Blog skyhook logo 20 Stats That Show The Massive Opportunities In The Internet of Things

Jul 10, 2020 5:42:05 PM

20 Stats That Show The Massive Opportunities In The Internet of Things

Posted by Isolde Decker-Lucke

Read All Posts

The giant ecosystem that is the Internet of Things is growing, shifting and consolidating rapidly. Internet of things devices are everywhere, from smart toothbrushes to smart watches, and voice assistants to slow cookers, IoT is all around us. We all know that IoT can change our lives and make our daily lives and businesses more efficient, but what else should we know about IoT? 
We did some digging and found statistics that help you understand this growing market and the impact IoT has on the future. These stats cover the smart home market, industrial IoT, health care, IoT asset tracking, and more. 
Here are 20 IoT statistics that will help you wrap your head around these rising trends:

1. According to IoT Analytics, the number of IoT devices that are active is expected to grow to 22 billion by 2025. 

2.  Bain predicts IoT and analytics revenue will grow to $520 billion in 2021. 
  1. According to IoT Analytics, the global IoT market reached $151 billion in 2018 and is forecasted to grow to $1,567B by 2025. 
  2. The integration of Artificial Intelligence (AI) with IoT is expected to be the key factor driving the IoT in healthcare market growth.(Source
  3. The global internet of things (IoT) in banking, financial services, and insurance (BFSI) market size was valued at USD 17.85 billion in 2018 and is projected to reach USD 116.27 billion by 2026.
  4. By 2024, Ericsson reports that NB-IT and Cat-M technologies will account for close to 45 percent of cellular IoT connections in 2024. 
  5. By 2030, MTA predicts that there will be 15 connected devices per person. 
  6. Statista estimates the number of LPWAN connected devices to reach 3.44 billion by 2021.
  7. The number of connected devices is expected to reach 75 billion in 2025
  8. According to Gartner research, in 2019 an overwhelming 99% of companies either maintained or increased their budget for IoT. (Source)
  9. Accenture estimates the Industrial Internet of Things (IIoT) could add $14.2 trillion to the global economy by 2030. 
  10. Markets and Markets reports that IoT in the Smart Cities market is projected to grow from $79.5 billion to $219.6 billion, at a CAGR of 22.5% from 2018 to 2023. 
  11. According to Cisco, M2M network connections will grow globally from just under 1 billion in 2017 to 3.9 billion in 2022.
  12. Real Time Location System market (RTLS) is expected to grow from USD 3.19 billion in 2018 to reach USD 8.79 billion by 2023. (Source) 
  13. The smart agriculture market is estimated to grow from USD 13.8 billion in 2020 to USD 22.0 billion by 2025. (Source)
  14. The global IoT healthcare market is predicted to reach $14 billion by 2024. (Source)
  15. Spending in the smart home device market is expected to rise through 2023, to a projected 157 billion U.S. dollars, according to Statista.
  16. Spending in the IoT Healthcare market is expected to hit 176.82 billion by 2026. (Source)
  17. Asia Pacific region is expected to hold the highest market share in the IoT Healthcare market. (Source)
With the IoT market rapidly evolving, it is hard to keep up with the latest news and trends. These IoT stats help conceptualize the enormous growth in the Internet of Things. If you’re interested in learning more about the Internet of Things, check out this white paper, ‘Making the Internet of Everything a Reality.’
New call-to-action