The Internet of Things (IoT) represents a network of physical objects—everything from simple sensors to smartphones and wearables—connected and capable of exchanging data. This interconnected web has expanded rapidly, encompassing various aspects of our daily lives and work.
In the aftermath of 2023, when over 30 billion devices were connected to the internet, here’s a look at the key trends that will shape our interaction with these devices in 2024:
Digital Twins and the Enterprise Metaverse
The convergence of digital twins and the metaverse is a major trend defining the Internet of things development use across industries. Digital twins, powered by IoT data, create virtual replicas of systems, from factories to retail spaces. In 2024, the application of this technology is expected to be more widespread. Retailers, for instance, can leverage it to track customer behavior in real-time, adjusting store layouts for better sales. Industrial settings might use it to simulate machinery configurations and predict equipment failures.
IoT Security
With the exponential growth in connected devices, IoT security remains a critical concern. As the number of devices surged in 2023, so did the efforts to safeguard against cyber threats. The US aimed to implement standardized security labeling for consumer IoT devices in early 2023, while the UK planned to introduce the Product Security and Telecommunications Infrastructure (PTSI) bill. In 2024, the focus on IoT security is expected to intensify, especially in consumer spaces where personal data is at stake.
The Internet of Healthcare Things
Healthcare has emerged as a significant sector for IoT application. The market for IoT-enabled health devices was projected to reach $267 billion by 2023. This trend is expected to continue in 2024, with wearables and in-home sensors playing a pivotal role in patient monitoring and telemedicine. The concept of “virtual hospital wards” is becoming more familiar, where healthcare professionals manage patient care remotely. Consumer health devices, like smartwatches with advanced sensors, are anticipated to evolve further, possibly including innovations like wearable skin patches and neurological signal-reading implants from companies like Neuralink.
Governance and Regulation in the IoT Space
2023 was a year of regulatory developments, with the EU expected to introduce stringent data handling and protection rules for IoT device manufacturers and operators. These regulations are part of a global movement towards better managing the legal and social implications of IoT. In Asia, China’s three-year plan for IoT adoption was set to culminate in 2023, focusing on balanced growth while addressing privacy and personal rights issues. This regulatory momentum is likely to continue in 2024, shaping the IoT landscape globally.
In conclusion, as we move through 2024, these trends indicate a more integrated, secure, and regulated IoT environment, with significant advancements in healthcare, enterprise applications, and consumer devices. The focus will likely remain on harnessing IoT’s potential while mitigating its risks and challenges.