IoT Market Forecast 2024: Analyzing Key Trends, Emerging Technologies, and Future Growth Prospects

Sensing technology is rapidly evolving with the surging innovations in IoT market and demanding business requirements. IoT sensors can detect various real-world metrics, including heat, pressure, and distance. Over the years, the deployment of connected devices across several industries has skyrocketed. Businesses are witnessing a paradigm shift toward smart technological solutions to limit the level of operational inadequacies. Connected devices are designed to expedite efficient business operations across verticals, including transportation, manufacturing, logistics, power, and energy, among others.

Latest Industry Trends:

• AIoT: AIoT is the integration of AI and IoT technologies. It can efficiently analyze an enormous amount of data stored by sensors in connected devices. This data can be utilized for predictive maintenance, enhanced automation, and improved decision-making.

• Widespread Connectivity: Next-generation networks, including Wi-Fi 6, 5G, and beyond, offer exceptional functionalities, such as faster data speeds, lower latency, and excellent network capacity.

• Edge Computing: Edge computing offers enhanced security with lower bandwidth requirements and reduced latency.

• Wearable Tech: Wearable devices, including fitness trackers and smartwatches, are continually gaining popularity. The industry is witnessing massive advancements such as Augmented Reality (AR) integration, enhanced health monitoring, and better biometric identification.

• Blockchain: Blockchain technology delivers a secure way of managing data from connected devices. The key advantages of blockchain include improved traceability, enhanced security, and streamlined data exchange.
  

Order a free sample PDF of the Internet of Things (IoT) Market Intelligence Study, published by Grand View Research.

Your Virtual Assistant Plotting Against You? A Look at the Dark Side of IoT:

Some of the key security challenges associated with the use of IoT devices include:

• Data Manipulation: IoT devices collect data about preferences, habits, and conversations. These devices can potentially compromise your security and privacy by enabling unauthorized access. The data collected can also be used to target you with intrusive advertising.

• The Lock-in Effect: Once you have invested in smart home environment, it can be difficult to switch between brands, creating dependence on a single vendor.

• Privacy Erosion: The constant 24/7 connectivity of IoT devices blurs the lines between personal and public space, which thereby raises concerns about being monitored without one’s knowledge.

The ‘Connected’ Future:

Wearable technology is gradually becoming a significant part of our daily lives. Wearable devices are projected to attain more IoT capabilities in consumer devices. Additionally, recent developments, including Metaverse, the new 4D immersive universe, and other AR, VR, and XR devices, are expected to intensively transform our digital lives and the way we engage in a training experience. For example, one can wear a device that connects the individual to the other side of the world for participating in an activity without traveling.

Energy harvesting is another big opportunity to capitalize on in the future years. Energy harvesting pertains to the conversion of movement, body heat, or solar energy to power. A number of companies, including e-peas, are working on harvesting ambient energy processing and sensing solutions to develop wireless devices that do not require active charging. Another advancement that Facebook is working on is non-invasive sensors that are aimed to enable hands-free typing with the help of a user’s brain activity. Moreover, haptic technology is also being recognized as a breakthrough technology that can create an exceptional experience by applying forces, motions, or vibrations to manage virtual objects. Engineers are working on restructuring realistic touch sensations while engaging human-machine interactions.