Internet of Things Statistics By Sector, Market Share and Revenue

Introduction

Internet of Things Statistics: The Internet of Things (IoT) is rapidly advancing across various sectors, from healthcare and industrial production to home appliances. Technological innovations, such as 5G, have propelled this growth, turning concepts that seemed like science fiction two decades ago, such as smart cities, into reality.

IoT consists of interconnected devices that enable users to access and control functions remotely in the real world. The overarching goal of IoT is to connect virtually everything to the Internet. Over the past decade, this field has experienced significant growth, with more devices now connected to the web than there are people.

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• According to MarketandMarkets, the Internet of Things cloud platform industry is estimated to increase by 12.6% CAGR to reach USD 11.5 billion by 2025.
• According to IoT Statistics, it took just one year between 2020 and 2021 for the licensed LPWA industry to gain around 54% of the industry share over the non-licensed LPWA, which had a 46% share.
• In the United States alone, it’s forecasted to generate the highest revenue of USD 9,377.00 million in 2024.
• Cellular Internet of Things currently passes almost 2 billion, and the number of connected Internet of Things devices will continue to increase to 27.1 billion by 2025.
• IoT expenditures are estimated to rise to USD 1.1 trillion in 2023 and continue to grow at an increasing rate year over year.
• In 2023, the Asia Pacific region is estimated to be the leader in the Internet of Things market and spend almost 35%. North America is predicted to be 27%, and Europe, Africa, and the Middle East are expected to be 25%, as per Statista.
• Hospitals can use IoT devices to track medical equipment, manage inventory, and maintain hygiene. This improves efficiency and reduces patients’ risk of infection.
• According to the Energy Post, the EIP-SCC has expended almost USD 1.12 billion to build almost 300 smart cities in Europe.
• In 2025, the Internet of Things up to 79.4 zettabytes of information will be created by Internet of Things devices in 2025.
• In 2024, enterprise IoT accounted for 76% of the entire IoT industry’s revenue, and this percentage will continue to remain the same.
• Governments around the world are helping farmers by giving them money or resources to use IoT technology on their farms. They also make rules to make sure IoT is used correctly in farming.
• Around 84% of manufacturing business operators plan to invest a medium or a high amount in technology by 2022.
• It is expected to grow at a compound annual growth rate (CAGR) of 12.8% until 2030 (Source: Grand View Research).
• The worldwide Internet of Things in the healthcare industry is predicted to reach USD 534.3 billion by 2025.
• International Data Corporation survey in 2023 showed that video entertainment systems like Smart TVs were popular Internet of Things devices, with a predicted 32.5% of the industry. On the contrary, smart thermostats account for only under 3%.
• According to Research and Markets, industry 4.0 spending will grow to USD 276 billion by 2029.
• The non-customer market holds more than almost 75% of the Internet of Things worldwide market.

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Why is the Internet of Things so Important?

In recent years, the Internet of Things (IoT) has emerged as one of the most vital technologies of the 21st century. By enabling everyday objects such as kitchen appliances, thermostats, baby monitors, and cars to connect to the Internet through embedded devices, IoT facilitates seamless communication between processes, people, and things. With the advent of lower-cost computing, cloud technology, analytics, mobile techniques, and big data, physical objects can now share and collect information with minimal human intervention.

In this interconnected world, digital systems can monitor, record, and verify every interaction between connected devices. The Internet of Things effectively bridges the physical and digital worlds, transforming how we live and work.

What Technology Has Made the Internet of Things Possible?

While the concept of the Internet of Things (IoT) has existed for a long time, recent advancements in various technologies have made it practical and widespread:

• Access to Lower-Cost, Lower-Power Sensor Technology: The increased accessibility and reliability of sensors have enabled producers to implement IoT solutions more effectively.
• Connectivity: Advances in network protocols have simplified the connection of sensors to the cloud and other devices, ensuring efficient information transfer.
• Cloud Computing Platforms: The growth of cloud platforms has allowed both consumers and businesses to access the necessary infrastructure for IoT without the burden of managing it themselves.
• Machine Learning and Analytics: Innovations in machine learning and analytics, combined with access to vast amounts of data stored in the cloud, allow businesses to gain insights more quickly and easily. These technologies continue to push the boundaries of IoT, with data generated by IoT devices further fueling advancements.
• Conversational AI: Improvements in neural networks have enhanced natural language processing (NLP) capabilities, making IoT devices more user-friendly, cost-effective, and viable for home use.

These technological advancements collectively contribute to the practical implementation and rapid growth of the Internet of Things.

General Internet of Things Statistics

• By 2022, the number of Internet of Things devices in-house is predicted to reach 50 billion.
• By 2025, almost 40% of the Internet of Things is estimated to be deployed in the Asia-Pacific region.
• By 2025, the Internet of Things is projected to create USD 4-USD 11 trillion in worldwide economic value.
• By 2024, the worldwide Internet of Things connections industry is predicted to rise toUSD 8.9 billion.

(Source: iot-analytics.com)

• The above chart shows the Internet of Things 2023 review and its most important stories, acquisitions, and investments.
• Smart cities are estimated to make business chances worth 42.45 trillion by 2025.
• The worldwide Internet of Things security industry is predicted to increase to USD 9.88 billion by 2025.
• The Internet of Things in agriculture is estimated to reach an industry value of USD 48.7 billion by 2025.
• The worldwide Internet of Things in the healthcare industry is predicted to reach USD 534.3 billion by 2025.
• Till 2024, almost 95% of all innovative product designs will involve Internet of Things connectivity.
• The Industrial Internet of Things (IIOT) industry is predicted to rise by USD 123.8 billion by 2021.
• The smart house shows the biggest Internet of Things application, which counts for 27% of the IoT project.
• The non-customer market holds more than almost 75% of the Internet of Things worldwide market.
• In past years, Internet of Things devices created almost 33 zettabytes of information, and this statistic is predicted to reach 79 zettabytes by 2025.

Internet of Things Statistics by Sector

• The global Internet of Things-related healthcare industry is predicted to reach USD 14 billion by 2024, increasing at a 19.9% CAGR in five consecutive years.
• By 2027, the Internet of Things device industry is estimated to touch USD 1.4 trillion.
• Around 30% of the total value of the Internet of Things is apprehended by the hardware industry.
• The total number of smart homes in the US is predicted to reach 69.91 million by 2027 and 93.59 million by 2027.

(Source: researchgate.net)

• IoT states that by 2032, the industrial Internet of Things industry will reach USD 1,562.35 billion worldwide.
• In 2022, the production sector apprehended the biggest share, resulting in around 30% of the total industrial Internet of Market.
• In 2023, the global connection of vehicle shipments was estimated to reach 76.3 million units, with a predicted growth year-over-year of 45.4%.
• In 2023, the worldwide connected house appliances industry by machine-to-machine connections was predicted to capture 48%.
• In 2022, the agricultural Internet of Things industry was estimated to reach USD 4.55 billion.
• The Internet of Medical Things was predicted to be valued at USD 158.1 billion by 2022.
• As per the Internet of Things Statistics, there are almost 16.7 billion IoT devices globally.
• Internet of Things Analytics even predicts that there will be over 27 billion similar devices by 2025.
• According to DataReportal, the vast majority of the Internet of Things is made up of mobile phones. The total number of unique smartphone users was almost 5.3 billion in 2023.

(Reference: appinventiv.com)

• In the above chart, we can observe the global Internet of Things market share of the sub-sectors.
• As per Ericsson Mobility Report, smartphones will account for almost 9.2 billion internet connection devices by almost 2029.
• According to Fortune Business Insights, the worldwide Internet of Things industry grew to around USD 662.21 billion in 2023 and is predicted to increase to almost USD 3.3 trillion by 2030.
• According to International Data Corporation, smart home devices are already a major component of the Internet of Things and will be in the future.
• Eight hundred fifty-seven million smart house devices were already shipped in 2022; that was generally a slight deduction since the last year. It is estimated to amount to 1.09 billion devices by 2027.
• As per Smart Homes Global Market Report in 2023, almost 69% of United States households own just one smart home device, with almost 15%  of the globe predicted to be by the end of 2023.
• International Data Corporation survey in 2023 showed that video entertainment systems like Smart TVs were popular Internet of Things devices, with a predicted 32.5% of the industry. On the contrary, smart thermostats account for only under 3%.
• Internet of Things Statistics states that “smart cities” are an important and emerging concept in the Internet of Things.

Industrial, Energy, and Construction Internet of Things

(Source: market.us)

• The above chart shows the global industrial Internet of Things market statistics from 2023 to 2033.
• The global Industrial Internet of Things (IIoT) market is projected to grow at a 13.6% CAGR from 2023 to 2033, reaching USD 758.8 billion by 2033.
• PwC reports that industrial production organizations invest USD 318 billion annually in digital factory transformations.
• According to the International Federation of Robotics (IFR), China leads in the use of industrial robots, boasting more than double the installations of any other country.
• IFR also indicates that while Australia and Asia have a significant industrial robot market, Europe is a strong contender, and the US shows notable growth mainly in the automotive sector.
• IFR predicts over 500,000 new industrial robots will be installed globally in 2022.
• Mordor Intelligence highlights that manufacturers represent about 40% of all private 4G and 5G networks.
• Research by Li, Chen, and Shang identifies data quality management as a major challenge in industrial data analytics for 2022.
• ETNO notes that the automotive market accounted for nearly 80 million IoT devices in 2021, making it the largest adopter.
• Germany ranks among the top five global adopters of digital factories, contributing to 36% of Europe’s industrial market share according to IFR.
• Research and Markets forecast Industry 4.0 spending to grow to USD 276 billion by 2029.

(Source: bvresearch.com)

• The above chart shows the Internet of Things construction market size in residential and non-residential areas from 2019 to 2029.
• The IoT construction market, covering residential and non-residential areas, is detailed from 2019 to 2029.
• Key technologies for Industrial IoT include connected machine vision, drones/UAVs, self-driving vehicles, virtual reality, collaborative robots, and 3D printing.
• Contractors are more inclined to invest in new technologies than industrial owners, with technology adoption cited as a key factor for organizational resilience.
• Approximately 84% of manufacturing business operators plan to invest significantly in technology by 2022.
• KPMG notes that 45% of organizations expect high returns on investment from integrated Project Management Information Systems (PMIs).
• ABB Robotics reports that 81% of manufacturing companies plan to implement robotic automation by the end of the decade, partly due to a skills shortage faced by 91% of them.

(Source: zionmarketresearch.com)

• The global IoT market in the energy sector was valued at approximately USD 22.02 billion in 2022 and is expected to grow to USD 52.17 billion by 2030, with an 11.39% CAGR.
• Research by Kanan, Elhassan, and Bensalem suggests that IoT in construction can significantly reduce accidents, including backover incidents, using RFID technology for proximity warnings.
• Tech Bullion reports that IoT development in construction includes wearables for monitoring worker health and concrete sensors for tracking fuel consumption and vehicle wear and tear.
• Ghosh, Edwards, and Reza Hosseini emphasize the importance of compliance, data privacy, and flexible governance for organizations using IoT devices.
• Internet of Things Statistics indicates that industrial IoT projects constitute nearly 17% of all IoT initiatives worldwide.
• Verizon highlights that commercial drones are a crucial tool in the industrial IoT sector, comprising about 40% of the market.

Internet of Things in Healthcare Statistics

• The global healthcare IoT market is expected to hit USD 108.60 billion by 2024, with an annual growth rate of 11.47% through 2028, reaching USD 167.70 billion.
• In the United States alone, it’s forecasted to generate the highest revenue of USD 9,377.00 million in 2024.
• Wearable devices like exercise bands and health monitors help patients manage their health.
• These gadgets send alerts to family and healthcare providers in case of emergencies or changes in health.
• IoT devices help doctors monitor patients remotely and ensure they follow treatment plans. This improves patient care and allows for quick intervention when needed.
• Hospitals can use IoT devices to track medical equipment, manage inventory, and maintain hygiene. This improves efficiency and reduces patients’ risk of infection.
• Insurers can use IoT data to assess risk and manage claims more effectively. This helps in fraud detection and allows for more accurate underwriting.
• IoT technology reduces unnecessary medical appointments and hospital stays, saving both patients and healthcare providers money.
• IoT enables early detection of health issues, allowing for timely intervention and preventive measures.
• IoT systems help frontline workers manage a large number of patients efficiently, especially during emergencies or pandemics.
• IoT enables remote monitoring of patient medication intake and simplifies inventory management for healthcare providers.
• IoT systems provide checks and balances, reducing errors in diagnosis and treatment.
• IoT accelerates data collection and analysis, providing healthcare professionals with actionable insights more quickly.
• Wearables like hearing aids and ingestible sensors track vital signs and internal conditions, aiding in the early detection and management of health issues.
• Movables assess mood and stress levels, while computer vision technology assists in remote consultations and wound care.
• Additionally, IoT integrates with electronic health records for seamless charting and documentation.
• In summary, IoT technology is transforming healthcare by improving patient outcomes, increasing efficiency, and reducing costs for all industry stakeholders.

Internet of Things in Agriculture Statistics

• The agriculture industry is quickly embracing Internet of Things (IoT) solutions to boost efficiency and productivity.
• Precision agriculture uses technology to make farming processes more efficient.
• In 2023, the precision agriculture market was valued at USD 10.5 billion.
• It is expected to grow at a compound annual growth rate (CAGR) of 12.8% until 2030 (Source: Grand View Research).
• Sensors are essential for modern farming, providing data to optimize growing conditions.
• The global agriculture sensor market was worth USD 1.34 billion in 2020.
• It is forecasted to grow at a CAGR of 13.6% from 2021 to 2028 (Source: Grand View Research).
• GPS technology had the highest adoption rate in agriculture in 2019.
• Between 45% and 65% of planted crop acres used GPS guidance systems (Source: USDA).
• GPS is also used for soil mapping and variable-rate technologies, covering about 20% of planted acres (Source: USDA).
• Nearly 70% of corn crops are planted and grown using GPS technology (Source: USDA).
• Yield mapping, which uses GPS to track crop yields and moisture, is used on about 35% of corn acres (Source: USDA).
• Over 50% of rice acres in the US are planted, fertilized, and harvested using automated guidance systems (Source: USDA).
• Smart Agriculture accounts for 4% of all global IoT projects.
• Nearly 40% of these projects are in the Americas (Source: IoT Analytics).
• As of 2021, 18% of rural farms in the US did not have internet access, down from 25% in 2019.
• This lack of connectivity makes implementing IoT solutions difficult (Source: USDA Farm Computer Usage and Ownership).
• The smart agriculture market is projected to be worth USD 25.4 billion by 2028.
• Farmers are adopting technologies like RFID, GPS, drones, and sensors to automate and gather actionable data throughout the farming process.
• The integration of IoT in agriculture is set to grow significantly, driven by advancements in precision agriculture, sensor technologies, and automated systems.
• Improvements in sensor technology, connectivity, and data analysis are spurring the use of IoT in farming. This means farmers are using more smart devices to help them grow crops and raise animals.
• Governments around the world are helping farmers by giving them money or resources to use IoT technology on their farms. They also make rules to make sure IoT is used correctly in farming.
• Drones with special sensors and cameras can collect lots of information about crops and soil. Farmers can use this data to make better decisions about their farms.
• Farmers are worried about the environment and want to use resources like water and fertilizer more wisely. IoT can help them do this by giving them real-time information about their farms.
• Buying and maintaining IoT devices can be expensive, especially for small farmers, who might be hesitant to invest in this technology.
• Farmers worry about their data being stolen or hacked when using IoT devices. Keeping their information safe can be difficult, which might prevent some farmers from using IoT.
• When there are not enough materials to make products or shipping takes longer, prices can go up. This can make it harder for businesses to buy and sell things.
• When the economy slows down, businesses might make less money. This can affect how much things cost and how easy they are to find.
• A company called Pacific Broadband Satellite Ltd is helping farmers in Southeast Asia by giving them information about the weather and their crops. This helps them deal with problems like droughts and floods.
• Another company, Semtech Corporation, is making monitoring water quality easier. This helps farmers ensure their crops get enough water without wasting it.
• Deere & Company has made a new technology that helps farmers use fertilizer more efficiently. This means they can grow more crops without using too much fertilizer.
• Trimble Inc. bought a company to make their GPS better. Now, farmers in North America can use this system to help them grow crops more efficiently.
• Despite some challenges, such as internet connectivity in rural areas, the potential benefits of IoT for increasing efficiency and productivity in farming are substantial. With continued investment and innovation, IoT will play a crucial role in the future of agriculture.

Global Internet of Things Spending Statistics

(Reference: explodingtopics.com)

• In the above chart, we can see how much money is spent on IoT every year.

• According to Fineley USA, global Internet of Things expenditures have grown by nearly USD 40 billion year over year.
• In 2020, the Internet of Things expenditure reached USD 749 billion, and in 2022, the global Internet of Things expense was estimated to reach USD 1 trillion.
• IoT expenditures are estimated to rise to USD 1.1 trillion in 2023 and continue to grow at an increasing rate year over year.
• As per the European Commission, Asia states that almost 1/3rd of the Internet is expanding.
• The Asia Pacific region has an almost 37% share of the total worldwide Internet of Things spending. In comparison, 29% of North America, 23% of EMEA and Africa, 9% of Japan, and 9% of Latin America make up the remaining portion.

(Reference: explodingtopics.com)

• Following is the comparison between 2018 IoT spending and 2023 estimated IoT expenditure by region:

• The video entertainment section observes maximum expenditure compared to all different IoT sections combined as per IDC.

Internet of Things Revenue Statistics

• According to Bain & Company, the firm’s revenue from the Internet of Things was more than USD 450 billion in 2020.
• The size of the Internet of Things industry, which includes software, hardware, system integration, and data services, is predicted to reach USD 520 billion in the coming years.
• According to Statista, global expenditures on IoT were predicted to be USD 1 trillion in 2022.
• In 2023, the Asia Pacific region is estimated to be the leader in the Internet of Things market and spend almost 35%. North America is predicted to be 27%, and Europe, Africa, and the Middle East are predicted to be 25%, as per Statista.
• According to Business Insider, the market size is predicted to increase to almost USD 2 trillion by 2027.
• The only biggest Internet on Things revenue section in 2022 was the customer media and Internet devices sector, which was valued at USD 101.8 billion.
• As of 2022, the biggest revenue segments of the Internet of Things were customer internet devices and media devices (USD 101.8 billion ), Vehicle connections (USD 73.7 billion), Inventory management and monitoring (USD 11.3 billion), Asset tracking and monitoring (USD 17.2 billion), and payment terminals (USD 39.4 billion).
• In 2024, enterprise IoT accounted for 76% of the entire IoT industry’s revenue, and this percentage will continue to remain the same.

The Future of the Internet of Things

• With a predicted 15.14 Internet of Things connected devices in 2023, the number of connected devices is predicted to grow by 94.3% over the next decade.
• In the next 15 years, the number of Internet of Things devices as a connection of the total devices is estimated to increase from 9% to 75% in 2025.

(Reference: zippia.com)

Estimated increase in the number of related Internet of Things devices over the years.

• The Internet of Things industry is projected to reach USD 3.35 trillion by 2030 with a 26% CAGR.
• In 2025, the Internet of Things up to 79.4 zettabytes of information will be created by Internet of Things devices in 2025.
• There will be 152,200 new Internet of Things devices connected to the Internet each minute by 2025.

Internet of Things Growth Statistics

• According to Yahoo Finance Statistics, the worldwide Internet of Things industry was valued at USD 381 billion in 2021 and is estimated to increase to USD 1,854 billion by 2028, with a 25.4% CAGR.
• According to the Energy Post, the EIP-SCC has expended almost USD 1.12 billion to build almost 300 smart cities in Europe.
• Internet of Things Statistics states that the worldwide number of Internet of Things devices will reach 12.3 billion in 2021. Earlier, as per projection, the industry may reach 30.9 billion devices by 2025, as the impact of COVID-19 is estimated to drop 27.1 billion.
• The number of Internet of Things devices using mobile technology grew by 18% between 2020 and 2021. Almost three-quarters of the industry belongs to China Telecom, China Mobile, and China Unicom.
• According to MarketandMarkets, the Internet of Things cloud platform industry is estimated to increase by 12.6% CAGR to reach USD 11.5 billion by 2025.
• The Internet of Things-related expenses globally shall exceed USD 1 trillion by 2022.

(Source: 99firms.com)

• According to PwC, Hardware accounts for 35% of the Internet of Things industry, with 27% divided into IT, 15% into Installation service, and 12% into XaaS.

IoT Connections and 5G IoT Market Share Statistics

• The number of connected Internet of Things devices using the cellular technique will reach 2 billion in 2021.
• 42% China Telecom, 23% China Unicom, 22% AT & T, 21% Vodafone, and 12% China Mobile are the global cellular IoT connections year over year growth rate of the selected organizations.

(Source: firstsiteguide.com)

• According to Statista, the connected cars industry is estimated to account for 39% of the worldwide 5G Internet of Things industry by 2023.
• The total 5G Internet of Things endpoint installed base was almost 3.5 million in 2020, and by 2023, it is estimated to grow to almost 49 million.
• According to the Internet of Things Statistics, the entire installed base of Internet of Things-connected devices will reach 30.9 billion by 2025.
• According to Statista, the automotive sector is predicted to have an almost 25% share of the total cellular IoT connections worldwide.
• According to Techjury, around 100% of the worldwide population will have coverage of LPWAN by 2022.
• As per Statista, 50% of European and North American companies use IT automation techniques.
• According to IoT Analytics, it took just one year between 2020 and 2021 for the licensed LPWA industry to gain around 54% of the industry share over the non-licensed LPWA, which had a 46% share.
• By 2024, the number of 5G cellular subscriptions will reach 1.9 billion.
• According to Ericsson, 5G will remain the basic factor driving the growth of the Internet of Things in the future.
• As per Statista, the greater China area is going to result in 7.7 billion Internet of Things connected devices by 2030.
• The cellular Internet of Things currently exceeds almost 2 billion, and the number of connected Internet of Things devices will continue to increase to 27.1 billion by 2025.

(Source: firstsiteguide.com)

Consumer IoT and Wearables statistics

• Businesses are adopting IoT technology first, with consumer IoT following just a little behind. By 2022, around 1.9 billion smart home devices are expected to be sold, potentially generating USD 490 billion in revenue.
• Major companies have made significant acquisitions in this field. For example, Google purchased Nest Labs, a thermostat maker, for USD 3.2 billion, while Samsung acquired SmartThings, a connected home company, for USD 200 million.
• IoT technology is expanding beyond homes and into clothing. In 2015, around 968 thousand smart clothing items were sold to consumers.
• This number is projected to reach 24.75 billion by 2021, an impressive growth rate of 71.6% annually.
• The adoption of connected home devices is expected to surpass wearables. By 2029, more than two-thirds of consumers are likely to buy IoT devices for their homes, compared to around half for wearable tech. Smart thermostats are projected to reach a 43% adoption rate in the next five years.
• Despite the expected long-term adoption of smart devices, many consumers (87%) are unaware of the term “The Internet of Things.”
• IoT innovations are predicted to result in significant cost savings, particularly in smart kitchens.
• By 2030, smart kitchens are expected to contribute to at least a 15% savings in the food and beverage industry.
• The wearable devices market is experiencing rapid growth.
• In 2026, 28.3 million IoT devices were sold, and this number is forecasted to increase to 82.5 million by 2030, representing a 31% growth rate.
• These statistics offer valuable insights into the growing influence of IoT technology across various sectors.
• From smart homes to wearable devices, the data suggests a clear trend towards increased adoption and integration of IoT into everyday life.

Conclusion

The Internet of Things (IoT) is becoming a big part of how we live and work. It’s changing things in many ways, and we’re still learning about all the ways it can impact us. Even though we’re still determining which predictions will come true, IoT is here to stay and make a difference. We have lots of information about IoT, and it shows that it’s making a big impact.

It’s not just our opinion; some facts and numbers prove it. IoT is important because it helps businesses and people work better and do things more easily. It’s flexible and can be used in many different ways, which makes it valuable. Even if some predictions about IoT don’t happen, it will still be important. That’s because it’s already changing things in so many ways.

Barry Elad

Barry is a technology enthusiast with a passion for in-depth research on various technological topics. He meticulously gathers comprehensive statistics and facts to assist users. Barry's primary interest lies in understanding the intricacies of software and creating content that highlights its value. When not evaluating applications or programs, Barry enjoys experimenting with new healthy recipes, practicing yoga, meditating, or taking nature walks with his child.

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