Top Industrial IoT Trends in 2024

The Industrial Internet of Things (IIoT) is a term that refers to the network of physical devices, sensors, and software that can collect, exchange, and analyze data over the internet in industrial settings. IIoT has been transforming various sectors and domains, such as manufacturing, energy, transportation, and healthcare. As IIoT continues to evolve and innovate, it is important to stay updated on the latest trends and predictions that will shape the IIoT landscape in 2024. In this article, we will explore some of the top industrial IoT trends that we can expect to see in 2024 and how they will impact businesses and consumers.

A. AI and ML Will Enable Intelligent IIoT Systems

One of the most prominent IIoT trends in 2024 is the integration of artificial intelligence (AI) and machine learning (ML) with IIoT systems. AI and ML will enable intelligent IIoT systems that can learn from their environment, adapt to changing conditions, and optimize their performance. This innovation will lead to more efficient and effective IIoT applications, such as predictive maintenance, fault detection, quality control, and automation. For example, AI and ML can help IIoT devices monitor and diagnose their own health, predict failures, and schedule repairs. AI and ML can also help IIoT systems analyze and act on the data they collect, such as detecting anomalies, identifying patterns, and generating insights. According to Shoplogix, by 2024, the AI in IoT market is expected to grow at a CAGR of 26% to reach $16.2 billion, reflecting the increased integration of AI and ML in IIoT1 .

B. Edge Computing Will Improve IIoT Performance

Edge computing is another IIoT trend in 2024 that emphasizes processing data near its source rather than a distant centralized cloud. This approach will reduce latency, bolster reliability, and improve security for IIoT systems. This will be especially important for IIoT applications that require real-time processing, such as autonomous vehicles and industrial automation. Edge computing will also enable IIoT devices to operate independently and collaboratively, without relying on constant connectivity to the cloud. According to MarketsandMarkets, the global edge computing market size will grow from $3.6 billion in 2020 to $15.7 billion by 2025, at a compound annual growth rate (CAGR) of 34.1% 2 .

C. Blockchain Will Enhance IIoT Security

The incorporation of blockchain technology with IIoT systems is another key trend to watch in 2024. Blockchain is a distributed ledger that records and verifies transactions without the need for a central authority. Blockchain’s secure, decentralized, and transparent data storage and transmission capabilities will be invaluable as IIoT devices multiply and handle more sensitive data. Blockchain will help IIoT systems prevent data tampering, ensure data integrity, and protect data privacy. Blockchain will also enable IIoT devices to establish trust and coordinate actions among themselves, such as sharing resources, executing smart contracts, and participating in peer-to-peer transactions. According to Research and Markets, the global blockchain IoT market size will grow from $258 million in 2020 to $5.8 billion by 2026, at a CAGR of 91.5% 3 .

D. The Rise of Industry Cloud Platforms

Industry cloud platforms are another IIoT trend in 2024 that will offer tailored solutions for specific industries and domains. Industry cloud platforms are cloud-based platforms that provide specialized services, applications, and infrastructure for a particular industry, such as manufacturing, healthcare, or energy. Industry cloud platforms will enable IIoT systems to leverage the benefits of cloud computing, such as scalability, flexibility, and cost-effectiveness, while addressing the unique challenges and requirements of each industry, such as compliance, security, and performance. Industry cloud platforms will also facilitate collaboration and innovation among different stakeholders, such as suppliers, customers, and regulators. According to Gartner, industry cloud platforms will be one of the top 10 strategic technology trends for 20244 .

E. Greater Adoption of IIoT Wearables

The IIoT wearables trend will gain momentum in 2024, as devices like smart glasses, smart helmets, and smart gloves will offer innovative ways for workers to interact with IIoT systems. IIoT wearables will enhance worker productivity, safety, and comfort, by providing real-time information, guidance, and feedback. IIoT wearables will also enable new forms of communication, such as voice command, gesture control, and haptic feedback. IIoT wearables will also integrate with other IIoT devices, such as sensors, cameras, and robots, to create a seamless and immersive work environment. According to Statista, the global wearables market size will grow from $62.82 billion in 2020 to $81.5 billion in 2021, and reach $105.4 billion by 2023.

Conclusion

These are some of the top industrial IoT trends that we can expect to see in 2024. These trends will have a significant impact on various industries and domains, as well as on our daily lives. As IIoT continues to innovate and evolve, it is important to stay updated on the latest developments and opportunities in this field. If you are interested in learning more about IIoT and how it can benefit your business, feel free to contact me. I am a leading Tech Influencer and IIoT development consultant that can help you design, develop, and deploy IIoT solutions that meet your specific needs and goals.