Key Milestones and Transformations in IoT: A Look Back at 2024
- Chinmay
- January 9, 2025
- Artificial Intelligence, Internet of Things
- 6G roadmap, AI and IoT, Digital Transformation, IoT industry trends, IoT regulatory measures, IoT security, Qualcomm IoT strategy, satellite IoT, smart cities, Vodafone-Microsoft partnership
- 0 Comments
Ken Figueredo, a consultant specializing in business strategy and market innovation, has been at the forefront of developments in AI, IoT, and 6G technologies. His work spans intelligent transportation, smart cities, and data-driven business models, involving collaborations with major mobile operators, equipment vendors, and institutional investors globally.
As the IoT industry matures, 2024 showcased a shift toward a post-connectivity era, where IoT serves as a component in broader systems rather than a standalone technology. For instance, IoT connectivity now plays an integral role in systems like electric vehicles, emphasizing system-level integration over isolated use.
This article reflects his perspective on the key developments, trends, and transformative shifts that defined the IoT landscape in 2024. By analyzing these changes, he offers a thoughtful overview of where the industry stands and where it might be headed.
Noteworthy Developments in 2024
- Strategic Partnerships and Long-Term Commitments
A standout example from 2024 is the Vodafone-Microsoft partnership, which involves a decade-long collaboration to enhance IoT solutions for businesses across Europe and Africa. Vodafone’s creation of a dedicated IoT business unit and Microsoft’s investment in its IoT connectivity platform highlight a business-oriented rather than technology-driven approach.
- Regulatory Frameworks for IoT Security
Governments have implemented measures to protect IoT consumers. In the UK, a product security regime was introduced, while the USA launched a voluntary cybersecurity labelling program akin to ENERGY STAR. These initiatives aim to boost consumer confidence and incentivize manufacturers to improve IoT product security. Regulations such as the EU’s Data Act also emerged as game-changers, ensuring data portability and reducing vendor lock-ins. These regulatory steps promise a competitive and innovative IoT landscape, especially for manufacturing and industrial sectors.
- Government Support for SMEs in IoT
To boost IoT innovation among small and medium enterprises, governments worldwide have launched initiatives:
- Glasgow, Scotland, is investing £2.5 million to become a hub for IoT innovation.
- Saudi Arabia initiated an IoT startup incubator in collaboration with Aramco and Qualcomm.
- South Korea introduced programs to accelerate 5G IoT product development by reducing costs for SMEs.
- China’s ambitious IoT development plan includes creating industrial clusters and demonstration zones, aiming for over 3.6 billion IoT connections by 2027.
- IoT as a Component in Larger Systems
A shift toward integrating IoT within broader ecosystems is evident. Xiaomi, for instance, announced its entry into the electric vehicle (EV) market with HyperOS, an IoT ecosystem linking “human-to-car-to-home” experiences. Similarly, satellite IoT is gaining traction, combining terrestrial and satellite networks to provide global connectivity for enterprise use.
- Qualcomm’s Evolution Beyond Connectivity
Qualcomm’s announcement to focus on intelligence in IoT marks a strategic pivot. By targeting a $3.4 trillion market opportunity in digital transformation, Qualcomm is moving beyond chipsets to end-customer solutions, enabling vertical integration and advanced analytics.
Lessons and Implications
- Specialization for Smaller Companies: SMEs can thrive by targeting niche markets or offering localized expertise, potentially becoming acquisition targets for larger players.
- Scale for Larger Players: Companies like Vodafone and Qualcomm are leveraging IoT business unit separations to innovate more effectively and scale across diverse use cases.
China’s modernization strategy is poised to drive IoT adoption globally, influencing supply chain innovation and technology affordability. Spill-over effects from its IoT advancements could benefit markets across the Global South and beyond.
