IoT trends 2024 illustration for Spotflow blog article

The 5 IoT Trends to Watch Out For in 2024

What do you regard as the most significant IoT trend of 2024? The AI boom or the creation of AIoT? Affordability of IoT devices? New horizons that the technology unlocks? We've set out to answer this question in today's article.
Jan Kucera, CEO at Spotflow
Jan Kucera
CEO at Spotflow
Published on:
July 1, 2024

Today, about 14 billion IoT devices are connected to the network around the globe. By 2030, this number is expected to skyrocket to over 30 billion. So, let’s look at the important upcoming IoT trends that will shape its (and our) future.

In this article

You'll discover the latest trends that will have a huge impact on IoT technology. We’ll discuss:

  • The AI boom,
  • IoT affordability and connectivity,
  • The importance of DataOps,
  • The rise of Industrial Data Analysts, and
  • Its new applications (AIoT).

The Boom of the Internet of Things

Our world is becoming more connected with every passing hour, and IoT plays an integral part in this process. Therefore, it’s no surprise that according to the State of IoT Spring 2024 report, most global corporations regard IoT technology as one of their top priorities, just falling closely behind another technological field – Artificial Intelligence. That alone is a good enough reason to be in the loop on the latest developments in the field. So, let’s explore the five upcoming trends that will change the IoT field in 2024 and beyond.

#1 The AI Explosion

Today’s AI models can swiftly connect the dots when analyzing large datasets. And the more data the engines have, the better insights they produce. Therefore, more and more industries are implementing IoT at scale to connect every machine to the network and collect its data.

Take, for example, our customer Lely, an agricultural machine and robot manufacturer. Relying on Spotflow, they collect data from over 30,000 machines and analyze it in the cloud using the latest AI models. Then, applying the gained insights, they reduced the non-optimal milking processes by up to 80% while also better utilizing the capacity of every milking robot. And that’s just the beginning.

Simply put, with access to large data sets from many machines, artificial intelligence helps to automatically and rapidly process them and enables data-driven decision-making, improving in the efficiency of the whole operation.

#2 The Money Question

Here we’ll start seeing the same trend as with most other technologies. At first, it’s usually expensive and available only to a dedicated group of early adopters. However, as production becomes more efficient, the components get cheaper, which, in turn, drives the widespread adoption of a given tech. And that’s precisely the point at which IoT is today – factories are spitting out affordable devices by the thousands, decreasing costs and facilitating more integration.

Consider the improvements of related technologies, like network connectivity. The global movement from 2G/3G to 4G/5G and the creation of dedicated IoT networks by providers increase the speed and lower the latency of connected IoT devices while making the prices even more budget-friendly.

Small businesses will benefit the most from affordable IoT technology. It gives them unparalleled insight into their processes, making the whole small-scale operation more flexible and efficient at a reasonable price.

#3 The Importance of DataOps

The challenge of streamlining, integrating, and automating data operations puts DataOps Teams in a prominent position in any company. And their importance will only rise with more and more data being collected, also thanks to the widespread usage of IoT.

From data cleansing and validation to creating custom ML models based on the organization’s specific needs and requirements, DataOps will help managers make better-informed decisions across the board. But that’s not the only field where we’ll see a shift of human labor away from hands-on machine management to specialized work with data.

#4 The Rise of Industrial Data Analysts

Industrial data analysis is another area where we’ll see increased worker demand. This approach to data integration focuses on enhancing the quality of analyzed data through contextualization and modeling. In short, industrial data analysis enables managers to connect vital information and make informed decisions.

Understanding your data is the key to long-term improvements. That’s why many businesses are already investing in this field. Any edge over the competition means increased revenue and better, more sustainable products and processes. We see a bright future ahead for (at least) most CEOs.

#5 The Neverending Possibilities

Combining AI and IoT creates the Artificial Internet of Things (AIoT). And, lacking a crystal ball, we can’t exactly predict what new fields, areas, and improvements AIoT will bring down the line. But some areas that will definitely benefit from the rise of AIoT are:

  • Smart agriculture – implementing anything from automated greenhouse management, real-time pest detection in the field, livestock forecasting, or crop monitoring and suggestions on the best times to use fertilizers and pesticides.
  • Traffic monitoring – relying on AI algorithms that analyze data from sensors, cameras, and GPS systems in real-time, improving traffic management and road conditions.
  • Predictive maintenance – IoT sensors collect technological data from machines, which AI algorithms evaluate and use to predict machine failure.

Everything is possible, but one thing is sure – we’ll see a lot more AIoT applications, at first improving industrial operations and then even our everyday lives.

The Bright Future of IoT

We’re living through a super boom of IoT that will eventually stabilize into steady growth—a term that economists love. Talking about numbers, McKinsey & Company estimates that the IoT market will be worth about $12.5 trillion globally by 2030. That’s a huge pie to bite into, and the first step is collecting and processing your data.

That’s our specialty at Spotflow – start a free trial now and get a lead on your competition.

About Author

JAN KUCERA, CEO & CPO at Spotflow

Jan Kucera

CEO & CPO at Spotflow
Jan has a passion for computer science and technology. His expertise lies in creating cutting-edge technological platforms, which have been widely adopted by many Fortune 500 companies. Jan believes in prioritizing the product and placing users and their needs in the center. His ultimate goal is to revolutionize the rigid IoT industry and position Spotflow as the leading provider of IIoT platforms, helping IoT solutions builders to achieve their goals.
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