IoT Device Statistics By Devices Connected, Revenue And Market
Updated · Oct 08, 2024
Table of Contents
Introduction
IoT Device Statistics: IoT devices refer to technological apparatus processing data recorded from sensors and other relevant systems and communication networks. For the most part, it has become one of the most popular forms of electronic and communication devices.
As we go forward, we will learn about the relevant aspects based on the technologies and systems that have played an essential role in ensuring that these devices have played a vital role in different industries. Hence, it is necessary to learn IoT Device Statistics.
Editor’s Choice
- Global IoT revenue reached $334.7 billion in 2023
- Greater China leads IoT revenue with $121.6 billion in 2023
- Worldwide IoT spending increased to $805.7 billion by the end of 2023
- IoT market revenue expected to reach $1559.91 billion by 2029
- Electricity & Gas sector leads with 1,459.8 million connected devices
- The Industrial IoT market size is projected to reach $3,352.97 billion by 2030
- IoT sensors market to reach $42.67 billion by 2025
- Global IoT connections expected to reach 38 billion by 2030
- Quectel Wireless leads IoT module shipments with 37.2% market share
IoT Revenue
(Reference: statista.com)
- IoT Device Statistics showcase that Australasia, Europe, Greater China, India and South Asia, Japan, Latin America, MENA, North America, Russia & Central Asia, South East Asia, South Korea, and Sub-Saharan Africa are the regions from which IoT revenue can be categorized.
- In 2023, Greater China had the highest revenue with $121.6 billion, followed by Greater China with $121.6 billion revenue, North America with $68.4 billion revenue, Europe with $61.9 billion revenue, Japan with $25.7 billion revenue, Latin America with $16.1 billion revenue, South Korea with $9.4 billion revenue, India and South Asia with $7.3 billion revenue, South East Asia with $6.9 billion revenue, MENA with $5.7 billion revenue, Russia & Central Asia with $5.2 billion revenue, Australasia with $4.4 billion revenue, Sub-Saharan Africa with $2.1 billion revenue totaling to $334.7 billion revenue.
- By the end of 2023, it is estimated that Greater China will lead with $296.8 billion in revenue, followed by North America with $196.6 billion in revenue, Europe with $178.3 billion in revenue, Japan with $58.2 billion in revenue, Latin America with $52 billion revenue, India and South Asia with $33.5 billion revenue, South East Asia with $31.3 billion revenue, South Korea with $20.8 billion revenue, Russia & Central Asia with $16.3 billion revenue, Australasia with $13.7 billion revenue, Sub-Saharan Africa with $11.6 billion revenue, MENA with $25.1 billion revenue amounting to $934.2 billion revenue.
IoT Spending Worldwide
(Reference: statista.com)
- IoT Device Statistics showcase that IoT spending has increased over time.
- While 2018 worldwide revenue was $646 billion, it increased to $805.7 billion by the end of 2023.
Total Revenue of IoT Worldwide
(Reference: statista.com)
- IoT Device Statistics show that worldwide revenue for IoT devices has consistently increased.
- In 2019, the revenue from the IoT market was $506.43 billion; it increased to $848.22 billion by the end of 2023.
- It is predicted that by the end of 2029, the revenue of the Internet of Things market will be $1559.91
IoT Devices Connected Worldwide
(Reference: statista.com)
- IoT statistics showcase that Health & Social Care, Construction, Retail & Wholesale, Administrative, Education, Water Supply & Waste Management, Arts & Entertainment, Consumer, Mining & Quarrying, Cross-vertical, Accommodation & Food Service, Professional, Scientific & Technical, Electricity, Gas, Steam & A/C, Government, Transportation & Storage, Information & Communication, Agriculture, Forestry & Fishing, Manufacturing, Finance & Insurance, Other Services are different streams in which IoT devices are utilized.
- By the end of 2023, IoT devices are used for the following: Electricity, Gas, Steam & A/C with 1,459.8 million devices connected, Retail & Wholesale with 1,120.6 million devices connected, Transportation & Storage with 326.2 million devices connected, Water Supply & Waste Management with 308.8 million devices connected, Manufacturing with 113 million devices connected, Administrative with 83.6 million devices connected, Finance & Insurance with 72.5 million devices connected, Accommodation & Food Service with 71.2 million devices connected, Construction with 14.3 million devices connected, Agriculture, Forestry & Fishing with 38.2 million devices connected, Mining & Quarrying with 17 million devices connected, Information & Communication with 4.4 million devices connected, Professional, Scientific & Technical with 2.2 million devices connected.
- It is estimated that by the end of 2033, the IoT devices will have connections in different streams as following Retail & Wholesale with 3,244.6 million devices connected, Electricity, Gas, Steam & A/C with 2,753 million devices connected, Water Supply & Waste Management with 813.9 million devices connected, Transportation & Storage with 673.7 million devices connected, Finance & Insurance with 254.3 million devices connected, Manufacturing with 237.7 million devices connected, Agriculture, Forestry & Fishing with 421.7 million devices connected, Administrative with 179.8 million devices connected, Accommodation & Food Service with 152.9 million devices connected, Construction with 42.5 million devices connected, Mining & Quarrying with 27.7 million devices connected, Information & Communication with 10.5 million devices connected, Professional, Scientific & Technical with 6.2 million devices connected.
Industrial IoT Market Size
(Reference: statista.com)
- IoT Device Statistics show that the industrial IoT market size has increased considerably.
- In 2020, the IIoT market size was $216.13 billion. It will have increased to $686.46 billion in 2023
- It is estimated that by the end of 2030, the IIoT revenue will be $3,352.97 billion.
IoT Sensors Market Revenue
(Reference: statista.com)
- The IoT Device Statistics showcase that the market size of IoT sensors has considerably increased over time.
- In 2018, the size of the IoT sensor market was $5.28 billion, but it increased to $27.4 billion by the end of 2022.
- It is predicted that by the end of 2025, the IoT sensors market will be $42.67 billion.
Investment in IoT
(Reference: statista.com)
- The IoT Device Statistics showcase that there has been a considerable decrease in total global investment in IoT-based investments.
- In 2018, the IoT investment was $71 million; it was reduced to $34 million in 2022.
IoT Service Requests By Customers
(Reference: statista.com)
- IoT Device Statistics showcase that there has been occasional use of IoT devices among customers, with 52%.
- In contrast, 26% use it rarely, 19% use it frequently, and 3% of respondents need to be made aware of the use of IoT devices.
IoT Connection Globally
(Reference: statista.com)
- IoT Device Statistics showcase that worldwide IoT connections have been increasing consistently.
- In 2023, there will be 9 billion connections with consumer IoT and 9.5 billion via enterprise IoT.
- By the end of 2030, it is estimated that there will be 14 billion connections in consumer IoT and 24 billion in enterprise IoT.
(Source: statista.com)
- IoT Device Statistics showcase that Quectel Wireless, Fibocom, China Mobile, Sunsea, MEIG, Telit, Thales, neoway, Rolling Wireless, LG, SIMCom Wireless, Sierra Wireless, Gemalto, u-blox and Other companies that ship IoT module shipments.
- By the end of Q1 2023, Quectel Wireless has the highest market share with 37.2%, followed by Other Companies with 35.1% market share, Telit with 8.2% market share, Fibocom with 8% market share, China Mobile with 5.9% market share, Sunsea with 5.6% market share.
IoT Overview
The Internet of Things (IoT) is transforming how we connect devices, leading to significant growth in the market. In 2023, there was a massive increase in the number of IoT devices worldwide. According to IoT Device Statistics, the total number of connected IoT devices will reach approximately 15 billion by the end of 2023. This includes smart appliances, wearable technology, sensors, and industrial devices. As companies and consumers adopt IoT solutions, this number will rise even further.
For 2024, projections indicate that the number of IoT devices will exceed 18 billion globally. This rapid increase in connected devices will profoundly impact various industries, including manufacturing, healthcare, and retail. The growth rate between 2023 and 2024 is around 20%, driven by technological advancements, increased automation, and the growing adoption of smart homes and cities.
#1. IoT Device Revenue in 2023 and 2024
- The IoT industry is not only expanding in terms of the number of devices but also in terms of revenue. In 2023, the global IoT market generated approximately $600 billion in revenue. This includes hardware, software, services, and connectivity solutions. The IoT Device Statistics show that significant contributors to this revenue were industrial applications, which accounted for about 30% of the total market, followed by healthcare and smart home technologies.
- By 2024, IoT revenue is projected to surpass $750 billion, marking a growth rate of 25% year-on-year. This increase in revenue is primarily due to rising investments in IoT infrastructure and the expansion of 5G networks, which enable faster and more reliable connections. Companies are investing billions of US dollars in building IoT ecosystems, and this trend is expected to continue as the demand for connected devices grows.
#2. Industry-Wise Breakdown of IoT Device Usage
- Different industries are adopting IoT devices at varying rates. In 2023, the manufacturing sector led the market, with over 30% of IoT device usage attributed to industrial automation. IoT Device Statistics from 2023 reveal that the industrial IoT market alone was valued at around $250 billion in US dollars. These devices are used for predictive maintenance, supply chain management, and enhancing production efficiency.
- IoT devices are increasingly being used for patient monitoring and medical data collection in the healthcare sector. The market for IoT devices in healthcare was worth $120 billion in 2023 and is projected to grow to $150 billion by 2024, reflecting a growth rate of 25%. Wearable devices, intelligent sensors, and remote health monitoring systems are the primary drivers of this growth.
- Retail is another significant industry benefiting from IoT devices. In 2023, retail IoT applications generated over $50 billion in revenue, expected to grow to $70 billion by 2024. Smart shelves, inventory management systems, and personalized customer experiences are just a few ways IoT devices are revolutionizing the retail industry.
#3. Consumer IoT Devices in 2023 and 2024
- The consumer segment is a significant contributor to IoT Device Statistics. In 2023, consumer IoT devices, including smart speakers, security systems, and wearables, accounted for approximately 40% of the total IoT market. This amounted to about $240 billion in revenue in 2023. Smart home devices, in particular, have seen significant adoption, with nearly 50% of households in developed countries owning at least one smart device.
- Looking ahead to 2024, consumer IoT devices are expected to generate over $300 billion in revenue, driven by innovations in artificial intelligence (AI) and machine learning. The number of connected consumer devices is forecasted to grow by 15%, reaching over 10 billion. Smart home automation, wearable technology, and connected vehicles are expected to be the main drivers of this growth.
#4. Regional IoT Device Statistics
- In 2023, the Asia-Pacific region dominated the IoT market, accounting for about 35% of global IoT device shipments. China was the largest market within the area, with over 5 billion IoT devices connected by the end of 2023. The IoT market in China was valued at approximately $200 billion in US dollars in 2023, and this figure is expected to increase to $250 billion by 2024. This growth is primarily driven by government initiatives to develop smart cities and promote industrial IoT adoption.
- North America followed closely behind, with around 30% of global IoT devices connected in 2023. The region generated $180 billion in revenue from IoT devices and services in 2023, expected to grow to $220 billion by 2024. The United States is a critical player in the IoT market, with significant investments in 5G technology and innovative infrastructure projects.
- In Europe, the IoT market was worth $150 billion in 2023 and is projected to grow to $190 billion by 2024. IoT Device Statistics for Europe show that the region focuses on smart manufacturing and intelligent energy solutions, which are expected to drive future growth.
#5. Challenges Facing IoT Growth
- Despite the rapid expansion of IoT devices and revenue, some challenges could slow growth. One of the main issues is security. In 2023, around 25% of IoT devices were reported to have security vulnerabilities, which exposed users to data breaches and other cyber threats. The need for standardized security protocols has made it difficult for manufacturers to ensure the safety of their devices.
- In 2024, IoT security is expected to be a primary concern for consumers and businesses. Companies are expected to invest more in securing their IoT ecosystems, with the global IoT security market projected to reach $50 billion by 2024. This will likely drive the development of new security solutions to address vulnerabilities in IoT networks.
- In addition to security, the high cost of IoT implementation remains a challenge. In 2023, the average price of deploying an IoT solution was around US$ 50,000 per project, which has limited adoption among small and medium-sized businesses. However, as technology advances and costs decrease, IoT adoption is expected to become more widespread in 2024.
Conclusion
The Internet of Things (IoT) has demonstrated remarkable growth and transformation across various sectors, with significant implications for industry and consumer applications. IoT Device Statistics showcase that the market has shown robust expansion, growing from $334.7 billion in 2023 to an anticipated $1559.91 billion by 2029.
Multiple factors drive this growth, including increased adoption in manufacturing, healthcare, and retail sectors and the rapid development of innovative city initiatives and industrial automation. We expect to see even broader adoption as costs decrease and security measures improve.
Sources
FAQ.
As of 2023, global IoT revenue reached $334.7 billion.
Greater China leads with $121.6 billion in revenue for 2023.
38 billion connections expected (14 billion consumer IoT and 24 billion enterprise IoT).
Saisuman is a skilled content writer with a passion for mobile technology, law, and science. She creates featured articles for websites and newsletters and conducts thorough research for medical professionals and researchers. Fluent in five languages, Saisuman's love for reading and languages sparked her writing career. She holds a Master's degree in Business Administration with a focus on Human Resources and has experience working in a Human Resources firm. Saisuman has also worked with a French international company. In her spare time, she enjoys traveling and singing classical songs. Now at Smartphone Thoughts, Saisuman specializes in reviewing smartphones and analyzing app statistics, making complex information easy to understand for readers.