6 key trends impacting IoT solutions in 2024

Each year, more and more IoT-based solutions see the light of day in a wide range of industries.

And as the IoT landscape is constantly evolving with the rise of new technologies, it is important for providers of IoT solutions to keep up to date with new developments and opportunities for growth.

For a look into the crystal ball, we have selected 6 key trends that will impact IoT solutions in 2024.

1. AI – the hyper-intelligent IoT solution

It is hard to talk about tech trends today without mentioning AI. AI and Machine Learning is already impacting IoT greatly and we believe this will only accelerate in 2024.

Through AI's ability to recognize patterns and its sophisticated algorithms, AI can help identify complex patterns in human behavior – in anything from patients to electricity usage – and predict future outcomes or demand.

These insights can be integrated into IoT solutions, creating even more intelligent solutions and better outcomes.

At Develco Products, we already offer an IoT gateway capable of running both AI and Machine Learning, and we are currently working on ensuring that the next generation of our gateway will have even stronger AI capabilities to be able to deliver the best possible foundation for advanced IoT solutions.

2. Matter – the promise of a universal IoT standard

As the new industry-unifying wireless communication standard, the growth and dispersion of Matter has been of great interest for IoT solution providers.

And this year will see even more integrations with this comprehensive standard promising seamless interoperability between IoT devices of different manufacturers.

This has obvious benefits for solution providers with IoT-based solutions running on Matter, as this wireless standard will increase compatibility among IoT devices allowing a wider range of devices in the system.

One example is our Squid.link 2X gateway that is already Matter ready, meaning it can be updated to support Matter with an over-the-air software update, and during 2024, gateways from Develco Products will start offering Matter support.

3. Growing privacy and data security concerns in IoT – new certification standard and Edge computing

As more devices are connected to the internet and more personal data is shared through these devices, the risk of cyber attacks increases, and it is crucial that providers of IoT solutions address these concerns.

Therefore, new data security standards are needed, like the ETSI Consumer IoT Security certification that will cover all consumer IoT devices. ETSI EN 303 645 is the first global cybersecurity standard and is established to protect consumer IoT devices from cybersecurity threats.

This certification standard will not only function to shield end-users from cyberattacks and protect their personal data but also work as a baseline for future IoT certifications schemes.

Securing user data privacy is paramount in modern IoT solutions where large amounts of data is constantly being sent between devices and gateways. That is why we have worked hard to create a highly secure IoT platform with multi-layered security standards and wireless products that live up to strict standards of security.

Edge computing is another central feature creating extra security in IoT solutions that will also accelerate. It allows data to be processed and stored locally instead of in the cloud, minimizing the amount of sensitive information being sent through the network.

Edge computing is therefore highly relevant for IoT solutions handling private customer data, such as healthcare and security solutions.

​​To provide our customers with the best data environment for their solutions, Develco Products offers Edge-computing gateways.

4. The Digital Switchover – and the approaching discontinuation of the analog telephone network in the UK

By the end of 2025, the analog telephone network in the UK will be switched over to a digital one, leaving solution providers, such as telecare and alarm service providers, whose services rely on the old landline system to upgrade their services to run digitally.

While the switch to digital is now taking place in the UK, the process is already underway in many other countries and will affect even more in the years to come.

It is therefore imperative that solution providers prepare their services and products for the digital network that provides more reliable and future-proof communications.

This is, however, a great opportunity for solution providers to enhance their solutions by switching their equipment to more intelligent technology that is both future-proof and able to deliver higher efficiency as well as remove workload from care staff, for instance.

Here, fully digital solutions such as IoT-based solutions can play a central role with the use of IoT devices, such as smart sensors and alarms, allowing solution providers to collect a multitude of data that they can act on to deliver even better services for end-users.

5. Continued energy awareness and the demand for consumption management

The last few years witnessed an extreme attention towards energy consumption and optimization due to price increases and security of supply concerns.

However, this trend does not seem to fade away and energy awareness is still high on consumers’ agenda with more consumers than ever looking for ways to reduce their energy consumption and costs.

The green transition is, naturally, also a central cause of change towards heightened energy awareness where the popularity of electrical vehicles, for instance, is a central driver.

These factors have led to not only increased awareness of consumption and costs, but with it, the need to intelligently manage and control consumption, whether in the household or in a business.

With an already broad range of energy devices ideal for energy management solution providers wanting to offer more intelligent energy management solutions, Develco Products will continue to work on expanding our fleet of energy products in 2024.

6. Blockchain – creating more secure IoT solutions

Primarily known from the world of cryptocurrencies, the decentralized and tamper-resistant nature of Blockchain has enormous potential in making IoT networks and solutions more secure.

It's cryptographic algorithm can ensure that data is protected from unauthorized access as well as ensuring the integrity of sensor data, preventing the spread of malicious data.

With the many advantages of Blockchain in IoT, Blockchain will be an interesting development in the IoT space in 2024, and at Develco Products, we are already closely investigating the possibilities for incorporating this technology.

Are you interested in learning more about how these trends will impact IoT solutions and how you can benefit from them for your own IoT project? Contact us today.