IoT Statistics for 2020
Last Updated on November 14, 2021
IoT is now regarded as the next big thing. Industry experts have started calling it the Industrial Revolution 4.0. IoT statistics reports are showing how tech-innovations will have a critical role in the organization of economy, healthcare, marketing, banking & finance, as well as government. IoT is going to usher in advanced degrees of automatization, customization, and connectivity.
Highlights for IoT Statistics:
- There are 127 new IoT devices connecting to the Internet every second.
- Consumer electronics will account for 63% of all installed IoT units in 2020.
- By 2020, the number of IoT devices in homes will rise to 12.86 billion.
- 23% of current large-scale IoT projects are smart cities.
- 40% of IoT devices will be used in the healthcare industry by 2020.
Internet of Things is still in an inchoate state and is very complex to define. However, it can be said that IoT is a system of interconnected computing devices with distinctive identifiers and send data over a network without human intervention. Unlike the Internet of people, the IoT requires no safeguarding or human contribution. According to experts applications of the “Internet devices” are unlimited and are going to change our society, phenomenally. Read Data Science, ML/AI & Data Analytics during COVID-19 Phase.
Gartner’s IoT penetration statistics say, there will be nearly 25 billion IoT devices in the entire world. On the other hand, Intel’s report predicts more than 200 billion things connected to the Internet. The price of developing the IoT is still high and varies greatly from one sector to another, primarily depending on the purpose of the device. A complex home automation system can be priced at $5 million, while a multifaceted healthcare IoT device, like that of a pacemaker can cost nearly $300,000. That said, constant advancement and increasing competition, is likely to bring down the costs of new IoT devices.
Benefits of the IoT
Connectivity – IoT permits devices to stay connected to a central terminal and helps us check the connected devices from our phone.
Efficiency – It also allows instant access to information, which in turn frees up time and resources which can be dedicated to more important engagements.
Ease – IoT connected devices are basically computers sending data in real-time, i.e. our fridge can keep an eye on its contents and send us an alert if we’re out of provisions.
Wellness – IoT connected devices are handy in keeping an eye on health conditions and can be of assistance in the prevention of ailments.
Personalization – The more we use our smart devices, the more they will be able to predict our tastes and preferences in years to come.
General IoT Statistics for 2020
- Gartner IoT research claims that there will be 25 billion devices by the end of 2021.
- It’s interesting to note that Cisco IoT statistics also suggest a more modest number of 30 billion IoT devices by 2020.
- More than 40% of IoT devices will be used in industry or manufacturing.
- The Home IoT market is expected to grow to $53.45 billion by 2022.
- Only 4.1% of Internet of Things devices will be used for transportation.
- IoT market trends suggest that B2B IoT devices will increase from 2.5 billion in 2017 to 5.4 billion in 2020.
- According to McKinsey’s IoT growth statistics, there are 127 new IoT devices connecting to the Internet every second.
(McKinsey Global Institute)
- The Internet of Things market size is so big, it has the potential to generate $4 trillion to $11 trillion by 2025.
(McKinsey Global Institute)
IoT Consumer Statistics
- When it comes to statistics for smartphone IoT, it’s interesting to note that the number of smartphone users will reach three billion in 2018.
- Smartphone stats from Ericsson suggest that the number of mobile IoT connections is expected to reach 3.5 billion in 2023.
- Statistics on IoT in our homes claim that consumer electronics will account for 63% of all installed IoT units in 2020.
Business IoT Statistics
- Now might be the best time to invest in the Internet of Things, as $1.6 trillion will be spent on IoT solutions by the end of 2020.
- Transportation & logistics, discrete manufacturing, and utilities industries are projected to spend $40 billion each on IoT platforms, systems, and services by 2020.
- According to smart city IoT statistics gathered by IOT Analytics, 23% of current large-scale IoT projects are smart cities.
- The IoT market for ICT-based spending will be worth $581 billion by 2020.
- In only five years, from 2017 to 2022, the North American IoT consumer electronics market is predicted to increase from $90 billion to $180 billion.
- According to Internet of Things statistics by Forbes and Accenture, the industrial Internet of Things will reach $123 billion in 2021.
- Sixty-four percent of energy utilities companies rely on industrial IoT to succeed with their digital transformation initiatives
- Forty-six percent of respondents from the manufacturing industry state that they are most familiar with industrial IoT.
- GE’s IoT devices statistics claim that 42% of respondents in the power/energy industry expect that IoT devices will bring a significant revenue rise in their industry.
- Thirty-six percent of respondents from the manufacturing industry believe that IoT generated data will have a significant impact on cutting the operating costs of their companies.
- A recent IoT forecast claims that, by 2020, the number of IoT devices in homes will rise to 12.86 billion.
- The IoT market today is dominated by five companies that together control 13,300 IoT related patents.
- Microsoft Azure IoT Suite is the most popular platform for enabling connected devices with 29% of developers favoring it for their IoT projects.
- Chinese companies most often adopt IoT to increase competitiveness (23%), while American companies most often do so to reduce costs(19%).
- More than 80% of industrial manufacturing companies are using or planning to use IoT devices.
- According to TechRepublic’s IoT penetration statistics, two-thirds of US cities are investing in IoT technology.
- Around 80% of retailers say it’s important to use IoT to customize store visits.
- Seventy-four percent of global consumers fear that IoT data collection will jeopardize their civil rights.
- Forty percent of IoT devices will be used in the healthcare industry by 2020.
- Medium’s IoT healthcare statistics state that healthcare-related IoT revenues will rise to over $135 billion by 2025.
- The education IoT market is expected to rise to $11.3 billion in 2023.
(Markets and Markets)
IoT Security Statistics
- Iot security statistics state that 84% of companies that have adopted IoT have reported some kind of security breach.
- i-Scoop’s IoT statistics say that 75% of IoT projects fail.
(Source – https://kommandotech.com/statistics/iot-statistics/)