IoT: Technologies, Markets, and Forecasts for 2024

The Internet of Things (IoT) includes various devices for monitoring, data collection, people and asset tracking, and interacting with other gadgets without human intervention. The number of IoT devices will exceed 29 billion units by 2030. In the next decade, consumer IoT and media devices, accounting for 32 percent, are expected to lead the IoT market. Let's take a look at the IoT market forecast.

Briefly About IoT

Combining many technologies, IoT is a separate branch of the IT industry. IoT encompasses household gadgets, medical tools, production equipment, and logistics devices, spanning diverse fields.

IoT devices have exploded in numbers, contrasting with the stagnant growth of non-IoT devices. The IoT stack consists of hardware, software for supporting and controlling the processor's functioning, wireless technologies and communication protocols, cloud platforms for data processing and storing, and software apps for interacting with users.

With different sizes, technologies, and tasks, connected devices make our lives easier and businesses more efficient and the IoT market forecast reflects this.

Types of IoT with Use Cases

Based on the scope of use, connected devices are divided into consumer and industrial IoT.

Consumer IoT devices are smartphones, smartwatches, trackers, and home appliances. There is currently a boom in consumer IoT. For example, shipments of wearable devices grew 17 times from 2014 to 2022. In 2022, 321.9 million wireless headphones alone were sold worldwide.

The Industrial Internet of Things (IIoT) is a variety of gadgets that improve the efficiency of industrial systems in manufacturing, processing, medical, agricultural, automotive, logistics, and many other areas. There are fewer IIoT devices than consumer gadgets, but they are much more expensive.

Consumer IoT devices are typically designed for a short lifespan, whereas integrating IIoT into production processes ensures they operate for many years. Businesses and consumers can effectively use many solutions without attributing them to one group.

The geolocation system for people and asset tracking can serve various purposes. Initially designed for mines, miners attach the device to their clothing. The gadget picks up signals from nearby Bluetooth beacons and transmits its ID over the Wi-Fi network. 

Thanks to the Bluetooth, GPS, Wi-Fi, and 3G used by the IoT system for communication above and below ground, it is always known where the gateway is.

The connected device consumes little power, has a waterproof and shockproof case, and can operate in high humidity, low temperature, with a poor GPS connection, and in the absence of a 3G signal. All these characteristics make the IoT system demanded not only in mine safety but also in many other industries.

Short & Long Range

Connected worker technology is projected to add $59 billion to the global mining industry from 2016 to 2025. Connected devices use different wireless technologies to communicate, forming short-range and long-range IoT groups. 

System requirements dictate the choice of communication technologies and protocols, with many devices utilizing multiple technologies. Short-range wireless technologies include Bluetooth, Bluetooth Low Energy (BLE), Wi-Fi, and mesh networks such as Zigbee.

Short-range IoT objects are the most popular worldwide, accounting for around 80 percent of the total number of devices. Experts expect short-range technology to maintain its leadership position in the coming years.

There are cellular (NB-IoT and LTE-M) and non-cellular (LoRaWAN, Sigfox, etc.) versions of Low Power Wide Area Network (LPWA) technology. LPWA-based chips have powerful processors and more memory than short-range SoCs.

Manufacturers often combine short- and long-range technologies in the same IoT system to maximize value. Engineers have used BLE, cellular networks, and LoRaWAN for custom agricultural IoT development. An IoT system consists of independent parts with separate functions and various wireless technologies.

Sensor-equipped devices are installed on hay balers to track the number of bales collected and provide farm vehicles' geolocation data. The Qt mobile application, using BLE to get IoT data, displays the GPS coordinates of hay bales and agricultural equipment on a map. It also provides users with statistical information. The data is stored in an AWS database.

The sensors placed in warehouses next to the hay bales send temperature and humidity data via LoRaWAN to the AWS server. Numerous sensors inside the drying chambers transmit data to the farmer using BLE or cellular communications, depending on the distance to the dryer.

Thus, a multi-component agricultural IoT system uses various communication protocols for effective functioning.

What Makes IoT Devices So Popular?

We have discussed the overall positives reflected in the IoT market forecast, but why is it so popular? IoT is among the most popular IT directions that North American and European companies have implemented or plan to implement within 2 years. Companies are adopting IoT to streamline operations and improve productivity, safety and security, quality assurance, supply chain management, and asset tracking. The Internet of Things helps enhance the quality of life for consumers.

By incorporating IoT into production chains, manufacturers can reduce equipment maintenance costs by avoiding major breakdowns and long downtimes. IoT takes over and controls routine and labor-intensive tasks in logistics, warehousing, and inventory management, allowing employees to focus on urgent matters. Remote work and remote data access have ceased to be a forced measure, turning into one of the most convenient and popular options for activity with connected devices.

Companies use IoT and machine learning technologies to collect user data and track their preferences, allowing marketers to create effective targeted advertising. This approach contributes to the reduction of purchase cycles and the emergence of new consumer requests.

By implementing IoT, companies are making significant profits. The Intel Internet of Things Group posted a record $1.1 billion in Q4 2021 revenue despite a challenging year, highlighting the positive IoT market forecast.

The world's largest IT companies, such as Intel, Microsoft, IBM, Apple, Samsung, Cisco, Google, SAP, Amazon, HP, and Verizon, are developing their IoT directions to maintain their leading positions in the industry. The innovations of these companies are shaping the future of the IoT market.

Data Analytics

The growth of the IoT market is accompanied by an increase in the volume of processed data. Artificial intelligence (AI), in particular machine learning and computer vision, helps increase data processing speed and quality and will become the leading IoT trend in 2024.

Digital Twins and Enterprise Metaverse

Digital twins mimic physical objects or systems and can be simple or complex, depending on the task. The system processes and copies the transferred sensor data.

Digital twins operate in a two-way data flow from sensors to the processor and back to the original object. Edge computing and the corporate metaverse connect digital copy technologies, facilitating companies in offering their digital services.

Security

IoT, as well as data storage and personal computers without corporate protection, have recently become the main targets of cyberattacks. Experts globally struggle to increase IoT data privacy and security through blockchain technologies and other innovative approaches.

Smart City

Connected devices create a comfortable and safe urban environment by solving traffic problems and improving the quality of life in the city. Experts predict that global revenue from smart city technologies, products, and services will exceed $241 million in 2025, up 61 percent from 2022.

Smart Home

Speaking of consumer IoT solutions, we first mention smart homes, without which we can no longer imagine our lives. IoT technologies have given us home security systems, smart lighting and heating, voice assistants, and smart home appliances.

All these devices are controlled remotely using mobile applications, greatly simplifying our household chores and freeing up time for hobbies and sports. Consumer spending on smart home products and services is projected to grow to more than $170 billion by 2025. More than 400 million people will use smart home systems worldwide.

Smart Manufacturing

Industrial IoT development is closely related to business demands for production automation. The introduction of IoT solutions into production is a global trend in 2024.

IoT Devices in Healthcare

Healthcare IoT solutions help diagnose diseases and track patients. Healthcare professionals use simple and sophisticated connected devices to collect patient information at home and in hospitals, aiding in quick decision-making.

An example of a self-diagnosis device is a custom skin cancer detection device. Image processing and recognition algorithms provide an astonishing 80 percent diagnostic accuracy and ultra-short image processing time. A skin detector attached to a smartphone allows anyone to examine the skin by themselves and get an accurate result.

Numerous global IoT forums across the world promote the exchange of news, trends, cutting-edge technologies, and experience in connected technologies. Aveiro, Portugal hosted the 9th IEEE 2023 World Internet of Things Forum (WF-IoT 2023) in autumn 2023.

In May 2024, the IoT Solutions World Congress will take place in Barcelona. Scientists, developers, and manufacturers will discuss the latest in AI and IoT at the AI IoT World Congress 2024 this May in the US.

Challenges in IoT

Although the IoT market forecast is positive, connected device development is complex, as it combines software creation and hardware design.

Hardware reliability

IIoT devices used in various industries have a long service life, which means they must be of high quality. Smart devices operating in extreme conditions or at vital facilities should be extraordinarily reliable.

The quality of parts is also crucial for consumer IoT devices, instantly raising only the best products to the pedestal of users' preferences.

Connection

Choosing a wireless network for a reliable connection depends on the device's tasks and the environment in which it is used. IoT professionals should choose a wireless technology (or several) that will allow devices to communicate with sensors, cloud storage, other smart devices, and users.

Usability

IoT devices should be user-friendly because their primary purpose is to make life easier, not the other way around.

User-friendly connected devices with intuitive interfaces, offline capabilities, and other useful features are likely to attract loyal users. Cross-platform IoT applications allow users not to worry about software compatibility with their gadgets.

Security

As mentioned earlier, IoT devices are regularly subjected to cyberattacks and unauthorized access attempts.  Manufacturers must prioritize data security, safeguarding system components and communication channels from hacking and data theft.

Costs

IoT creation, updating, and further maintenance are not cheap deals. Manufacturers' attempts to reduce IoT costs by using parts and software of dubious quality can eventually play a cruel joke, as the miser pays twice.

Connected device developers need to do a lot of preparation and planning before embarking on an IoT-related activity. A well-thought-out approach helps to avoid unnecessary expenses and effectively use the allocated funds.

Companies should rely on in-house or third-party specialists, proven competent in IoT development, for creating and maintaining IoT solutions. For IoT solutions, companies should trust competent specialists, whether in-house or third-party, in IoT development and maintenance.

IoT Solutions Make Life Easier

People tend to surround themselves with helpful things that make life and work easier. IoT solutions already make it possible to monitor the traffic situation in cities, identify violators by photographs, remotely control smart home electrical appliances, record a patient's cardiogram around the clock, and perform many other valuable tasks.

IoT development is associated with the use of the most advanced technologies, such as machine learning, computer vision, and digital twins. Thus, it is at the cutting edge of the IT industry, and the IoT market forecast showcases rapid growth and incredible opportunities now and in the future.