By 2025, forecasts suggest that there will be more than 75 billion Internet of Things (IoT) connected devices in use. This would be a nearly threefold increase from the IoT installed base in 2019.

What is the Internet of Things?

The IoT refers to a network of devices that are connected to the internet and can “communicate” with each other. Such devices include daily tech gadgets such as the smartphones and the wearables, smart home devices such as smart meters, as well as industrial devices like smart machines. These smart connected devices are able to gather, share, and analyze information and create actions accordingly. By 2023, global spending on IoT will reach 1.1 trillion U.S. dollars.

How does Internet of Things work?

IoT devices make use of sensors and processors to collect and analyze data acquired from their environments. The data collected from the sensors will be shared by being sent to a gateway or to other IoT devices. It will then be either sent to and analyzed in the cloud or analyzed locally. By 2025, the data volume created by IoT connections is projected to reach a massive total of 79.4 zettabytes.

Privacy and security concerns 

Given the amount of data generated by IoT devices, it is no wonder that data privacy and security are among the major concerns with regard to IoT adoption. Once devices are connected to the Internet, they become vulnerable to possible security breaches in the form of hacking, phishing, etc. Frequent data leaks from social media raise earnest concerns about information security standards in today’s world; were the IoT to become the next new reality, serious efforts to create strict security stands need to be prioritized.

The revenue is forecast to experience significant growth in all segments in 2029. The trend observed from 2019 to 2029 remains consistent throughout the entire forecast period. There is a continuous increase in the indicator across all segments. Notably, the Industrial IoT segment achieves the highest value of 161.02 billion U.S. dollars at 2029. Find further statistics on other topics such as a comparison of the revenue in Canada and a comparison of the revenue in Japan. The Statista Market Insights cover a broad range of additional markets.

In 2030, 17.4 billion Internet of Things (IoT) connected devices worldwide will be enabled by short range technology. This will be followed by cellular public networks supporting around 4.7 billion devices.

Short-range technologies, including Wi-Fi, Bluetooth, and Zigbee, will dominate the number of Internet of Things (IoT) connections in 2030 compared with other communications technologies, with over 21 billion connections.

Massive machine-type communication tech

These short-range technologies are projected to account for the most sizable portion of communications technologies from 2021 to 2030. Massive machine-type communication (mMTC) using 5G technology - which is needed for the growing deployment of autonomous vehicles - is projected to grow strongly over the next few years. At the same time, the non-mMTC connected devices would depend on low power wide area (LPWA) network.

Future of IoT

In the following decade, IoT will track individuals, cities, crops, and everything else you can imagine. The possibilities for IoT in the future are endless. Increased network agility, integrated artificial intelligence (AI), has increased the ability to deploy, automate, manage, and secure various use cases at hyper-scale. This development will expedite IoT advancements in the coming years.

According to the source, Internet of Things (IoT) connections will have increased from 12 billion in 2019 to 24.6 billion in 2025. These 12.6 billion new connections are mostly expected to come from smart buildings and smart homes which is expected to bring 3.3 billion and 2 billion new connections respectively.

Over the last two observations, the revenue is forecast to significantly increase in all segments. The trend observed from 2019 to 2029 remains consistent throughout the entire forecast period. There is a continuous increase in the indicator across all segments. Notably, the Industrial IoT segment achieves the highest value of 9 billion U.S. dollars at 2029. Find further statistics on other topics such as a comparison of the revenue in France and a comparison of the revenue in the world. The Statista Market Insights cover a broad range of additional markets.

The statistic shows the overall data volume of connected devices/IoT connections worldwide in 201 and 2025. By 2025, total data volume of connected IoT devices worldwide is forecast to reach 79.4 zettabytes (ZBs).

The number of Internet of Things (IoT) devices worldwide is forecast to almost double from 15.9 billion in 2023 to more than 32.1 billion IoT devices in 2030. In 2033, the highest number of IoT devices will be found in China, with around 8 billion consumer devices. IoT devices are used in all types of industry verticals and consumer markets, with the consumer segment accounting for around 60 percent of all IoT or connected devices in 2023. This share is projected to stay at this level over the next ten years. Major verticals and use cases Major industry verticals with currently more than 100 million connected IoT devices are electricity, gas, steam & A/C, water supply & waste management, retail & wholesale, transportation & storage, and government. Overall, the number of IoT devices across all industry verticals is forecast to grow to more than eight billion by 2033. Major use-cases The most important use case for IoT devices in the consumer segment are consumer internet & media devices such as smartphones, where the number of IoT devices is forecast to grow to more than 17 billion by 2033. Other use cases with more than one billion IoT devices by 2033 are connected (autonomous) vehicles, IT infrastructure, asset tracking & monitoring, and smart grid.

The revenue in the internet of things market in the United States was forecast to continuously increase between 2024 and 2029 by in total 202.5 billion U.S. dollars (+59.12 percent). After the tenth consecutive increasing year, the indicator is estimated to reach 545.08 billion U.S. dollars and therefore a new peak in 2029. Notably, the revenue of the internet of things market was continuously increasing over the past years.Find more in-depth information regarding the revenue concerning the smart finance segment of the internet of things market in Europe and the revenue concerning the internet of things market in Europe. The Statista Market Insights cover a broad range of additional markets.

The global market for Internet of things (IoT) end-user solutions is expected to grow to 212 billion U.S. dollars in size by the end of 2019. The technology reached 100 billion dollars in market revenue for the first time in 2017, and forecasts suggest that this figure will grow to around 1.6 trillion by 2025. The Internet of Things
The Internet of Things (IoT) is a term used to describe the continually growing network of internet connected electronic devices that are in operation around the world today. These devices often share data and information in order to provide added convenience and control to consumers and, in some cases, even allow users automate simple processes such as ordering supplies. Tens of billions of these IoT connected devices already exist around the world and this number will only grow as internet connectivity begins to become a standard feature for a great number of electronics devices. Although heavily integrated into the consumer electronics market, IoT extends far beyond handheld devices and home appliances; IoT subsystems such as industrial internet and connected cities aim at automating factories and urban areas rather than just households. Digital virtual assistants such as Amazon’s Alexa and Google Assistant serve as the bridge between this network of interconnected devices and their human users.

Over the last two observations, the revenue is forecast to significantly increase in all segments. This reflects the overall trend throughout the entire forecast period from 2019 to 2029. It is estimated that the indicator is continuously rising in all segments. In this regard, the Industrial IoT segment achieves the highest value of 454.89 billion U.S. dollars in 2029. Find further statistics on other topics such as a comparison of the revenue in Iran and a comparison of the revenue in France. The Statista Market Insights cover a broad range of additional markets.

The revenue is forecast to experience significant growth in all segments in 2029. Especially notable is the remarkably robust growth observed in the Industrial IoT segment as we approach the end of the forecast period. This value, reaching 599.3 million U.S. dollars, stands out significantly compared to the average changes, which are estimated at 205.5143 million U.S. dollars. Find further statistics on other topics such as a comparison of the revenue in Japan and a comparison of the revenue in the United Kingdom. The Statista Market Insights cover a broad range of additional markets.

The consumer sector is anticipated to dominate in terms of number of Internet of Things (IoT) connected devices in 2030, with over 24 billion connected devices worldwide. This number of connected devices within the consumer sector is forecast to keep increasing.

The revenue is forecast to experience significant growth in all segments in 2029. The trend observed from 2019 to 2029 remains consistent throughout the entire forecast period. There is a continuous increase in the indicator across all segments. Notably, the Industrial IoT segment achieves the highest value of 12.8 billion U.S. dollars at 2029. Find further statistics on other topics such as a comparison of the revenue in Iran and a comparison of the revenue in Japan. The Statista Market Insights cover a broad range of additional markets.

The single largest use case in terms of number of Internet of Things (IoT) connected devices is consumer internet and media devices, accounting for a third of all devices worldwide in 2033. The other two largest use cases are smart grid (e.g. smart meters) and inventory management & monitoring.

According to a 2019 IoT survey, 46 percent of respondents are driven to spend more on Internet of Things technologies for improved security. Better data analytics capabilities and improved daily operational efficiencies are also important drivers behind increasing IoT spending.

In 2019, there were approximately 250 million internet of things (IoT) connected devices in India. This number was expected to reach over two billion by 2021. Five key segments are contributing to the overall IoT market demand in India: large enterprises, global capability centers (GCCs), small medium businesses (SMBs), consumers, and the government.

Over the last two observations, the revenue is forecast to significantly increase in all segments. As part of the positive trend, the indicator reaches the maximum value for all two different segments at the end of the comparison period. Particularly noteworthy is the segment Consumer IoT, which has the highest value of 5.1 billion euro. Find further statistics on other topics such as a comparison of the revenue in Japan and a comparison of the revenue in Australia & Oceania. The Statista Market Insights cover a broad range of additional markets.

By 2025 the total number of consumer and industrial Internet of Things (IoT) connections in North America is forecast to grow to 5.4 billion. In 2019, the number of IoT connections in North America amounted to 2.8 billion connections.

As of 2024, 260 billion U.S. dollars were spent on the Internet of Things (IoT) technology worldwide. It was a substantial decrease from the last year and overall the lowest result within the document years. Why IoT Security is increasingly becoming a major concern for businesses. In fact, when asked why they were adopting Internet of Things, the majority of European IoT adopters stated that the reason was to improve security. In fact, over 120 billion U.S. dollars were spent on IT security in 2019 worldwide. Reducing operational costs and improving efficiency were also popular motivations for adoption IoT. Funding & spending More and more organizations seem to be investing in IoT and their number amounted to 2,552 thousand organizations in Europe as of May 2020. The funding amounted to over five billion U.S. dollars. Additionally, technology spending into smart city initiatives reached 104 billion U.S. dollars worldwide in 2019.