With over 15.14 billion connected IoT devices currently operating worldwide, it’s evident that IoT has already made its mark on various industries.
What’s even more remarkable is that we’ll witness an astonishing surge to 29.42 billion IoT devices by 2030.
This momentum is further accelerated by the staggering growth of smart home devices globally. 871 million smart home devices were shipped in 2022 alone! This number is set to reach 1.23 billion by 2027.
Let us take a deeper dive into the world of IOT and learn about the sector through numbers.
numbers.
Internet of Things Statistics 2024: Top Picks
- There are over 15.14 billion connected IoT devices in the world in 2023. This figure is set to reach 29.42 billion by 2030.
- The current global Internet of Things (IoT) market is $662.21 billion, and it is projected to grow to $3,352.97 billion by 2030 at a CAGR of 26.1%
- IoT spending is set to reach $1 trillion this year.
- 81% of people believe that smart cities can be created with IoT.
- 54% of enterprises use IoT to save costs on their projects.
- 27% of all the IoT revenue will be from the consumer segment in the year 2024.
- There will be 3.5 billion cellular IoT connections in 2024.
- 57% of all households in the United States will have smart home devices by the end of 2025.
General Facts about IoT in 2023
- As we enter 2024, there are more than 15.14 billion active IoT devices.
This number is predicted to reach 19.08 billion by 2025 and 29.42 billion by 2030!
Smart home devices have the highest share (27%) in this growth, followed by wearable smart devices.
Here is a table showing the number of IoT devices over the years:
| Year | Number of IoT-connected devices. |
|---|---|
| 2019 | 8.6 billion |
| 2020 | 9.76 billion |
| 2021 | 11.28 billion |
| 2022 | 13.14 billion |
| 2023 | 15.14 billion |
| 2024* | 17.08 billion |
| 2025* | 19.08 billion |
| 2026* | 21.09 billion |
| 2027* | 23.14 billion |
| 2028* | 25.21 billion |
| 2029* | 27.31 billion |
| 2030* | 29.42 billion |
- 21% of US adults regularly wear smartwatches or fitness trackers.
- Remote asset monitoring was the top use case of IoT, with 34% of the usage.
The following table displays the leading IoT adoption rate worldwide according to the use case:
| Use Case | Share of Adoption Rate Globally |
|---|---|
| Remote asset monitoring(read-only) | 34% |
| Process automation | 33% |
| Remote asset monitoring and control (read/write) | 32% |
| Vehicle fleet management | 31% |
| Location tracking | 31% |
| Asset/Plant performance optimization | 31% |
| Quality control and management | 30% |
| Goods condition monitoring in transit | 29% |
| Predictive maintenance | 29% |
| On-site track and trace | 29% |
- 620 publicly known IoT platforms were active in the year 2019, out of which 426 platforms are still alive today, including popular names like Microsoft and Amazon.
- By 2030, China will have the highest number of IoT devices. The consumers in the country by then will amount to 5 billion.
- By the end of the year 2023, 66% of the devices will be IoT connected. In addition, by the end of the year 2025, 75% of the devices are expected to be IoT-connected.
- On average, an IoT device has four sensors. Moreover, more than 34% of all the sensors deployed in the year 2022 were reported to be IoT sensors.
What is The Market Size of IoT?
We will have a closer look at IoT’s past, current, and future market size in this section.
- The IoT market size is $662 billion in 2023.
The market size is predicted to reach $3,352.97 billion by 2030. That will be an 1137.9% increase from 2020, when the industry was valued at $182 billion.
The IoT market will grow at a compound annual growth rate (CAGR) of 26.1% from 2023 to 2030.
The following table displays the IoT revenue worldwide over the years:
| Year | IoT Market Size |
|---|---|
| 2020 | $182 billion |
| 2021 | $300.3 billion |
| 2022 | $544.38 billion |
| 2023 | $662.21 billion |
| 2030 (estimated) | $3,352.97 billion |
- Consumer media and the internet had the single largest IoT revenue in the year 2022. It is followed by connected vehicles and payment terminals in revenue generation.
The following table displays the revenue generated by IoT segments in 2022:
| Segment | Revenue Generated |
|---|---|
| Consumer media and Internet devices | $101.8 billion |
| Connected vehicles. | $73.8 billion |
| Payment terminals | $39.4 billion |
| Asset tracking and monitoring | $17.2 billion |
| Inventory management and monitoring | $11.3 billion |
Venture capital investment in IoT
- The total investment in IoT startups was $3.53 billion in 2022
$2.45 billion worth of investment was made in the first half of 2022, and $1.08 billion was made in the second half.
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Read our take on the Startup Scene in 2023 | Bonus Read – Fintech Startup Stats
- Envision Digital raised $210 million for an Internet of Things project in the year 2022. It was the most significant funding round in the year 2022.
- IoT space was responsible for 11.1% of all VC deals in the first half of the year 2021. This figure depicted an increase of 1.2% from January to June 2020 and 2.8% from July to December in the same year.
Source: eenewseurope
IoT for Consumers
- The consumer spending on smart home systems worldwide as of 2023 is reported to be $123 billion. Additionally, by the end of the year 2025, it is expected to cross $173 billion.
We have to talk about voice assistants if we are discussing smart home systems. It is predicted that by 2024, the global voice recognition market will be worth $26.8 billion, and there will be 8 billion voice-enabled digital assistants.
- IoT consumer segment is predicted to be accountable for 27% of all the IoT revenue that will be generated in the year 2024.
- The IoT consumer revenue is expected to cross $65 billion in the year 2023 and $180 billion by the year 2030.
IoT Spending Worldwide
- IoT spending is expected to grow to $ 1.1 trillion by the end of 2023. These numbers have multiplied rapidly year by year over the past years.
The following table displays the worldwide IoT spending over the past years.
| Year | Global IoT Spending |
|---|---|
| 2018 | $646 billion |
| 2019 | $686 billion |
| 2020 | $749 billion |
| 2022 | $1 trillion |
| 2023* | $1.1 trillion |
- 35% of the IoT spending worldwide is expected to be generated from Asia as of 2023. It accounts for over 1/3rd of all IoT spending. It will be followed by North America, Europe, the Middle East, and Africa.
The following table displays the percentage of IoT spending share owned by different regions.
| Region | Share of IoT Spending in 2023 | Share of IoT Spending in 2018 | Difference |
|---|---|---|---|
| Latin America | 3% | 9% | Decreased by 6% |
| Japan | 9% | 9% | Same as before |
| Europe, Middle East, and Africa | 25% | 23% | Increased by 2% |
| North America | 27% | 29% | Decreased by 2% |
| Asia pacific | 35% | 37% | Decreased by 2% |
- The video entertainment category spends the most among all other IoT categories.
64.6% of the total spending was done in the video entertainment category in 2022.
The following table displays the worldwide spending on smart home categories:
| Smart home category | Estimated spending in 2022 | Percentage of total spending |
|---|---|---|
| Lighting | $4.6 billion | 1.5% |
| Thermostat | $8.3 billion | 2.8% |
| Home monitoring and security | $16.5 billion | 5.5% |
| Smart speaker | $27.8 billion | 9.3% |
| Video Entertainment | $192.1 billion | 64.6% |
| Others | $48.2 billion | 16.3% |
IoT Security Statistics
- The number of Internet of Things (IoT) cyber attacks amounted to over 112 million in 2022.
This is an increase of 243.39% from 2018 when the number of recorded cyber attacks was 32.7 million.
Here is a table showing the number of cyber attacks on IoT devices over the years:
| Year | Number of Cyber Attacks on IoT Devices |
|---|---|
| 2018 | 32.7 million |
| 2019 | 34.3 million |
| 2020 | 56.95 million |
| 2021 | 60.14 million |
| 2022 | 112.29 million |
Sage Reads: Insights on cybersecurity as of 2023
- 56% of the devices are more vulnerable to malware and cyber-attacks due to older operating systems.
- Routers act as the gateway for 75% of IoT attacks. Most cybercriminals favor these, and hence, an average of 5,200 attacks per router are recorded monthly.
- 55% of brands and businesses believe that third-party IoT providers should comply with privacy and security regulations.
- 48% of businesses admit that they are not efficient enough to detect IoT breaches on their network.
IoT Business Adoption Statistics
- 54% of enterprises use IoT to save costs on their projects. Additionally, 35% of enterprises adopt IoT to increase their revenue.
- 72% of European enterprises reported that they use IoT for security reasons.
- More than 80% of the executives reported that IoT is crucial for their business.
Cellular IoT Statistics
- The number of cellular IoT connections is expected to be approximately around 3.5 billion by the end of 2023.
- 60% of all cellular connections will be based on the Internet of Things by the end of 2028.
- The connected cars segment grew to 19.09 million in 2023 from 0.39 million in 2021.
Moreover, the overall 5G installed base is predicted to reach approximately 49 million in the year 2023.
The following table displays the 5G Internet of Things installed base around the globe in the years 2020 and 2023 according to various segments.
| Segment | 2021 | 2023 |
|---|---|---|
| Connected cars embedded(consumer and commercial) | 0.39 million | 19.09 million |
| Outdoor surveillance cameras | 2.48 million | 15.76 million |
| Fleet telematics devices | 0.14 million | 5.15 million |
| In-vehicle toll devices | 0.05 million | 1.55 million |
| Emergency services | 0.06 million | 1.18 million |
| Other | 0.4 million | 5.86 million |
Healthcare IoT statistics
- The Internet of Things revenue in the healthcare and social care sector is predicted to reach $8 billion by the end of 2023.
It is also estimated that the health sector in IoT may generate revenue of up to $23.4 billion by the end of 2030.
- The Internet of Medical Things market was reported to be valued at $158 billion in the year 2022. Comparatively, in the year 2017, it was valued at just $41 billion.
- 89% of the IoT adoption challenges in the healthcare industry are reported to be security-related.
- In the year 2018, Apple launched a ‘movement disorder API IoT device.’ It allows Apple watches to monitor Parkinson’s disease symptoms.
Agricultural IoT Statics
- The Agricultural IoT market is expected to reach $5.18 billion by the end of 2023. it is forecasted to reach $6.98 billion in 2025
The following table displays the global revenue of the agricultural Internet of Things market over the years:
| Year | Revenue Generated by Agricultural IoT |
|---|---|
| 2020 | 3.66 billion |
| 2021 | 4.02 billion |
| 2022 | 4.55 billion |
| 2023* | 5.18 billion |
| 2024* | 6.02 billion |
| 2025* | 6.98 billion |
- The agriculture IoT drone market worldwide is forecasted to reach $1.75 billion by the end of the year 2030.
In the same year, rural applications in the United States will be accountable for 35% of the B2B market for agricultural drones.
Industrial IoT Statistics
- The size of the global market for industrial IoT is expected to reach $397.42 billion in 2023.
The following table displays the industrial IoT market size worldwide over the years:
| Year | Industrial IoT market size |
|---|---|
| 2020 | 216.13 billion |
| 2021 | 263.52 billion |
| 2022 | 323.62 billion |
| 2023* | 397.42 billion |
| 2024* | 488.05 billion |
| 2025* | 599.34 billion |
| 2026* | 736.02 billion |
| 2027* | 903.87 billion |
| 2028* | 1,110 billion |
IoT Automotive Statistics
- The automotive Internet of Things industry is predicted to generate approximately $23.6 billion in revenue by the end of 2025.
- The market size of the automotive Internet of Things is expected to reach $144.42 billion in 2023.
The following table displays the market size of the automotive IoT industry over the years:
| Year | Market Value of Automotive IoT sector |
|---|---|
| 2021 | $115.06 billion |
| 2022 | $125.59 billion |
| 2023* | $144.42 billion |
| 2024* | $166.07 billion |
| 2025* | 4190.98 billion |
| 2026* | $219.61 billion |
- 90% of new cars by the end of the year 2040 will be connected to IoT.
- The self-driving vehicle market is predicted to be valued at $36 billion by the end of 2025.
North America is expected to have a 29% share of self-driving cars in the same year. It will be followed by China and Western Europe with 24% and 20% of the share, respectively.
Construction, Manufacturing, and Energy IoT Statistics
- In the year 2022, the global IoT revenue in the manufacturing sectors reached $5.5 billion. Furthermore, by the end of the year 2027, it is expected to be $11.2 billion and $15 billion in 2030.
- 58% of the manufacturers reported that IoT is crucial for the digital transformation of the operations in the organizations and in increasing their efficiency.
- IoT revenue in the construction sector is expected to reach $1 billion by the end of 2025. Further, the revenue may grow up to $1.4 billion by the end of 2030.
- Electricity and gas IoT revenue is forecasted to cross $35 billion by the end of 2030. The revenue generated by electricity and gas IoT was recorded to be $18 billion in 2022.
- By the end of the year 2032, the utility IoT market is expected to be valued at $129.1 billion. The sector is forecasted to have a compound annual growth rate of 11.9% year over year.
- IoT technologies are predicted to save almost $500 billion by the end of 2025 in the power sector.
- 46% of European companies reported using the Internet of Things in the electricity and gas industries in 2021.
Over 33% of the accommodation sector benefited from IoT technologies during the same period.
IoT Brands and Growth
- North America is reported to be the largest consumer of the IoT market. While the Asian-Pacific region is the fastest-growing region.
- The smart clothing market is expected to cross $1.6 billion by the end of 2024. The growth of the industry is expected at a CAGR of 26.2%.
- The US is leading in the deployment of full-scale IoT operations, with more than 44% of companies using the technology completely. It is followed by the UK, with 41% of companies adopting the technology, and Germany, with 35% of companies using IoT.
- In the year 2021, around 99,534 patents safeguarding IoT inventions were filed globally. US-based patents amounted to approximately half of the patents at that time, which amounted to 155,374 patents.
IoT in Smart Cities
- The IoT smart cities market is predicted to surpass $312 billion by 2026.
- The global revenue projected for smart city technologies services and products is predicted to reach $173.28 billion by the end of 2023. In the year 2020, it was reported to be just $116.35 billion.
The following table displays the projected revenue generated by the companies over the years:
| Year | Revenue Generated by Smart Cities |
|---|---|
| 2020 | 116.36 billion |
| 2021 | 129.02 billion |
| 2022 | 148.88 billion |
| 2023 | 173.28 billion |
| 2024 | 203.45 billion |
| 2025 | 241.02 billion |
- By the end of the year 2025, there will be around 26 smart cities around the globe. Out of these, 16 cities are predicted to be in North America and Europe, while the rest will be in the Asia-Pacific region.
- Water management in smart cities is the fastest-growing segment due to the IoT. It is forecasted to remain the same from 2023 to 2030.
- The implementation of IoT is expected to improve emergency response time by 30% to 40% in smart cities. Besides, it will also contribute towards the reduction of street crime by 10% due to the street monitoring systems.
Smart Home Statistics
- 57% of households are expected to have smart home devices by the year 2025. In the year 2021, this figure was reported to be 40%.
- Smart home spending is expected to reach $173 billion by the end of 2025. Between the years 2015 to 2019, the year-over-year spending had a steady increment of 12%. However, the value dropped to 9.47% during the pandemic year.
The following table displays consumer spending in smart homes spendings over the years:
| Year | Consumer spending on Smart Home | Change over a period of time. |
|---|---|---|
| 2015 | $51 billion | – |
| 2016 | $61 billion | Increased by 19.61% |
| 2017 | $74 billion | Increased by 21.31% |
| 2018 | $83 billion | Increased by 12.16% |
| 2019 | $95 billion | Increased by 14.46% |
| 2020 | $86 billion | Decreased by 9.47% |
| 2021 | $123 billion | Increased by 43.02% |
| 2022 | $134 billion | Increased by 8.94% |
| 2023 | $147 billion | increased by 9.70% |
| 2024* | $159 billion | Will increase by 8.16% |
| 2025* | $173 billion | Will increase by 8.81% |
- Technology spending made on smart city initiatives, as of the year 2023, is expected to be $124 billion.
IoT Threats and Challenges
- The attacks on IoT devices affecting critical operations are considered to be the top security issue by 33% of IT executives.
- 84% of the companies that have adopted IoT reported security breaches. The following most reported issues were Cost and maintenance summing up to 50% and 44%.
- Almost 60% of organizations across the world use IoT solutions. However, 43% of enterprises need a system to protect their infrastructure.
The Future of IoT
- It is expected that there will be around 25.44 billion devices by the end of the year 2030.
- 81% of people believe IoT will play a major role in creating smart cities, managing traffic, waste management, digitalization, etc.
- 33% of the users reported that attacks on IoT can critically impact operations, while 32% of the people reported that a lack of skilled personnel to handle the IoT security might adversely hamper the security of the operations.
The following table displays the security issues that IoT users are most concerned about.
| Major security issues that can arise | Percentage of respondents |
|---|---|
| Attacks on IoT devices that may critically impact the operations. | 33% |
| Lack of skilled personnel to implement IoT security | 32% |
| Protecting sensitivity generated by an IoT device | 31% |
| Identifying or discovering sensitive data generated by IoT devices | 27% |
| Lack of effective control of the device | 27% |
| Lack of security frameworks | 26% |
| Privacy violations | 26% |
| Lack of effective control on the device | 26% |
| Lack of industry Standards for security | 25% |
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