Number of connected IoT devices growing 13% to 18.8 billion globally
State of IoT 2024: Number of connected IoT devices growing 13% to 18.8 billion globally
The global IoT market is forecasted to grow, with the number of connected IoT devices projected to increase by 13% in 2024, reaching 18.8 billion by year-end, according to IoT Analytics’ latest “State of IoT Summer 2024” report. This detailed 171-page analysis provides a market assessment and comprehensive summary of current trends and future forecasts for the global IoT landscape.
40 billion IoT devices projected by 2030: Despite ongoing challenges, including economic uncertainties, extended lead times in chipset supply, and a gradual economic recovery in China, IoT Analytics projects the market will continue its upward trajectory. The report forecasts that the number of connected IoT devices will grow to 40 billion by 2030, reflecting a measured but steady expansion.
Comprehensive insights for informed decision-making: The “State of IoT Summer 2024” report delivers a mid-year update, offering precise and actionable insights into the factors influencing IoT device adoption. Covering market size, growth projections, and technological developments, this report is an essential resource for business leaders, technology professionals, and investors who require accurate and up-to-date information to guide their strategic planning in the IoT space.
KEY INSIGHTS
- The number of connected IoT devices is expected to grow 13% to 18.8 billion by the end of 2024
- Over 40 billion connected IoT devices by 2030
- 3 technologies make up nearly 80% of the market: Wi-Fi, Bluetooth, and cellular IoT
- Chipset supply to remain a constraint for years to come in the face of surging demand
- The integration of AI in IoT, including generative AI and edge AI, is a key trend in 2024
SELECT QUOTES
Satyajit Sinha, Principal Analyst at IoT Analytics, comments that “Edge AI is fundamentally transforming the IoT landscape by allowing edge IoT devices to process data locally, reducing latency and enabling real-time responses. The integration of AI technologies, including generative AI and edge AI, is a significant trend in 2024, highlighted by increased discussions among corporate leaders.
With companies like NVIDIA and AMD heavily investing in edge AI, the convergence of these technologies with IoT will drive the development of more intelligent and autonomous devices, leading to broader adoption of IoT solutions across various sectors.”
