IoT Market to Reach 13.8 Billion Connected Devices by 2024

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A recent 451 Research Internet of Things (IoT) market report indicated that the number of IoT connected devices (excluding PCs, smart TVs, and game consoles) will be approximately eight billion in 2019, and reach nearly 14 billion in 2024 – a compound annual growth rate (CAGR) of 12%.

Consumer IoT accounts for the majority of total IoT connected devices, driven by the abundance of smartphones and tablets. However, the five-year analysis of IoT endpoints shows there is substantial growth coming for IoT connected devices in enterprises. This will not only mean a greater share of enterprise IoT opportunity for companies to capitalise on, but this growth also has implications for the datacentre infrastructure and services, storage, server, security, networking and other markets across the IT landscape as more data is processed at these endpoints.

“IoT is redefining the way companies develop new products and services, and ultimately how they deliver value to their customers,” said Christian Renaud, Research Vice President of IoT Research. “A key lesson from IoT deployments is how dissimilar they are to traditional IT workloads, in scale and in topology.”

Having a strong understanding of a company’s specific IoT opportunity can mean the difference between success and failure in the market. With the IoT market opportunity expected to nearly quadruple in the next five years – growing from US$172 billion in 2019 to $658 billion by 2024 according to the report – there is plenty to gain, but only if companies can identify their specific opportunity area in such a vast market.