The Internet of Things (IoT) is a relatively new concept, but as always in the technology world, progress is made exceptionally quickly. Everything from fridges to cars has software associated with IoT technology. It’s one of the most invisible yet important parts of our modern lives, and is set to become more significant. This article will provide a comprehensive breakdown of some of the main IoT trends to watch out for in 2024. Read on for the lowdown.
What exactly is IoT?
Before we get into specific examples of IoT trends set to affect us in 2024, let’s take a moment to understand exactly what this implies. In essence, the Internet of Things describes a network of physical devices embedded with sensors, software and other technologies that allow them to connect and exchange data with each other over the internet. This applies to everyday objects, from refrigerators to mobile phones.
The concept of connected devices has roots in the early days of computers, but the term IoT only started gaining traction in the 1990s, with the emergence of the internet. Back then, it was still mainly about machine-to-machine communication using local area networks (LANs), primarily in the industrial space.
But things could not be more different nowadays. The Internet of Things has spread into a commercial behemoth, with companies using the concept to offer consumers increasingly impressive possibilities for customization, logging, monitoring and general control. Here are a few quick examples to further illustrate the concept:
- Smart homes: Thermostats that learn temperature preferences, lights that adjust based on the time of day, and fridges that monitor food spoilage.
- Wearable tech: Fitness trackers that monitor heart rate and steps, smartwatches that receive notifications, even clothing embedded with sensors that track posture.
- Connected cars: Modern cars have various IoT features, from sensors that detect tire pressure to GPS navigation systems and next-gen traffic warning applications.
The nature of IoT is that it is constantly evolving, so commercial and business users can access an almost never-ending array of new options. We’ll go into more detail in the next section.
Exciting IoT trends to watch out for in 2024
So, what are some of the most anticipated IoT trends for 2024? Here are some exciting developments to look out for:
5G expansion
The widespread adoption of 5G networks will be a gamechanger for IoT, with significantly faster speeds, lower latency and greater network capacity compared to previous generations. This will enable the seamless connection of a much larger number of devices, paving the way for even more sophisticated IoT applications. One of the most exciting areas where 5G will enhance user experiences is with live streaming, especially in the iGaming sector. Live dealer games rely on ultra-fast connections with minimal latency to keep the user experience as realistic as possible, so the 5G expansion is set to make live games likebaccarat on mobile and other options even more cutting edge.
Artificial Intelligence of Things
It was only a matter of time before AI and IoT got closer, and 2024 looks to be a bumper year in this regard. By integrating AI algorithms with sensor data collected by IoT devices, businesses can gain deeper insights, automate processes and make more intelligent decisions. Nicknamed ‘AIoT’, these new technologies will also open new possibilities for predictive maintenance, anomaly detection and personalized user experiences. Perhaps the main area commercial users will feel this is with advertising, enabling hyper-precise user targeting.
Security and data privacy
As the number of connected devices explodes, so do concerns about security and data privacy. In 2024, we can expect to see a continued focus on developing robust security solutions for IoT devices and ensuring user data is protected. Regulations and standards around data privacy will also likely become more prominent.
Edge computing
IoT devices create and process an extraordinary amount of data, far more than anything the computing world has ever seen. This is only going to become more pertinent, and is already showing it has the capacity to overwhelm traditional cloud-based processing. Edge computing will increasingly come to the rescue, offering a new way to process data at source rather than in the cloud. This reduces latency and improves the responsiveness of IoT applications.
Supply chain growth
Not all new developments regarding IoT will be directly software or hardware related. Global supply chains must also create new and more robust mechanisms to deal with the surge in demand. Advances in chip manufacturing, sensor development and device miniaturization will also require new materials. Moreover, IoT supply chains must move with the environment concerns that will ultimately characterize the 21st century. Sustainability will be a key area to improve, shaping IoT technology significantly.
