35 IoT Device Statistics You Must Read: 2024 Data on Market Size, Adoption & Usage

The world wide web has made a lot of things possible for both businesses and consumers. Among its gifts is the internet of things (IoT), which has been creating a buzz in the business space for many years. More recently, IoT devices have become more accessible to consumers, getting people even more connected than ever. With the popularity of IoT in every sector continuously growing, it’s not difficult to assume that it will be here to stay. But to keep you from guessing, it will help to look at the facts.

In this article, we’ve rounded up some of the most significant IoT device statistics for 2021. We’ll discuss the current state of the IoT market, the different IoT device segments, as well as the status of IoT device adoption and usage worldwide. With this, businesses and consumers alike will have an idea of how this technology will affect their operations and their daily lives in the future.

General IoT Device Statistics

IoT devices are now commonplace in businesses and homes, especially with the expansion of 5G networks. But how many IoT devices are installed worldwide, really? Studies show that it has reached billions as of 2020. Interestingly, most of these devices can be found in the consumer segment instead of among businesses. But with the advancements in IoT technology, we can expect that more businesses will be able to make use of it in the near future.

As for market projections, the number of IoT devices is poised to grow even further by 2025. This is true not only for North America and Europe but also for the rest of the world, particularly China where IoT devices are most prevalent.

• The number of connected IoT devices was 7.74 billion in 2019. By 2020, another one billion devices were added to the IoT device statistics. (Transforma Insights, 2020)
• In all, there are around 26.66 billion active IoT devices globally as of 2020. (Security Today, 2020)
• IoT device statistics show there are at least 127 new IoT devices connected to the web per second. (Security Today, 2020)
• Furthermore, experts predict that more than 75 billion IoT devices will be connected to the web by 2025. (Security Today, 2020)
• China has the highest number of IoT devices in 2020, accounting for 3.17 billion devices. (Transforma Insights, 2020)
• Approximately 5.4 billion or 60% of all connected IoT devices in 2020 were from the consumer segment. (Transforma Insights, 2020)
• By the end of 2019, there were already 620 publicly known IoT platforms. (IoT Analytics, 2019)
• As such, experts predict that the IoT cloud platform market will grow from $6.4 billion in 2020 to $11.5 billion come 2025. (Deloitte, 2020)
• 50% of IoT platforms focus on industrial and manufacturing industries. (IoT Analytics, 2019)
• The total installed base of connected IoT devices worldwide is projected to amount to 30.9 billion units by 2025. This is a huge increase from the 13.8 billion units that are expected in 2021. (IoT Analytics, 2020)
• IoT connections worldwide generated 13.6 zettabytes (ZB) of data in 2019. This data volume of IoT devices is expected to reach 79.4 ZB by 2025. (IDC, 2020)
• As of 2020, 29% of organizations in North America and Europe have already adopted IoT. Meanwhile, 20% were planning to start using IoT devices within the following year. (SWZD, 2020)

IoT Device Market Statistics

As more IoT devices are installed and connected to the web, the IoT industry’s market value also rises. As you’ll see below, the IoT market has the potential to reach a value of $1 trillion in less than a decade. This is thanks to modern tech needs, such as CCTV systems, consumer internet, payment terminals, and the like. What is more, an increasing number of industries are also expected to keep up with digital transformation. As such, more companies are investing in IoT technology.

• The total global IoT market was worth around $389 billion in 2020 and IoT trends suggest that it could further rise to more than $1 trillion in 2030. (Transforma Insights, 2020)
• The top five contributors to the IoT market’s global revenue in 2020 are CCTV systems ($91.8 billion), consumer internet and media devices ($77.9 billion), connected vehicles ($47.1 billion), smart grids ($36.3), and payment terminals ($33.2 billion). (Transforma Insights, 2020)
• Worldwide spending on IoT is estimated to reach $742 billion by the end of 2020. (IDC, 2020)
• Growing at a CAGR of 8.2%, IoT spending may reach $1.1 trillion by 2023. (IDC, 2020)
• The healthcare, insurance, and education sectors were expected to deliver the strongest industry gains in IoT spending with growth rates of 14.5%, 12.3%, and 11.9%, respectively. Meanwhile, consumer spending on IoT solutions was forecast to grow 13.9% year over year in 2020. (IDC, 2020)
• Hardware spending is dominated by module/sensor purchases (28.6%). Meanwhile, software solutions will be the fastest-growing technology category with a five-year CAGR of 13.5% and a focus on application and analytics software purchases. (IDC, 2020)

Statistics on IoT Device Segments

There is a wide range of industries already penetrated by IoT, from agriculture and manufacturing to smart home devices and wearables. Moreover, IoT device statistics show that the implementation of IoT in different segments has also increased since the onset of the COVID-19 pandemic. This is partly because of the increased investments in different types of devices during the lockdowns.

• The market size of industrial IoT (IIoT) is estimated to have reached about $77.3 billion in 2020. It is also expected to climb to $110.6 billion by 2025. (Statista, 2020)
• Furthermore, the global agricultural (IIoT) market value is expected to stand at approximately $4.02 billion in 2021. Additionally, it is expected to grow to almost $7 billion by 2025 as smart farming is becoming widely adopted. (Juniper Research, 2021)
• In 2020, due to the economic recession caused by the COVID-19 pandemic, consumer spending on smart home devices was expected to decrease from $52 billion in 2019 to $44 billion. However, it is expected to resume its growth momentum in 2021. (Strategy Analytics, 2020)
• Moreover, the number of short-range IoT devices reached 10.7 billion worldwide in 2020 and is forecast to increase to 20.6 billion by 2026. (Ericsson, 2021)
• Meanwhile, wide-area IoT devices amounted to 1.9 million in 2020 and are predicted to reach 6.3 million by 2026. (Ericsson, 2021)
• In 2019, worldwide revenues from the IoT sensors market amounted to over $11.9 billion, with forecasts predicting that this number will increase to about $43 billion by 2025. (MarketWatch, 2020)
• At the beginning of 2019, Amazon sold over 100 million Alexa-enabled devices. (Review42, 2021)
• As of 2020, there are about 100,000 smart home devices compatible with Amazon’s Alexa. (Amazon, 2020)
• Moreover, Amazon takes the lead in the shipment of TV streaming devices worldwide, with 13.2 million units shipped in Q4 2020. Samsung takes the second spot with close to 12 million units shipped in the same quarter. (Strategy Analytics, 2021)
• In 2021, the installed base of hearables is expected to reach 393.3 million units worldwide from 259.9 million in 2020. (Juniper Research, 2021)
• Consequently, over the period between 2020 to 2024, the worldwide wearable band and TWS earbud categories will see an increase in shipments from 436.5 million units in 2020 to an estimated 760.4 million units in 2024. (Canalys, 2020)

IoT Device Usage and Adoption in the US

Some of the biggest companies that offer IoT devices, such as Amazon and Google, are based in the US. As such, it is not surprising that the US IoT market is one of the biggest in the world. In this section, we’ll take a look at IoT device statistics that will give us an idea of how huge IoT is in the country.

• Smart home device sales in the US amounted to $4.1 billion in 2019. (Consumer Technology Association, 2020)
• There were around 30.6 million smart home device unit shipments in the US in 2019. (Consumer Technology Association, 2020)
• 81% of households with smart home devices own smart TVs, 37% own smart speakers with an integrated virtual assistant, 25% own streaming devices, 22% own VA-enabled Bluetooth speakers, 20% own smart bulbs, 18% own smart security cameras, and 17% own connected thermostats. (Statista, 2021)
• In 2020, 74% of US smart speaker users owned Amazon Echo (Alexa). (Statista, 2020)
• Furthermore, 39.8% of smart speaker users in the US use it to listen to their music streaming service on a daily basis. Meanwhile, 29.4% ask their smart assistant a question every day while 33.9% use it to check the weather. (Voicebot.ai, 2020)
• Interestingly, around half of US consumers still don’t own any smart home devices as of 2020. (Statista, 2020)

What do these IoT device statistics tell us?

IoT is a fast-maturing facet of modern technology. Before, you might catch somebody saying, “IoT is the future.” If that indeed is the case, it’s easy to see that the future is here, and the IoT device statistics above are just some of the facts that support this.

As IoT perfectly blends human interaction, connectivity, and big data, it’s not surprising that it plays a role in many aspects of business and society. Meaning, it will be wise for businesses to make plans and strategies with the power of IoT in mind. Gathering facts and statistics is the first step to developing a foolproof plan. And in that regard, we hope that our compilation of IoT device statistics brings value to you.

References:

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By Louie Andre

B2B & SaaS market analyst and senior writer for FinancesOnline. He is most interested in project management solutions, believing all businesses are a work in progress. From pitch deck to exit strategy, he is no stranger to project business hiccups and essentials. He has been involved in a few internet startups including a digital route planner for a triple A affiliate. His advice to vendors and users alike? "Think of benefits, not features."