IoT Devices to Number 24.1 Billion by 2030, New Research Shows

The Internet of Things (IoT) ecosystem is set to undergo a continuous compound annual growth rate (CAGR) of 11% in the next decade, according to new research from Transforma Insights.

There is little doubt that the IoT industry is experiencing massive growth and it’s not slowing down. Leaving aside updated iterations of existing devices being deployed, new niches open up for IoT devices in all industries. It seems like there’s no end to the usefulness of such technologies, and the market is responding accordingly.

As it stands, active IoT devices numbered 6.7 billion by the end of 2019, and that number is expected to reach 24.1 billion by 2030, for a CAGR of 11%. While it’s not exponential growth, it’s still significant enough to make a lasting impression.

The vast majority of the growth will be represented by short-range technologies, such as WiFi, Bluetooth and Zigbee, which will account for 72% off all devices by 2030. That number is very close to the 74% that’s valid today, which means that people’s interest in such technologies is expected to remain constant.

“Public networks, which are dominated by cellular networks, will grow from 1.2 billion connections to 4.7 billion in 2030, growing market share from 16% to 20%. Private networks account for the balance of connections, 10% in 2019 and 8% in 2030,” the research also reveals.

As for revenue, the entire global market of IoT devices was worth $465 billion in 2019, but that will likely rise to $1.5 trillion by 2030. While IoT is a good mix of consumer and industrial products, the consumer side will account for 65% of all connections by the end of the decade, not far from the current 62%.

In fact, the Consumer sector will capture 43% of the total market value, totaling $652 billion in revenue. The rest will be split into sector-specific applications such as energy, transport, retail and healthcare.