Looking for the top Internet of Things Statistics in 2024? Here is our list.
By the minute, the term “internet of things” (IoT) is becoming increasingly relevant.
Staying relevant might be tough with internet users creating up to 2.5 quintillion bytes of data per day.
Every week, it seems like a new gadget, appliance, or wearable is released, which may quickly become overwhelming for many people.
The Internet of Things (IoT) helps us make sense of all the data in our lives, bringing automation in when it’s needed.
Because IoT-enabled devices may link to a larger network, they can perform a wide range of functions. However, this presents a whole new set of problems: protecting all of that data. If an IoT connection isn’t adequately secured, it can have disastrous results.
We’ll look at the latest trends, analyse forecast figures, and give IoT devices a definition in this article on IoT statistics.
Content Outline
Top Internet of Things Statistics 2024
1. The COVID-19 epidemic has an impact on the global IoT market. The value for 2020 is anticipated to be $742 billion. (IDC)
The Internet of Things (IoT) sector has been on an exciting path since its inception. In 2017, the sector generated $100 billion in market revenue, and if estimates hold true, that figure will rise to about $1.6 trillion by 2025.
However, according to IoT growth data, the CAGR in 2020 will be 8.2 percent, which is about half of the 14.9 percent predicted at the end of 2019. In 2021, everything are predicted to return to normal, with a CAGR of 11.3 percent from 2020 to 2024.
2. Around 30% of the market’s value is now accounted for by hardware. (McKinsey Digital)
The most noticeable developments in this fast-paced business will be around new software that enables IoT device connectivity.
Although statistics imply that the global market value of IoT technology is declining, hardware still represents for 30% of the entire value.
3. 127 devices connect to the internet for the first time per second. (McKinsey Digital)
Consumers are now more connected than they have ever been. Indeed, smart home statistics suggest that there are many reasons to be optimistic about the IoT’s future.
You might have been wondering, “How many IoT devices are there?” Remember that in 2019, about 127 new gadgets connect to the internet every second. As you might assume, the more advanced countries of the world, which have ubiquitous internet connection, lead the way in this remarkable statistic.
4. In 2023, it is predicted that the number of cellular IoT connections would reach 3.5 billion. (Forbes)
The number of cellular IoT devices is expected to increase significantly as a result of the integration of AI, machine learning, and real-time data processes provided by IoT solutions. According to current IoT device statistics, the total number of devices will exceed 3.5 billion by 2023, with Asia leading the way.
Indeed, researchers project that by 2023, North East Asia alone will have over 2.2 billion devices.
5. In 2022, North America’s smart factories are estimated to be valued more than $500 billion. (Sources: Forbes and Statista)
Many experts predict that the North American IoT market will continue to grow for a long time, owing to the development of smart manufacturing. They are expected to transform the manufacturing process and significantly enhance productivity.
Statistics on IoT devices in the United States highlight the promise of smart factories. These figures suggest that the world’s largest economy is once again at the forefront of this industry. The two sectors leading the push are consumer electronics and transportation. Global IoT spending is anticipated to reach $1 trillion by 2022.
6. By 2025, companies could invest up to $15 trillion in IoT. (Gigabit)
Many firms have already recognised the tremendous potential of IoT devices to add value to their company operations. Many apparel manufacturers, healthcare providers, and municipalities have already decided to invest in this technology, according to IoT data.
7. In 2021, the industrial IoT market is anticipated to be worth $123.89 billion. (i-SCOOP)
Given how the Internet of Things is transforming not only businesses but entire industries and even countries, it’s no wonder that the IoT’s industrial expansion will result in an increase in the number of IoT devices in 2021 and beyond.
If IoT growth statistics are correct, this business will undoubtedly disturb the pillars of global industrial production. IoT devices, for example, can transform the way heavy machinery and monitoring devices communicate with one another, resulting in significant efficiency gains.
8. By 2025, the amount of data created by IoT devices would have reached 73.1 ZB (zettabytes). (IDC)
According to IoT big data statistics, as adoption grows, devices will generate exponentially more data globally in the coming years. By 2025, the numbers will have risen to 73.1 ZB, which is 422 percent higher than the output of 17.3 ZB in 2019. To put it into perspective, a zettabyte is 1021 bytes, which is equivalent to one billion terabytes (TB) or one trillion gigabytes (GB).
9. In 2019, 86 percent of healthcare firms used IoT technology in some way. (Comparitech, i-SCOOP)
In the healthcare industry, the IoT market is rising at a particularly pleasing rate. This makes sense; remote monitoring and telemonitoring can considerably improve the quality and speed of healthcare services.
IoT is also useful for developing monitoring hardware and software that can help people maintain better track of their health. Because the technology is still young, IoT healthcare data have yet to reflect these benefits.
10. In 2022, the global Internet of Things (IoT) healthcare industry is anticipated to be worth $158.1 billion. (Deloitte, Market Watch)
The CAGR of IoT in the healthcare business is expected to be 28.6% in 2021, according to the most recent IoT healthcare device statistics. The industry is now valued nearly a third more than it was in 2015, when it was worth $14.28 billion. An increase in demand, broader usage of cloud platforms, and an increase in the number of mobile apps are driving these IoT statistics and measurements.
11. In 2020, according to Forbes, 646 million IoT devices will be utilised in hospitals, clinics, and medical offices. (Forbes)
Even though these IoT healthcare device numbers appear to be positive, and the healthcare industry will undoubtedly gain from the proliferation of IoT technology, the sheer volume of data collected every day could pose an issue.
The volume of medical data doubles every 73 days on average in an IoT-powered sector. As a result, putting in place IoT security measures and finding adequate storage solutions will become a primary priority in the near future.
12. The global IoT healthcare industry is anticipated to reach $534.3 billion by 2025, according to Grand View Research. (Grand View Research)
The IoT healthcare business is predicted to grow at a CAGR of 19.9% over the next five years, with the IoT market rapidly rising amid an increased need for real-time data monitoring.
13. Allure was the first skilled care facility to use EarlySense, a remote monitoring device that monitors patients’ vital signs, in July 2017. (From the Allure Group)
Early investments in the Internet of Things have proven to be profitable. Allure, a Brooklyn-based nursing facility, was one of the first to implement EarlySense, a system that uses sensors put under mattresses and pillows to measure vital signs and movements.
The clinic’s IoT in healthcare statistics six months later revealed fantastic results. Patient falls were reduced by 45 percent, bedsores were reduced by 60 percent, and code blue episodes were reduced by 80 percent.
Conclusion
The resurgence of decades-old ideas like AI has thrown traditional industrial conventions into disarray for the better. It has sparked a digital revolution that was formerly considered science fiction by authors such as Jules Verne and Arthur Conan Doyle.
Hope you have liked our Internet of Things statistics and facts for 2024.
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