IoT to grow 130% over the next 4 years: forecast

That’s a 130% growth over the next 4 years

IoT connections

IoT will exceed 83B by 2024: forecast. Source: pixabay.com

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.

Industrial networks will need to scale rapidly as industrial IoT users adopt new technologies to expand the services available on their networks. However, IoT platforms must ensure that the security processes can scale alongside this network growth
Sam Barker, research co-author 

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