Top 10 IoT App Development Trends for Startups In 2024

As we venture further into the digital age, the Internet of Things (IoT) has become increasingly pervasive, transforming the way we interact with technology and the world around us. In 2024, IoT will continue to expand its footprint across industries, offering startups unprecedented opportunities to innovate and disrupt traditional paradigms. From smart homes to connected healthcare devices, the possibilities for IoT applications are boundless.

In this blog post, we’ll explore the top 10 IoT app development trends that startups should keep a keen eye on in 2024. From the integration of artificial intelligence (AI) and machine learning (ML) to the emergence of edge computing, these trends are poised to shape the future of IoT app development and unlock new avenues for growth and innovation. So, let’s embark on a journey through the cutting-edge trends that are set to redefine the IoT landscape for startups in 2024.

What are IoT Apps?

IoT apps, or Internet of Things applications, are software platforms that connect and interact with IoT devices. They can be used on devices like smartphones, tablets, and computers, allowing users to control IoT devices, collect data, and provide useful insights or automate tasks.

Examples of IoT apps include:

• Smart Home Apps: These let users control smart home devices remotely, such as thermostats, lights, and security systems.

• Healthcare Apps: They collect data from wearable devices to monitor patients’ health in real time, track vital signs, and send alerts to healthcare professionals during emergencies.

• Industrial IoT (IIoT) Apps: These monitor machinery to predict maintenance needs and improve safety by alerting workers to potential hazards.

• Automotive Apps: They offer features like predictive maintenance, real-time navigation, and autonomous driving.

• Agricultural Apps: They help monitor crop conditions, automate irrigation systems, and optimize resource use in farming.

Also read, “Top 10 Applications Of IoT In 2024“

Key Market Takeaway of IoT Apps

According to FortuneBusinessInsights, The Internet of Things (IoT) market is witnessing substantial growth, driven by factors such as technological advancements, increasing connectivity, and the proliferation of IoT platforms and solutions. With a projected compound annual growth rate (CAGR) of 26.1% from 2023 to 2030, the market is poised for significant expansion, reaching a valuation of USD 3,352.97 billion by 2030.

FortuneBusinessInsights

In the IoT application development market, key players such as Intel, Microsoft, and Cisco are driving innovation and shaping the landscape with their cutting-edge solutions. Intel, renowned for its development of low-power chips for connected IoT devices, maintains a strong presence in the market through its research and development initiatives and industry collaborations. Microsoft, with its Azure platform and IoT propositions, is actively exploring opportunities in both consumer and industrial IoT spaces. Meanwhile, Cisco, a pioneer in the IoT domain, is focusing its business strategy on the Internet of Everything, emphasizing the interconnectedness of people, processes, data, and things.

Top 10 IoT App Development Trends

Here are the top 10 App development trends in 2024,

1. Blockchain for Securing IoT

Blockchain technology is gaining traction in IoT due to its decentralization, transparency, and security features. It addresses various challenges in IoT systems, such as counterfeit hardware, software vulnerabilities, and data privacy concerns. The integration of blockchain and IoT has the potential to enhance the capabilities and security of IoT applications. However, there are still limitations and areas for further exploration in this domain.

Innovative App Ideas

• Supply Chain Tracker: An application utilizing IoT and blockchain to monitor products from manufacturing to delivery, ensuring transparency and authenticity throughout the supply chain.
• Smart Contract IoT Devices: An application employing blockchain to establish smart contracts between IoT devices, enabling secure and autonomous interaction.
• IoT Data Marketplace: An application enabling IoT devices to securely sell their data on a blockchain-based marketplace, ensuring data integrity and privacy.

Example of Blockchain IoT App: Grid+

Grid+ is a Texas-based company utilizing the Ethereum blockchain for consumers to access energy-efficient IoT devices. Their agent handles electricity purchases and sales for users, while the Grid+ app provides real-time energy usage data from smart meters connected to smart devices.

Key Features:

• Hardware Wallets: Grid+ offers secure hardware wallets like GridPlus Lattice and SafeCard for easy cryptocurrency use.

• Human-Readable Signing: Lattice allows users to sign smart contracts in a user-friendly manner.

• IoT Device Connectivity: With a Zigbee antenna, Grid+ hardware connects to other IoT devices.

Grid+ has seen significant growth, raising $29 million in presales. They aim for 20,000 customers by next year and 100,000 by 2019, projecting 120 gigawatt-hours of monthly electricity purchases using blockchain. They also plan to license their technology to utilities globally and announce utility partnerships.

2. Smart Home Devices

The smart home industry is undergoing a shift towards automation and digitalization. Startups in the connected home space are developing solutions to offer homeowners an enhanced home experience while prioritizing safety.

 Key trends include smart home connectivity, security solutions, personalized health management, and advanced entertainment options. Many smart home users are also embracing robotics to automate routine tasks and streamline daily life.

Innovative App Ideas

• Energy Management App: An application connecting to IoT devices within a home to monitor and manage energy consumption, aiding in reducing waste and saving costs.
• Home Security App: An application linking to IoT security devices such as cameras and locks, offering real-time monitoring and control from any location.
• Smart Home Hub: An application serving as a centralized control hub for managing all IoT devices in a home, including lights, thermostats, appliances, and entertainment systems.

Example of Smart Home IoT App: Google Nest

Google Nest is Google’s smart home brand, offering a diverse range of products such as cameras, speakers, locks, thermostats, Wi-Fi routers, and Chromecast devices. Additionally, there’s a subscription service called Nest Aware for camera-equipped devices.

Key Features:

• Comprehensive Smart Home Ecosystem: Google Nest provides users with a complete range of smart home products.
• Nest Aware Subscription: This service is tailored for camera-equipped devices, offering additional features.
• Wide Product Range: Google Nest offers various products including thermostats, doorbells, cameras, speakers, displays, streaming devices, smoke detectors, routers, and security systems.
• Integration with Google Assistant: Many Google Nest products can be controlled via voice commands using Google Assistant.

Business Growth

Google Nest originated from Nest Labs, founded in 2010, and was later acquired by Google in 2014 for $3.2 billion. The official launch of the Google Nest brand occurred in May 2019 during Google I/O. As demand rises, partnerships with Google Nest can significantly impact meeting customer expectations and drive business growth across various industries. These collaborations enable businesses to enhance their offerings and meet the evolving needs of customers.

3. Cybersecurity as a Top Priority

With the rapid proliferation of IoT, cybersecurity has emerged as a critical concern. The risk profiles of numerous IoT systems are elevated due to their control over physical operations, posing significant challenges compared to traditional enterprise IT environments. 

The convergence of IoT and cybersecurity solutions is expected to drive the adoption of IoT while addressing cybersecurity risks spanning from digital to physical realms. The global IoT security market is projected to witness substantial growth due to increasing cyberattacks on IoT devices, stringent IoT security regulations, and escalating security apprehensions.

Innovative App Ideas

• IoT Security Scanner: An application scanning the home network for IoT devices, identifying common vulnerabilities and security risks.
• Secure IoT Gateway: An application serving as a secure gateway for IoT devices, encrypting data transmission and providing secure remote access.
• IoT Device Manager: An application assisting in managing the security of IoT devices, including password management, software updates, and monitoring for suspicious activities.

Example of Cybersecurity IoT App: Zimperium

Zimperium develops mobile security software to protect devices, networks, and applications from malicious attacks. It’s a cybersecurity IoT app ensuring secure access to sensitive data and aiding in developing risk-free mobile apps.

Key Features:

• Real-time Protection: Zimperium’s z9 engine uses machine learning to detect threats on-device without needing cloud connectivity.
• Integration: Works with leading UEM and MDM solutions like BlackBerry and Microsoft to enforce security policies.
• App Security: Provides tools like zScan for app code analysis and zDefend for runtime protection.

Zimperium safeguards over 100 million endpoints in industries such as finance and healthcare. They have partnered with Google to provide mobile threat defense for Android Enterprise users. Additionally, Zimperium recently launched version 6.0, featuring improved phishing protection, enhanced reporting, and support for Chromebooks.

4. Edge Computing Surpassing Cloud Computing

Edge computing in IoT involves processing and analyzing data at the network’s edge, near where data is generated, rather than transmitting it to a centralized cloud or data center. This strategy reduces latency, enhances real-time decision-making, and lowers bandwidth consumption. Edge devices, positioned at the network’s periphery, act as intermediaries between IoT devices and the cloud. They execute local data processing, filtering, and analytics, running applications or algorithms with greater computational capabilities, storage capacity, and processing power than typical IoT devices.

Innovative App Ideas

• Real-Time Analytics App: An application leveraging edge computing to analyze data from IoT devices in real time, offering immediate insights and decision-making capabilities.
• Autonomous Systems Controller: An application utilizing edge computing to manage autonomous systems like self-driving cars or drones, prioritizing low latency for efficient operation.
• Bandwidth Optimizer: An application employing edge computing to locally process and filter data, transmitting only pertinent information to the cloud, thereby optimizing bandwidth usage and reducing costs.

Example of Edge Computing IoT App: IBM Watson IoT Edge

IBM Watson IoT Edge is a distributed computing model designed to bring computation, data storage, and processing power closer to where events occur. By processing data at the edge, immediate application of analytics and AI capabilities becomes possible.

Key Features:

• Appliance Claiming: Enables claiming appliances for use with the platform.
• Device Registration and Setup: Facilitates the registration and setup of devices for platform usage.
• Authentication and Security: Provides robust authentication and security features to safeguard data integrity and safety.

IBM Watson IoT Edge is instrumental in creating new business opportunities across various industries by leveraging insights closer to the data source. It finds applications in sectors like Industry 4.0, supply chain, and asset management. Communications service providers (CSPs) are focusing on delivering 5G and edge computing services for growth. Moreover, IBM Watson IoT Edge is poised to have a significant impact on predictive maintenance in sectors such as mining, energy & utilities, and construction.

5. Significance of AI and Big Data

The IoT is bolstered by three pivotal emerging technologies: Artificial Intelligence (AI), 5G Networks, and Big Data. AI furnishes programmable functions and systems enabling devices to learn, reason, and process information akin to humans. 5G Networks provide high-speed, near-zero lag connectivity crucial for real-time data processing. Big Data encompasses vast volumes of data sourced from myriad internet-connected devices. Together, these technologies revolutionize device interaction both at home and in the workplace, spawning the AIoT (“Artificial Intelligence of Things”) paradigm.

Innovative App Ideas

• Predictive Maintenance App: An application utilizing AI and IoT to forecast equipment maintenance needs, minimizing downtime and cost savings.
• Smart Agriculture App: An application integrating AI, IoT, and big data to optimize farming practices, such as predicting optimal planting or harvesting times.
• Health Monitoring App: An application utilizing AI and IoT to monitor health metrics, offering personalized health insights and recommendations.

Example of Big Data IoT App: Tenaris

Tenaris, a leading manufacturer of pipes and related services for the energy industry, has adopted an IoT-based predictive maintenance system. This system utilizes IoT sensors and actuators to assess equipment conditions and accurately forecast potential failures. Such proactive measures eliminate unplanned downtime and reduce associated costs, thereby enhancing user experiences.

Key Features:

• Real-time Data Collection: IoT sensors collect real-time data from various devices, systems, assets, and locations.

• Predictive Analysis: AI and ML models are employed to predict potential failure times and modes.

• Remote Firmware Updates: The system facilitates seamless and secure remote firmware updates (FOTA) to IoT devices.

The implementation of the IoT-based predictive maintenance system has yielded significant benefits for Tenaris. It has led to reductions in equipment maintenance costs, improved asset utilization, extended machine life, and enhanced field crew efficiency. Consequently, there has been an overall enhancement in performance and operational effectiveness.

6. Wearable Devices

Wearable devices like smartwatches continuously monitor and track user preferences and behaviors. Beyond their applications in health tech, they also excel in sports and fitness domains. The global wearable device market is poised to generate over $87 billion in revenue by 2023. These advancements redefine wearables beyond traditional consumer devices such as smartwatches and smart rings, ushering in clinically driven solutions with profound healthcare implications.

Innovative App Ideas

• Fitness Tracker App: An application connecting to wearable devices to track fitness metrics like heart rate, steps, and sleep, providing personalized fitness plans and goals.
• Health Monitoring App: An application linking wearable medical devices to monitor health metrics, delivering real-time health updates and alerts.
• AR Glasses Controller: An application connecting to AR glasses, furnishing a user interface for controlling and interacting with the AR environment.

Also, read.”Top 10 Benefits of IoT in Healthcare in 2024“

Example of a Wearable Device IoT App: Fitbit

Fitbit, Inc. is a well-known American consumer electronics and fitness company famous for its wearable technology, including smartwatches, pedometers, and heart rate monitors. These devices collect various health metrics like heart rate, sleep quality, steps taken, and SpO2 levels, which are then synced to the Fitbit app. The app uses AI algorithms to analyze the data and offer personalized insights and recommendations to users.

Key Features:

• Health Metrics & SpO2: Fitbit devices track essential health metrics such as heart rate, sleep quality, steps walked, and oxygen saturation (SpO2).

• Fitbit Pay: Some Fitbit models support Fitbit Pay, the company’s mobile payment app.

• Daily Readiness Score: Fitbit devices provide a Daily Readiness Score to help users optimize their routines based on their fitness and recovery data.

Fitbit has experienced significant growth since its founding in 2007, with revenue reaching around 2.17 billion U.S. dollars by 2016. However, revenue decreased to $1.16 billion in 2022. Despite challenges, Fitbit continues to gain more active users annually, boasting 37 million weekly users and 120 million registered users as of 2022. The company’s acquisition by Google in January 2021 marked a new chapter in its business growth.

7. Healthcare and IoT Adoption

The global IoT market in healthcare reached a value of USD 71.84 billion in 2020 and is forecasted to achieve USD 446.52 billion by 2028. This growth is driven by increasing demand for connected medical devices and automated remote patient care. The integration of IoT in healthcare is anticipated to facilitate remote healthcare services, enhance patient monitoring, and streamline operations.

Innovative App Ideas

• Remote Patient Monitoring: An application utilizing IoT devices to monitor patients’ health metrics in real-time, sending alerts to healthcare providers in case of significant changes.
• Hospital Operations Management: An application leveraging IoT to streamline hospital operations, including tracking medical equipment and managing patient flow.
• Glucose Monitoring: An application connecting to wearable glucose monitors, offering real-time updates to both patients and healthcare providers.

Example of Healthcare IoT App: Dexcom

Dexcom, a pioneer in continuous glucose monitoring (CGM), has been revolutionizing diabetes management since 1999. Their products empower individuals to live confidently and regain control over their health. Operating internationally, Dexcom is headquartered in San Diego, California.

Key Features:

• Real-time Glucose Readings: The Dexcom G6 CGM System automatically sends real-time glucose readings to a compatible smart device or Dexcom receiver.

• No Fingersticks or Scanning Required: The system is factory-calibrated, eliminating the need for fingersticks.

• 10-day Sensor: Featuring a 10-day sensor, the system is user-friendly and convenient.

Dexcom has experienced substantial growth in recent years, with projected revenues expected to increase between 16% and 21% in 2024, reaching approximately $4.15 billion to $4.35 billion. This growth is attributed to expanding CGM access and awareness among people with diabetes, the introduction of Dexcom’s products for non-insulin users, further international expansion, and overall market dynamics.

8. Decentralized Autonomous Organizations (DAOs) and IoT

DAOs represent online communities leveraging blockchain technology to provide transparent, virtual access to knowledge and human resources. They are poised to fundamentally alter organizational operations. Analysis of DAO trends using big data analytics has identified significant topics related to finance, gaming, and fundraising.

Innovative App Ideas

• DAO Voting System: An application employing IoT devices to facilitate secure and transparent voting processes within DAOs.
• DAO Asset Tracker: An application utilizing IoT to track physical assets owned by DAOs, providing real-time updates on asset status and location.
• DAO Member Engagement: An application using IoT devices to enhance member engagement within DAOs, such as through virtual meetings or collaborative decision-making tools.

Example of DAO IoT App: Uniswap

Uniswap is a decentralized exchange built on Ethereum, facilitating token swaps using the ERC20 standard. It operates without a central authority, relying on automated market-making to enable digital asset trading.

Features:

• Concentrated Liquidity: Uniswap v3 introduced concentrated liquidity, allowing liquidity providers (LPs) precise control over the price ranges where their capital is allocated.

• Multiple Fee Tiers: LPs can choose from various fee tiers, ensuring appropriate compensation based on the level of risk they undertake.

• Capital Efficiency: Uniswap v3 offers up to 4000x capital efficiency compared to its predecessor, Uniswap v2, enabling LPs to earn higher returns on their provided liquidity.

Uniswap has witnessed substantial growth since its establishment. In the summer of 2020, its daily trade volumes surged from $2 million to over $500 million. With more than 1.5 million registered users, Uniswap is the leading decentralized exchange on Ethereum. Additionally, the platform has successfully raised over $11 million in investor capital during its operational period.

9. Low-code/No-code Development and IoT

The popularity of low-code/no-code platforms is rising, enabling non-technical individuals to construct applications and streamline software development processes. Valued at nearly $15 billion globally, the market for these platforms is expected to quadruple in the next five years. Integration of these platforms with technologies such as AI, ML, and IoT is anticipated to emerge in 2024.

Innovative App Ideas

• IoT App Builder: A low-code/no-code platform enabling users to develop their own IoT applications, even without extensive coding knowledge.
• IoT Data Analyzer: A low-code/no-code application allowing users to analyze data from IoT devices, aiding in informed decision-making.
• IoT Device Manager: A low-code/no-code application enabling users to manage their IoT devices, such as configuring settings or updating software.

Also read, “How To Hire IoT Developers? A Complete Guide“

Example of Low-code/No-code IoT App: Akenza

Akenza is a low-code IoT platform designed to facilitate the creation of valuable IoT products and services. It offers a comprehensive solution for connecting, controlling, and managing IoT devices from a single interface.

Features:

• Worldwide LPWAN Connectivity: Akenza provides seamless global connectivity, consolidating access to various LPWAN networks without the need for separate accounts or contracts.

• Device Type Library: Akenza boasts an extensive library of payload decoders, enabling users to swiftly register their devices on the platform with minimal setup time.

• Cloud Connectors: The platform supports seamless data processing integration with a variety of cloud services, allowing users to choose the cloud service that best fits their needs.

Since its inception in 2017, Akenza has experienced substantial growth, expanding its team to 25 members and attracting users from 89 countries. Notably, Akenza has been accepted into ABB’s SynerLeap innovation growth hub, endorsed by Microsoft. This partnership is poised to bring valuable IoT expertise to stakeholders within the ABB ecosystem, further accelerating Akenza’s growth trajectory.

10. Digital Twins and IoT

Digital twins are virtual replicas of physical objects or systems aiding businesses in model-driven decision-making. The digital twin market is projected to reach $73.5 billion by 2027. Momentum towards digital twins is propelled by advancements in simulation and modeling capabilities, improved interoperability, and the proliferation of IoT sensors. Enhanced techniques for amalgamating models can further bolster the accuracy and performance of hybrid digital twins.

Innovative App Ideas

• Digital Twin Simulator: An application generating a digital twin of a physical system, enabling users to simulate different scenarios and predict outcomes.
• Digital Twin Monitor: An application utilizing a digital twin to monitor the real-time status of a physical system, issuing alerts for significant changes.
• Digital Twin Optimizer: An application utilizing a digital twin to optimize the performance of a physical system, suggesting adjustments to enhance efficiency.

Example of Digital Twins IoT App: Boeing IoT App

Boeing’s AR-powered aircraft inspection app uses a digital twin to enhance the inspection process. The digital twin, a virtual replica of the aircraft, generates synthetic images to train machine learning algorithms. This enables efficient aircraft inspection in augmented reality.

Key Features:

• Synthetic Image Generation: The digital twin creates over 100,000 synthetic images for training ML algorithms.

• Machine Learning Integration: ML algorithms trained on synthetic images enhance inspection accuracy.

• Augmented Reality (AR) Inspection: AR technology provides an immersive inspection experience, improving efficiency.

Boeing’s adoption of digital twin technology and AR can significantly impact its growth. Market forecasts project a $9 trillion aerospace market over the next decade. Boeing’s innovation in this area reflects its commitment to competitiveness and innovation in the aerospace industry.

11. Agriculture and IoT (Bonus)

The IoT in agriculture market is projected to register a CAGR of 10% during the forecast period, up from US$ 11.5 billion in 2021 to reach a valuation of US$ 32.8 billion by 2032. The adoption of IoT solutions for agriculture is constantly growing. The smart farming market share is set to reach $28.56 billion by 2030.

Innovative App Ideas

• Precision Agriculture App: This approach uses digital technologies to enable farmers to make better decisions about where, when, and how much to fertilize, irrigate, and spray pesticides.
• Crop Monitoring App: This involves the use of sensors, drones, and satellites to monitor crop health and identify locations requiring attention.
• Livestock Monitoring App: This uses sensors and RFID tags to track the location and health of livestock.

Example of Agriculture IoT App: Farmobile DataEngine

The Farmobile DataEngine is a powerful platform designed to collect, standardize, view, and share data. The free Farmobile DataEngine App offers real-time views of machines in fields and access to second-by-second data as it is collected by the Farmobile PUC.

Key Features:

• Real-Time Monitoring: The app provides real-time views of machines in fields.
• Data Standardization: The platform collects and standardizes data into shareable Electronic Field Records (EFRs).
• Data Export: Users can export and download daily machine and agronomic data.

Farmobile has experienced significant growth since its inception. It was acquired by Ag Growth International Inc. (AGI) in 2021, following AGI’s initial minority equity investment made in Farmobile in 2019. The acquisition has allowed Farmobile to expand its capabilities and reach, positioning it for growth across the U.S. and beyond. Overall, the company has raised a total of $42.1 million.

Also read, ‘Iot-Powered Asset Management: Benefits, Use Cases and More“

Conclusion

In this blog, we have explored various aspects of IoT app development, including the importance of cross-device compatibility, real-time data sync, health and fitness tracking, gesture recognition, voice commands, location-based services, personalization, and security measures. Each of these features plays a crucial role in creating successful IoT applications that deliver a seamless and secure user experience.

As the IoT ecosystem continues to expand, the opportunities for app developers are limitless. Whether you’re interested in building a smart home application, a healthcare monitoring solution, or an industrial IoT platform, there is immense potential to create innovative and impactful apps that improve people’s lives.

Looking To Develop IoT App for Your Business?

If you’re interested in IoT app development or have an idea for a project, Ideausher can help. From mobile app development to web app development, our team of experienced developers can bring your ideas to life and deliver high-quality solutions that meet your needs. Contact us today to learn more about how we can help you succeed in IoT app development.

FAQs

Q1: What is the trend in IoT in 2024?

A1: In 2024, the trend in IoT revolves around the convergence of IoT with other emerging technologies such as AI (Artificial Intelligence), 5G, and edge computing. This convergence enables more advanced and intelligent IoT applications with real-time analytics, enhanced connectivity, and increased efficiency. Additionally, there is a growing emphasis on IoT security, privacy, and data governance to address concerns about cyber threats and data breaches.

Q2: What is the future of mobile app development in 2024?

A2: The future of mobile app development in 2024 is marked by several key trends. These include the continued rise of low-code/no-code development platforms, the proliferation of 5G networks enabling faster and more immersive experiences, the integration of AI and machine learning into mobile apps for personalized user experiences, and the increasing adoption of progressive web apps (PWAs) for cross-platform compatibility and offline functionality.

Q3: Is IoT the future of mobile app development?

A3: IoT is indeed a significant aspect of the future of mobile app development. As IoT devices become more prevalent and interconnected, mobile apps will play a crucial role in enabling users to control and monitor these devices remotely. Mobile apps will serve as the interface through which users interact with their IoT ecosystems, making IoT integration an essential consideration for mobile app developers in the years to come.

Q4: What is the future of IoT trends and predictions?

A4: The future of IoT trends and predictions is characterized by continued growth and innovation. Some key areas of focus include edge computing, which brings processing power closer to IoT devices for faster response times and reduced latency. Additionally, advancements in AI and machine learning will enable more intelligent and autonomous IoT systems, leading to predictive maintenance, personalized experiences, and optimized operations. Privacy and security will remain critical concerns, driving the development of robust IoT security frameworks and protocols to protect sensitive data and mitigate cyber risks. Overall, the future of IoT holds immense potential to transform industries, improve efficiency, and enhance the quality of life.