The Future of IoT | Top 10 Trends & Predictions for 2024
Internet of Things (IoT)
Vishnu Narayan October 4, 2023

Predicting the future of IoT doesn’t need a crystal ball; it just needs an understanding of how it’s changing our world. Today, IoT is connecting millions of devices, and it is opening up a whole new world of possibilities.

In this blog, we will discuss the future of IoT and let’s dive deep into the top ten trends and predictions that’ll happen in the IoT arena. Keep reading to get a glimpse into the exciting possibilities that IoT has to offer.

You Don’t Need to be A Fortune Teller to Predict the Future of IoT!

Today, there are already 13+ billion IoT devices worldwide. By 2025, this is set to soar past 30 billion.

However, the economic impact is huge. Deloitte predicts that 2024 global IoT spending will surpass $1 trillion.

Keep reading for insights into key 2024 IoT trends and the future of IoT.

Number of IoT- connected devices worldwide

The statistics related to IoT are quite promising, and they clearly show its substantial role in the future.

Here’s a breakdown of interesting IoT stats:

  • Right now, there are already over 13 billion connected IoT devices worldwide.
  • By 2030, experts expect a huge jump to 25.4 billion IoT devices.
  • In 2020, IoT devices outnumbered non-IoT devices.
  • More than 400 active IoT platforms are up and running.
  • Video entertainment is where most IoT spending goes.
  • Surprisingly, more than 10% of venture capital funding is invested in IoT-related projects.
  • Moreover, the current IoT market is currently worth $800 billion!
  • There will be 25 billion+ IoT devices within the next 7 years!

IoT Markets By Geographical Breakdown

The top IoT markets are the US, China, Western Europe, and Asia Pacific. Interestingly, China is expected to lead in IoT spending.

Similarly, the US is a pioneer with strong startups, government support, and $194 billion spent on IoT in 2019.

Huawei global connectivity index 2020

In addition, they’ve spent €500 million in Europe on IoT regulations and infrastructure.

In Asia-Pacific, Singapore is ready for IoT, Japan is focusing on security, and China, Japan, and India invested in smart cities and farming with AI in 2019.

What’s more interesting here is that the Internet of Things market in India is expected to grow by 17.05% (2023-2028), resulting in a market volume of US$60.01 billion in 2028.

Similarly, the UK and Germany in Western Europe led the IoT market in 2018 with strong growth.

Further, by 2019, Germany and France together spent $60 billion on IoT solutions.

IoT solutions spending in Europe 2019

What Industries are IoT used in?

Think of IoT as a treasure chest of clever tools for businesses. Almost everyone’s in on it (93%)!

Industries like manufacturing, logistics, and utilities are investing a huge amount of $40 billion each in these smart IoT gadgets because of the impressive results they can deliver regarding growth and profits.

Even other industries are getting on board, and they’re really enjoying the ride! 

Now, here’s the twist: Many governments around the world are starting to catch up with the IoT innovation train.

Moreover, seven out of every ten early adopters of IoT have discovered that IoT helps them save money and provides clearer insights!

Greatest IoT Opportunities for telecom Industry other than Home Automation

Top 10 IoT Trends & Predictions for 2024

Here are some potential IoT trends and predictions for 2024:

1. Blockchain – Securing IoT Data

Blockchain is like a fortress for your IoT data, ensuring it stays under lock and key. Moreover, it’s the guardian that shields your smart devices from prying eyes and cyber threats. Also, it’s a booming trend, with the global blockchain IoT market set to grow by a whopping $2.4 billion by 2026. Therefore, rest easy knowing your smart home is like a strong fortress in the digital world.

Blockchain - Securing IoT Data

2. Smart Cities – Cities Getting Smarter

Cities are turning into tech wizards, using IoT to work magic. In addition, they’re solving numerous urban challenges, from reducing traffic congestion to enhancing public safety. The result? Cities that feel like they’re straight out of a sci-fi movie, with fewer accidents and a touch of enchantment. Moreover, these smart cities are like living in the future, with lampposts that monitor air quality and waste cans that signal when they’re full.

Smart Cities - Cities Getting Smarter

3. IoT with 5G – Faster and Smoother

Imagine your IoT devices on a lightning-fast rollercoaster ride. That’s the power of 5G, making IoT smoother than ever. These devices will perform like well-oiled machines, help you establish connections lightning-quick and give you the ultimate tech thrill. With 5G, you can download an HD movie in seconds, but it’s not just about speed – it’s about reliability, too. Moreover, 5G ensures your smart home stays connected, no matter how many devices you connect to it.

 IoT with 5G - Faster and Smoother

4. Traffic Management – Bid Farewell to Traffic Jams

Who enjoys being stuck in traffic? Nobody! IoT rides to the rescue, helping us navigate roads like never before.

Traffic Management - Bid Farewell to Traffic Jams

With smart traffic systems and IoT-equipped vehicles, we’re bidding farewell to those frustrating traffic jams. In addition, these intelligent traffic lights will communicate with cars to keep traffic flowing smoothly, reducing commute time and stress levels.

5. IoT-Powered AI – Devices Will Get Smarter

Imagine your devices teaming up with brilliant AI companions. They’re not just learning; they’re making decisions independently. It’s like having a squad of mini-geniuses, making your life easier and smarter. Moreover, these AI-powered IoT devices can predict your needs, like adjusting your home’s temperature before you even ask and closing your house gate once your car has left your home!

IoT-Powered AI - Devices Will Get Smarter

6. Digital Twins – The Virtual Mirrors

Have you ever wished for a clone to tackle your mundane tasks? IoT has the answer: digital twins for machines and devices. They’re like magic mirrors, helping fix issues and optimizing performance. It’s like having a twin who does all your work!

The 2020 global digital twin market has reached $5.04 billion, and it’s set to grow at 42.7% CAGR (2021-2028).

These digital twins provide real-time insights into your machines’ performance, making maintenance a breeze.

Digital Twins - The Virtual Mirrors

7. Voice-Activated IoT – Talking to Gadgets

Remember chatting with your smart assistant? Well, now we’re talking to our devices like old friends. Soon, you’ll have conversations with your gadgets, and they’ll respond like your tech buddies. These voice-activated IoT devices are becoming your personal assistants, handling tasks from turning on lights to ordering groceries.

Voice-Activated IoT - Talking to Gadgets

8. IoT Security – Securing Your Gadgets

As more devices connect, security is a must. The IoT security market is booming and for a good reason. We all want our gadgets to stay safe and sound in the digital world. These security solutions are like digital bodyguards for your devices, constantly scanning for threats and vulnerabilities.

IoT Security - Securing Your Gadgets

Read Also: Uncovering IoT Security in 2019 with Michael Fisher

9. Edge Computing – Super-fast Computers Nearby

Think of edge computing as your speedy sidekick. These mini-computers work right where you need them, making IoT devices faster and smarter. You’ll feel like you have a tech expert by your side. These edge devices process lightning-fast data, ensuring your smart appliances respond instantly.

Edge Computing - Super-Fast Computers Nearby

10. Metaverse – A Virtual World

Ever dreamed of stepping into a virtual world like in your favourite sci-fi flick? It’s becoming a reality! IoT is part of the magic, and it’s set to transform how we live, work, and play in this exciting metaverse. Get ready for a tech adventure like no other! These virtual worlds will let you explore fantastical realms or collaborate with colleagues across the globe, all from the comfort of your living room.

Metaverse - A Virtual World

Frequently Asked Questions

What are the future of IoT development trends and predictions for 2024?

In 2024, IoT devices are set to grow by 18% to 14.4 billion; by 2025, it could soar to 27 billion. This growth is fueled by upgrading from 2G/3G to 4G/5G networks.

What are the new IoT devices in 2024?

In 2024, the top 10 non-smartphone IoT consumer devices are smart TVs, smart speakers, connected thermostats, home security systems, domestic robots, smart bulbs, energy monitors, connected appliances, smart door locks, and connected car devices.

What is the future of IoT?

By 2027, experts expect the IoT market to reach US$33.74 billion, with an impressive CAGR of 11.49% from 2022 to 2027. Among enterprise IoT applications, the majority are in sectors like electricity, gas, steam, water supply, waste management, and the wholesale and retail industry.

Embrace the Future of  IoT with ThinkPalm

In conclusion, the transformative power of IoT is undeniable, reshaping industries and our daily lives. From securing data with blockchain to smart cities, 5G, and AI, we stand at the threshold of a technological revolution. Stay connected with ThinkPalm to lead the way in this exciting journey and maximize the potential of the Internet of Things. Ready to harness the power of IoT? Explore the Endless opportunities with Us!

Author Bio

Vishnu Narayan is a dedicated content writer and a skilled copywriter working at ThinkPalm Technologies. More than a passionate writer, he is a tech enthusiast and an avid reader who seamlessly blends creativity with technical expertise. A wanderer at heart, he tries to roam the world with a heart that longs to watch more sunsets than Netflix!