Introduction
The Internet of Things (IoT) has been developing for over a decade, but 2024 will likely be the pivotal year when IoT devices finally reach mainstream adoption by consumers and businesses. There are several key factors that point to 2024 as the breakthrough moment for IoT devices to become ubiquitous.
Market Growth Projections
By 2024, analysts predict there will be over 30 billion IoT devices in use globally, up from around 11 billion in 2021. This rapid growth indicates that IoT devices like smart home assistants, wearables, connected vehicles, and industrial sensors will become commonplace very soon.
Key IoT Growth Statistics
- Global IoT market expected to grow to $1.6 trillion by 2025, according to IDC
- IoT connections to reach 30 billion in 2024, up 179% from 2021 according to Juniper Research
- IDC predicts IoT spending will reach $1.2 trillion in 2024 as adoption accelerates
The numbers show that IoT will experience massive growth within the next couple years as costs come down and use cases expand. The stage is set for 2024 to be the tipping point.
Expanding Consumer and Enterprise Applications
A key driver in the mainstream adoption of IoT devices will be the expansion of real-world applications across homes and businesses. As more consumers experience the convenience of smart home gadgets and enterprises realize the benefits of IoT sensors and trackers, demand will skyrocket.
Smart Home Tech Goes Mainstream
By 2024, an estimated 68 million U.S. households will own at least one smart speaker, according to eMarketer. Smart security systems, connected appliances, light bulbs, and more will also become commonplace. Familiarity and word-of-mouth endorsements will drive consumer IoT adoption.
IoT for Business Efficiency
Enterprise applications like inventory management, fleet tracking, and predictive maintenance will be enabled by affordable, scalable IoT sensors and platforms. Businesses will want to leverage IoT data to cut costs and boost competitiveness.
Development of 5G Connectivity
The rollout of high-speed 5G networks will be critical to support the bandwidth and performance demands of billions of IoT devices. Widespread 5G coverage is expected by 2024, laying the infrastructure for IoT gadgets and sensors.
Enabling the IoT Ecosystem
With ultra-low latency and enhanced capacity, 5G will be a game changer for IoT. All those devices need reliable connectivity, which 5G delivers.
As consumers realize the exciting potential of fast, responsive IoT experiences enabled by 5G networks, adoption will accelerate even more. The 5G catalyst will kick IoT into overdrive.
Maturing Technology and Decreasing Costs
For IoT devices to go mainstream, the underlying technology needs to be refined, proven, and affordable. By 2024, IoT-enabling tech like sensors, broadband chips, and AI processors will be commoditized and cheap.
Economies of Scale
As demand grows into the billions of units, massive economies of scale will lower the cost of producing core IoT components like silicon sensors and connectivity modules. This cost reduction will enable appealing consumer price points.
Advances in Embedded AI
Embedded machine learning chips and algorithms will allow smart functionalities without needing constant cloud connectivity. This will lower data costs and enable sophisticated autonomous IoT devices.
As technological advances enable inexpensive but advanced IoT devices, consumer and enterprise adoption will take off in 2024 and beyond.
The Rise of IoT Platform Ecosystems
Finally, for the IoT sector to go mainstream, secure IoT software platforms are needed to manage connectivity, operate devices, collect data, train AI, and develop services. Leading technology firms like Microsoft, AWS, and Google are building comprehensive IoT ecosystems to enable this.
End-to-End Solutions
IoT platforms from major tech companies will provide solutions to securely deploy, update, monitor, and run analytics on IoT device networks from end-to-end. This will encourage adoption by reducing complexity.
Marketplace of Services
IoT platforms will feature marketplaces allowing different devices and data streams to interact via third-party IoT apps and services. The possibilities will be endless in a robust IoT ecosystem.
With comprehensive IoT platforms in place by 2024, both companies and the average consumer will feel comfortable embracing IoT devices on a large scale.
Conclusion
With factors like rising adoption projections, expanding use cases, maturing technology, decreasing costs, and multi-device IoT platforms all converging by 2024, the stage is set for IoT to have its much-anticipated mainstream breakout moment. It will be the year when IoT devices finally fulfill their long-promised potential. 2024 will go down as the pivotal year ushering IoT into the technological mainstream.
