The Ultimate List of Internet of Things Statistics for 2024
Internet of Things (IoT) emerged merely as a concept in the early 2000s, and as we approach 2022, trends show that this technology is here to stay. Reports indicate that there will be 35.82 billion IoT devices installed worldwide by 2021 and 75.44 billion by 2025. IoT devices are everywhere, from smartwatches to voice assistants, and are shaping the way we work, talk, and engage with each other.
Since IoT is still in development, the discussion of its current trends and statistics is a hot topic. As such, we did some digging through the internet to find the most interesting IoT statistics in 2021 and compiled them into one ultimate list, to help you understand this growing market.
Trending Internet of Things Statistics for 2024:
- The internet of things market revenue is $212 billion worldwide
- Google Home will have the largest IoT devices market share by 2021, at 48%.
- The average number of connected devices per household in 2020 will be 50.
- By 2021, 35 billion IoT devices will be installed around the world.
Now that we’ve gone through a few interesting facts, l et’s dive in a bit deeper and look more in-depth at just how big IoT is in 2021.
How Many IoT Devices Are There in 2020?
IoT is everywhere and surrounds us from the moment we get out of bed. In simple terms, IoT refers to all the gadgets, machines, buildings, and more, that connect to the web. All these appliances are connected and share information digitally, on a global scale.
By the end of 2018, there was an estimated 22 billion internet of things (IoT) connected devices in use around the world. According to Statista, the number of internet of things (IoT) connected devices worldwide will be 38.6 billion by 2025. Additionally, forecasts suggest that by 2030 around 50 billion of these IoT devices will be in use worldwide, creating a massive web of interconnected devices spanning everything from smartphones to kitchen appliances.
This is an indication of how the Internet of Things ecosystem is growing and shifting every single year. The number of connected devices will get to be ridiculously high in no time.
General Internet of Things Statistics
1. Households have ten connected devices on average and will rise to 50 in 2021
(Economic Times)
It is expected that every household, on average, will have 50 connected devices in 2021. Technologies such as smartphones, speakers, 5G, will significantly influence how we manage and interact with our homes and businesses. Statista goes even further and forecasts that 5G technology alone will power 1.3 billion mobile IoT devices by 2023, contributing to the internet of things network.
2. Worldwide IoT spending surpassed $1 trillion in 2020 alone
(Sdx central)
Insights from a 2020 IoT forecast revealed that worldwide spending might have already exceeded $1 trillion in 2020 alone. It is predicted that IoT spending will maintain a double-digit annual growth rate throughout the 2020-2022 forecast period. The report also looks at IoT use cases and says that manufacturing operations, production management, and smart homes will be the leading industry spenders in 2020. Consumer IoT spending will reach $745 billion in 2020.
3. Spending on IoT Endpoint Security solutions will reach $631M in 2021
(Gartner)
As the IoT ecosystem continues to grow, so does the importance of securing those IoT networks. According to Gartner, spending on IoT security solutions will reach well over $600 million. This is a significant leap from $91 million, which was spent in 2016, and this annual global spending statistic shows that IoT solutions are headed for a massive boom within the next decade.
4. Every second, 127 devices hook up to the internet for the first time.
(McKinsey Digital)
Consumers are now connected more than ever, with an incredible 127 devices connecting to the internet every second. Indeed, there are plenty of reasons to get excited about what the future holds for IoT.
5. There Will Be 1.9 Billion 5G Cellular Subscriptions by 2024
(Ericsson)
With the rapid expansion of 5G, Ericsson predicts that 5G will continue to drive the growth of IoT. It is anticipated that there will be 1.9 billion 5G cellular subscriptions by 2024, and the North American market is expected to see the most growth, with 63 percent of mobile subscriptions.
Internet of Things Market Size
6. Revenue for 2020 is expected to be $212 billion worldwide.
(Business Insider)
Business Insider claims that the revenue from IoT exceeded $212 billion worldwide. They also show even greater optimism, saying the IoT marketplace will grow to over $3 trillion by 2026.
7. Hardware currently accounts for around 35% of the market’s value.
(PWC)
Hardware still accounts for 35% of IoT technology’s total value, although trends suggest decreasing global market value. The most notable changes in this dynamic industry will emerge around new software that allows for IoT connection between devices.
8. The number of cellular IoT connections is expected to reach 3.5 billion in 2024
(Dataprot)
The number of cellular IoT connections is expected to grow substantially and reach 3.5 billion by 2023. This results from a combination of AI, machine learning, and data processes delivered by IoT solutions. According to Dataprot, the number of IoT devices connected will likely surpass this 3.5 billion, with Asia leading the charge. Additionally, experts predict that North Asia will be home to more than 2 billion IoT devices by 2023.
9. Companies could invest up to $15 trillion in IoT by 2025
(Gigabit)
Companies are beginning to see IoT devices’ potential, and this stat does not come as a surprise. According to Gigabit, companies could invest up to $15 trillion in IoT by 2025 and add value to their businesses. IoT statistics show that several healthcare providers, manufacturers, and municipalities have already chosen to invest in IoT technology.
10. Smart factories in North America are predicted to be worth more than $500 billion in 2024
(Forbes)
Forecasts by experts show that the IoT market in North America is set for a period of growth due to smart factories and businesses’ growth. The world’s biggest economy is leading the way again, with consumer electronics and transportation as the two leading sectors.
They are set to revolutionize the manufacturing process and increase productivity substantially.
Internet of Things Growth Stats
11. North America is expected to own 29% of the world’s self-driving fleet by 2035
(Statista)
Although it’s too early to expect fully driverless cars, the technology behind fully autonomous driverless vehicles is still undergoing rigorous trials and development. Statista predicts that we will see a jump in partially-automated vehicles by 2025 when the market will reach $36 billion. Eventually, by 2035 North America will hold 29% of the self-driving fleet, followed by China with 24% and Western Europe with 20%.
12. The IoT market is predicted to be worth $4 trillion by 2025
(Machine Research)
Market analysis on the IoT conducted by Machine Research predicts that the IoT market will be worth $4 trillion in just four years.
An internet of things market analysis forecast conducted by Machina Research predicts that the IoT market will represent a revenue opportunity worth $4 trillion in just five years. McKinsey’s Global Institute went on further and expected even more astonishing figures of around $11 trillion.
13. The biggest reason for IoT investment is cost-reduction
(IoT Analytics)
Companies are always looking to reduce costs. Data gathered from 1,600 enterprises, and their IoT projects revealed that the clear majority acknowledged cost-reductions as the primary purpose (54%). Only 35% of IoT projects were related to increased revenue and even a smaller number for security (24%).
Internet of Things Smart City Stats
14. The Smart Home IoT market will grow to $53.45 billion by 2022
(Statista)
Amazon’s Echo is currently dominating the smart home IoT market; however, things might change as other devices catch on. According to Statista, the smart home market will grow to $53 billion as early as 2022. We should expect more home security systems, climate appliances, and entertainment to play a more integral role in our lives.
15. The top 600 smart cities will account for 60% of the global GDP in 2025
(Postcapes)
A study from Frost & Sullivan revealed that the top 600 smart cities would account for 60% of the global GDP by 2025. Experts estimate that smart cities will surpass $2 trillion in market value by 2025, with artificial intelligence and IoT being the main driving forces.
IoT Technology Statistics
16. Nearly 70% of all new vehicles globally will be connected to the internet by 2023
(IDC)
In a 2018 report conducted by the IDC, the projected shipment of internet-connected cars will reach nearly 76 million units by 2023. This amounts to about 70% of the total figure; meanwhile, the US portion will be 90% of all new vehicles.
17. IoT devices will generate 79.4 zettabytes of data by 2025
(IDC)
According to the IDC, IoT devices will generate 79.4 zettabytes of data by 2025. The total internet data used combined represented 4.4 ZB last year. However, by 2025, it is expected to grow to 175 ZB, 79.4 ZB would be due to IoT devices.
Just how big is a zettabyte? One zettabyte is equal to 1,000,000,000,000,000,000,000 bytes. If you were to count nonstop at one number per second, it would take you a good 31,705,770,450,221.94 years to finish!
Security of IoT Devices Statistics
18. Annual spending on IoT security measures will increase to $631 million by 2021.
(Forbes)
As the IoT market grows, it’s only expected that the importance of securing and integrating IoT networks increases. The annual spending on IoT security is set to increase to $631 million by 2021, a significant increase from 2016 with $91 million spent. This growth statistic assures us that IoT is headed for a massive boom in the next ten years.
19. IoT devices are typically attacked within five minutes of connecting to the internet.
(NETSCOUT Threat Intelligence Report)
According to NETSCOUT, the average IoT device gets attacked just five minutes after it goes online. This trend is only expected to grow as more devices are connected every year. This explosion in cyberattacks was predicted right after it was introduced, and unfortunately, this has proven to be true.
20. 75% of cyberattack cases are carried out through routers
(Symantec)
It seems that the majority of cyberattacks on IoT devices are a result of network routers. Network routers are favored targets by many cybercriminals, with an average of 5,200 attacks per router per month.
21. 74% of global consumers worry about losing their civil rights because of IoT
(EIU)
Another worrying statistic, this one comes from an Economic Intelligence Unit survey. 74% of global consumers worry about losing their civil rights to IoT. One thousand six hundred consumers across eight countries claimed that 92% want to control the type of personal information automatically collected.
22. 48% of businesses admit they are unable to detect IoT security breaches on their network.
(Gemalto)
According to Gemalto, another worrying stat, 48% of businesses admit that they cannot detect IoT security breaches on their network. Nearly half of the companies that use IoT can’t identify when their network is compromised. As more businesses invest in IoT technology, we can only hope that this number decreases.
IoT Statistics – Summary
Virtually every device that can connect to another device is considered as IoT, and the last few years have seen the IoT vision grow from theory to a major priority for many organizations.
Although IoT is still in development and a hot topic right now, one thing is for sure – it’s here to stay. As such, we scoured through the internet and compiled this ultimate list of IoT statistics for 2024. We hope it will help you better understand the market and help your business grow in 2024.
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