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IoT Statistics & Facts for 2024 (+ 10 Year Forecast)

The future is here, it’s bright, connected & all about data!

9 min. read

Updated onJanuary 8, 2024

updated onJanuary 8, 2024

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In the fast-evolving digital landscape, the Internet of Things (IoT) has emerged as a metamorphic force, reshaping industries and reinventing how we live and work.

It is still growing astoundingly, opening doors to challenges and opportunities at a large scale. Therefore, it is vital to stay informed and foresee trends shaping the coming years.

In this comprehensive guide, we discuss the latest IoT statistics and facts, highlighting the present scenario and a glimpse of what’s in store.

What are the most common IoT applications?

Latest IoT statistics & facts for 2023

Outdoor surveillance, withUSD 7.6 million, is the larget market of IoT.

London is the smartest city with46000 tech companies,240000 jobs in tech companies, &USD 44 billion revenuegenerated, and is striving to be a carbon-neutral city by2050.

IoT market size

Areport by Statistastates that in2023, Automotive IoT rules the market with a projected market volume ofUSD 397.20billion.

The revenue is anticipated to exhibit a compound annual growth rate (CAGR) of13.60%between 2023-2028, resulting inUSD 2,227.00 billionin the total market volume by2028.

Compared to worldwide figures, the United States would lead the revenue generation withUSD $172.30 billionin2024.

The Enterprise IoT market is anticipated to exhibit a compound annual growth rate of28.40%during2022-2030.

The development of advanced technologies likeBluetooth,Insteon, andWi-Fidrives the growth of the Enterprise IoT market. Also, the increased use of cloud systems for data management is boosting it further.

TheNorth Americanregion is expected to hold the largest market share in the enterprise market; however, underdeveloped countries likeAfricaand theMiddle Eastmight find it challenging to manage the growth.

Regarding IoT spending share, theAsia Pacificregion was leading with37%in 2018 and still maintains the position even after a decrease of2%. Here are the details:

In the next seven years, by2030, theannual revenue of consumer internet and media devicesis anticipated to beUSD 25 billion. Apart from this, we can also expect significant growth in the connected vehicles IoT revenue. Here is the data:

In 2020, theglobal IoT market was worth approximatelyUSD 182 billion, and by2030, it is expected to be more thanUSD 621 billion, which would be triple its revenue in just10years.

Also,Chinais anticipated to lead the Internet of Things market withUSD 184 billionby2030, which would be the1/3rdof the entire market worldwide, followed byNorth AmericawithUSD 138.7 billionandEuropewithUSD 122.7 billion.

Retail markets are expected to witness a surge in growth, fueled by more than21.5%CAGR, attributed to the rising IoT adoption rates.

IoT growth statistics

Areport by Frontier Economicsforecasted that the United States GDP will get a boost of10%in30 years, all thanks to IoT.

This should not be surprising as the IoT statistics show that IoT is already gaining much attention and disrupting the status quo. Some sectors like energy and agriculture have started to see the advantages of its implementation.

An analysis byMcKinsey Global Instituteforecasted an overall annual economic impact ranging from$3.9 trillionto$11.1 trillionby2025across various sectors, including cities, factories, outside settings, the human body, etc.

The highest estimate of economic impact, including consumer benefits, were to be analyzed; it would be worth11%of the economy worldwide. Here are the details:

Approximately127 new devicesconnect to the Internet every second worldwide.

IoT attacks statistics

In the ever-evolving global digital landscape, our devices are getting smarter, and cybercriminals are becoming sharper by the day.

According to a Statista report, in2018, the number of cyberattacks related to IoT devices was32 million; however, in just four years, the number has surged to112 millionin2022, marking a whopping87%increase.

The SonicWall Cyber Threat Report, a 2023 mid-year update, mentioned an increase of37%in IoT malware worldwide, resulting in77.9 millionattacks. The highly affected areas wereAsia, with170%, andLatin America, with164%increase.

As the rise in the attacks has grown,we must take security measuresto keep our IoT devices safe and prevent any mishaps.

IoT devices statistics

According to areport on Statista by Lionel Sujay Vailshery, a research expert for theConsumer Electronics industry, published onJuly 27,2023, the number ofInternet of Things (IoT) devicesis anticipated to double from15.1 billionin2020to more than29 billionin2030.

With more than8 billionconsumer devices, China is forecasted as the country with the highest number of IoT devices by 2030.

Consumer IoT devices accounted for a lion’s share of about60%of all IoT-connected devices in2020, and the proportion is likely to be the same in the next decade.

One of the popular ways of using IoT devices is via consumer internet & media devices such as smartphones, and by2030, there are expected to be more than17 billionof these devices in use.

A report by Statistasuggests that by2025, there will be a three-times increase in the use of IoT connected devices in use, i.e,75 billion.

More than874 million smart home deviceswere shipped globallyin the third quarter of 2022, with296 million units; video entertainment devices top the list, followed by security devices and smart speakers. Given the past figures, here are the forecasted estimates for2023-2027:

If you’re looking forcentralized software solutions to manage and monitor IoT devices, read this guide to learn various options.

Industrial Sector

The global market for the Industrial Internet of Things (IIoT) was more thanUSD 544 billionin2022, and by2030, the market is anticipated to grow and reach up toUSD 3.3 trillion.

According to PwCsurvey in2020,91%of industrial companies are investing in creating digital factories in the core regions of Europe.

Therevenue of IIoT is expected to reach USD 276 billionthis year and theUnited StateswithUSD 66.28 billion, the highest revenue generated would be leading followed byChina,Japan,Germany, &India.

Moreover, in the next five years, i.e.,2028, the global revenue is foreseen to show a compound annual growth rate of13.73%, making it worthUSD 525.20 billion.

A digital factory transformation survey 2022 by PwCalso mentioned overUSD 1.1 trillionof annual investment in factory transformation will be done alone inEuropeandAsia.

If you’re looking foran IoT simulatorbut can’t decide which one to get. read our guide to learn the best options.

Cellular IoT Connections

By the end of2027,40%of all cellular connections are anticipated to be IoT-based.

According to aStatista report, the number of cellular IoT connections with broadband worldwide and critical IoT in2022was1.5 billionand will rise to3.3 billionby2028.

Ericson Mobility Report in June 2023,North East Asiais at the top in the number of cellular IoT connections. It is anticipated to cross2 billionconnections by the end of2023.

Here are details of the cellular IoT connections by segment and technology from 2018-2028:

5G is the next-gen of cellular technology, providing faster and lower latency results than its predecessor. By the end of 2024, the number of 5G cellular subscriptions will reach1.9 billion.

IoT 10-year forecast

Thecellular-connected IoT devicesinstalled base is forecasted to grow to approximately5 billionby2030.

The Consumer market is forecasted to lead in2030, driven mainly by smartwatches, headphones, smart speakers, and connected TVs.

Whereas the vertical-specific market is broken into small fragments, smart metering will significantly impact all.

Cross-vertical or Enterprise markets encompass apps across different industries, such as ventilation, connected healing, AC systems, and connected security systems.

The graph below shows the IoT revenues in different enterprise sectors, depicting that Government, Retail & wholesale, and Transportation & storage have significant revenue opportunities even though their growth rates are lower than others.

If you want to look at more details, check this table:

To conclude, the insights from the latest IoT statistics depict how it has created and will continue to create a substantial economic impact worldwide in the next decade.

Although inclusion in various industries has boosted their revenues at folds, the increased number of attacks due to IoT devices can also not be neglected.

Therefore, even though the data collected and reports presented paint a promising picture of IoT technology’s future, it is important to remain vigilant and informed.

What do you think about IoT? Don’t hesitate to mention your thoughts in the comments section below.

IoT Statistics & Facts for 2024 (+ 10 Year Forecast)#

Latest IoT statistics & facts for 2023#

IoT market size#

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IoT attacks statistics#

IoT devices statistics#

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