IoT is not a new term now. The Internet of Things as we commonly know is no longer just a futuristic buzzword. It’s rapidly permeating our daily lives, with everyday objects whispering secrets to each other and sharing a wealth of information.
From your fridge whispering your snack preferences to entire cities humming with data-driven insights, IoT product engineering services are growing their market, and we see things turning around us into smart things every day. From Our homes to our watches everything is seeing a humongous amount of shift towards smartness. Day by Day the market of IoT is galloping.
The number of devices worldwide is forecast to almost double from 15.1 billion in 2020 to more than 29 billion IoT devices in 2030. IoT devices are used in all types of industry verticals and consumer markets, with the consumer segment accounting for around 60 percent of all IoT-connected devices in 2020. This share is projected to stay at this level over the next ten years.
Major industry verticals with currently more than 100 million connected IoT devices are electricity, gas, steam & A/C, water supply & waste management, retail & wholesale, transportation & storage, and government. Overall, the number of IoT devices across all industry verticals is forecast to grow to more than eight billion by 2030.
Talking about smart devices leads us to our favorite media devices such as smartphones, where the number of IoT devices is forecast to grow to more than 17 billion by 2030. Other use cases with more than one billion IoT devices by 2030 are connected (autonomous) vehicles, IT infrastructure, asset tracking & monitoring, and smart grid.
Looking at the numbers we can imagine the pace at which every product in every industry is soon going to be a part of the IoT Network.
The advantages of IoT technology for businesses have introduced massive improvements for owners and users. For instance, businesses Leverage applications to optimize asset usage and maintenance, develop resilient supply chains, Users capitalize on the benefits of IoT for streamlining the use of internet-connected devices, and many more. However, IoT is still developing, and emerging technologies will play a crucial role in shaping its future with technologies like blockchain, IoT in security, IoT in Hardware, Device management, Low-power networks,5G connectivity Etc.
Digital Twins
Who could have imagined that IoT would evolve in such a way that the ‘thing’ in the Internet of Things would be replaced by their virtual twins? Yes, Product engineering services and companies are progressing rapidly to create replicas of devices for their virtual twins. This not only broadens the scope for product evolution but also brings great business opportunities for product engineering services companies to dive into this billion-dollar industry. Digital twins can be of components, assets, systems, and processes that widen the scope for Engineering (systems), Automobile manufacturing, Aircraft production, Railcar design, Building Construction, Manufacturing, and Power utilities.
5G Connectivity
Imagine an IoT without high-speed internet connectivity. The whole IoT will come to a standstill and the whole product engineering service and industry will collapse. The 5th generation of network and connectivity is the oxygen for the devices and networks to thrive. Most importantly, 5G connectivity can reduce the urban-rural divide by bringing robust networks to rural areas bringing in new ventures and opportunities for investors and human resources to leverage the high tide of revolution.
Block-Chain
The large-scale shift is opening doors for IoT product engineering evolution at a lot of levels.
when we think of IoT the first thing that comes to mind is a huge number of devices inter-connected exchanging data and information profusely every second. This also brings in the concern for security and blockchain comes to our rescue. Product engineering Companies using blockchain technology not only have great opportunities to scale but also play a big role in aiding the revolution and evolution. Blockchain not only helps with security but also with recording transactions, tracking assets in a network, reducing risks, and cutting costs.
This can be implemented in private, public, and permissible networks which build trust, and improve security and efficiency.
IoT Security
The vulnerability of IoT networks is a crucial concern for developers and businesses. Security technologies will take the limelight in the IoT market in 2024 with new developments in technology for securing IoT devices and platforms from physical and online attacks. In addition, the Internet of Things emerging technologies in security would also resolve novel issues such as the impersonation of devices in IoT networks. IoT security technologies would also help tackle denial-of-sleep attacks, which can drain the batteries of IoT devices. Security technologies would also help in encrypting communications, thereby preventing attacks. medical records, autonomous vehicles, or intellectual property).
These include large organizations with complex networks, digital factories and plants that rely on industrial operational technology (OT), and healthcare organizations that use medical IoT for patient care such as networked scanners, monitoring tools, wearable devices, and other internet-connected systems, devices are not built to meet the business and regulatory requirements of critical industries. If developers integrated security into IoT devices and software, it would go a long way to help protect sensitive data and prevent exploitation when those devices go online.
IoT Hardware
The promising trends for IoT in 2024 would also focus on introducing new and innovative developments in IoT hardware. One of the foremost highlights of IoT technology examples is the need for efficient sensors and computer architecture. Interestingly, 2024 would bring relief for IoT manufacturers with a reduction in chip shortages with new production lines. The lower prices of different chips, such as NAND flash and dynamic RAM chips, could encourage lower pricing of end products.
Hardware developments in IoT technologies would also focus on modifications in computer architectures. Most of the attention on new computer architectures would revolve around modifications in memory and storage approaches. The new Internet of Things technologies would restrict data movement while ensuring data processing with low power consumption. Product engineering services in IoT will be helping industries like Agriculture, health care, industrial automation, retail, transport, and e-commerce. Some businesses are going through a digital transformation because of the Internet of Things. This is especially true in the manufacturing, logistics, and utility sectors, where sensors and other IoT devices are widely used.
IoT Data Analytics
Another promising entry among top IoT technologies would draw attention toward IoT data analytics. Data is one of the most significant strategic assets for every business. Quality insights from IoT data could help design productive business strategies and ensure supply chain integrity. New Internet of Things analytics technologies could help incorporate new algorithms, architectures, and data structures alongside machine learning functionalities. Decentralized Analytics architecture can help design secure IoT networks without compromising knowledge-sharing functionalities. Analytics are broken down by the types of challenges they address and the insights they produce. The main four are descriptive analytics, diagnostic analytics, prescriptive analytics, and predictive analytics Resolving challenges in Intelligent retail solutions, agricultural analytics, Smart cities, healthcare, and real estate.
Low-Power Networks
Collecting emerging IoT technologies in 2024 would also include low-power IoT networks. Many IoT experts believe that low-power networks can outperform IoT networks in various areas. Low-power, short-range IoT networks could dominate wireless connectivity with IoT networks by 2025. In addition, IoT applications for wide-area coverage could rely on low-power wide-area networks. The wide-area networks could offer the advantages of higher connection density, lower operating costs, and bandwidth alongside improved battery life.
IoT Device Management
The next big frontier in technological advancement within the IoT industry would reflect IoT device management. You can find answers to “What are the latest technologies in IoT?” with IoT device management technologies emerging now. The IoT device management technologies could help IoT devices become aware of their location, state, and context. At the same time, they can maintain compliance with data taxonomies and extend beyond the limits of conventional data management.
Mesh Sensors
The detailed description of an IoT technologies list would also highlight the importance of mesh sensors. Mesh sensors can serve as a vital component for designing wearables you would use in the future. They can help accurately track body movement and monitor other vital stats such as sleep quality, heart rate, and exercise. Mesh sensors could open up new roads for integrating Internet of Things technologies in users’ clothing.
Battery-free Sensors
The final addition among IoT technologies that would have a dominant influence in 2024 would point to battery-free sensors. Besides complementing IoT network technologies, battery-free sensors could introduce efficient IoT network designs. With the ability to generate their power, battery-free sensors could avoid battery replacement and power consumption concerns.
Advanced Robotics
Robots with enhanced speed, agility, productivity, safety, and accuracy are the prime features of these robots. Starting from the manufacturing industry to health care, entertainment, workplaces, education, aerospace engineering, agriculture, and even the construction industry.
Advanced robotics is reshaping industries by offering intelligent, autonomous solutions that enhance productivity, safety, and quality of work. Its integration with Industry 4.0 technologies and continuous innovation is unlocking new possibilities and transforming the future of industrial operations.
Augmented Reality
Augmented reality is taking over almost all prime industries including education, healthcare, gaming, tourism, architecture, retail, entertainment, logistics to marketing. in simpler terms, AR means intensifying the reality of real-time objects that we see through our eyes or gadgets like smartphones. It can impactfully offer an unforgettable experience either of learning, measuring the three-dimensional surfaces, or reviewing the medical statistics of emergencies consisting of the utmost complications.
Neuromorphic Computing
Medicine to manufacturing, artificial intelligence to imaging, neuromorphic chips, and applications open exciting possibilities across multiple fields. Research in this area continues, and we are sure to see many more revolutionary applications of this brain-inspired computing paradigm. The future looks bright for neuromorphic systems that promise to meet the growing computational demands of our technology-driven world.
Final Words
The outline of emerging IoT technologies showcases how new technologies strengthen the foundations of the Internet of Things. Some new technologies build upon the existing IoT ecosystem to introduce additional functionalities. On the other hand, you can also find completely innovative technologies tailored for disruption.
