Internet of Things (IoT) Statistics for 2024
What is IoT?
The term internet of things (IoT) is becoming more relevant by the minute.
With internet users generating as much as 2.5 quintillion bytes of data every day, staying relevant is sometimes difficult.
Each week, a new smartwatch, appliance, or wearable seems to be hitting the market, which can quickly become overwhelming for many.
The Internet of Things helps makes sense of all the data in our lives, bringing in automation when needed.
For example, workflow management software helps gather data from connected devices, resulting in an improved professional and personal life.
This article will detail the top statistics surrounding the Internet of Things, providing a better understanding of how it affects our lives now and in the future.
Spending on Internet of Things
1. $1 trillion was spent globally on IoT in 2020.
(Sdx central)
The Internet of Things market has been on an upwards trend for a few years, fast becoming a multi-billion dollar industry.
In 2020, stakeholders spent one trillion dollars on IoT globally.
With both people and companies eager to invest their money into the IoT, it’s clear that it will continue to grow over the next few years.
(Image credit: Statista.com)
2. The expected value of smart home-enabled devices alone reached $53 billion in 2020.
(Sdx)
When it comes to home-related devices, there were about $53 billion spent in 2020 on intelligent home-enabled devices.
These smart devices include doorbells, locks, and lightbulbs that one can control remotely.
This is just one example of how the Internet of Things is changing our home life, with more intelligent devices set to revolutionize how we live in the future.
3. Spending on security solutions made up $631M in 2021 worldwide.
(Gartner)
Security is always at the top of many people’s concerns, especially with threats becoming more prominent in recent years.
IoT devices are great for security as they can provide us with information about potential threats.
With the number of devices introduced constantly climbing, 2021 proved to be a big year with $631M spent on security solutions.
4. By 2025, it’s predicted that firms could invest as much as $15 trillion in IoT.
(Gigabit)
With the number of devices expected to grow in the coming years, predictions say that by 2025 there will be as much as $15 trillion invested into IoT.
This vast number is indicative of how important the Internet of Things will be in the future, as well as how much it will impact everyday life for people worldwide.
IoT Devices
5. 127 – The number of devices that join the internet every second.
This intriguing stat shows how quickly the IoT expands, with 127 devices joining the internet every second.
As more and more companies release intelligent appliances, producers will put many new devices into production over the next few years.
With so many devices connecting to the internet, the need for security also rises.
With security concerns at the forefront, every new device needs to be equipped with the right features to avoid significant issues down the line.
(Image credit: iot-analytics.com)
6. 35% of the IoT market is made up of hardware.
(PWC)
Hardware provides the backbone for the Internet of Things, holding everything together.
The IoT industry comprises hardware and software, with the two working together to power the intelligent devices.
35% of IoT devices are made up of hardware, which is quite a large percentage of the industry.
In addition to the hardware used in the Internet of Things, many companies are also producing sensors and chipsets, making everything work together in this industry.
7. 5G subscriptions will amount to 1.9 Billion by 2024.
(Ericsson)
The introduction of 5G changed many aspects of engaging with technology, including the IoT.
5G subscriptions have risen rapidly due to their fast speeds and reliability, with Ericsson predicting that there will be 1.9 billion people using this technology by 2024.
The need for faster communication spurred by the IoT has led to this massive adoption rate, showing how important a prompt and reliable connection is for people worldwide.
IoT Connections and Security
8. On average, an IoT connection is attacked within the first five minutes of connecting to the internet.
(NETSCOUT Threat Intelligence Report)
It is essential to look at the Internet of Things from a security perspective to ensure safety for all parties when connecting devices to the internet.
It’s been found that within the first five minutes of being connected, an IoT device is attacked by bots or other malicious agents.
Typically, these look to exploit vulnerabilities and access user data and devices.
This is quite a scary statistic, considering how many new devices join the internet every second.
In addition, security is put into focus once again when it comes to how much damage malicious agents can do in such a short amount of time.
9. Routers are the cause of 75% of all cyberattack cases.
(Symantec)
Another security statistic deals with the routers as the target device hackers seem to love.
When routers are not properly secured, they become a breeding ground for botnets and malicious agents looking to do damage.
75% of all cyberattack cases are caused by routers, indicating how vital the security of these devices is when avoiding attacks.
Routers are also devices that most people don’t think about (unless they’re experiencing a slow connection).
However, this statistic would suggest that this should change, with more importance to be given to routers.
10. 48% of all companies say they don’t know when someone breaches their IoT network security.
Gemalto)
In a day and age where cyberattacks are becoming more and more prevalent, companies need to know when they’re being targeted.
However, almost half of the companies surveyed said they didn’t know when someone breaches their IoT network security.
This shows how much work still needs to be done in the security department.
This is a scary statistic as it can indicate how many attacks slip through the cracks and go unnoticed.
Realistically, if companies don’t even know they’re being attacked, there’s not much they can do to combat such attacks.
Automotive IoT Market Segment
11. With self-driving becoming a fast-evolving industry, these types of cars in North America will amount to 29% of the global market.
(Statista)
The self-driving car industry is fascinating to see evolve, considering the amount of money invested due to its immense capabilities.
Self-driving cars have many sensors that collect data and analyze it to ensure that they can safely navigate, making them an exciting part of the IoT.
North America is one of the leading players in the self-driving industry, with Statista predicting that 29% of total cars in this category will be in North America.
Considering how much work goes into maintaining and putting these vehicles to the test to ensure they are safe when they hit the road, this statistic shines quite an exciting light on the self-driving car industry.
12. Nearly 70% of all new vehicles globally will be connected to the internet by 2023.
(IDC)
The need for humans to communicate can also be observed in this statistic, with the concept of cars being connected to the internet fast becoming a reality.
The IoT has transformed how people interact with their vehicles, with nearly 70% of all new cars by 2023 predicted to be able to go online.
This comes with its benefits, providing newer methods of communication that are faster, more efficient, and generally safer for everyone on the road.
Worldwide IoT Data
13. Loss of various types of rights (including civil ones) cross the mind of around 74% of IoT worldwide consumers.
(EIU)
While people want better and more efficient communication, they still have to think about their rights.
The Internet of Things has opened up a whole new wave of data that companies can access. Still, it can be pretty overwhelming for people to share their data (both voluntarily and involuntarily).
The potential loss of specific human rights crosses the mind of around 74% of IoT worldwide consumers.
This is another reason why security is a delicate factor to balance when considering the benefits and drawbacks of the Internet of Things.
Civil rights are an essential part of everyday life, and many wonder whether Internet of Things will put those rights at risk.
14. With smart cities on the rise, the top 600 cities in 2025 will contribute 60% of the global GDP.
(Post caps)
A smart city is essentially one that’s connected through a variety of devices.
Having wholly embraced IoT technology, a smart city has the general purpose of improving the quality of life of its citizens.
This trend will continue to grow as more intelligent cities become more connected and give back on a worldwide scale.
The top 600 cities that will be considered smart in 2025 will contribute up to 60% of global GDP, according to the Postcapes study.
(Image credit: iot-analytics.com)
15. Various stakeholders’ cost reduction expectation is the number one reason for IoT investment.
(IoT Analytics)
IoT stakeholders are attracted to the cost reduction features that the Internet of Things offers.
This helps their business and the economy as a whole.
Due to Internet of Things devices taking up less space and requiring power consumption – all while delivering exactly what people need – the idea is to have more connected and efficient processes.
IoT can help in this area by providing insights and removing unnecessary human interaction, reducing the cost of implementing solutions that do not make sense.
The Future of IoT
With the forecast period related to Internet of Things devices expected to be much shorter than initially thought, there is a lot of excitement for how many new IoT ideas and concepts will emerge.
Data analytics and the Internet of Things (IoT) are expected to play a vital role in the future of humanity.
These will be used by more and more companies to drive revenue and cost-effectively improve their operations.
What Are The Uses Of IoT Devices?
1. Control Home Appliances
Many IoT devices are created for household use with a focus on the smart home market.
A smart home can be defined as a house that uses high-tech systems to accomplish various tasks with ease and simplicity.
The primary purpose of these IoT devices is to improve convenience and efficiency in one’s life.
The global IoT market has made significant progress and is expected to grow further with the increasing usage of these devices across the world.
With various devices using rules-based automation and cellular IoT connections, there isn’t even the need to be wirelessly connected to such devices for them to function as they should.
Smart home devices, including thermostats, security devices, lighting & HVAC systems, and entertainment systems, are some of the areas in which IoT devices excel.
In fact, with the help of IoT devices, accomplishing a specific task in any of these areas can be as easy as pressing a button.
It all depends on how many IoT devices one wants to connect together to get a process done.
2. Monitor Energy Usage
With an increasing number of IoT products to monitor various activities around a house or office building, more efficient energy use is possible, thus saving time and money in the process.
Smart plugs are among some of the top-selling items on the internet.
Many people have them installed around their homes so they can decide which devices get powered at which time.
This also means that electrical devices do not suck up power once this is not needed.
3. Gain Remote Access
One of the reasons the IoT market size is increasing is that it caters to users that want to use their smartphones to connect to various devices remotely.
For example, top management in a sales company can benefit from this by remotely connecting to IoT tracking devices in company cars and measuring how long it takes employees to get from one point to another.
This could help such companies determine which locations are best for their sellers to be at.
A similar use for this technology includes automatically tracking how fast an ambulance will take from its station to a patient’s location, with alternative routes suggested if they happen to be faster.
People can also remotely open or close their doors from anywhere worldwide.
Without the need to carry around a key, there’s no more possibility of such keys getting lost or misplaced.
In addition, due to intelligent locks, there’s no risk of someone leaving their home door unlocked and having to return home just to lock it.
Using the power of IoT devices, one can check the status of specific house doors and, if needed, lock any of them with the press of a button.
4. Collect Data
IoT devices are used to collect data about each individual’s everyday activities, whether it’s health-related, finance-related, or anything else in between.
Most of these devices have sensors that send information back to the companies to gather data on how people regularly live their lives.
This allows product makers to update specific features accordingly.
With the global healthcare IoT market on the rise, many companies are working on building powerful health trackers that can monitor various health factors.
These ensure that any potential consequences are dealt with before they happen.
From monitoring movements, heartbeats, sleeping patterns, or fitness goals, IoT devices can do this with ease, using their sensors to collect just the right data.
Companies such as Cisco, Apple, Samsung, etc., can gather this data through their IoT applications and use it for health purposes.
5. Remotely Monitor Loved Ones
Closely related to the global IoT healthcare and telemedicine software market, one of the many uses of IoT projects is to use various sensors and IoT-connected devices to track loved ones to ensure that everything is okay.
Before IoT devices for this purpose existed, parents had to visit their children’s rooms every time they wanted to check if all was well.
Now, parents can use IoT-connected cameras, which have sensors that constantly monitor the room in front of them.
When specific actions happen (such as movement detected in real-time), these cameras automatically notify the correct recipient, allowing the person to take the required action.
Furthermore, one can also decide to purchase smart speakers with voice service capabilities that allow them to immediately send an alarm to authorities in case of emergencies or request help when trying to find a child who has gone missing.
These devices are connected through IoT networks, making it much easier for such IoT solutions to execute the right actions.
6. Boost The Cybersecurity Market
In recent years, there has been a lot of talk about different attacks that can take place due to an IoT device being hacked or taken over by a malicious threat.
However, with more and more people recognizing the need for these devices to stay safe from both offline and online threats, it looks like the industrial IoT and cybersecurity areas are on the rise.
IoT spending in the area of security is at an all-time high, with the focus being to detect IoT security breaches as fast as possible.
Machine Learning and Artificial Intelligence
The top ‘Internet of things’ statistics show how machine learning and artificial intelligence (AI) capabilities will help accelerate IoT development.
Providers worldwide are expected to keep a keen eye on market developments to launch new products and solutions.
In addition, the ever-increasing CAGR (compound annual growth rate) related to machine learning and AI in the IoT space is a clear indication that companies are moving in the right direction but still need to restructure many aspects.
This includes their business models, operations, and technology infrastructure to meet the requirements of enterprise IoT customers.
With zettabytes of information being produced every day, the future is expected to require businesses and organizations to process large volumes of data to remain competitive.
Conclusion
The global market for Internet of Things (IoT) Statistics is expected to keep getting more prominent as the consumer and enterprise sectors use more and more connected devices for various reasons.
Last Updated on 1 March 2024 by Tuomas Data