16 Eye-Opening New Internet of Things Statistics for 2024

Hey there! The Internet of Things (IoT) is an exciting concept that connects everyday devices and systems to the internet. IoT transforms how we live and work through smart homes, wearables, autonomous cars, and so much more.

But where exactly is IoT today and where is it heading in the future? Good question! I decided to dig into the latest IoT statistics to highlight some of the key trends shaping this connected world of the future.

In this article, you’ll discover 16 insightful new IoT stats for 2024 that reveal where this technology is taking us. From the explosive growth in connected devices to game-changing 5G networks, these stats showcase how IoT is poised to revolutionize nearly every industry and aspect of our lives.

Let’s jump right in!

1. Over 30 Billion IoT Devices Will Be Installed Globally by 2025

First up, one of the most mind-blowing IoT statistics is the staggering pace of connected device growth expected in coming years.

IoT Analytics predicts there will be over 30.9 billion active IoT devices globally by 2025, up from 15.4 billion in 2020 [1]. That‘s more than double in just five years!

Other researchers forecast an even higher figure exceeding 50 billion connected devices worldwide by 2025 [2]. The growth is fueled by expanding consumer IoT and industrial IoT (IIoT) adoption across homes, cities, factories, vehicles, and workplaces.

2. Industrial IoT Spending Will Skyrocket to $266 Billion by 2025

While consumer IoT gets lots of buzz, industrial IoT adoption is ramping up even faster. IoT Analytics forecasts that worldwide industrial IoT spending will soar from $77 billion in 2020 to $266 billion by 2025 [3].

Driving this 170% spending surge are manufacturing, energy, and transportation sectors leveraging IIoT to achieve greater efficiency, visibility, and automation. Cutting-edge technologies like 5G, artificial intelligence, and edge computing will accelerate growth.

3. 5G IoT Connections Are Projected to Jump 624% by 2025

The rollout of high-speed 5G networks globally is a total game-changer for IoT innovation and expansion.

Ericsson predicts there will be 1.8 billion 5G subscriptions by the end of 2025, a stunning increase from just 220 million in 2020 [4]. Much of this massive growth is expected to come from cellular IoT adoption.

IoT Analytics forecasts cellular IoT connections will grow at a 63% compound annual growth rate (CAGR) between 2020-2025, led by the performance benefits of 5G [5]. This will push cellular IoT connections from 500 million today to over 3 billion in 2025 as 5G transforms what IoT can achieve.

4. 49% of Industrial IoT Spending Goes to Smart Manufacturing

To understand where IIoT investment is targeted today, IoT Analytics surveyed over 600 IoT decision-makers globally [6]. The study found 49% of total industrial IoT spending goes to smart manufacturing solutions.

This preference for smart manufacturing reflects how data-driven visibility and automation on the factory floor can drive major efficiency gains.

Other leading IIoT segments by spending include smart energy (14%), predictive maintenance (12%), and inventory monitoring (7%). Manufacturers are charging ahead with IoT integration to connect assets, boost flexibility, and make expert decisions.

5. Consumer IoT Revenue Will Hit $144 Billion by 2025

Consumer IoT applications continue to drive massive revenue alongside industrial growth.

Juniper Research predicts global consumer IoT revenue will grow 12% annually from $100 billion in 2020 to over $144 billion by 2025 [7]. Smart speakers, home automation, wearables, and immersive tech are leading growth.

To put the spending power of consumers in perspective, IoT Analytics found the number of active connected IoT devices per person is expected to jump from 2 in 2020 to 3.6 devices per person by 2025 [1].

6. Over 80% of Oil and Gas Firms Have Adopted IoT Technology

The energy industry is racing to digitize operations through IoT integration. An IoT Analytics survey found over 82% of oil and gas companies are actively using IoT platforms and solutions today [8].

Key applications include remote asset monitoring, pipeline tracking, fleet management, and drilling optimization. The benefits range from improved safety and security to reduced environmental impacts.

McKinsey estimates adopting IoT analytics in oil and gas exploration alone can lower capital expenses by up to 20% [9]. That‘s some major cost savings!

7. 44% of Healthcare Organizations Have Rolled Out IoT Technology

IoT is enabling a revolution in healthcare, from hospital asset tracking to at-home patient monitoring.

Research by Spyglass Consulting Group revealed 44% of healthcare delivery organizations have already implemented IoT solutions [10]. An additional 29% have IoT adoption plans over the next 1-3 years.

Major current applications focus on asset management, patient flow, and environmental monitoring. The next wave of IoT healthcare growth will likely come from remote patient care and telehealth as populations age.

8. Over 50% of IoT Traffic Will Use WiFi, Bluetooth and LPWANs by 2024

Cellular networks are integral for mobility, but lots of IoT data delivery will happen over non-cellular technologies too.

An Ericsson study predicts that over 50% of IoT data traffic will be carried over WiFi, Bluetooth and LPWANs (low power wide area networks) by 2024 [11]. This networking diversity provides technical and economic benefits.

IoT analytics tools will help organizations optimize connectivity by matching the right devices to the right type of network. For example, a smart home security sensor needs low power Bluetooth, while a self-driving car relies on ultra-fast, reliable 5G.

9. 95% of Companies Say IoT Improves Security

While data security remains an IoT concern, most industrial adopters view connected technologies as enhancing protection rather than compromising it.

In a Software AG survey, 95% of industrial firms stated implementing IoT improves the security of assets, inventory, and systems [12]. Real-time threat monitoring, automated response, and predictive analytics made possible by IoT strengthen defenses.

Of course, proactive risks management and defense-in-depth security are still essential. But with the right architecture and controls, enterprises can harness IoT safely and securely.

10. Singapore, Germany and South Korea Rank Highest in IoT Readiness

Some nations are leaping ahead in laying the groundwork for massive IoT scale-up and adoption. Based on factors like infrastructure, government policies, and R&D, Singapore, Germany, and South Korea top the Ingenu IoT Readiness Index [13].

The US, China, UK, and Nordic regions also score well. However, developing countries still lag in IoT foundations. Closing these gaps through partnerships and capacity building will be crucial to spreading IoT benefits more equitably worldwide.

11. 44% of Companies Are Using IoT to Offer Revenue-Generating Services

The IoT business model is shifting from solely driving internal efficiency to also powering digital services and revenue streams.

An IoT World survey revealed 44% of firms are now using IoT platforms to deliver revenue-generating services to external customers, while 35% still use IoT only for internal improvements [14].

These new “IoT-as-a-Service” offerings create fresh markets for organizations to tap into. For example, manufacturers can provide remote monitoring and predictive maintenance to clients on a subscription basis.

12. Over 50% of Asia‘s IoT Spending Goes to Smart Cities and Buildings

Urbanization and crowded megacities in Asia are fueling massive demand for IoT-enabled smart infrastructure.

IDC research shows over 50% of current IoT spending in Asia goes toward smart city and building technologies [15]. Intelligent transportation, energy management, digital services, and automation are key focus areas.

By 2024, IDC forecasts the Asia Pacific smart city IoT market will skyrocket to $104 billion in value as urban innovation initiatives expand.

13. IoT Cyber Attacks on Businesses Jumped Over 300% in 2021

With IoT environments sprawling, cyber threats are growing in frequency and potency. IoT security firm Claroty revealed ransomware and IoT-focused attacks on industrial firms surged over 300% in 2021 compared to 2020 [16].

Most alarming are hackers targeting operational networks controlling critical infrastructure. Recent examples include hacks that disrupted gasoline, meat production, and water treatment in the US. As more physical world assets get connected, IoT security becomes both a business and national security priority.

14. 75% of Companies Face IoT Adoption Challenges Due to Interoperability Issues

Here’s an interesting data point – a Cisco survey found 75% of organizations face difficulties deploying IoT solutions due to lack of interoperability between different platforms and networks [17].

IoT interoperability accelerates growth by allowing components like sensors, software, and cloud services from diverse vendors to work together seamlessly. Open standards are crucial to enable this plug-and-play experience consumers expect.

15. 44% of Consumers Don‘t Trust Smart Home Privacy Protections

Consumer interest in smart homes is surging, with revenue forecast to top $121 billion by 2024 [18]. But significant privacy concerns remain a barrier to mainstream adoption.

IoT Analytics found that 44% of consumers do not trust IoT vendors to adequately protect their personal data from smart homes devices [19]. Just 28% expressed confidence in privacy safeguards.

Earning consumer trust is crucial. Companies need transparency in data practices, strong privacy controls, and compliance audits. User education also plays a key role in building confidence in IoT devices that enrich our homes and lives.

16. $6.7 Billion Will Be Spent on IoT Managed Services by 2026

Finally, as enterprise IoT environments grow more complex, organizations are increasing relying on outside experts for deployment and management support.

TechNavio predicts global spending on IoT managed services will grow from $2.4 billion in 2021 to $6.7 billion by 2026, representing a 22% compound annual growth rate [20].

System integrators and communication service providers will benefit most from surging demand for IoT services spanning connectivity, application development, data analytics, and security monitoring.

The Future Is Now for IoT

I don‘t know about you, but researching the latest IoT statistics got me excited about the connected future ahead! IoT is transforming homes, cities, industries…nearly every facet of life.

The number of connected devices is exploding. 5G and AI are unlocking new possibilities. And companies across sectors are racing to leverage IoT to drive efficiency, insight, and user value.

Of course, some big challenges around privacy, security, and interoperability must still be addressed proactively as IoT scales globally. But the foundations are steadily being built for IoT to fulfill its world-changing potential.

I hope these 2024 IoT stats offered valuable perspective on where this technology is today and where it’s headed tomorrow. The connected future is coming. In many ways, it’s already here!

Let me know if you have any other questions. I’m happy to chat more about the exciting innovations emerging from the Internet of Things revolution!