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