IOT market globally to be worth $1.1 trillion by 2024

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IOT market
IOT market globally to be worth $1.1 trillion by 2024

GlobalData expects this segment to still occupy 73 per cent of the overall IOT market in 2024

With much of the growth coming from wearables, the (Internet of Things) IOT market, by revenue, globally will be worth $1.1 trillion by 2024, a new report said on Wednesday.

The global IOT market, up from $586 billion in 2019, was worth $622 billion in 2020 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 GlobalData.

For the foreseeable future, the dominance of the enterprise IOT will continue. Generating 76 per cent of total revenue in 2020, the overall IOT market has been dominated by the enterprise IOT.

GlobalData expects this segment to still occupy 73 per cent of the overall IOT market in 2024.

“The on-going 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.

Across all IOT market, the COVID-19 driven new digital transformation wave will fuel higher growth.

“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.

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