IoT has been quickly growing over the years, as more and more sectors see innovation gaps that the technology can fill, and it shows no signs of slowing down. The IoT sensor market is expected to reach a value of $34.4 billion by 2024, according to estimates. Furthermore, sensors have become smaller and more portable, allowing for the utilisation of more detailed information.

With this in mind, this article will look at what the future of IoT sensor technology may hold for businesses, according to industry experts.

Lower prices and new applications

In addition to reduced sizes, the cost of IoT sensors has decreased over time, making the technology more accessible to a larger range of businesses and industries. This has brought in a slew of new IoT sensor applications.

Internet of Things (IoT) applications

The number of sensor types on the market is expected to increase, as is the number of applications in the sector. Solution providers will be able to place enough faith in networks and sensors to offer numerous applications at the same time, but this will necessitate modifying cyber security measures to guarantee that these applications are adequately secured.

Asset management

Asset management is the key to the future of IoT sensor technologies. This allows businesses to manage their sensor domain at scale, allowing them to have a bird's eye perspective of what's going on with their devices. It also offers a high level of autonomy by automating activities when sensors are non-responsive or defective, such as when a signal is merely intermittent.

Data security is also dependent on managing IoT sensors at scale, especially considering the large volume of data created by IoT devices. Regular IoT security evaluations are required to provide an IoT platform with the strongest security standards, which asset management delivers. It encourages the expansion of security.

IoT and smart cities

Analyzing the stream of crucial data provided by sensors is critical for maintaining structures safe and operating, as well as communities, economies, and livelihoods. The full potential of smart cities will be realised when this strategy is expanded up to incorporate whole metropolitan areas.

Further disruption

Many of the benefits that IoT sensor technology may bring to businesses and society at large have yet to be fully realised, leaving more room for research in the coming years.