Internet of Things market revenue to surpass 1T by 2024

As IoT penetration extends to the point of being pervasive, entirely new business models will emerge

internet of things

Internet of Things market revenue to surpass 1T by 2024. Source: pixabay.com

The global Internet of Things market by revenue will be worth $1.1 trillion by 2024, with much of the growth coming from wearables, according to GlobalData.

The market was worth $622 billion in 2020, up from $586 billion in 2019, and will grow to reach $1,077 billion by 2024, with a CAGR of 13% over the period. The enterprise IoT dominates the overall IoT market and generates 76% of total revenue in 2020.

This dominance of the enterprise IoT will continue for the foreseeable future. GlobalData expects this segment to still occupy 73% of the overall IoT market in 2024.

The ongoing COVID-19 pandemic has highlighted the crucial role the IoT has come to play in our 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
Jasaswini Biswal, Associate Prject Manager for Thematic Research at GlobalData

Biswal stated that 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.

We’ve reported that over half of Germans have never heard of blockchain.

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