➤ IOT: Key Statistics and Figures (2024)

IoT spending

The Internet of Things (IoT) is becoming a multi-billion dollar industry, attracting interest from individuals and businesses looking to invest in this booming technology. IoT spending reached $1 trillion in 2020, and this trend is expected to continue over the next few years. Spending was split across multiple sectors, such as smart home devices and security solutions. Here are the key statistics on the IoT market:

In 2020, spending on smart home devices reached $53 billion.
In 2021, $631 million was spent on security solutions for IoT devices.
By 2025, investments in IoT are expected to reach 15 trillion dollars.

These numbers clearly indicate the importance of IoT and its impact on our daily lives. The IoT market is expected to continue to grow, offering new possibilities for businesses and individuals.

IoT devices

The Internet of Things (IoT) is growing rapidly with billions of devices connected to the Internet. Businesses produce smart devices and sensors to meet the ever-changing needs of the market. Here are some interesting IoT statistics:

Every second, 127 new devices connect to the Internet. (McKinsey Digital)
Hardware accounts for 35% of the IoT market, with many companies also producing sensors and chipsets. (PWC)
By 2024, it is predicted that 1.9 billion people will use 5G for the IoT, due to its speed and reliability. (Ericsson)

These figures reflect the increasing importance of IoT in our daily lives and highlight the importance of ensuring the security and reliability of connected devices.

IoT connections and security

IoT is a fast-growing technology that connects more and more devices to the internet. However, this rapid growth also presents security challenges. In this text, we'll look at important IoT security statistics.

IoT devices are attacked quickly after they connect to the internet
Within the first five minutes, an IoT device is attacked by bots or other malicious agents
Routers are the prime target of cyberattacks
75% of all cyberattack cases are caused by routers
Nearly half of businesses don't know when they're targeted by cyber attacks
This can indicate how many attacks go unnoticed

IoT security statistics clearly show the significant challenges associated with this technology. Businesses and consumers should be aware of the risks and take steps to protect their IoT devices from cyber attacks.

Automotive IoT market segment

Autonomous cars are one of the most fascinating developments in the IoT, with significant investments in this technology.

Autonomous vehicles are equipped with numerous sensors to collect and analyze data, ensuring maximum safety on the road.

29% of autonomous cars will be in North America by 2021. Statista forecasts that North America will be a major player in the autonomous driving market, with nearly a third of autonomous cars in the region.
70% of all new cars will be connected to the Internet by 2023. IoT-connected cars offer new communication methods that are faster, more efficient, and safer for all road users.

The autonomous car industry is constantly evolving and IoT is playing an increasingly important role in this evolution, from data collection and analysis to vehicle connectivity.

Global IoT data

IoT is a rapidly growing industry, with an increasing number of devices connected to the internet every second. However, this rapid growth raises concerns about security, rights, and economic impact. In this text, we will explore important statistics related to these questions.

The loss of various types of rights crosses the minds of around 74% of global IoT consumers. (EU)

Concerns about the loss of human rights run through the minds of 74% of global IoT consumers.
Security is a delicate factor to balance when considering the pros and cons of IoT.

With the rise of smart cities, the first 600 cities in 2025 will contribute to 60% of global GDP. (Postal capsules)

Smart cities are becoming more and more connected thanks to the IoT.
The first 600 smart cities in 2025 will contribute up to 60% of global GDP.

The expectations of the various stakeholders in terms of cost reduction are the first reason to invest in IoT. (IoT Analytics)

IoT stakeholders are attracted to the cost reduction opportunities offered by the IoT.
IoT can help reduce costs by providing information and eliminating unnecessary human interactions.

The IoT offers many opportunities, but also raises concerns about security and human rights. The statistics presented here highlight the importance of balancing the pros and cons of IoT.

What are the uses of IoT devices?

IoT devices have a wide variety of uses, such as:

Benefits of IoT devices for the home

Control household appliances for easier and more convenient living
Monitor energy use for more efficient consumption
Get remote access for more security and control

IoT opportunities for health and safety

Collect data to improve health and well-being
Remotely monitor your loved ones for added peace of mind
Boosting the cybersecurity market to protect users

IoT and e-commerce

IoT devices to improve the customer experience
IoT-based private label products are becoming popular
New technologies are reinforcing the growing popularity of IoT devices.

Future of IoT

The Internet of Things (IoT) is revolutionizing the way we interact with our environment.

Predictions suggest that the IoT market is expected to continue to grow, offering new opportunities for businesses and individuals:

Growth forecasts: Initial forecasts for IoT have been surpassed, creating excitement about the number of new ideas and concepts that will emerge in the near future.
Role of IoT in the future: Data analytics and IoT will play a critical role in humanity's future, providing new insights into how we interact with the world.
Using IoT for businesses: More and more businesses are using IoT to increase revenue and improve operations in a profitable manner, providing new opportunities for innovation and growth.

Machine Learning, AI & IoT

The IoT (Internet of Things) is becoming increasingly popular with the increasing use of connected devices. Machine learning and AI capabilities are helping to accelerate the development of IoT, leading to steady growth in the TCCA. Businesses need to restructure their business models, operations, and technology infrastructure to meet the requirements of enterprise IoT customers.

Machine Learning and AI are accelerating the development of IoT.
Vendors need to keep up with market developments to launch new products and solutions.
Businesses need to restructure their business models, operations, and technology infrastructure to meet the requirements of enterprise IoT customers.
Businesses need to process large volumes of data to remain competitive.

Summary.

The global IoT market is expected to continue to grow in importance as consumer and business sectors use more and more connected devices for a variety of reasons.

As IoT use cases continue to develop, businesses looking to use IOT devices and solutions in the future have a lot of value.

Furthermore, the total number of IoT devices and IoT initiatives in use is also expected to increase due to the increasing number of opportunities for businesses and organizations.

In a world that has been hit by a pandemic that has left humans looking for better communication, the IoT has been at the forefront of developing new technologies to improve our lives.

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Further reading: Understanding what a market is is what IoT devices are trying to discover.

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