The $ 1,000 billion mark expected for the IoT market in 2024

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The Internet of Things market is expected to grow in value by 13% per year until 2024. It still has to meet the challenges of security and standardization.

The main IoT trends in 2021 according to GlobalData.  Source: GlobalData

Connected objects are taking an increasingly important place in the life of businesses and consumers, and the figures clearly show it. Driven by an average annual growth of 13%, the revenues of the global IoT market should indeed cross the trillion dollar mark by 2024. They were $ 622 billion in 2020 and $ 586 billion in 2019. Last year, 76% of turnover generated came from business investment. Nothing will change in the medium term since the share of the professional segment should still be 73% in four years.

“The Covid-19 has shed light on the crucial role that IoT has come to play in our lives,” said Jasaswini Biswal, analyst at GlobalData, The adoption of several use cases of the Internet of Things has progressed during the pandemic. We can for example cite the installation of thermal cameras to detect potentially infected people or that of sensors to measure the occupancy rate of offices. “

A communication standard that the IoT lacks

The multiplication of deployments of connected objects would be accompanied by a better acceptance of their presence. GlobalData cites a study it conducted in 2020 as proof of this. Of those polled, 48% said they were positive about IoT, while 45% saw it playing a crucial role in generating numbers. additional business by companies over the next three years.

And yet, the Internet of Things still needs to improve on three major points in order to have the capacity to profoundly transform the way we live and work. “First, unstructured and fragmented security rules are a major obstacle to wider adoption of IoT, by businesses and individuals,” says Jasaswini Biswal. “Second, there is no communication standard for the Internet of Things. The market can only really take off when all connected objects speak the same language, ”he adds. Third obstacle: current IoT ecosystems lack real-time intelligence and rely heavily on edge computing or artificial intelligence to overcome this deficiency.

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