The Five Most Important IoT Trends of 2024

What was really important you only know in retrospect, but we are still going to try and assess which IoT trends will be enterprise-relevant in 2024.

In 2023, Green IoT and AIoT, Digital Twins, the Metaverse, Automation and Security were among the most frequently cited IoT trends. Spoiler: We will continue to encounter most of these technologies in the year ahead. This year we give each trend a kind of rating, its likely degree of effectiveness. A number between 1 and 10 is our assessment of how great the trend’s effect is likely to be on corporate IoT projects in 2024.

In 2024 the Internet of Things (IoT) will be unable to get by without Artificial Intelligence (AI). All IoT applications and projects will not suddenly be AI-driven, of course. And industry is less concerned with the hype about AI tools like ChatGPT or Midjourney. But in some industrial use cases we will see initial application possibilities for artificial intelligence. Industry already has a name for this combination: AIoT (Artificial Intelligence of Things), the interplay of AI technologies and IoT infrastructure.

AI for Predictive Maintenance: Predictive maintenance is a use case that will really come into its own with the aid of AI. IoT sensors connected to machines and plant will supply measurements such as rotational speed and oil pressure, temperature and running performance. AI analyzes this data and suggests the optimal time for maintenance. That will ease the burden on skilled operatives who will no longer need to make unnecessary service journeys.
AI for Fault Detection: AI helps with fault detection by recognizing irregularities such as vibrations and power fluctuations and reporting them immediately. That can help prevent production outages.
AI for Edge Computing: AI will also play a part in Edge Computing. In wireless range of IoT sensors on the machine, IoT devices with sufficient computing power and AI assistance will react to malfunctions faster than ever before.

In 2024 the first companies will start to connect artificial intelligence in production with the Internet of Things unless, that is, new regulations like the EU’s AI law or the U.S. government’s AI decree throw sand into the AIoT gears. Decision makers are also not yet fully aware of the benefits of AI for IT projects.

Degree of Effectiveness: 6 out of 10.

Sustainability has progressed from a nice-to-have to an indispensable corporate objective. Greater societal expectations require enhanced environmental and social endeavors to secure consumer confidence while at the same time stricter statutory requirements around the world force companies to comply with tougher environmental regulations and social standards such as those defined in the ESG criteria. Sustainability also offers competitive advantages because customers increasingly prefer environmentally friendly products and services. Companies that opt for sustainability open up new markets and are better able to retain existing customers. Sustainability efforts strengthen employee motivation and retention because many employees prefer companies that share their values and are committed to sustainability. They are a further advantage in recruiting skilled workers. In addition, sustainable practices often lead to cost savings and more efficient use of resources.

In this connection the Internet of Things can in many respects make a decisive contribution. IoT tracking for example reveals not only where my merchandise is and when it will reach its recipient. Networked trackers with sensor and wireless technology also ensure immediate notification if the cooling of goods is interrupted and can thereby help to reduce reject rates. Intelligent route planning helps to reduce numbers of empty runs. Networked fill level measuring devices only indicate the need for collection when a container really needs to be collected or emptied. IoT sensors are aware in detail of the status of a machine; maintenance journeys can be planned on demand. And thanks to remote reading of connected devices smart meters no longer need to be read manually on-site. That eliminates unnecessary journeys, fuel consumption and CO2 emission, especially at remote locations such as wind farms.

Thanks to the IoT, Smart Building can make more efficient use of electricity, heating and lighting. Devices are becoming more sustainable too: tracking modules with a solar panel and battery do not require conventional batteries and IoT sensors help to monitor the quaiity of water and air, to spot forest fires early and to avert environmental disasters. Or to prevent water losses and remove plastic waste from waterways.

Degree of Effectiveness: 7 out of 10.   

IoT security is of crucial importance because it ensures the integrity, confidentiality and and availability of connected devices and systems. IoT systems often process sensitive information, the loss of or unauthorized access to which, be it personal data or industrial trade secrets, can have serious consequences. Manipulated IoT devices can also relay false readings and cause damage. In many use cases the system must be available at all times—not to menzion the fact that security deficiencies can impair customer confidence in products and services.

The Security-by-Design approach integrates security functions in the development process of IoT devices. Certified hardware guarantees security standards and reduces the risk of vulnerabilities and backdoors. In contrast to WLAN or LoRaWAN, wireless networks in the licensed frequency range such as 5G, NB-IoT and LTE-M also offer standardized security. Blockchain technology is another highly promising approach to IoT security which ensures tamper-proof and transparent recording of transactions. That can help to build confidence between users and ensure the integrity of data interchange, which is especially important in areas such as rating and authentication.

IoT systems also help to protect critical infrastructures (KRITIS). IoT sensors can continuously record parameters like temperature, pressure, moisture, gas leaks and movements in plants and buildings. Coupled with intelligent algorithms, they recognize anomalies and unusual activities and automatically switch off systems, trigger alarms or notify security personnel. Critical infrastructures can be monitored and controlled remotely via IoT systems. Sensor technology also provides early warnings of environmental threats such as floods or heavy rainfall. Here, as in other areas, IoT security awareness needs to be further sharpened.

Degree of Effectiveness: 8 out of 10.

To sell in the world market IoT devices or products with IoT connectivity in general you must first ensure that the product functions flawlessly in the target country. And if your connected goods cross international borders you must be able to monitor supply chains and track shipments seamlessly. That, however, frequently still means negotiating numerous contracts with local and regional network operators, each of which has its own technical infrastructure and uses different platforms that cannot communicate with each other. And when problems occur, you have to discuss them with different support teams, to each of which different Service Level Agreements (SLAs) apply.

That is why more and more companies are looking for a one-stop-shop provider—one contract partner, one tariff, one service contact, one management platform and uniform global SLAs. Telekom, for example, operates cell networks on both sides of the Atlantic and has roaming agreements with over 600 selected network providers all over the world. That enables Telekom to implement all global IoT projects that are based on the NB-IoT, LTE-M, LTE, and 5G standards. And with Satellite IoT Telekom can now even offer connectivity in parts of the world that previously lacked adequate network coverage.

Degree of Effectiveness: 9 out of 10.

Further technological development of cell networks will benefit many IoT applications. New features of the 5G standard are constantly being launched. The next level, 5G Advanced, is expected to arrive in 2024 with more capacity, higher speeds, wider network coverage and lower energy consumption. The positioning accuracy of devices, navigation devices for example, is also expected to improve.

With the expansion of 5G Standalone technology (5G SA) not only the access network but also the core network will be based on 5G technology at more and more locations, making possible higher speeds, wider bandwidths and lower latencies for, say, campus networks. Continuous network expansion in general, not only of 5G networks but also of fiber optic, LTE-M or NB-IoT, will of course make implementing IoT projects even easier.

Degree of Effectiveness: 10 out of 10.