The new report from Hamburg-based market intelligence firm yStats.com, “Global Internet of Things Market and Trends 2021” offers a comprehensive overview of the new developments in the Internet of Things market and related technologies worldwide and provides insights into the possible future industry developments. Among other findings, the publication reveals that around half of global companies’ senior executives strongly believed that the Internet of Things is the technology that will play a crucial role in supporting companies in their recovery after COVID-19.
Global Internet of Things market value was forecasted to cross a USD 1 trillion mark by 2024
The Internet of Things (IoT) is defined as a system of interrelated computing devices, mechanical and digital machines, objects, animals, or people that are provided with unique identifiers (UIDs) and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction. This technology recently became a trend in many countries across the globe. Both consumers and enterprises are adopting IoT for various purposes and therefore the technology is being implemented in increasing numbers. Furthermore, by 2024, global IoT market revenue was estimated to cross USD 1 trillion landmarks 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, in the United States, a survey cited in the new yStats.com report reflects that nearly nine in ten senior decision-makers and implementers of IoT strategy saw IoT deployment into their business among the top priorities. With that, already in 2020, a significant proportion of the 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 remain the situation through 2025, with Asia-Pacific increasing its share even further.
In Europe, North America, and Asia, the adoption of Internet of Things technology is accelerating
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 the fast wireless connection needed for 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 the highest adoption rates of Internet-connected home energy management, security- and safety connections, home appliances, virtual assistants, TV, and game consoles. Meanwhile, in the United States, out of those adults who had hard times separating home and work after the onset of the pandemic, over half purchased new smart home devices to deal with the issue. Additionally, smart lighting, and smart security cameras or video doorbells were the top two smart home equipment categories that were planned to be purchased in the H2 the past year by US home electronics purchases decision-makers. In Asia, furthermore, the adoption of IoT is also progressing, and by 2030, Southeast Asia was forecasted to lead t regional IoT connection adoption. In other parts of the world, including Latin America, and Middle East & Africa, the deployment of IoT technology is going slower than in other regions, however, as the global adoption increases and the benefits become clearer, these may also follow the current worldwide leaders, as detailed in the new yStats.com publication.