IoT statistics and predictions for 2020

In BICSI Blog, BICSI Bytes, Newsby info@bicsi.com.au

An article by Jovana Letić recently published by DataProt identified 40 key IoT statistics and trends that show IoT rapidly growing from a theoretical concept to a major priority for many organisations.

  1. Statista reported the global IoT market reached US$212 billion in market revenue in 2019, up from $100 billion in 2017; and is expected to grow to $1.6 trillion by 2025, with a compound annual growth rate (CAGR) of 19.92%. Key factors in this increase include the security and scalability of all newly connected devices and their ability to be monitored on a large scale.
  2. McKinsey Digital noted that the most significant changes in this industry will emerge around new software that allows for IoT connection between devices. Hardware still accounts for 30% of the total value, although trends suggest this is decreasing.
  3. McKinsey Digital smart-home statistics show that 127 new devices were connected to the Internet per second in 2019.
  4. Forbes stated that, thanks to AI, machine-learning and real-time data processes delivered by IoT solutions, the number of cellular IoT devices will surpass 3.5 billion by 2023.
  5. Forbes forecast that smart factories in North America will be worth over $500 billion in 2022, experiencing a 13.25% CAGR for an extended period of growth. They are set to revolutionise the manufacturing process and increase productivity substantially, with consumer electronics and transportation at the forefront.
  6. Companies could invest a total of up to $15 trillion in IoT by 2025. Gigabit IoT statistics show that many clothing manufacturers, healthcare providers and municipalities have already chosen to invest in this technology.
  7. Industrial IoT market predicted to reach $136 billion by 2021. Allied Market Research predicted that the IoT industry will shake the very 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.
  8. i-Scoop reported that 87% of healthcare organisations started using IoT technology in some way by 2019. Significantly, the healthcare industry is introducing remote- and tele-monitoring to greatly improve the quality and speed of healthcare. IoT is also useful in creating monitoring and tracking hardware and applications that can significantly improve the way patients keep track of their own health. IoT healthcare statistics are yet to reflect these benefits as the technology itself is still fairly new.
  9. According to MarketWatch, the global IoT healthcare market is expected to reach $158 billion in 2022. IoT usage is driven by an increase in demand, the wider use of cloud platforms, and a rise in the number of mobile apps.
  10. Forbes estimates 646 million IoT devices will be used in hospitals, clinics and medical offices by end of 2020. Even though the healthcare industry will benefit from the proliferation of IoT technology, the sheer amount of data generated could cause problems. In an IoT-powered industry, the volume of medical data will double every 73 days. That means implementing IoT security measures and finding appropriate storage solutions will become a top-priority.
  11. According to Grand View Research, the size of the global IoT healthcare market is expected to reach $534.3 billion by 2025, growing at a 19.9% CAGR over the next five years.
  12. In 2017, the Allure nursing facility implemented the EarlySense remote monitoring system to track vital signs and movements using sensors placed under mattresses and pillows. Six months later, the clinic’s statistics showed incredible results: 45% decrease in patient falls, 60% reduction in bedsores, and 80% decrease in ‘code-blue’ events.
  13. According to Pharma Times, the introduction of the FreeStyle Libre Smart CGM available on prescription will increase the percentage of diabetes patients who have access to CGM devices from 3-5% to 20-25%. This is considered one of the best examples of IoT healthcare benefits in 2020. It sends data to diabetes patients and caregivers on a device to more efficiently monitor glucose levels. This is particularly beneficial in helping parents of diabetic children, who cannot continuously monitor their children’s glucose levels any other way.
  14. In 2016, Roche released the first Bluetooth- and IoT-enabled coagulation system, allowing patients to check how quickly their blood clots, reducing the risk of stroke or bleeding. Today, anti-coagulated patients can use the device to self-test their blood, send it to their healthcare providers, and reduce their visits to clinics. It also reminds the patient to test themselves, while flagging results in relation to previously set targets.
  15. In 2018, Apple launched a new ‘Movement Disorder API’ IoT device, enabling Apple Watches to monitor Parkinson’s Disease symptoms. Conventionally, these symptoms are monitored by physicians via diagnostic tests, with patients keeping diaries 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 to designated caregivers. Medical statistics show that this technology has had incredible results with arthritis and epilepsy patients too.
  16. Forbes predicted that, as the IoT market grows, so will the importance of securing IoT networks. From $91 million in 2016, annual global spending on security measures for IoT networks is set to soar to $631 million by 2021.
  17. According to Netscout’s 2019 Threat Intelligence Report, the average IoT device gets attacked just five minutes after it gets connected to the Internet. The popularity of smart devices has unfortunately dramatically increased the numbers of cyberattacks.
  18. Symantec reported 75% of cyberattacks on IoT devices are directed at network routers, the favoured targets of many cybercriminals, with an average of 5,200 attacks per router per month. The reason for this is simple – many IoT devices in use are five years or older, so they don’t have the latest security updates and, in many cases, still use their original passwords. According to ‘IoT challenges’ statistics, the most successfully used router password among cyberattackers in 2018 was “123456”, followed no password at all, accounting for 17% of all IoT attacks.
  19. According to Forbes, the number of malware incidents involving IoT devices surged 300% in 2019, from 813 million in 2018 to a staggering 2.9 billion in 2019.
  20. A 2019 Economic Intelligence Unit (EIU) survey showed that 74% of consumers worry about losing their civil rights because of IoT, while 92% want to control the type of personal information that is automatically collected about them. A slightly lower number of consumers would like to see fines for companies that choose to violate consumers’ privacy. Losing civil rights in this automated process remains one of their main concerns.
  21. 55% of respondents to a recent Gemalto survey believe third-parties that have access to their confidential information should have to comply with security and privacy regulations.
  22. That same Gemalto survey reported that 48% of businesses admit they are unable to detect IoT security breaches on their network. As more IoT companies invest in proper security measures, this number should decrease. However, many IoT vendors have failed to develop devices with security software built-in. One important reason for this is because there aren’t yet any security standards for IoT yet.
  23. Forbes reported that the top IoT projects involving smart cities and connected industries are in Europe, while connected-health is thriving in the Americas. In China, enterprises are adopting IoT technology mainly to increase competitiveness.
  24. IDC reported 58% of manufacturers saying IoT is a strategic necessity for digitally transforming industrial operations.
  25. Forbes reported 90% of senior executives across tech-related industries said IoT was critical to some or all lines of their business. Senior businesspeople in the technology, media, and telecommunications industries are using IoT technology to build digital trust control into their already-established programs.
  26. A 2018 Aruba Research Report stated 57% of businesses had adopted IoT in some way, rising to 85% by the end of 2019, making it the tipping-point year when this technology became truly mainstream.
  27. Viewneo reported that 79% of retail organisations used IoT in some way in 2019, up from 49% in 2017. It all started in the retail industry in 2014 with barcode readers that made data management much easier by analysing and adjusting inventory using real-time data. IoT statistics show that usage doubled in the five years since.
  28. Aruba Networks reported that only 42% of US municipalities have turned to IoT devices, while nearly half of government IT departments have issues with IoT technology. The main reason behind this seems to be a lack of information among senior employees, many of whom have little or no knowledge about IoT technology.
  29. That same Aruba Research revealed that 83% of organisations employing IoT technology reported significant business-efficiency increases, involving better visibility across the organisation and easier expansion into other markets. IoT statistics show that 34% of brands are hoping to see the whole industry implement these IoT solutions, which would bring an increase in industry growth over the following decade.
  30. A CDN Report said IoT has the potential to generate $4-to-11 trillion in economic value by 2025, with its greatest impact in the industrial sector (between $1.2 to $3.7 trillion) coming from factories. IoT forecasts state the rest of the economic impact will come from smart cities in Europe, connected healthcare in Americas, and custom production environments and usage in homes and offices around the globe.
  31. Frontier Economics forecast that over the next 30 years, IoT technology will contribute a 10% increase in US GDP. It also stated that a 10% increase in investment in machine-to-machine interactions would boost the US GDP by $2.3 trillion over a 15-year period. 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.
  32. McKinsey forecast that 40% of the value IoT generates will come from developing countries.
  33. Mckinsey studies indicated that many manual workers will lose their jobs by 2030 due to automation. Other IoT studies show 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, whose working conditions will be improved by automation over the next decade.
  34. According to Capgemini, the US is leading the deployment of full-scale IoT operations, with 44% of companies now adopting it. The UK follows, with 41% of companies having deployed IoT technology, then Germany with 35%. This trend is mainly attributed to significant venture capital investment, with around two-thirds of IoT start-ups founded between 2012 and 2017 based in the US.
  35. Forbes reported that Samsung was the top IoT patent-holder, with 820 patents to its name, followed by LG (524), Huawei (490), Qualcomm (485), and Sony (479). Experts see this competitiveness as an excellent drive of IoT growth, since there is no single group companies holding the bulk of patents.
  36. That same Forbes report forecast that in 2025, as many as 152,200 IoT devices will be connecting to the Internet every minute.
  37. Berkeley reported that 14% of all US consumers will own at least one piece of smart clothing in 2020. Smart shoes, bras, and shorts can help athletes improve their game and track their muscle activity. Other items, like smart jackets, will enable interaction with personal devices via Bluetooth, so it’s expected that such items will bloom.
  38. iProperty Management reported that only 0.06% of devices that could be connected to the Internet actually are at present, identifying the scope for growth in connectivity in coming years.
  39. iProperty Management forecast that IoT-connected devices will surpass 75 billion by 2025, flagging concerns about malware. Unfortunately, the fact that these devices are becoming more and more popular makes it difficult for security measures to follow, which means we’ll have even more to worry about over the next decade.
  40. IDC reported that consumer IoT spending increased 15.4% over 2018, to reach $745 billion in 2019. It is further forecast to surpass $1 trillion in 2022.