{"id":10117,"date":"2021-11-30T15:52:45","date_gmt":"2021-11-30T15:52:45","guid":{"rendered":"https:\/\/firstsiteguide.com\/?p=10117"},"modified":"2023-10-04T02:37:00","modified_gmt":"2023-10-04T02:37:00","slug":"internet-of-things-stats","status":"publish","type":"post","link":"https:\/\/firstsiteguide.com\/internet-of-things-stats\/","title":{"rendered":"Internet of Things (IoT) Stats, Facts and Trends in 2023","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
The Internet of Things (IoT) is making quantum leaps towards the future. The industry is rapidly expanding as the markets\u2019 needs grow beyond our wildest estimations and forecasts. Powered by the latest sensors, cutting-edge software, big data<\/a>, AI (artificial intelligence), and ML (machine learning), IoT will continue to develop.<\/p>\n\n\n\n IoT also plays a vital role in the digitization of businesses<\/a>. With the pandemic pushing businesses into a fully digital environment, it’s logical to assume that IoT will explode in years to come. Residential IoT use cases are also growing. In fact, the projections tell us that the number of houses with smart home systems will reach 400 million by 2025. <\/p>\n\n\n\n The IoT stats are compelling, and they indicate that IoT is definitely here to stay!<\/p>\n\n\n Key Internet of Things (IoT) Facts and Stats There are a number of KPIs (key performance indicators) that you can consider when you want to assess a certain industry or a market. IoT has been expanding and growing for quite some time now. But how do we put that growth into context? How do we know if this is a huge market with a great future ahead of it?<\/p>\n\n\n\n From our personal experience, the best way to do this is to try and see how much money there is in the IoT game. Are both businesses and individuals interested in it? How many IoT devices are there? Let\u2019s find answers to these questions.<\/p>\n\n\n\n The global COVID-19 pandemic has slowed down the rapid growth of the IoT sector. In 2020, worldwide spending on IoT technology reached $749 billion. The sector is continuing to grow but not at the pace forecasted in 2019.<\/p>\n\n\n\n Nevertheless, even with the slowdown, global spending on IoT technology will reach $1.1 trillion by 2023<\/strong>, which is an excellent outlook for an industry that depends on chips and is currently facing a global chip shortage.<\/p>\n\n\n\n (Source: Statista.com<\/a>)<\/span><\/sub><\/p>\n\n\n\n One of the most engaging ways to track the popularity of IoT technology is to take a look at the adoption rates. Projections tell us that over 400 million households will have at least one smart home system installed by 2025.<\/p>\n\n\n\n This trend will impact consumer spending on both smart home services and products. According to forecasts, this spending will exceed $170 billion by 2025<\/strong>.<\/p>\n\n\n\n (Source: Statista.com<\/a>)<\/span><\/sub><\/p>\n\n\n\n The total Internet of Things (IoT) market worldwide was worth around 389 billion U.S. dollars in 2020 and is forecasted to rise to more than one trillion U.S. dollars in 2030<\/strong>, more than doubling its revenue in the next ten years. Also, the number of IoT-connected devices worldwide is forecast to triple during this time.<\/p>\n\n\n\n
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General facts about IoT<\/h2>\n\n\n\n
1. Worldwide spending on IoT will reach $1.1 trillion by 2023.<\/h3>\n\n\n\n
2. There will be over 400 million households with smart home systems by 2025.<\/h3>\n\n\n\n
3. The global IoT market size is approximately $389 billion.<\/h3>\n\n\n\n