IoT = Device + Gateway + Cloud
The Internet of Things, or IoT, is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers (UIDs) and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.
- In 2021, there were more than 10 billion active IoT devices.
- It’s estimated that the number of active IoT devices will surpass 25.4 billion in 2030.
- By 2025, there will be 152,200 IoT devices connecting to the internet per minute.
- IoT solutions have the potential to generate $4-11 trillion in economic value by 2025.
- 83% of organizations have improved their efficiency by introducing IoT technology.
- It’s estimated that global IoT spending will total $15 trillion in the six-year period between 2019 and 2025.
- The consumer IoT market is estimated to reach $142 billion by 2026 at a CAGR of 17%.
- 94% of retailers agree that the benefits of implementing IoT outweigh the risk.
- The amount of data generated by IoT devices is expected to reach 73.1 ZB (zettabytes) by 2025.
In 2021, IoT Analytics expects the global number of connected IoT devices to grow 9%, to 12.3 billion active endpoints. By 2025, there will likely be more than 27 billion IoT connections.
State of IoT 2022: Number of connected IoT devices growing 18% to 14.4 billion globally.
Despite a booming demand for IoT solutions and positive sentiment in the IoT community as well as in most IoT end markets, IoT solutions have the potential to generate $4-11 trillion in economic value by 2025.Other headwinds for IoT markets include the ongoing COVID-19 pandemic and general supply chain disruptions. In 2022, the market for the Internet of Things is expected to grow 18% to 14.4 billion active connections. It is expected that by 2025, as supply constraints ease and growth further accelerates, there will be approximately 27 billion connected IoT devices.
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