As we delve deeper into the era of digital transformation, the Internet of Things (IoT) continues to be a pivotal force, reshaping how we live and work. With a projected 27 billion connected devices by 2025, as reported by IoT Analytics, the landscape of technology is evolving rapidly. Here are the seven key drivers that are set to fuel the growth of IoT in 2024 and beyond:
1. Enhanced AI Integration in IoT
According to a recent IEEE survey, AI applications in IoT are expanding into critical areas such as real-time network security, supply chain efficiency, software development acceleration, and advanced automated customer services. These developments necessitate substantial investments in IoT technologies for improved product identification, processing, and development.
2. Expanding Connectivity of IoT Devices
The transition from 2G/3G to more robust 4G/5G networks is enhancing connectivity, especially in urban areas. However, many rural regions still rely on lower-performance networks, highlighting a digital divide that needs bridging to leverage IoT's full potential.
3. Decreasing Costs of IoT Components
A relief in chip shortages, thanks to new production lines, along with an oversupply of key components like DRAM and NAND flash memory in 2023, has led to reduced prices. This trend is expected to lower the cost of IoT endpoints significantly in 2024, encouraging wider adoption.
4. Technological Advancements
IoT continues to attract cutting-edge technological innovations, particularly in computer architecture, affecting how data is stored and processed both in data centers and on network edges.
5. Decoupling of Systems for Efficient Data Processing
The decoupling of traditional data center servers and the advent of virtual computational systems are making data processing more efficient and sustainable, a crucial development as IoT expansion continues.
6. New Chip Designs and Standards
The semiconductor industry itself is undergoing a transformation with the introduction of chipset technology and the Universal Chiplet Interconnect Express (UCIe) standard in 2022. This standard allows the combination of specialized chips from various manufacturers into a compact package, enhancing performance and integration.
7. Emerging Non-Volatile Memory Technologies
The drop in prices and increase in density of semiconductors like DRAM and NAND flash memory are set to decrease costs and enhance the capabilities of IoT devices. Furthermore, the advent of new non-volatile memory technologies, which are particularly useful in low-power states, promises to revolutionize device performance.
In conclusion, these driving factors indicate a robust growth trajectory for IoT in 2024 and beyond, profoundly impacting both our personal lives and professional environments. As IoT becomes more integrated into everyday devices and systems, its influence on the technological ecosystem is set to expand dramatically, heralding a new era of interconnected, intelligent technology.
