced Healthcare

The healthcare industry is being reshaped by IoT technology trends or applications, which has led to it becoming one of the fastest growing industries in terms of technological advancement. More connected devices are being used in hospitals than ever before, with many equipped for remote monitoring, telemedicine and personal care systems. The COVID-19 pandemic demonstrated how critical this shift was for healthcare systems worldwide – and they won’t stop there; by 2024 the number will only increase. In real time patient health data can be analyzed thanks to integration between AI and internet of things (IoT) technology within medical facilities known as IoMT or Internet of Medical Things thus ensuring better outcomes through insight based on data according to Forbes research report on Healthcare Tech trends 2021.

By 2025 IoMT market is expected to contribute significantly within a wider landscape of IoT, enhancing efficiency and effectiveness of healthcare delivery. Mapsted is at the forefront of this trend, offering IoT solutions specifically designed for healthcare facilities. Their asset tracking tags enable efficient management of medical equipment, ensuring timely access and improving patient satisfaction. Additionally, Mapsted’s personnel monitoring badges enhance safety and security for both staff and patients.

8. Voice-Activated IoT Devices

There are voice activated IoT devices, the latest IoT trends that have become more sophisticated and offer an intuitive way for users to interface with technology without touching it. Amazon Echo, Google Assistant or Apple Siri are popular devices being extended into banking, healthcare or home automation among other areas. The rise of voice biometry together with advanced speech recognition technologies imply that our future will host voice activated IoT devices. This will provide a seamless and personalized user experience.

9. IoT Security

The more connected devices we have, the greater is the risk of cyber attacks. According to a research, enterprise IoT market size amounted to $269 billion in 2023, which means there was a year-over-year growth of 15%. It’s anticipated that growth will slow down in 2024 by falling back to 12% then rebounds again starting from 2025. This entails ensuring strong encryption techniques are put in place alongside secure communication protocols while keeping updated software. As IoT industry trends keep expanding, so will the need for advanced security measures that can protect information integrity and confidentiality.

10. Metaverse Integration with IoT

Metaverse is one of the major emerging trends in IoT in 2024, it’s a virtual world where humans can interact with other people and digital environments. It is expected that metaverse will be developed by connecting physical world objects to our already existing internet so we are able to create experience around them. The integration between metaverse and IoT would enable new frontiers for gaming, entertainment, retail among others turning them into immersive experiences that blur the line between reality and virtuality. The global Metaverse market could be valued at $678.8  billion by 2030 if IoT along other advanced technologies are adopted widely.

Conclusion

In 2024, technology trends in IoT combined with an ever increasing demand for data driven insights, continue reshaping the landscape of Internet of Things (IoT). From game changing power brought about by 5G networks and edge computing, AI integration and blockchain applications within various IoT use cases; there seems no limit on what can be achieved within this space over the coming years. These trends not only drive efficiency across industries but also enhance people’s lives creating an interconnected intelligent world.

Discover how your business can harness these trends by exploring our blog on Revolutionizing Operations with Mapsted’s IoT Solutions for Businesses: A Glimpse into Technology, Benefits and Applications. This guide provides an in-depth look at how IoT can elevate your operations and reshape your business landscape. If you enjoyed our insights on IoT trends, we have more to offer. Check out our detailed look at how IoT asset tracking is changing healthcare. If this article caught your attention, you’ll also like our analysis on the benefits of real-time location services. Keep exploring the future of IoT with us!