8 min reading

26 December 2023

26 December 2023

IoT Adoption in 2024: Challenges and Solutions

IoT Adoption in 2024: Challenges and Solutions
IoT Adoption in 2024: Challenges and Solutions

Are you a business looking to leverage the potential of the Internet of Things (IoT)? If yes, this is the right time to discover the prospects of this transformative technology. We expect IoT connections to increase rapidly worldwide, from smart cities to smart home devices. According to IoT statistics, there will be over 29 billion global connections by 2027.

Global IoT market forecast
However, promising IoT stats come with challenges to its adoption. This article will guide you through embracing IoT and equip you with potential solutions to overcome these obstacles.

Current IoT adoption trends

As businesses consider adopting the Internet of Things, you should stay updated on the latest industry developments. Here are five key IoT trends for you to consider:

AI-powered data analytics

With more devices involved in data collection, e.g., IoT sensors, you need efficient data analytics to extract valuable insights. Consequently, many companies implement artificial intelligence (AI) at data centres and the network edge. This way, you can improve the performance of apps and conclude from plenty of IoT-derived data.

Industrial IoT applications on the rise

The COVID-19 pandemic has highlighted the importance of reducing human contact in specific industries. As a result, industrial IoT adoption has increased.

IoT-capable factories can integrate monitoring and local intelligence with robotics and automation. It enables them to take over operations that would otherwise require human intervention. This trend in IoT ensures safer working conditions and improves the efficiency of their operations.

New advancements in technology

Changes in storage and memory approaches drive advancements in computer architectures. These developments impact data processing at data centers and the network edge. They also reduce data movement and power consumption, making IoT systems more energy-efficient. Additionally, chiplet packaging technology creates denser and more specialized chip-based systems, empowering enhanced functionality in network edge and endpoint devices.

Non-volatile or persistent memory

Memory is crucial in devices connected to the Internet of Things. Thus, emerging non-volatile or persistent memory technologies are gaining attention.

Devices can benefit from lower power consumption and increased usefulness. This is possible with technologies like magnetic RAM (MRAM) and resistive RAM. These advancements improve the efficiency and lifespan of battery-powered devices, making them more valuable in energy-constrained applications.

Benefits of adopting IoT for your business

Answering why IoT is important, a well-functioning IoT ecosystem in your business can provide diverse data-powered benefits. It helps understand customer preferences, usage patterns, and areas for improvement. By leveraging this knowledge, you can enhance products and services, ultimately driving sales and customer satisfaction.

Critical benefits of IoT adoption include:

  • Increased revenue.
  • Improved efficiency.
  • Cost-effectiveness.
  • Enhanced productivity.
  • Optimal asset use.
  • Understanding customer behaviour.
  • Better customer service.
  • More mobility and agility.
  • Trustworthy company image.
  • Broadened business opportunities.

In conclusion, positive digital transformation of your business is why IoT is worth implementing. It can empower you to stay ahead of the competition in the data-driven age.

Examples of successful IoT implementations

TEMPO Solution: Optimizing facility usage

TEMPO is a simple, easy-to-install solution that works seamlessly with Outlook and Google Calendar. It allows you to book and monitor the use of various spaces in real time. You can make data-based decisions to improve efficiency with the detailed facility usage analytics provided.

The results speak for themselves. Using the TEMPO Solution has driven a 25-40% increase in practical real estate usage, thanks to accurate IoT analytics.

MEMO Solution: Adjustable e-ink display

MEMO offers an adjustable e-ink display solution to showcase any custom text, message, or graphic. This versatile tool helps coordinate facility usage and serves as a platform for simple advertisements.
MEMO Multi-Purpose Display Tablet
Some of MEMO Solution’s benefits are cost savings and increased effectiveness. Businesses adopting this technology have experienced 40-75% cost savings compared to traditional static displays. Moreover, by leveraging MEMO’s display analytics, you can gain valuable insights into your communication efforts.

eDOCTOR Solution: Transforming healthcare

eDOCTOR is a low-cost solution for hospitals, nursing homes, and at-home care. Using digital health technology, eDOCTOR Solution significantly decreases medical personnel efforts and reduces costs.

With eDOCTOR, medical personnel have reported a 20-35% decrease in time spent on routine tasks. By automating processes and collecting data in real time, healthcare providers improve the quality and accuracy of patient care. This technology enhances the healthcare industry by streamlining workflows and enabling more efficient resource allocation.

Understanding the challenges of IoT adoption

Businesses using IoT technology must overcome some challenges to ensure successful deployment.

Supply chain

The supply chain is one of the top issues businesses face when adopting IoT. Acquiring all the necessary device parts can lead to delayed product delivery, potentially impacting customer satisfaction and revenue generation.

Cost control

Cost control is another significant IoT adoption barrier. You need to consider the upfront cost of devices and the expenses associated with their deployment. Without proper cost management, implementing IoT can become financially burdensome for you.

Product performance

Product performance challenges can hinder the successful adoption of IoT in your business. Some IoT products fail to meet their advertised specifications. It leads to potential issues and increased costs in maintenance and reconfiguration. You should thoroughly evaluate the performance of products before deploying them to ensure seamless functionality.

Issues with slow IoT adoption

You may face delays in the IoT adoption process for the following reasons:

  • The absence of appropriate devices.
  • Overly long approval process.
  • Not having a clear return on investment (ROI).

Slow IoT adoption could result in reduced ROI and difficulties proving the value of IoT implementation.

Untransparent regulations

Regulatory standards for IoT adoption lack transparency, posing a significant barrier for companies. You need clear guidelines on data access and authority, ensuring data secrecy and fostering the adoption of new technologies.

Fear of failing to succeed

The fear of failure commonly prevents companies from adopting the Internet of Things. However, you should analyze the reasons behind past failures and determine which technology can best serve your company’s goals. While IoT can be challenging, no problem is insolvable when approached with the right mindset.

Other challenges to consider

In addition to the mentioned struggles, you may encounter other common hurdles when adopting IoT. These challenges include:

Challenge Description
Security Ensuring the security measures for devices and data is crucial. This is how you protect sensitive information from breaches and other Internet of Things risks.
Interoperability Integrating different devices and systems can be challenging because of interoperability issues. Alignment and compatibility between devices are essential for seamless connectivity and data exchange.
Device availability There might be limited access to suitable devices that meet specific business requirements. Finding compatible devices or developing custom solutions may be necessary.
Data privacy Collecting and managing data generated by devices requires a robust privacy framework to protect customer information and comply with regulations.
Scalability Scaling up solutions for growing business needs can be complex. You must ensure your infrastructure can handle increased data volume and device connectivity.
Infrastructure The successful implementation of IoT often requires significant infrastructure upgrades, such as network connectivity improvements and data storage capabilities.
Organizational readiness You must possess the necessary resources, skills, and knowledge to adopt and leverage IoT technology. Proper training and change management are essential for a smooth transition.

 LoRaWAN® networks’ common issues

When considering LoRaWAN® networks, there are specific challenges you should be aware of:

  • Lower ROI in public LoRaWAN® networks: The problem stems from significant upfront investments and lower network usage. You must carefully evaluate the cost-benefit between public and enterprise networks.
  • Poor-quality equipment and insufficient engineering support: If you use LoRaWAN®, you may lack equipment quality or engineering support availability. This can impact costs, deployment speed, network coverage, and reliability.
  • Lack of integrated solutions: This shortage in high-volume use cases can hinder IoT growth and mass adoption. You should seek comprehensive solutions that address your needs and support your ability to scale.
  • Dependency on hands-on LoRaWAN® knowledge: LoRaWAN® integration and deployment often require practical knowledge and expertise. You must ensure you have the necessary skills or partner with experienced professionals to face this issue.

By solving these difficulties, you can better adopt top IoT technology and take advantage of it for your operations.

Critical IoT failures to learn from

IoT holds immense potential for businesses looking to enhance operations and improve customer experiences. However, adopting this technology requires a different approach and careful consideration to avoid pitfalls. Here are some examples of unsuccessful implementations.

Costly connections and limited operator profit

Critical challenges in implementing IoT are the cost of consumer connections and limited profit margins for operators. Traditional cellular connections can often be expensive for consumers, hindering widespread adoption. Moreover, operators may find it tough to generate significant profits from IoT, as most are relatively small-scale projects.

Exclusivity and single operator-per-country

Sigfox™, known for its $350 million investment and ten-year development, is an example of a failed IoT implementation. Despite its substantial resources, Sigfox™ has produced less than 20 million devices, falling short of expectations.
Sigfox™ logo
One of the main reasons behind its limited growth is the exclusivity and single operator-per-country approach. It restricted the potential for collaboration and expansion, hindering Sigfox™ progress. Additionally, the 40% licensing fee imposed on operators further hampered their business plans.

Case of Helium™

Another relevant example is Helium™. After three years, it received $1 billion in public funding but failed to deliver practical use cases. The company’s challenges originated from various factors:

  • Lack of the ability to sign customers.
  • Ineffective adoption of service-level agreements (SLAs).
  • Poor planning for network evolution.

Helium™ logo

How to overcome barriers to IoT adoption

Now, let’s explore various solutions to the struggles often faced while adopting IoT technologies. For instance, you can meet these challenges and deploy IoT by doing the following:

  • Addressing real problems.
  • Providing adjustable solutions.
  • Offering support and assistance.
  • Ensuring well-defined APIs.
  • Taking a long-term approach.

Address real problems

Challenge: The key to a successful IoT implementation is tackling problems that do not have readily available substitutes.

Solution: Look for issues that affect a large population and many businesses. Solving these questions creates significant value and generates interest in your offering.

Validate and customize

Challenge: Customers need to be able to test use cases without technical knowledge or the need for specialized hardware.

Solution: Adopt IoT solutions that users can quickly validate and customize. Leveraging smartphones as a testing tool can be a convenient and accessible option for customers.

Support and assist

Challenge: Your customers also need assistance integrating the IoT solution into their existing systems.

Solution: Ensure you have a solid engineering team to support customer integration and early deployment. Knowledgeable support must be available to deal with difficulties and provide timely solutions.

Ensure well-defined APIs

Challenge: You must make integration seamless and allow customers to connect their devices with various platforms.

Solution: To support common IoT platforms, it is essential to have well-defined APIs. All applications must support open APIs for easy integration with third-party apps. Support from the solution provider is also crucial to help customers cope with obstacles when scaling their projects.

Take a long-term approach

Challenge: The Internet of Things is constantly evolving. Hence, you need a strategy to stay ahead of the curve and ensure the continuous results of your projects.

Solution: Use a long-term approach by setting a 5-10-year time horizon for IoT success.

Additional solutions

Here are some more options to consider for a smooth IoT adoption:

  • Have gateways configured to work out of the box with zero-touch provisioning.
  • Enable remote individual and bulk provisioning of IoT devices for added convenience and efficiency.
  • Develop apps that allow customers to test use cases in less than 5 minutes without technical knowledge.
  • Focus development efforts on three verticals, with solutions that cover the most common use cases.

By leveraging these solutions, you can address the issues associated with IoT adoption. Thus, you can use the full potential of new IoT technologies to drive growth and innovation.

TEKTELIC Communications specializes in LoRaWAN® products and can provide the expertise and support needed for a successful IoT deployment. For an easy-to-adopt and reliable option, we invite you to explore our website for more details.

Email our experts for further information on how we can assist with your IoT project.

To be informed about our latest news subscribe to our newsletter

related articles