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Biggest IoT Trends for Business in 2024

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The Internet of Things (IoT) refers to the expanding network of interconnected devices sharing our environment, and the upcoming trends in this area.

The IoT trend has become a permanent fixture and has evolved significantly from its early days.

Businesses now have a wealth of opportunities to integrate various devices and technologies, such as phones, office equipment, and industrial machinery, into their operations.

The Internet of “things” represents a movement that is driving the digitization and data-driven transformation of society in novel and captivating ways.

These interconnected objects facilitate advancements such as self-driving cars, autonomous industrial robots, and remote medical equipment for diagnostics and surgical procedures.

Currently, the average number of connected IoT devices in U.S. households is 22, and there are approximately 13.1 billion connected devices worldwide, with an anticipated increase to about 75 billion by 2025.

Let’s explore some of the likely developments and advancements expected in 2024:

Healthcare IoT

Given recent global events, it is not surprising that healthcare has been one of the most active sectors for IoT development in 2022. From public surveillance cameras to fitness trackers, telemedicine, and remote treatment, healthcare encompasses a wide range of use cases. These include various activities such as exercising, monitoring health metrics on wearable devices, and telemedicine services that have become increasingly common.

Medical equipment is frequently interconnected through devices. Defibrillators, oxygen pumps, and insulin drips can be monitored and adjusted remotely. The data collected is stored securely for future reference by healthcare providers and patients.

Security

As the Internet of Things continues to grow, it presents an expanded opportunity for hackers and malicious actors. The convenience of IoT devices comes with a price, as evidenced by the 1.5 billion hacked devices in the first half of 2022, with this trend likely to persist into 2024.

IoT devices are not as secure as traditional data storage devices, offering multiple entry points into networks. Additionally, the physical loss or theft of IoT “things” necessitates an extra layer of security to guard against unauthorized access.

Efforts are being made to strengthen security within the industry, including measures to eliminate default passwords on devices and increased awareness and precautions among users.

One security threat involves the hijacking of devices to construct botnets or mine cryptocurrency using the devices’ computational power. Implementing command and control software can help manage and address such attacks.

Connected devices play a role in detecting and preventing cyber threats by collecting data on network traffic and usage, contributing to enhanced security practices. However, there is an ongoing concern that as security measures improve, malicious actors will also enhance their tactics.

IoT Edge

Edge computing is closely linked to IoT, involving devices with embedded analytics to process data as close as possible to the source. This approach, known as IoT Edge, enables devices such as cameras and microphones to capture and process data before it is transmitted to the cloud. This results in faster processing and reduced network congestion.

Devices that collect personal data can access that information without the need for external access, making them more powerful and efficient. This, along with improved battery life and user interfaces, is driving business growth.

IoT in Industry

The Industrial Internet of Things (IIoT) has significant implications for product development, service delivery, customer engagement, and maintenance. Even small businesses can now access smart manufacturing and logistics facilities, thanks to the increasing availability of robotic and AI service platforms at affordable prices.

IoT integration into business models offers insights into activity and processes, driving unprecedented growth. Mobile devices play a vital role in various aspects of operations, including communication, entertainment, training, equipment maintenance, and process simulation.

IoT technology in manufacturing allows for the monitoring of machine performance, predictive fault analysis, and the development of additive manufacturing processes like 3D printing, which offers customization while minimizing waste.

IoT for Resilient Business

Following the significant disruptions caused by the COVID-19 pandemic, businesses are prioritizing resilience and disaster preparedness. The evolving cyber security landscape, along with challenges in remote work and data breaches, are key areas of concern for businesses in 2022. Real-time analysis plays a crucial role in understanding and adapting to changes in the global supply chain and customer demands.

IoT monitoring of records, employee hours, and duties enhances efficiency and facilitates analyses of staff turnover, aiding in planning for shortages. Technologies that enable organizations to forecast and respond to disruptions will continue to drive innovation through 2024 and beyond.

Featured Image Credit: Henri Mathieusaintlaurent; Pexels; Thank you!

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