Internet of Things statistics for 2023 - Taking Things Apart
Mar 06,2023 March 06,2023
The last few years have seen the Internet of Things vision grow from a theoretical concept to a major priority for many organizations. As companies integrate IoT devices into their network infrastructures, they’re looking for new ways to use and manage the data they collect.
Since IoT-enabled devices can connect to a broader network, they can achieve extensive functionality. However, that brings a whole new challenge: securing all that data. An IoT connection - if it’s not properly secured - can have dire consequences.
In this article on IoT statistics, we’ll cover a wide variety of topics, including examining the latest trends, analyzing forecast figures, and giving IoT devices a definition.
Size of the IoT Market
Global IoT market was impacted by the COVID-19 pandemic. The estimated value for 2020 is $742 billion.
Since the beginnings of this industry, the Internet of Things market has been on an exciting journey. The sector reached $100 billion in market revenue in 2017, and if it follows forecasts, that figure should grow to around $1.6 trillion by 2025.
However, the growth of IoT statistics show that CAGR fell to 8.2% in 2020 - an almost twice lower increase than the forecasted 14.9% at the end of 2019. Things are expected to return to normal in 2021, with a CAGR of 11.3% during the 2020-2024 period.
Hardware currently accounts for around 30% of the market’s value.
The most-notable changes in this dynamic industry will emerge around new software that allows for IoT connection between devices.
Hardware still accounts for 30% of the total value of IoT technology, although trends suggest its global market value is decreasing.
Every second, 127 devices hook up to the internet for the first time.
Consumers are more connected than ever. Indeed, smart home statistics show that there are plenty of reasons to get excited about what the future holds for IoT.
You may have been asking that all-important question: how many IoT devices are there? Well, remember that in 2019, around 127 new devices per second connect to the web. As you’d expect, this astounding stat is led by the more advanced parts of the world, which have widespread internet accessibility.
The number of cellular IoT connections is expected to reach 3.5 billion in 2023.
Thanks to the combination of AI, machine learning, and real-time data processes delivered by IoT solutions, the number of cellular IoT devices is set to grow substantially. According to current statistics on IoT devices, the number will surpass 3.5 billion by 2023, with Asia leading the charge.
Indeed, experts predict that North East Asia alone will be home to more than 2.2 billion devices by 2023.
Smart factories in North America are expected to be worth more than $500 billion in 2022.
IoT forecasts by many experts show that the North American IoT market is set for an extended period of growth, mainly due to smart factories’ development. They are set to revolutionize the manufacturing process and increase productivity substantially.
The potential of smart factories has been reflected in statistics on IoT devices in the United States. These show that, once again, the world’s biggest economy is once again leading the way in this field. Consumer electronics and transportation are the two sectors leading the charge. In 2022, global IoT spending is expected to exceed 1 trillion dollars.
Companies could invest a total of up to $15 trillion in IoT by 2025.
It’s no news that many companies have already taken note of IoT devices’ vast potential to add value to their business operations. IoT statistics show that many clothing manufacturers, healthcare providers, and municipalities have already chosen to invest in this technology.
The industrial IoT market size is expected to reach $123.89 billion in 2021.
Considering that IoT is changing not only companies but entire industries and even countries, it comes as no surprise that the industrial expansion of IoT will bring an increase in the number of IoT devices in 2021 and beyond.
If IoT growth statistics prove to be accurate, this industry will surely shake up the foundations of industrial production around the globe. For instance, IoT devices can change the way heavy machinery and monitoring devices communicate with each other, which can drastically improve efficiency.
The amount of data generated by IoT devices is expected to reach 73.1 ZB (zettabytes) by 2025.
IoT big data statistics show that, with increased adoption, devices will globally generate exponentially more data in the following years. The numbers will reach 73.1 ZB by 2025, which equals 422% of the 2019 output, when 17.3 ZB of data was produced. To put that in perspective - one zettabyte is 1021 bytes, i.e. one billion terabytes (TB) or one trillion gigabytes (GB).
Healthcare IoT Statistics
86% of healthcare organizations were using IoT technology in some way in 2019.
The IoT market size is growing at a particularly satisfying rate in the healthcare industry. This makes sense; introducing remote monitoring and telemonitoring can significantly improve healthcare services’ quality and speed.
IoT is also valuable for creating monitoring hardware and applications that can significantly improve the way patients keep track of their health. IoT healthcare statistics are yet to reflect these benefits as the technology itself is still relatively new.
The global IoT healthcare market is expected to be worth $158.1 billion in 2022.
(Market Watch, Deloitte)
According to the most recent IoT healthcare devices statistics, the CAGR of IoT in the healthcare industry is estimated to be 28.6% during 2021. The growth is almost a third higher than in 2015, when the industry was worth $14.28 billion. These IoT facts and metrics are driven by an increase in demand, the broader use of cloud platforms, and a rise in the number of mobile apps.
Forbes estimates 646 million IoT devices were used in hospitals, clinics, and medical offices in 2020.
Even though these IoT healthcare device statistics sound encouraging and the healthcare industry will surely benefit from the proliferation of IoT technology, the sheer amount of data generated every day could cause problems.
In an IoT-powered industry, the volume of medical data doubles every 73 days on average. That means implementing IoT security measures and finding appropriate storage solutions will soon become a top priority.
According to Grand View Research, the size of the global IoT healthcare market is expected to reach $534.3 billion by 2025.
(Grand View Research)
With the IoT market size rapidly expanding amid an increasing need for real-time data monitoring, the IoT healthcare industry is expected to grow at a CAGR of 19.9% over the next five years.
In July 2017, Allure became the first skilled nursing facility to implement EarlySense, a remote monitoring system that tracks patients’ vital signs.
Early IoT investments have proven to be fruitful. Brooklyn-based nursing facility Allure was one of the first to introduce EarlySense, technology that tracks vital signs and movements thanks to sensors placed under mattresses and pillows.
Six months later, the clinic’s IoT in healthcare statistics showed incredible results. There was a 45% decrease in patient falls, a 60% reduction in bedsores, and an 80% decrease in code blue events.
The introduction of the FreeStyle Libre smart CGM available on prescription increased the percentage of diabetes patients with access to CGM devices from 3-5% to 20-25%.
There was a massive increase in the number of IoT-connected devices in 2020, and this might be one of the best ones to arrive on the scene. The FreeStyle Libre smart CGM sends diabetes patients’ data to an app on iPhone, Android, or Apple Watch devices. This makes the monitoring of glucose levels much more efficient.
In addition, the FreeStyle Libre smart CGM allows remote monitoring by caregivers, just as statistics and predictions on IoT predicted several years ago. These devices can be used not only among seniors but diabetic children’s parents also, who couldn’t otherwise be able to continuously monitor their children’s glucose levels.
In 2016, Roche released its Bluetooth- and IoT-enabled coagulation system, which lets patients check how quickly their blood clots.
When we looked into statistics for IoT healthcare, we noticed that this device was the first of its kind that allowed patients to monitor how quickly their blood clots. This knowledge gives them a better chance of fighting the risk of stroke or bleeding out.
Patients on anticoagulant therapies can use the device to self-test their blood and send it to their healthcare providers, thus reducing the number of times they visit the clinic. Moreover, this device allows both parties to add comments on recent results and reminds the patient to test themselves. It also flags results in relation to previously set targets.
In 2018, Apple launched a new ‘Movement Disorder API’ IoT device, which allows Apple Watches to monitor Parkinson’s Disease symptoms.
Usually, symptoms are monitored by a physician via diagnostic tests. To help this process along, patients are encouraged to keep a diary of their symptoms.
This API automates the process and provides a continuous stream of results. The Apple Watch monitors daily, hourly, and even minute-by-minute breakdowns of symptom fluctuation and presents them in a graph that gets sent out to designated caregivers. IoT medical devices statistics show that this technology has had incredible results with arthritis and epilepsy patients, too.
The Security of IoT Devices
Annual spending on IoT security measures will increase to $631 million in 2021.
As the IoT market grows, so does the importance of securing and integrating IoT networks. From $91 million in 2016, annual global spending on security measures for IoT networks is set to jump to $631 million in 2021, with a CAGR of 21.38%. Technology growth statistics assure us that IoT solutions are headed for a massive boom within the next decade.
83% of medical imaging devices use unsupported operating systems.
Due to discontinued support for Windows 7, 56% more devices are more vulnerable to cyberattacks and malware compared to 2018.
IoT devices are typically attacked within five minutes of connecting to the internet.
(NETSCOUT Threat Intelligence Report)
According to IoT-based attacks statistics for 2019, the average IoT device gets attacked just five minutes after it goes live. The explosion in popularity of smart devices was expected to lead to an increase in cyberattacks, and unfortunately this has proven to be true.
In 75% of cases, routers act as a gateway for IoT attacks.
It seems that the majority of cyberattacks on Internet of Things devices are directed at network routers. These are the favored targets of many cybercriminals, with an average of 5,200 attacks per router per month.
What is the reason for this? The answer is simple - many IoT devices out there are at least five years old, which means they don’t have the latest security updates and, in many cases, are still using their original password. According to IoT statistics and challenges forecast for this industry, the most successfully used router password among cyber attackers in 2018 was “123456.”
Coming in second place was another perilous choice – no password at all – which accounted for 17% of all IoT attacks.
Cyberattacks on IoT devices skyrocketed in 2018 and surpassed 300% in 2019.
Malware attacks are now affecting a vast number of IoT devices. According to Forbes, the number of malware incidents involving IoT devices has grown from 813 million in 2018 to a staggering 2.9 billion already the following year. In 2020, IoT hardware made up approximately a third of infected devices.
74% of global consumers worry about losing their civil rights because of IoT.
Another worrying Internet of Things trend comes from an Economic Intelligence Unit survey. These IoT statistics involving 1,600 consumers across eight countries show that 92% of participants want to control the type of automatically collected personal information.
A slightly lower number of consumers would like to see companies that choose to violate consumers’ privacy fined. Losing civil rights in this automated process remains one of their main concerns.
55% of companies believe third-party IoT providers should have to comply with IoT security and privacy regulations.
More than half of correspondents in this Gemalto survey believe third parties with access to their confidential information should have to comply with security and privacy regulations. This shows that people are getting more serious about their IoT device protection.
48% of businesses admit they are unable to detect IoT security breaches on their network.
IoT security statistics have highlighted just how big a concern this is; nearly half of businesses that use IoT can’t identify when their network has been compromised. As more and more Internet of Things companies want to invest in proper security members, we can only hope this number will decrease.
But the buck doesn’t just stop with the companies that are affected; many IoT vendors have failed to develop devices with security software built in. One important reason for this is the current lack of any security standards for IoT.
Industrial Usage of IoT Devices
The primary goal of enterprise IoT deployment varies by country. For example, 23% of Chinese companies that use it do so to increase their competitiveness.
The top IoT projects that involve smart cities and connected industries are most likely to be located in Europe, while connected health is thriving in the Americas. However, as recent IoT company statistics show, enterprises in China are adopting IoT technology mainly to increase their competitiveness.
58% of manufacturers say IoT is a strategic necessity for digitally transforming industrial operations.
It seems there’s no limit to what a clever IoT connection can achieve for certain businesses. As such, it’s no wonder that IoT usage statistics reflect how important organizations perceive this technology to be, with nearly three-fifths saying it is necessary in digitizing their operations and improving efficiency.
As of 2018, nine in ten senior executives from tech-related industries say IoT has become critical to some or all lines of their business.
If you thought there weren’t that many IoT devices currently in use for business purposes, think again. Senior businesspeople in the technology, media, and telecommunications industries use IoT technology to build digital trust control into their already-established programs. Having a strongly interconnected and automated business network is becoming increasingly critical, as IoT statistics show.
In 2018, 57% of businesses adopted IoT in some way. By the end of 2021, the figure should hit 94%.
(Aruba Research Report, Microsoft)
IoT is going from strength to strength and has caught the attention of business executives around the globe. This technology is undoubtedly becoming genuinely mainstream, and nearly every Internet of Things market forecast’s expectations are sky-high. It seems like 2021 could finally mark the tipping point.
Judging from IoT statistics for 2021 so far, these numbers will only grow in the years to come.
The market size for IoT in retail is expected to be worth $94.44 billion by 2025, with a CAGR of 21.5%.
(Viewneo, Grand View Research)
IoT solutions have proven useful in many industries, and the most recent boom seems to have taken place in the retail sector. It all started with barcode readers. These devices have made data management much easier since they can analyze and adjust inventory using real-time data.
This trend started in 2014, and IoT statistics show that usage has since nearly doubled.
94% of retailers agree that the benefits of implementing IoT outweigh the risk.
At least 58% of companies in the retail sector have a number of active IoT projects. Unsurprisingly, many are concerned about the security and privacy risks for their consumers. 57% of retailers are already taking steps to increase privacy measures, and 43% are focusing on preventing data breach events.
Only 42% of US municipalities have turned to IoT devices, while nearly half of government IT departments have issues with IoT technology.
It was expected that the companies that would lead the adoption of new technology like IoT would be from digital industries like technology and communications. That has been the case across the US, with the government lagging behind when it comes to adopting IoT technology.
Education IoT statistics stress that the main reason behind this seems to be a lack of information among senior employees, many of who, have little or no knowledge about IoT technology.
83% of organizations that employ IoT technology have reported a significant increase in business efficiency.
(Aruba Research Report)
Leaders of industrial organizations have noticed a significant increase in efficiency in their line of business upon incorporating IoT. These changes involve better visibility across the organization and easier expansion into other markets.
IoT brand statistics show that around 34% of brands hope to see the whole industry implement IoT solutions, which would bring an increase in industry growth over the next decade.
IoT’s Impact on the Global Economy
IoT has the potential to generate $4-11 trillion in economic value in 2025.
The Internet of Things’ economic impact seems to be strongest in the industrial sector. The greatest contribution, which is expected to be between $1.2 and $3.7 trillion, will come from factories.
If we’re to believe IoT statistics and forecast data on the technology’s future, the rest of the economic impact will come from smart cities in Europe, connected healthcare in the Americas, custom production environments, and IoT usage in homes and offices around the globe.
COVID-19 drives further investments in the IoT enterprise sector.
In 2020, one out of three company decision-makers decided to further invest in IoT adoption within the organization. However, 41% chose not to increase IoT-related spending during 2020.
A 10% increase in investment in machine-to-machine interactions would boost the US GDP by $2.3 trillion over a 15-year period.
Frontier Economic’s IoT forecast predicts that over the next 30 years, IoT technology will result in a 10% increase in the United States’ GDP.
This should come as no surprise, since IoT data platforms statistics show that IoT solutions are already making waves across most industries. The financial gains are yet to be fully seen, but the agriculture, energy, and manufacturing industries are all benefiting from the implementation of IoT solutions.
Around 40% of the value IoT generates will come from developing countries.
While IoT technology will generate the most value in advanced economies, it still has plenty to offer developing countries. If we choose to be optimistic about these metrics, we’ll see that around 40% of the technology’s global value will be accrued in the developing economies.
Several studies suggest that many manual workers will lose their jobs by 2030 due to automation.
In a time marked by rapid advances in automation and the digital transformation of entire industries, many fear losing their jobs by 2030. IoT daily statistics show that this is a well-founded fear, especially among physical laborers.
On the other hand, the forecast is good for those who work in management, applied expertise, or social interactions. It seems their working conditions will be improved by automation over the next decade.
IoT Brands and Growth
The US is leading the way in deploying full-scale IoT operations, with 44% of companies now adopting the technology.
The US is followed by the UK, with 41% of companies having deployed IoT technology, and Germany, with 35%. This IoT trend in technology is mainly attributed to significant venture capital investment. Around two-thirds of IoT startups founded between 2012 and 2017 were established and based in the US.
Samsung is the top patent holder in the IoT industry with 820 patents to its name.
According to the most recent statistics for smartphone IoT devices, Samsung has the greatest number of IoT patents in the consumer electronics sector. The other top companies are LG, with 524 patents, followed by Huawei (490), Qualcomm (485), and Sony (479).
Experts see this competitiveness as an excellent drive of IoT growth since no single group or small collection of companies holds the bulk of patents.
In 2025, as many as 152,200 IoT devices will be connecting to the internet every minute.
According to Vernon Turner, vice president of IDC, there will be more than 80 billion devices connected to the internet by 2025. IoT mobile statistics show that every minute, around 152,000 IoT devices will connect to the internet.
Smart clothing market is expected to grow from $1.6 billion to $5.3 billion by the end of 2024.
IoT statistics show that the growth is expected at a CAGR of 26.2%. The population’s increasing awareness of sports and fitness needs, mainly due to the COVID-19 pandemic, will help this part of the IoT market soar significantly.
At least 21% of US adults regularly wear a smartwatch or a fitness tracker.
(Pew Research Center)
These IoT devices are more than a common sight nowadays. Use cases may vary from tracking users’ health to digital wallet functionalities. Around 41% of users wouldn’t mind their health data being used to help research the link between heart conditions and exercise.
At present, only 0.06% of devices that could be connected to the Internet actually are.
The growth of IoT technology has been apparent over the past decade. However, if a brief look at IoT devices statistics shows us that only 0.06% of devices that could be connected to the internet currently are.
The one thing we can be certain of is that, over the next couple of years, these devices will make our lives more convenient and manageable.
In 2021, there are more than 10 billion active IoT devices.
This number is projected to surpass 75 billion by the end of 2025. While that’s good news in general, these numbers have resulted in troubling IoT statistics about malware. Unfortunately, the fact that these devices are becoming more and more popular makes it difficult for security measures to follow suit, which means we’ll have even more to worry about over the next decade.
IoT forecasts show that 67% of these devices will be found in China, North America, and Western Europe.
The consumer IoT market is estimated to reach $142 billion by 2026 at a CAGR of 17%.
(Market Research Engine)
IoT big data statistics show that North America remains the largest market for consumer IoT devices. The fastest-growing area with a demand for this tech is Asia-Pacific.
We could keep listing remarkable IoT statistics for days. But for the moment, we think these should be enough to give you an impression of the impact this technology is having.
The re-emergence of decades-old ideas such as AI has suddenly disrupted the traditional industrial norms for the better. It has kickstarted a digital revolution that seemed like a fantasy way back in the days of sci-fi writers like Julies Verne and Arthur Conan Doyle.
According to Statista, 2021 will see 10.07 billion IoT-connected devices worldwide.
It’s estimated that the number of active IoT devices will surpass 25.4 billion in 2030.
Between 2004 and 2014, the average cost of IoT sensors dropped from $1.30 to 0.50. The last available data show that the price shrank an additional 37% to $0.38 in 2020.
IoT devices are divided into three groups: consumer, enterprise, and industrial. Consumer IoT devices include smart TVs, smart speakers, toys, wearables, and smart appliances. Industrial devices include commercial security systems, smart city technologies, smart meters, or any device used to monitor traffic or weather conditions. As for enterprise IoT devices, these include smart lighting, smart thermostats, and sensors used by companies.
Industrial IoT devices use local networks based on any of the numerous available technologies. These smart devices transmit data and communicate over the internet. As for commercial IoT devices, they usually communicate via either Bluetooth or Ethernet (wired or wireless), and they typically communicate only with local devices.
IoT statistics show that, yes, this technology will play a major role in the future. IoT is all about extending the power of the internet beyond computers and our mobile devices to a much wider range of things for a multitude of purposes.
Only commercial IoT devices don’t have to have an IP address since they communicate over a short range, usually via Bluetooth. However, IoT is all about connecting devices to the internet, so they have to follow the Internet Protocol. Therefore, IoT devices in your home do have IP addresses.
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