Technology is growing and there is no doubt that it will continue to be a part of our everyday lives. Despite popular opinion, Internet of Things – IoT – is not new technology. In fact, IoT dates back to the 1980s. IoT is comprised of connected devices, allowing users to access remote functionality in real time. It’s no great surprise that businesses are seeing the value and taking efforts to maximize the potential of IoT. Here are some IoT stats to know for 2023.
IoT at a glance
As artificial intelligence (AI) and machine learning (ML) technology continue to improve, IoT is advancing and expanding at a steady rate. Quality providers, sensor development, 5G and other enabling technologies are helping to support the expansion of smart cities, big data, smart homes, increased automation and more connectivity across the globe.
Some popular use cases for IoT in business include:
- Smart homes
- Smart cities
- Autonomous and connected fleets
- Workplace safety management
- Health tracking
- Supply chain management
- Remote monitoring and maintenance
- Logistics and fulfillment
- Environmental monitoring and air quality control
- Smart grids and energy management
- Predictive maintenance
- Farm monitoring and notifications
- Remote location monitoring
Astonishing IoT Facts:
IoT seems like emerging tech, but really the Internet of Things is a way for businesses to tie together their technology to help eliminate risk and improve operations.
Here are some fun facts about IoT:
- The first IoT device was a soda machine at Carnegie Mellon, which led to the development of the first widely used IoT device—ATMs
- IoT involves so much data that it is measured in zettabytes
- IoT is responsible for powering smart cities, such as Shanghai, New York, Toronto, Seoul and Shenzhen, the top five smart cities according to Juniper Research
General IoT Statistics
IoT has a ton of applications for businesses to save money and improve processes:
- PWC reports that 93% of executives believe the benefits of IoT outweigh the risks
- IoT Analytics shows that 545 of IoT projects are driven by cost savings
- The IoT industry is anticipated to top $1 trillion by 2024, according to Exploding Topics
- According to Cisco, 500 billion devices are expected to be connected to the internet by 2030
- Tech Jury tells us that every second 127 new IoT devices connects to the internet
IoT Market Size
The Internet of Things is experiencing steady growth, a trend that is expected to continue with the number of IoT devices and capabilities being added regularly:
- The global IoT market size reached $399.41 billion in 2022 and is expected to grow to $486 billion in 2023
- The IoT market is anticipated to grow at a CAGR of 12.7% from 2023-30, according to Grandview Research
- The global IoT market size is expected to grow 19% in 2023, according to IoT Analytics
IoT Growth Stats
IoT is growing year-over-year, with significant growth potential coming over the next decade:
- IoT market size is expected to reach $486 billion in 2023
- Connected IoT devices are expected to reach $15.9 billion by 2030
Security of IoT Devices Statistics
The connectivity of IoT means that our devices are constantly communicating on networks and with other technologies to help us be more efficient. However, much of that data flows continuously without being protected by necessary security protocols. One LinkedIn article even notes that IoT security is an “alarming issue for businesses in 2023.”
Check out these IoT security stats:
- The IoT security market reached 3.35 billion in 2022 and is expected to grow at a CAGR of 26.36%, with expectations of reaching 13.36 billion by 2028, according to Market Watch
- Malware attacks on IoT devices increased 77% in the first half of 2022
- More than 25% of all cyberattacks against businesses will involve IoT, reports Gartner
- Endpoint security is expected to reach more than $29 billion in 2027, according to Statista
Smart Home Statistics
People have been looking ahead to smart homes in popular Sci-Fi entertainment for decades and we now are reaching the technological capabilities that can bring these futuristic dreams to real life on a large scale:
- According to Statista, the smart home market amounts to $139 million in the first part of 2023
- As of 2023, 16% of homes are classified as smart homes
- Consumer spending on smart home devices is up to $127 billion in the United States in 2023
IoT in Healthcare
IoT devices are very helpful for monitoring patients and communicating data to health professionals for review and diagnosis. The need for telehealth during the pandemic made IoT ideal for many healthcare applications. Much of the health-specific predictive capabilities rely on big data, combining internal and external data sources which is essential in IoT, allowing for better leveraging of data and greater insights into patient health, according to Forbes.
In fact, the IoT healthcare market is still growing:
- The IoT healthcare market is valued at $291.2 billion in 2023
- Global News Wire reports IoMT (Internet of Medial Things) reached $48.7 billion in 2022 and is expected to grow to $370.9 billion by 2032
- The healthcare market for IoT is anticipated to reach $534.3 billion by 2025, according to Grand View Research
IoT Technology Statistics
IoT technology has many business applications and companies are putting the technology to use in the workplace all over the world. Forward-thinking businesses are looking to create efficiencies to help better manage businesses and cities on a large scale:
- Smart city projects resulted in $89.49 billion in 2023, reports Statista
- There are approximately 15.14 billion IoT devices in 2023, according to Exploding Topics
- In 2023, the most popular use case for IoT is remote asset monitoring
Industrial, Energy and Construction IoT Statistics
There are significant use cases for IoT in the industrial, energy and construction sectors:
- Industrial IoT (IIoT) is one of the largest segments for IoT projects, anticipated to reach $106.1 billion by 2026
- Global energy IoT is anticipated to reach $75.3 billion by 2026
- Construction has been a late adopter, but IoT spend is expected to reach $16.8 billion by 2024 in this sector
- China is the leading country for industrial robot usage
Agriculture IoT Statistics
IoT has significant value for the agriculture industry, helping to support sustainable growth amidst rising food demand and supply chain resilience, while reducing the need for manual labor. With agriculture IoT, farmers can monitor conditions such as light exposure, humidity, moisture levels in the soil, general crop health and levels of irrigation. Self-driving tractors, livestock checks and drone usage for remote monitoring also helps make farms more efficient.
IoT is having an impact in the agriculture industry:
- Worldwide, the agricultural IoT market value is expected to grow from $12.75 billion in 2022 to $15.68 billion in 2023
- Business Wire reports that the global agriculture sensor market is expected to reach $7.6 billion by 2027
IoT Forecast
Statista reports that IoT devices are expected to grow to 29 billion devices by 2030.
FAQs About IoT Stats and Facts
Here are some of the top IoT FAQs people ask:
- How does IoT affect our everyday lives? IoT can be found in everyday business solutions and consumer products to help us automate mundane tasks, become more efficient and connect technology across devices.
- How is IoT used in business? There are multiple IoT applications for businesses. Generally, IoT is used to maximize output, collect data and analyze behavior, create insights, monitor processes and enhance tracking.
- Is IoT secure? IoT can be made to be secure, however security breaches are a risk with IoT and devices should be secured as much as possible to limit any incidents.
- What is AIoT? AIoT is also known as Artificial Intelligence of Things. This term refers to the combination of AI with IoT infrastructure to help improve operations and enhance human-machine interactions.
- How is IoT used in smart cities? IoT allows for greater connectivity and better management of resources for growing populations, creating smart solutions for the consumption of resources.
How Many IoT Devices Are There in 2023?
There are approximately 15.14 billion IoT devices in 2023, according to Exploding Topics.
How Can I Protect My IoT?
Experts in anti-virus and computer protection recommend the following to protect your IoT devices:
- Use network segmentation to limit penetration to your entire audience
- Utilize strong passwords using a combination of upper and lowercase letters and special characters
- Provide a guest network for visitors
- Implement device discovery on your network
- Always update your firmware
How Many IoT Devices Have Cybercriminals Hacked?
IoT solutions are an enticing target for cybercriminals. Statista reports that there were over 12 million attacks on IoT in 2022.
Can IoT Work Without the Internet?
By their very nature, IoT devices work in tandem with other devices. Most IoT devices need a connection to function to their full potential by connecting to other IoT devices, however many will have limited functionality without access to the internet. For example, an Alexa won’t play music without a connection to the internet, but it will still allow you to set timers and alarms.
What’s in it for You as a Contributor to IoT Growth?
IT professionals who are interested in contributing to IoT or becoming an IoT engineer should look to develop the following skills:
- Data analytics
- Computer programming
- Network security and infrastructure
- IoT network building
- Machine learning and AI
- Custom-built hardware
- Cybersecurity
- Linux
IoT has great potential for the future of our homes, businesses and cities.
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