By 2025, forecasts suggest that there will be more than ** 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 *** 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 **** 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 global market for Internet of things (IoT) end-user solutions is expected to grow to *** billion U.S. dollars in size by the end of 2019. The technology reached *** billion dollars in market revenue for the first time in 2017, and forecasts suggest that this figure will grow to around *** 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.

The number of Internet of Things (IoT) devices worldwide is forecast to more than double from 19.8 billion in 2025 to more than 40.6 billion IoT devices by 2034. In 2034, the highest number of IoT devices will be found in China, with around 7.51 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 2025. 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.

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.

The global market for enterprise Internet of things (IoT) is expected to grow to 690 billion U.S. dollars in size by the end of 2030. The technology reached 269 billion dollars in market revenue for the first time in 2023, and forecasts suggest that this figure will grow to around 301 billion by 2024.

The total installed base of Internet of Things (IoT) connected devices worldwide is projected to amount to **** billion units by 2025, a sharp jump from the **** billion units that are expected in 2021. IoT vs non-IoT Examples of IoT connections include connected cars, smart home devices, and connected industrial equipment. In comparison, non-IoT connections include smartphones, laptops, and computers, with connections of these types of devices set to amount to just over ** billion units by 2025 – three times fewer than IoT device connections. As a result, revenue from the global IoT market is set to grow considerably in the coming years. 5G and IoT The development of faster and more reliable networks, especially with the extensive rollout of 5G, accelerates the pace with which IoT deployment occurs. Due to this development, many vehicles are becoming increasingly connected, a trend that is forecast to continue both in the commercial and consumer connected car markets.

The global Internet of Things (IoT) market is forecast to be worth around 419.8 billion U.S. dollars in 2025, and rise to more than 908 billion U.S. dollars in 2034, more than doubling its revenue in ten years. Overall, the number of IoT connected devices worldwide is forecast to consistently rise during this span of time. Major verticals and use cases All types of industry verticals and consumer markets use IoT devices, with the retail an wholesale segment accounting for the largest share of the IoT devices market with approximately 28 percent of the total IoT device market in 2023. This share is projected to grow over the next five years to around 38 percent. Smartphones are the most commonly used devices in the IoT consumer internet and media devices segment, acting as connectors between many smart devices. Connected vehicles, payment terminals, smart grid, building automation, CCTV, and security and fire alarms are other IoT use cases where global revenue is projected to reach, and in many cases surpass, the mark of 50 billion U.S. dollars. IoT revenue by region The region with the largest share of the IoT market is China, with North America and Europe coming in at a distant second and third in 2023. Over the next ten years, the market is forecast to lose some footing in the Greater China area, with both North America and Europe closing the gap in terms of revenue revenues.

By 2034, the number of Internet of Things (IoT) connected devices is expected to be the largest in the Greater China area, with over 12 billion devices. Other regions that are also expected to lead in the number of IoT devices are Europe and North America.

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 2034. The other two largest use cases are smart grid (e.g. smart meters) and inventory management & monitoring.

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 **** zettabytes (ZBs).

As of 2024, *** 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 *** 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 ***** thousand organizations in Europe as of May 2020. The funding amounted to over **** billion U.S. dollars. Additionally, technology spending into smart city initiatives reached *** billion U.S. dollars worldwide in 2019.

The global number of Internet of Things (IoT) connections is expected to almost linearly grow through the period from 2020 to 2030, with an expected number of about ** billion enterprise IoT connections in 2030.

The total Internet of Things (IoT) market in 2021 was worth around 181 billion U.S. dollars, and is set to rise to more than 622 billion U.S. dollars in 2030. The consumer sector continues to dominate, and is forecast to generate 183 billion U.S. dollars in revenue by 2030.

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 ****** 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 2024, the number of short-range internet of things (IoT) devices reached 14.3 billion worldwide. That number is forecast to increase to 34 billion by 2030. The wide-area IoT devices amounted to 4.3 billion in 2024 and are predicted to reach 7.9 billion by 2030.

The consumer sector is anticipated to dominate in terms of number of Internet of Things (IoT) connected devices in 2034, with over 24 billion connected devices worldwide. This number of connected devices within the consumer sector is forecast to keep increasing.

This statistic shows the size of the Internet of Things (IoT) security market worldwide from 2016 to 2025. In 2018, revenue from the IoT sensors market is expected to amount to nearly ** billion U.S. dollars worldwide.

The statistic shows the number of IoT connected things worldwide from 2018 to 2025, by type. In 2018, there were *** billion connected objects worldwide in the consumer sector.

By 2034, China is anticipated to dominate the Internet of Things (IoT) market with around 294 billion U.S. dollars in revenue, approximately a third of the whole market. North America and Europe are forecast to follow relatively closely behind in regional revenue, respectively.

The global revenue change in the internet of things market was forecast to continuously decrease between 2024 and 2029 by in total *** percentage points. After the fourth consecutive decreasing year, the indicator is estimated to reach **** percent and therefore a new minimum in 2029. Find further information concerning the revenue in the internet of things market in Chile and the revenue in the internet of things market in El Salvador.The Statista Market Insights cover a broad range of additional markets.