The IoT Trends Shaping Industry in 2024 and Beyond

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How will the Internet of Things develop in this new age of artificial intelligence? What are the trends in the world of connected devices that will shape industry? This blog considers the IoT trends shaping industry in 2024 and beyond.

The Internet of Things (IoT) - the network of connected devices that today impacts so many different areas of our lives - continues to grow. Global investment in the IoT ecosystem is expected to surpass $1 trillion in 2026, according to an IDC report. This growth in IoT spending means that IoT investments will boast a compound annual growth rate of 10.4% over IDC's 2023-2027 forecast period.

Which use cases are driving this growth? And what are the IoT trends that will shape industry in 2024? And beyond?

The IoT and AI

We've long characterised IoT devices as smart devices, when actually what we meant was connected devices. Now the convergence of AI and IoT is transforming the IoT from a network of connected devices to a network of smart devices.

Adding AI capabilities at the edge for the consolidation and analysis of data enables automated decision making and automated control over processes. This will power an increase in edge computing as well as drive new innovations in the convergence of these two technology areas.

However, experts warn that having thousands of intelligent devices connected together and attempting to carry out their tasks in parallel is likely to lead to arguments. The development of protocols to ensure interconnectivity, the safe sharing of data as well as models and hierarchies to establish the rules of engagement will be necessary.

In addition, businesses will need to invest in new skills and development. Data scientists, data engineers, data architects and (in the case of generative AI) prompt engineers will need to be trained and/or recruited.

The IoT and robotics

AlRobotics have long played important roles in the industrial environment. The proliferation of connected devices has helped to make robotic solutions more affordable. Now, Gartner predicts that, by 2026, over 100 million humans will engage robocolleagues to contribute to their work.

In the industrial environment, autonomous vehicles are likely to be a growth area. Their adoption will be made more possible through the adoption of associated technologies, including 5G networks and AI-powered autonomous decision making. The ongoing rollout of 5G will make edge computing viable for many more applications. This is essential for autonomous vehicles as they need to make decisions about potential hazards or routes quickly.

The IoT, data privacy and cybersecurity

As the global community struggles to put rules in place to ensure the safe use of AI, AI is also offering solutions to improve data privacy and cybersecurity. AI is powering automated tools for network monitoring which helps to keep systems and data safe.

The expansion of the IoT puts pressure on cyber security because each new connected device introduces new vulnerabilities to the network. It also complicates data privacy because of the information captured from the device and the implications that has for users.

As a result, Gartner is predicting that by 2027, nearly half of CISO's will expand their roles beyond cybersecurity, due to increasing regulatory pressures and attack surface expansion.

At the same time, Gartner predicts, enterprise spending on battling malinformation (much created using generative AI tools) will surpass $30 billion by 2028. To meet this emerging need, enterprises will cannibalise marketing and cybersecurity budgets - putting even greater pressure on IoT cybersecurity efforts.

The IoT and innovation

Industrial companies are well aware of the benefits IoT solutions are delivering in and around their manufacturing operations in order to monitor processes in real time and drive operational efficiencies.

However, the IoT also has the potential to redefine how businesses connect with and understand their customers. IoT devices and sensors generate vast amounts of data. When IoT capabilities are embedded in products, the data they generate can be harnessed to better understand consumers and their use of products.

These insights, in turn, can be used in a myriad of ways: enabling manufacturers to tweak product performance; inspiring new product development; directing the adaptation of existing product ranges; creating new post-sales services and support options; delivering timely maintenance services to ensure products remain in use; redesigning marketing communications and sales processes or strategies.

The IoT trends shaping industry in 2024 and beyond

The growth in the number of connected devices that make up the IoT has been rapid over recent years. This growth is set to continue given the emerging and continuing IoT trends. As IoT solutions are augmented with emerging technologies, including 5G, edge computing and AI, we will find ever-growing numbers of useful applications and use cases based on the IoT ecosystem.

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