Both global consumers and enterprises are increasingly adopting Internet of Things technologies for various purposes and therefore the technology has started developing even faster.
By 2024, global IoT market revenue was estimated to cross a USD 1 trillion mark and by 2030 the number of connected devices should reach almost 30 billion worldwide. Moreover, many companies’ executives set the incorporation of IoT technologies into their key business strategies. For example, almost nine in ten of senior decision-makers and implementers of IoT strategy in the United States see IoT deployment into their business among the main priorities, according to a 2021 global survey cited in the new yStats.com publication. Already by 2020, a significant portion of IoT revenue worldwide was attributed to the industrial Internet of Things, and transportation equipment, machinery manufacturing, as well as computer and electronic product manufacturing held the lion’s share of it. When it comes to regional distribution, Asia-Pacific took the lead in the generation of Industrial IoT data, followed by Europe, and North America. Furthermore, according to the recent forecasts, this will comparative ranking will persist through 2025, with Asia-Pacific increasing its share even further.
By 2030, according to a 2021 forecast, the highest number of IoT connections will be registered in Europe. The region was estimated to be followed by North America, Asia, Latin America, and Middle East & Africa. Furthermore, already in 2021, more than 90% of all West European and over 80% of all East European connectivity service providers were offering wireless access, a figure which has almost doubled since 2018. Additionally, in Western EU countries, the adoption of consumer IoT was also recorded to be higher than in Eastern Europe, with the Netherlands, Iceland, Norway, and the UK, having above-average adoption rates of Internet-connected home energy management, security- and safety connections, home appliances, virtual assistants, TV, and game consoles.