By 2024 the revenue of the global Internet of Things (IoT) will be worth $1.1 trillion. The growth will be coming from wearables.
As per GlobalData, the worth of the global IoT market was $622 billion in 2020, up from $586 billion in 2019, and will grow to reach $1,077 billion by 2024. It will grow with a compound annual growth rate (CAGR) of 13% over the period.
The dominance of the enterprise IoT will continue for the foreseeable future. The enterprise IoT dominates the overall IoT market, generating 76% of total revenue in 2020. GlobalData expects this segment to still occupy 73% of the overall IoT market in 2024.
According to Thematic Research at GlobalData Associate Project Manager Jasaswini Biswal said the ongoing Covid-19 pandemic has highlighted the crucial role the IoT has come to play in everyone’ss lives.
“Several IoT use cases saw growing adoption during the pandemic, including using connected thermal cameras to detect potential Covid-19 infections and sensors for monitoring office occupancy levels,” said Jasaswini Biswal,
The new digital transformation wave which has been accelerated by COVID-19 will fuel higher growth across all IoT markets. “The demand for technologies that can help the workforce get safely back to work is rising and will likely continue to grow. IoT applications such as contact tracing devices and health-monitoring wearables provide critical data to help fight the pandemic,” Jasaswini Biswal added.
According to a Globaldata survey, 48% of respondents showed a positive sentiment towards IoT, and 45% believed IoT would play a critical role in the new business generation over the next three years.