DUBLIN–(BUSINESS WIRE)–Nov 8, 2021–
Global Internet of Things market value was forecasted to cross a USD 1 trillion mark by 2024
The Internet of Things (IoT) is defined as a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers (UIDs) and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.
This technology recently became a trend in many countries across the globe. Both consumers and enterprises are adopting IoT for various purposes and therefore the technology is being implemented in increasing numbers. Furthermore, by 2024, global IoT market revenue was estimated to cross a USD 1 trillion landmark and by 2030 the number of connected devices should reach almost 30 billion worldwide.
Western Europe is going by leaps and bounds in consumer IoT adoption
According to a 2021 forecast cited in this new market report, the largest number of IoT connections in 2030 will be registered in Europe, as compared to other global regions. Following the same estimated, the region will be followed by North America, Asia, Latin America and Middle East & Africa.
This, however, comes as no surprise, as already in 2021, almost nine in ten of all West European and more than eight in ten of all East European connectivity service suppliers were the fast wireless link required for IoT optimization.
Further, the adoption of consumer IoT, including Internet-connected home energy management, security- and safety connections, home appliances, virtual assistants, TV, and game consoles, was substantially higher in Western Europe than in other EU countries, with the Netherlands, Iceland, Norway, and the UK among the leaders.
- Number of The Installed IoT Connections, by Type of Market, in billions, 2030f
- Smart Home Devices Shipments, by Product Type, in thousands, and Market Share, in %, 2020 & 2025f
- Top 5 Smart Home Vendors, by Shipments, in thousands, and Market Share, in %, Q4 2019 & Q4 2020
- Mobile, Smartphone, LTE, 5G Subscriptions Number, in millions, Mobile Data, in EB/Month, and Data Traffic per Smartphone, in GB/month, 2019 & 2020 & 2025f
- Fixed Wireless Access Offerings, in % of Connectivity Service Providers, Dec. 2018 & Aug. 2019 & Feb. 2020 & Oct. 2020 & Apr. 2021
- Contribution of 5G on GDP by 2025, by Country, in EUR billion, February 2021
- Internet of Things Usage, by Type of Solution, and by Country, in % of Individuals, H2 2020
- Distribution of Companies Active in IoT, by Services Provided/Products Manufactured, in %, H2 2020
- Top Barriers to Entry or Expansion, in % of Smart Home Device Manufacturers, H2 2020
- Top Barriers to Entry or Expansion, in % of Wirable Device Manufacturers, H2 2020
- Top Barriers to Entry or Expansion, in % of Consumer IoT Service Providers, H2 2020
- Top Barriers to Entry or Expansion, in % of Voice Assistant Providers, H2 2020
- Sector Contribution to GDP, incl. Smart Utilities, in GBP billion, 2030f
- Share of Senior Decision-Makers and Implementers of IoT Strategy who Saw IoT as a Business Priority, and Share of those who plan IoT initiatives in the Future, in %, April 2021
- Key Benefits of IoT Initiative, in % of Senior Decision-Makers and Implementers of IoT Strategy, April 2021
- Share of Senior Decision-Makers and Implementers of IoT Strategy Who are Concerned about the Management of the Device and Connectivity, April 2021
- Share of Consumer Who Use and Do Not Use Consumer-IoT-Hardware, in %, 2017 – 2020
- Consumer IoT Context Factors, incl. Status Quo, Medium-Term Target, Suitable Measures, and Level of Market Development Contribution, March 2021
- Share of Companies Using Interconnected Devices, by Company Size, in %, 2020
- Share of Companies Using Interconnected Devices, by Sector, in % of Companies with 50+ Employees, 2020
- LG Electronics
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INDUSTRY KEYWORD: TECHNOLOGY INTERNET
SOURCE: Research and Markets
Copyright Business Wire 2021.
PUB: 11/08/2021 12:22 PM/DISC: 11/08/2021 12:23 PM
Copyright Business Wire 2021.