As we step into 2025, the Internet of Things (IoT) landscape reflects a year of significant developments and challenges. 2024 was marked by a blend of economic stabilization and technological advancements, particularly in AI and IoT integration. This article reviews the key highlights and trends that shaped the IoT sector in 2024.
Key Takeaways
- Economic Recovery: Global GDP growth reached 3.2%, with notable increases in India and China.
- IoT Device Growth: The number of connected IoT devices surpassed 18 billion, marking a 13% year-over-year increase.
- AI Integration: AI emerged as a central theme, enhancing IoT applications like predictive maintenance.
- Major Acquisitions: Synopsys acquired Ansys for $35 billion, highlighting significant market consolidation.
- Funding Rounds: Terminus Technologies raised $276 million, the largest IoT funding round of the year.
Economic Landscape
2024 saw a gradual recovery from the economic turbulence caused by the COVID-19 pandemic. Inflation rates began to ease, and interest rates dropped in many regions, contributing to a more stable economic environment. The International Monetary Fund reported a global GDP growth of 3.2%, with India leading at 7%.
IoT Market Dynamics
Despite the overall economic recovery, the IoT hardware market faced challenges. Many sectors reported slower growth, particularly in industrial hardware. However, the industrial software market thrived, experiencing over 12% growth. Notably, enterprise spending on IoT increased by 10% year-over-year, reaching approximately $298 billion.
Notable Developments in IoT
- Largest Acquisition: Synopsys’s acquisition of Ansys for $35 billion was a landmark event, facing regulatory scrutiny but ultimately approved with conditions.
- Funding Milestone: Terminus Technologies secured $276 million in Series D funding, emphasizing the growing interest in smart city solutions and AI applications.
- Innovative Chip Development: Qualcomm and Silicon Labs introduced low-power Wi-Fi 6 chips, enhancing connectivity options for IoT devices.
- Interoperability Standards: The Linux Foundation launched Margo, an open standard for edge device management, promoting interoperability across various platforms.
- Paris Olympics: The 2024 Olympics in Paris showcased advanced IoT applications, including smart cameras for officiating and digital twins for athlete performance analysis.
Regulatory Changes
The EU Cyber Resilience Act was enacted to enhance the security of connected products, mandating robust cybersecurity measures throughout the product lifecycle. This regulation aims to protect users from cyber threats and improve transparency in IoT device security.
Looking Ahead
As we move into 2025, the IoT sector is poised for further growth and innovation. The integration of AI and advancements in connectivity will continue to drive the evolution of IoT applications across various industries. Companies are expected to focus on enhancing security measures and exploring new technologies to stay competitive in this rapidly changing landscape.
In conclusion, 2024 was a pivotal year for the Internet of Things, characterized by significant advancements, economic recovery, and a strong focus on AI integration. The trends and developments observed will undoubtedly shape the future of IoT in the coming years.
Sources
- IoT World Today, IoT World Today.
- IoT 2024 in review: 10 most relevant IoT developments of the year, IoT Analytics.
- IIoT World – Leading digital media outlet focused on industrial IoT, IIoT World.