2024 report: AIoT leads digital transformation

19th January 2024
Sheryl Miles

Telenor IoT publishes its annual IoT Predictions Report for 2024. The report explores how the strategic integration of Artificial Intelligence and the Internet of Things is reshaping industries, and how it will become a necessity for companies to stay competitive in today’s digital world.

On 19 January 2024, Telenor IoT, one of the leading brands in IoT Connectivity, publishes its annual IoT Predictions Report. Produced for decision-makers and professionals curious about the trends influencing industries and society, each IoT Predictions report provides valuable insights on the future of IoT.

The new report, co-produced with Omdia, is titled: ‘Navigating the Perfect Storm: AIoT to Emerge as the Defining Enabler of Digital Transformation.’ It explains how combining Artificial Intelligence (AI) and the Internet of Things (IoT), also known as AIoT or AI4IoT, is necessary for companies to stay competitive in today’s digital world.

As IoT applications generate a tremendous quantity of data, many enterprises struggle to effectively analyse and extract meaningful insights from it. Simply collecting data does not bring value, and human intelligence can’t process the information as efficiently as AI. With the support of AI, applications become smarter and more autonomous.

This convergence unlocks higher operational efficiencies, better customer experience, and higher productivity gains across diverse sectors, from automotive and industrial manufacturing to transport, utilities, and smart cities. This combination can turn simple solutions into those with greater impact and value. Predictive maintenance, robotics improvement, and enhanced in-car experiences are examples of great use cases for AIoT.

“We predict AIoT will grow to become the cornerstone of digital transformation,” says Mats Lundquist, CEO at Telenor Connexion and Head of Telenor IoT. “The convergence of AI and IoT isn’t just an evolution; it’s a revolution in how businesses operate and compete globally. This report emphasises the urgency to act now.”

This report serves as a compass for businesses navigating the ever-evolving digital ecosystem, providing actionable insights into the transformative potential of AIoT.

Factors driving AIoT adoption in 2024:

  • Competitive dynamics: over 48% of enterprises prioritise AI/ML in IoT deployments, according to the Omdia IoT Enterprise Survey.
  • Hardware advancements: advances in semiconductor technology, including AI Edge processors, are driving greater computing power for AI integration.
  • AI model optimisation: efforts to minimise AI model size, known as TinyML, is enabling increased use of AI in IoT applications.
  • Generative AI (GenAI): Thirty-eight per cent of respondents in Omdia’s 2024 IT Enterprise Insights reported that they had either already fully adopted generative AI or were implementing it. Only 10% said they had no interest in generative AI.

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