What is IoT?
Is it an invisible chain that connects us all?
You can say that! These are many (!) interrelated devices out there. Thanks to the IoT we can transfer data. And the world became smaller since IoT became a thing.
So yes, IoT connects us all. But there’s so much more to that.
Be patient and discover for yourself.
Internet-of-Things (IoT) has been creating a considerable amount of commotion both in the business space and consumer electronics market. With the rise in popularity and demand, more and more people are beginning to take notice of the Internet-of-Things statistics.
However, even though it’s clear that IoT is here to stay, there’s not a lot of valid info that accurately depicts how the new market is behaving at the moment.
Today we decided to compile a list of the latest stats that will show you where IoT industry is now, as well as some nifty predictions on where it’s going to be in the months to come.
Let’s start with a couple of stats and see what happens next.
Iot Statistics (Editor’s Choice):
- There are 127 new IoT devices connecting to the web every second.
- There were 26.66 billion of active IoT devices in 2019 (As of August).
- 90% of people in senior management claimed that IoT is vital for some or all of their company’s operations in 2018.
- The number of cellular IoT connections is expected to be more than 3.5 billion by 2023.
- The IoT home market is expected to reach a staggering $53.45 billion by 2022.
- 98% of business leaders know about IoT, but many are unsure of its exact definition.
- 93% of enterprises have adopted (or will adopt) some form of IoT technology by the end of 2019.
- The combined IoT market size in 2021 is going to be $520 billion.
Like the way that sounds?
Let’s move on then:
Quick Overview – Internet-of-Things Statistics at a Glance
Let’s get started, everyone. Here comes a big one:
1. 98% of business leaders know about IoT, but many are unsure of its exact definition.
What this means is that many business leaders know about IoT, but they are not sure how exactly it could impact their business. As a result, many ventures are adopting IoT, but in quite a basic manner. Its full potential and ability to transform business processes is yet to be seen in action.
However, the Internet-of-Things market is already huge and growing by the minute, which means that it will see another large expansion when companies start using IoT to its full potential.
2. There are 127 new IoT devices connecting to the web every second.
An average consumer in the US now owns four IoT devices in her home. While this number can be perceived as something quite good for the IoT market, the adoption rate of IoT products is still rather low.
However, the recent Internet-of-Things stats show us that more and more people are starting to use IoT devices, so that number is expected to see a rapid expansion quite soon.
3. 93% of enterprises have adopted (or will adopt) some form of IoT technology by the end of this year.
The main reason behind this staggering number is the fact that most executives want to transform traditional working spaces into smart workplaces. The main benefits of this transformation are boosted innovation, as well as increased effectiveness of IT related services and operations. However, the main focus of tech innovations is still tied to the Internet-of-Things mobile devices.
4. 90% of people in senior management claimed that IoT is vital for some or all of their company’s operations in 2018.
This is a number that shows us not only that people are open to adopting IoT technologies, but also that they are starting to become dependant on it. That being said, this is not necessarily a bad thing, although some naysayers might question the decision to make a new technology so important in the everyday operations of a company.
This piece of data, as well as other Internet-of-Things statistics from 2018, shows us that people are quite open to adopting IoT technologies for business and personal use. As we have already indicated, this technology is still relatively new, so we would probably have to wait for an additional 10 years or so to see its full potential.
Let’s not forget that the industry might soon see an unexpected turn thanks to the blockchain technology. It is no longer news that large international corporations integrate projects like IOTA in their products, such as Jaguar Cars, for instance. It won’t take long before IoT technology becomes an essential part of Jaguar vehicles.
The Internet of Things Market Analysis
Perhaps the most interesting thing about IoT is how it affects different markets. Introducing new technology is always going to affect some (if not all) markets that are utilizing and benefiting from it. As we explained in the previous section, there are already markets that have been transformed by the latest IoT developments.
Below, you will find a comprehensive round-up of the markets that are affected the most by deploying IoT-based solutions. In addition, we’ve done our best to make a difference between various IoT market segments.
5. More than 80% of industrial manufacturing companies are going to use or are already using IoT devices.
While industrial manufacturing is not the market that first comes to mind when mentioning IoT, if you take a second to think about it, it does make sense that it utilizes and benefits from IoT. From automated tasks to connected wearables, IoT can help the performance of both machinery and the human workforce in the industrial manufacturing market.
It’s a perfect example of the growth of Internet-of-Things, as well as its many possible applications.
6. 90% of cars will be connected to the web by next year.
Remember when we used to predict that smart cars are going to be something we’ll have in the future? Well, it seems that the future is here, as more and more cars are utilizing the internet in their operations.
While automated driving cars have not actually arrived yet, they are just around the corner. Some companies are starting to utilize bits of this new technology to create automatic driving assistance. Looking at this and other Internet-of-Things facts, we can only begin to assume what new technological advancements are going to be presented to us in the near future.
7. The industrial IoT market size is predicted to reach $124 billion by 2021.
Considering that IoT is changing companies, industries, and even some countries (China is a perfect example), it’s easy to see that the industrial IoT market is going to see rapid expansion. The said expansion is well underway, but we are yet to see the real changes IoT is bringing to the table.
Predictions for this market size are that it’s going to reach $124 billion in less than three years. If this prediction comes true (and chances are that it will), it will shake the very foundations of industrial production, not only in the US but across the whole world.
Improved automation in industry processes is going to be the next big thing, and IOT seems to be the best candidate for this task. Manufacturing sections and machines, for example, can communicate between themselves more efficiently by using this technology.
How Many IoT Devices Are There?
The question that’s been on the minds of many people is just how many IoT devices are already being used at this moment. If we take a look at some of the data we have, we can grasp the full effect IoT has on various business ventures, as well as the consumer world.
That effect is not going away, and the ever-growing number of IoT-powered devices only adds to the importance of IoT. The said effect is supported and confirmed by various Internet-of-Things statistics that complement the data we have.
By analyzing the said data, as well as some of the predictions on how this number is going to change in the years to come, we can come up with more than just a few ways we all could benefit from utilizing not only IoT devices but the whole IoT industry, as well.
8. The number of IoT devices in 2018 was 7 billion.
Last year was arguably the year that saw the IoT market blossom the most ever since it appeared. With those statistics in mind, there are many questions that are now circling around the whole IoT market. One of them is – How many IoT devices are in 2018?
Looking back at the statistics from the previous year, the answer is – 7 billion. We believe that you are not going to be surprised when you see the next statistic.
9. There were 26.66 billion of active IoT devices in 2019 (as of August).
While this number is showing us that IoT devices are currently on the rise, it is not easy to predict how many active IoT devices we will see by the end of the year. The reason is simple — IoT devices and their implementation are growing every day.
This is just one of the pieces that comprise the Internet-of-Things statistics for 2019 that you should keep an eye on to grasp just how big this market is going to become.
10. The number of connected IoT devices by 2025 is expected to be more than 75 billion.
While predicting the future of consumer electronics for more than a year is not an easy task to achieve, the main issue with the IoT industry is that its projections are often achieved earlier than predicted. However, if we factor in this prediction that’s six years in the future, we can conclude that the number of connected devices in 2025 is going to be around 75 billion.
11. The projected number of IoT devices for 2020 is 31 billion.
If we take a look at the statistics mentioned above, we can clearly see that the IoT market is rapidly expanding and it’s growing in a steady manner. This means that the following 2020 is not going to be an exception from this trend. Naturally, one question will arise, “How many connected devices will there be in 2020?” Although the answer is not easy to provide, the fact that the said number is estimated at 31 billion is something that will blow your mind.
What is the Future of Internet-of-Things?
One of the most debated questions in the digital sphere is what will be the future of IoT. This is a question that can’t easily be answered. While there are numerous predictions for the future, the matter of fact is that, because of the volatility of digital markets, we can’t be 100% sure if those predictions will come to fruition. This is especially true for those predictions that go three or more years into the future.
There are more than enough predictions for the next year, but even those are not expected to be entirely accurate. However, the projected Internet-of-Things statistics for 2020 will bring us a lot of new and improved devices. Below, you will find some of the major predictions for the next year and beyond.
12. The combined IoT market size in 2021 is going to be 520 billion.
The exponential growth of IoT markets is something we simply can’t turn a blind eye on. While it’s never easy to predict how a certain market is going to behave in the future, the fact is that many agencies are predicting a similar if not the same future for IoT markets.
The IoT market size, according to Gartner, does not differ much from this estimation. If we consider that even just a prediction from Gartner is something that affects the said market, it’s safe to say that the next few years will be marked by IoT use and development.
13. The number of cellular IoT connections is expected to be more than 3.5 billion by 2023.
The greatest increase is expected for short-range Internet-of-Things devices. That said, cellular devices are supposed to see an increased expansion by 30%. The majority of this growth is attributed to the fact that chipset prices for cellular devices are steadily going down. This is just one of the many IoT forecasts that are telling us IoT has become a reality and is not going away anytime soon.
14. The IoT home market is expected to reach a staggering $53.45 billion by 2022.
Smart home devices have recently been quite in-demand and the market is rapidly expanding. The majority of these devices are used to control lighting, appliances, entertainment, or even climate in your home.
Home security systems are possibly the one thing that enabled IoT to break into the home market, and it stayed on the top of the list ever since then.
15. By 2023, new hardware and software combinations will be developed for added IoT systems security.
One of the biggest concerns regarding the current state of IoT is security. While many companies are developing systems that will enhance the data security of IoT devices, the current state of IoT security is still somewhat lacking.
However, the Internet-of-Things statistics that Gartner provided us with, show that this issue should be resolved in a few years.
While it’s clear as day that IoT is here to stay, we have yet to grasp the full impact it will have, not only on various businesses but the entire humanity, too. There are many predictions about the IoT market, and it’s not easy to decide which ones will actually come true. However, if we take the latest IoT trends into consideration, we can even say that it doesn’t really matter.
The reason behind this bold statement is that even if some of the predictions fall short, IoT will still be there making an impact. Simply put, there are too many ways IoT is transforming the way people and businesses operate for it to simply go away.
In addition, it’s not that we are stating this as our opinion – this statement is backed by a number of Internet-of-Things statistics freely available to the public.
- McKinsey Global Institute
- Aruba Networks
- IoT Analytics