The global internet of things (IoT) market by revenue will be worth $1.1 trillion by 2024, with much of the growth coming from wearables, a new report said on Wednesday.
The global IoT 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 compound annual growth rate (CAGR) of 13 per cent over the period, according to data and analytics company GlobalData.
The dominance of the enterprise IoT will continue for the foreseeable future. The enterprise IoT dominates the overall IoT market, generating 76 per cent of total revenue in 2020.
GlobalData expects this segment to still occupy 73 per cent 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,” said Jasaswini Biswal, Associate Project Manager for Thematic Research at GlobalData.
The Covid-19 driven new digital transformation wave will fuel higher growth across all IoT markets.
“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,” Biswal added.
According to a Globaldata survey, 48 per cent of respondents showed a positive sentiment towards IoT, and 45 per cent believed IoT would play a critical role in the new business generation over the next three years.