Top IoT Trends in 2024 – [Infographic]

The year 2024 is witnessing a remarkable surge in the Internet of Things (IoT) industry, with several significant IoT trends shaping its trajectory. The increase in numbers of IoT devices continues to skyrocket, reaching an estimated 20.9 billion connected devices by the end of this year. This surge is fueled by the increasing adoption of IoT across various sectors, including healthcare, manufacturing, transportation, and smart cities. One of the top IoT trend is the convergence of IoT with artificial intelligence (AI), enabling intelligent decision-making and automation.

By 2024, it is projected that AI-driven IoT deployments will generate $300 billion in revenue. Another key trend is the emergence of edge computing, which allows data processing and analysis at the edge of the network, resulting in faster response times and reduced bandwidth requirements. By the end of this year, it is estimated that over 50% of IoT-generated data will be processed at the edge.

The rise of 5G connectivity is driving the acceleration of IoT adoption, providing faster and more reliable network connections to support the growing number of connected devices. By 2024, 5G connections are expected to reach 3.5 billion worldwide. As security concerns intensify, there is a growing focus on enhancing IoT security measures.

By 2024, global spending on IoT security solutions is predicted to exceed $6 billion. Overall, these latest IoT trends reflect the continued evolution and maturation of the IoT landscape, paving the way for innovative applications and transformative advancements in the years to come. Below provided is the graphical infographic for you to understand these latest IoT trends thoroughly.

Top IoT Trends in 2024

5G Connectivity

The advent of 5G technology is set to revolutionize IoT with its high-speed, low-latency capabilities, enabling a projected 10 billion IoT connections by 2025, accounting for 60% of total 5G connections.

Machine Learning & AI

AI-driven IoT applications will surge, with an estimated 75% of IoT devices incorporating AI capabilities by 2025, empowering intelligent data analysis, predictive insights, and autonomous decision-making.

Smart Home & Customer Assistance

The smart home market is expected to reach $158 billion by 2024, driven by voice assistants like Amazon Alexa and Google Assistant, making up around 35% of global smart home device shipments.

Industrial Automation

Industrial IoT (IIoT) will witness significant growth, with a projected market value of $110.6 billion by 2025, driven by automation, predictive maintenance, and enhanced operational efficiency.

Real-Time Data Processing

The demand for real-time data analytics will soar, with real-time streaming analytics projected to grow at a CAGR of 27.8% from 2021 to 2026, enabling rapid insights, proactive decision-making, and improved business outcomes.

The Internet of Healthcare Things (IoHT)

The IoHT market is projected to reach $142.45 billion by 2026, growing at a CAGR of 19.1%, as healthcare providers increasingly use IoT devices to monitor patient health, improve medical asset management, and more.

Monitoring Applications

The global IoT monitoring market is expected to reach $48.04 billion by 2026, with a CAGR of 14.8%, as businesses across industries adopt IoT-enabled monitoring solutions to improve operational efficiency.

Explore this infographic of the latest trends in IoT and a market insight as well!

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