Did you know that the number of IoT-connected devices worldwide is set to reach billions by 2025?
The IoT market is still expanding despite the chip shortage and long-lasting effects of COVID-19 on the supply chain. According to IoT Analytics, there were 12.3 billion active endpoints worldwide in 2021, a 9% increase in connected IoT devices. There will most certainly be around 30.9 billion units of IoT connections by 2025. This is one of many conclusions from IoT experts’ most recent publications. However, the number of linked IoT devices in 2020 was slightly lower than the mid-year prediction for that year (11.7 billion connected IoT devices forecasted for 2020 vs. 11.3 billion).
New technology standards, like fifth-generation (5G), Wi-Fi 6, etc., influence device connections from a connectivity perspective. Satellite IoT is a potential wildcard in the equation and could have a more significant effect later in the projection period. While the prediction for the total number of IoT connections has been reduced, it is crucial to highlight that IoT markets generally accelerate post-COVID-19. Investments in additional software tools and apps, as well as the necessary integration, are driving the IoT’s acceleration. According to prior estimates, spending on enterprise IoT worldwide increased by 12.1% in 2020, hitting $128.9 billion. This has made experts understand that by 2025 the connected device rates will be higher.
It is anticipated that the IoT market is to reach 14.4 billion active connections in 2022, up 18% from 2019. Furthermore, it was predicted to be about 30.9 billion connected IoT devices worldwide by 2025 as supply constraints loosen and growth quickens. With 127 gadgets connecting to the internet every second, consumers are today more connected than ever. As a result, there are many good reasons to be optimistic about the IoT’s future.
Although it slowed in 2021, the growth of connected devices picked up again in 2022 and beyond. As a result, the number of connected IoT devices reached 14.4 billion by the end of 2022, despite new market challenges have emerged, including inflation and protracted supply disruptions. It is evident from the IoT growth rate that this technology is progressing. However, the number of IoT devices in 2022 will be negligible compared to the future. There is a lot of value in businesses that want to employ IoT devices and solutions as IoT use cases continue to grow. This will thus help the numbers grow more prominent, and devices connected more in the future.