Global IoT market revenue to cross $1 trillion by 2024

IoT market

Hyderabad: Global IoT market by revenue will be worth $1.1 trillion by 2024. The increase in revenue is largely driven by the growth of wearables, according to GlobalData.

GlobalData’s latest report, ‘Thematic Research: Internet of Things,’ explains how a COVID-19 driven new digital transformation wave will fuel higher growth across all IoT markets.

Global IoT market was worth $622 billion in 2020, up from $586 billion in 2019. It will grow to reach $1,077 billion by 2024, with a compound annual growth rate (CAGR) of 13% over the period forecasts GlobalData.

The enterprise IoT dominates the overall IoT market, generating 76% of total revenue in 2020. And this dominance of the enterprise IoT will continue for the foreseeable future. GlobalData expects this segment to still occupy 73% of the overall IoT market in 2024.

“The ongoing COVID-19 pandemic has highlighted the crucial role the IoT has come to play in our lives. Several IoT use cases saw growing adoption during the pandemic, including using connected thermal cameras to detect potential COVID-19 infections and sensors for monitoring office occupancy levels,” said Jasaswini Biswal, Associate Project Manager – Thematic Research, GlobalData.

“Demand for technologies that can help the workforce get safely back to work is rising and will likely continue to grow. IoT applications such as contact tracing devices and health-monitoring wearables provide critical data to help fight the pandemic,” added Biswal.

These new use cases have created a positive attitude towards IoT as a critical enabler of the future.

According to Globaldata’s ‘Emerging Technology Trends Survey 2020’, approximately 48% of respondents showed a positive sentiment towards IoT. And 45% believed IoT would play a critical role in the new business generation over the next three years. The survey polled over 1,700 senior executives worldwide in the summer of 2020.

“The next phase of IoT has the potential to transform how we live and work. As IoT penetration extends to the point of being pervasive, entirely new business models will emerge. IoT networks will even do business with one another – providing services resulting from autonomous or near-autonomous collaboration,” said Biswal.

“However, today’s IoT systems lack three critical features: Firstly, unstructured and fragmented security regulations are major roadblocks to broader IoT adoption: be it in consumer or enterprise IoT,” cautioned Biswal.

“Secondly, there is no global IoT communication standard. The global IoT market can only take off once all connected devices speak the same language..,” stressed Biswal

“Thirdly, alongside this lack of standardization, current IoT ecosystems lack real-time intelligence, which relies largely on edge computing and the artificial intelligence of things (AIoT). In order for IoT to be pervasive, these three deficiencies need to be addressed,” concluded Biswal.

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