Home Global Internet of Things (IoT) Revenues to Jump by 53% and Hit $677B by 2025
Uncategorized

Global Internet of Things (IoT) Revenues to Jump by 53% and Hit $677B by 2025

Internet of Things revenue-BuyShares.co.uk

Over the past few years, IoT has become one of the most important technologies globally, allowing seamless communication between people, processes, and things.

The increasing need for wireless networking technologies is expected to drive the entire sector’s impressive growth in the following years.

According to data presented by Buy Shares, the revenue of the global IoT market is forecast to jump by 53% and hit $677bn by 2025.

Consumer Sector to Generate Over 40% of IoT Revenues

The Internet of Things (IoT) refers to a system of interrelated, internet-connected objects that can collect and transfer data over a wireless network without human intervention. IoT technology enhances data collection, improves security and efficiency, and saves time. The personal and business possibilities of its use are endless.

In 2019, the entire market was worth $388bn, revealed Statista and Transforma Insights data. Over the next twelve months, this figure rose to $389.2bn, despite the effects of the COVID-19 crisis.

Statistics show the IoT sector is set to witness impressive growth in the following years, with revenues increasing by $236.5bn in the next four years. By 2030, the unified market is expected to hit over one trillion value.

The consumer sector continues to dominate in IoT technology and is expected to generate $165.5bn in revenue in 2021. This figure is forecast to jump by 73% to $287.2bn in the next five years. The government ranked second with $75.4bn in revenue as of this year.

Cross-vertical use of IoT technology is expected to generate $51bn in revenue in 2021. This sector is also forecast to witness the most impressive growth, with revenues rising by 76% to $90.2bn by 2025.

The electricity and gas industry, retail and wholesale, and transportation and storage market follow with $47.3bn, $28.4bn, and $25.7bn in revenue, respectively.

Number of IoT Connected Devices to Hit 16.4B by 2025

Statistics show China represents the leading country with 3.17 billion IoT devices in 2020, while the consumer sector accounted for 60% of all devices last year. This share is forecast to stay at the same level over the next ten years.

The most important use case for IoT devices in the consumer segment is the internet and media devices like smartphones, where the number of IoT devices is forecast to grow to more than eight billion by 2030.

Electricity and gas represent the second-largest industry vertical with 1.19 billion IoT devices in 2021. This figure is expected to jump by 1.9 billion in the next five years. Cross-vertical is the third-largest use case with more than one billion IoT devices as of this year. Government, transportation and storage, and retail and wholesale follow, with 564 million, 212 million, and 149.5 million devices, respectively.

Overall the number of IoT devices across all industry verticals is forecast to hit 16.4 billion by 2025, an 86% jump in five years.

Question & Answers (0)

Have a question? Our panel of experts will answer your queries. Post my Question

Leave a Comment

Write a Review

Your email address will not be published. Required fields are marked *

Question & Answers (0)

Have a question? Our panel of experts will answer your queries. Post my Question

Leave a Comment

Write a Review

Your email address will not be published. Required fields are marked *

Jastra Kranjec

Jastra Kranjec

Jastra is an editor, writer, and PR specialist with years of experience in the news, research, and report writing. Over the years, she has worked in different fields of journalism and public relations, including politics, economy, and financial markets.

Latest News

IPO deals in Q1 2021-BuyShares.co.uk
Uncategorized

Global IPO Deals Surged by 525% YoY and Hit $201B Value in Q1 2021

Music streaming revenues in 2021-BuyShares.co.nz
Uncategorized

Music Streaming Revenues to Hit $23B in 2021, a 50% Jump Compared to pre-COVID-19 Figures

Like many other sectors, the music industry has been significantly affected by COVID-19, with the massive cancelation of live events and huge ticket sales revenue drops amid the lockdown. With earnings from live music events shrunk to the lowest level in history, artists increasingly rely on income from streaming platforms. According to data presented by...

Software startups funding-BuyShares.co.nz
Uncategorized

Software Startups Raised $176.7B in Total Funding, a 27% Increase YoY

Software solutions have entered all aspects of life in the digital age, with millions of individuals and businesses relying on operating systems and apps to carry out daily tasks. The entire sector’s growth has been followed by the increasing number of software startups searching for a way to raise capital and expand their growth. According...

App Store revenues in 2020-BuyShares.co.nz
Uncategorized

App Store Revenues Surged by 30% YoY and Hit $72.3B in 2020

10 Startups by Largest VC Funding Raised $9B in Q4, 2020, China Accounts For 50%
Uncategorized

10 Startups by Largest VC Funding Raised $9B in Q4, 2020, China Accounts For 50%

Global Interest in Nio Stock Grows by 284% led by Singapore, Canada, and the US
Uncategorized

Global Interest in Nio Stock Grows by 284% led by Singapore, Canada, and the US

Smart home market revenues-BuyShares.co.nz
Uncategorized

Smart Home Market Revenues Jumped by 16% YoY to $77B Amid COVID-19 Crisis, Entire Industry to Grow by 28% in 2021