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The Future Of The IOT – 2024 Guide

The Internet of Things or IOT. Isn’t that a cool term? Well, it might just be.

And it might be terminology that is going to get thrown around a lot in the next decade (or beyond that). So what will the future hold for all things IOT? That we can answer.

While it’s not easy to predict the future and be dead-on accurate, a realistic prediction is close enough. The IOT industry is fast growing and it is showing no signs of slowing down at any given moment. Especially when the market value is increasing day after day.

On top of that, businesses great and small have already made the decision to upgrade to IOT software and equipment. Otherwise, they might be in the process of doing so. The future’s looking brighter than ever for IOT.

Want to know how technology can shape the future? Let’s take a look at six predictions that we think will happen with IOT now and in the years beyond:

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1. Almost 30 billion IOT Devices Are Now Active

Smart devices open the door to accessing IOT. The numbers are going in one direction: up. As of 2019, there have been more than 26 billion IOT devices that have been active. At this point, that number is at around 30 billion or may have surpassed it.

Already, there are businesses and even consumers that are utilizing IOT devices and software. IOT devices maybe even coming to a home near you. Consumer IOT has already climbed the ranks as one of the largest industries as far as spending on IOT is concerned.

2. The market value is teetering on $1T

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No, that is not a typo. That is the actual market value of what IOT is zeroing in on. One trillion dollars.

That is the equivalent of the market value of Amazon or Apple. Either way, its impressive value is continuing to grow. And the big tech companies are making sure that IOT stays strong.

Big-name companies like Apple, Microsoft, and Dell are already pouring in plenty of money to ensure that IOT continues to grow. Not only are they putting in a lot of money, but they are also already adopting IOT technology as part of what they offer for services. IOT devices and software have plenty of applications across several industries such as government, financial, manufacturing, and even healthcare.

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3. About the same amount of money will be spent on IOT in two years

While the market value of IOT is around $1 trillion, the same amount of money will be spent on it by businesses within the next two years. Like the market value, the amount of money spent will also grow as well.

One of the reasons why IOT has become such a hot new thing for businesses and individuals is the cost-effectiveness. IOT has already proven that it can be a cost-effective solution compared to other options. One prime example is driverless cars.

Driverless cars will be smart enough to navigate routes and other obstacles. Not to mention, it will even stay ahead of the curve and prevent road accidents from happening. Let’s not forget that traffic jams and the stress of looking for a parking spot may soon become a thing of the past.

These driverless cars might just save people a lot of money. On top of that, with the agricultural industry beginning to adopt IOT, it would come as no surprise to see food prices slashed in half by the year 2050.

It’s a trillion dollars that may be well worth spending if these predictions do hold.

4. At least 95% of businesses will be using IOT by 2024

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With the phasing out of old technology and operating systems, businesses are now given the choice of ‘adapt or die’. Because of this, more than 95 percent of businesses will be using some kind of IOT software or products once 2024 arrives. As such, many industries have begun to adopt IOT (including the core industries like manufacturing, transport, retail, and healthcare).

Of those who already use IOT, about 90 percent of businesses have stated that its use has been critical to their success. Plus, they have even seen a positive return on investment. Saving money while getting an excellent return on investment is what every business dreams of doing.

with IOT, that could very well become reality if each business were to adopt such technology.

5. You’ll start to see communities become ‘smarter’

Not only will people and businesses use IOT, but you’ll also see towns and cities do the same. This will allow automation, remote managing, and collect data with the help of some services that are being offered. In big cities, you may see unmanned bike rental kiosks or even see someone order a taxi using an IOT device.

Local governments may be looking at budgeting and making decisions on what to get rid of (while replacing it with something that is IOT-based).

6. Cybercriminals will use IOT for DDoS Attacks

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While IOT will be aimed for the greater good, there will be those who might use it as a weapon of destruction. Look no further than the cybercriminals. They tend to use IOT devices to pull off one of their favorite types of attacks, the DDoS attack.

In 2016, there had been an issue with malware in IOT devices. We witnessed the possibility of malware potentially infecting security cameras, our DVRs, and more. A DDoS attack is intended to overwhelm websites with a lot of traffic (which is likely artificial).

This can cause website operations to come to a grinding halt and render any IOT device useless for a period of time. Cybersecurity experts will do their part to protect IOT from future attacks once they discover vulnerabilities within devices and software.

Final Thoughts

The future of IOT is looking brighter than ever. And the numbers prove it. A rapidly increasing market value and more businesses adopting IOT are just a couple of things that indicate that the future is stronger than ever.

IOT is designed to automate things, save people money, and may even change the world. Some of the world’s common problems might just be solved with the help of the Internet of Things. But how long until life can get a little easier because of it?

Only time will certainly tell.

About Henrietta Milanovska