That’s a 130% growth over the next 4 years
According to Juniper Research, the total number of IoT connections will reach 83 billion by 2024, compared to 35 billion connections in 2020. The industrial sector is considered a key driver of this growth due to the increasing use of private networks that leverage cellular network standards.
The study also found that the industrial sector, including manufacturing, retail, and agriculture, will account for over 70% of all IoT connections by 2024. It is highlighted that the emergence of cost-efficient private cellular networks would drive growth over the next 4 years.
The number of industrial IoT units in service will grow 180% by 2024, according to the forecast.