The Internet of Things (IoT) is the network of things and consists of sensors, software, and other tools. These systems can collect and analyze data without human intervention. The term IoT, coined by Kevin Ashton , began to be used in the 2000s and has become a key part of many industries today.
This detailed list of Internet of Things (IoT) statistics is created from trusted sources to provide you with a better understanding of current applications and their future.
IoT market size in revenue
- 2020: Companies in the IoT sector are expected to have over $450 billion in annual revenue. (Bath & Company)
- 2021: The size of the IoT market, including hardware, software, system integration and data services, is expected to reach $520 billion. (Bath & Company)
- 2022: $1 trillion is expected to be spent worldwide on Internet of Things (IoT) technology. (Statist)
- 2023: Asia-Pacific is expected to lead in IoT spending market share with a rate of 35%. North America is expected to reach 27% and EMA (Europe, Middle East and Africa) is expected to reach 25% of spend market share after Asia-Pacific. (Statist)
- 2027: The size of the IoT market is expected to reach over $2 trillion. (Business Insider)
Number of devices and data generated
- 2023: A strong increase is estimated, 15 billion, of M2M (Machine to Machine) connections. It was 6 billion in 2018. Connected home applications are expected to represent 48% of total M2M connections. (Cisco)
- 2025: Data collected from IoT devices is expected to reach 73 ZB. Most of the data can come from security and video surveillance, industrial IoT (IDC) applications
- 2025: 75% of the 56 B connected devices in the world should be connected to an IoT platform. (IDC)
- 2025: The number of IoT devices is estimated at 75 billion. (Statist)
- 2027: 41 billion IoT devices are expected to be in use. (Business Insider) Use cases and trends The fastest growing category is expected to be connected vehicle applications (e.g. fleet management, navigation, vehicle diagnostics, etc.) (30%) and connected cities is expected to be the second category to grow. fastest growing in M2M connections (26%) (Cisco)
SOURCE: CISCO
Seven priority areas in the image below are expected to be in high demand for IoT systems integration and professional services. (IOT analysis)
In 2018, Gartner highlighted the top 10 strategic IoT technologies and trends:
Artificial intelligence: 25 billion connected objects would be used by 2021 and AI solutions would use a large amount of IoT data.
Social, Legal and Ethical IoT: Companies would find new ways and tools to prevent bias and reduce data privacy concerns.
Infonomics and data brokerage: Selling and buying IoT data would be common for many IoT systems by 2023.
Moving from smart edge to smart mesh: the existing architecture would transform into a more unstructured architecture in a dynamic mesh.
IoT governance: this would be essential to avoid inappropriate behavior related to IoT projects.
Sensor innovation: current sensors would be more affordable and new sensors would have better capabilities to detect various situations.
Reliable hardware and operating system: There would be more combinations of hardware and software to build more secure IoT systems by 2023.
New IoT User Experiences: New technologies would be used to create an innovative user experience with IoT systems.
Silicon chip innovation : New special-purpose chips would be generated that would use less power to run a deep neural network by 2023.
New wireless networking technologies for IoT : New technologies such as low earth orbit satellites or backscatter networks would change the structure of IoT networking. (Gartner)
Industry/function specific statistics
- Healthcare (15%), insurance (12%) and education (12%) are expected to see the largest industry gains in IoT spending. (IDC)
- Internet of Medical Things (IoMT) is expected to cap the market size at $257.162 billion in 2026 from $55.324 billion. ( Research and Markets )
- The global smart home market, including the automation system that controls lighting, climate, entertainment, home appliances and home security, is expected to reach $126 billion by 2022 and $208 billion by 2026. (Statista)
- Video entertainment could take the biggest share of the smart home market by 2023. (Statista)
- The smart city sector is expected to create business opportunities that could have a market value of $2 trillion by 2025. 70% of global smart city spending by 2030 is expected to come from the United States, Europe Western and Chinese. (Frost & Sullivan)
- The industrial agricultural Internet of Things (IIoT) market is estimated to reach US$7 billion by 2025 with the concept of smart agriculture. This market includes agricultural management platforms, supply chain and inventory management solutions, GPS services and field mapping services. (Statist)
- It is estimated that the penetration of IOT semiconductor components will have a market size of 12% by 2025 in the industry. (IOT analysis)
Results/benefits
- 61% of organizations rate themselves as having a high level of IoT maturity in 2019. (Gartner)
- Organizations that have invested in IoT believe they will get the expected financial returns in 3 years. (63%) (Gartner)
- According to IoT Survey, the biggest benefits of IoT for businesses gained new capabilities (35%) and efficiency. (PWC)
SOURCE:PWC
Investments
- After the Covid-19 outbreak, 47% of organizations are planning new investments in the Internet of Things (IoT) and 35% of organizations have already reduced their investments. (Gartner)
- Investments in IoT are expected to increase by 14% per year until 2022. In particular, business applications with client functionality and enabling platforms for data collection and processing may see strong growth in the market. market. (McKinsey)
- Manufacturing companies are expected to build 40% more smart factories in the next 5 years and increase investment by almost 2 times compared to the last 3 years. (Forbes)
Challenges
- Security: Even in 2018, 22% of companies were willing to pay more for IoT devices to reduce security concerns regarding IoT systems. (Bath & Company)
- ROI: The uncertain return on investment of IoT solutions is one of the main concerns for companies. (Bath & Company)
- Privacy: 74% of consumers believe that small privacy breaches can lead to loss of civil rights due to wearables. 92% of them want to control the personal data that is collected automatically. (EIU)
- Regulatory change : Especially in healthcare, managing regulatory change would be a significant challenge for IoT solutions. (Deloitte)
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