Trends in IoT and smart devices: What you need to know about the future

The Internet of Things (IoT) continues to change the world we live in and 2024 is set to see significant advances and new opportunities in this area. By the end of the year, the number of IoT devices is predicted to exceed 207 billion, providing unprecedented potential and opportunities for companies and consumers. Businesses that keep up with future IoT trends will make the most of this data and technology.

Leading Trends in IoT Industry in 2024

IoT security and privacy

As the number of IoT devices increases, security will be a top priority. New solutions to protect data and networks will be developed to address the growing threats and vulnerabilities.

Due to the increase in AI-driven cyberthreats in 2024, device protection is critical, especially in widespread remote and distributed work environments. For companies in digital technology and AI, earning and maintaining customer and employee trust is key.

Internet of Things in Healthcare

IoT devices enable remote patient monitoring and assist doctors in diagnosis, gathering data for research and developing new treatments. With the increasing number of seniors, virtual hospitals, where patients are monitored from home via electronic means, have become essential to adapt to demographic changes. By 2024, the integration of generative AI with healthcare IoT devices is expected to facilitate the conversion of patient data into reports and analytics.

Integration with AI-Augmented IoT (AIoT)

IoT technologies are converging with systems and devices that use AI and machine learning to make decisions and solve problems. Similar to human interactions, the coexistence of multiple intelligent devices all connected to each other and performing their tasks can lead to conflict. Therefore, creating protocols that allow these intelligent devices to interact harmoniously and exchange data securely will be a major focus for the industry in 2024.

Advanced use in industry

The Industrial IoT (IIoT) will continue to transform manufacturing processes, logistics and supply chain management. In many factories, automation will become more widespread.

Smart cities

Smart cities will use IoT technologies to improve traffic management, public safety and energy efficiency.

Smart homes and devices

Home automation will become increasingly affordable. The number of smart appliances that will be interconnected and provide more personalised services to consumers is expected to grow.


Business Opportunities

Businesses that follow and embrace these trends will be able to use IoT to improve their processes and services. Investing in IoT technologies can reduce costs, increase efficiency and create new business models. Companies that implement IoT solutions will be able to optimize resource management, improve customer experience and develop new products and services.

Energy efficiency and sustainability

IoT will play a key role in sustainable development by helping to manage energy resources more efficiently. Smart grids and energy management systems will optimise consumption and reduce carbon emissions.

Increased personalization

IoT will allow businesses to offer more personalized products and services. By analyzing data from IoT devices, companies will be able to better understand their customers’ needs and preferences.

Vehicle-to-vehicle (V2V) communications

In 2024, automakers are turning to V2V (Vehicle-to-Vehicle) communications to reduce accidents, maintenance costs and carbon emissions. This technology allows vehicles to share vital information such as location, speed, direction and potential hazards with nearby vehicles, optimizing the driving experience to reduce wear and tear, emissions and travel time. This collective sharing is more effective for autonomous or connected vehicles than single-vehicle sensors. In addition, vehicle-to-infrastructure (V2I) communication is attracting attention by allowing vehicles to interact with sensors at traffic lights and crosswalks to improve road safety and efficiency.

Blockchain integration

Blockchain technology is increasingly being integrated into Internet of Things (IoT) applications, improving data security for IoT devices and enabling trusted interactions between networks. Its suitability for IoT stems from both being inherently distributed systems. Markets and Markets forecasts the IoT blockchain market to expand to $2409 million by 2026.

These are leading trends for leveraging IoT across industries to improve efficiency, optimize processes, and deliver superior products and services in 2024.

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D. Strumenlieva
Director, Coca Cola HBC Bulgaria