IoT to Triple by 2033, Led by Consumer Sector and 5G
By 2033, the consumer sector is set to dominate the Internet of Things (IoT) landscape, accounting for 61% of all connections. Consumer Internet & Media devices will lead the way, followed by smart grids. This follows a significant growth period, with IoT devices expected to triple from 16.1 billion in 2023 to 39.9 billion in 2033.
The total IoT market revenue is projected to surge from US$335 billion in 2023 to US$934 billion in 2033. This growth will be driven by key regions like China, the United States, and Europe, which together will hold over 45% of the market share. In terms of use cases, 'cross-vertical' applications, utilities, and retail/wholesale will dominate the enterprise segment in 2033.
Short range technologies will see a significant increase, growing from 12.6 billion to 29.3 billion connections. Cellular connections, particularly 5G, will also experience a massive boom, rising from 650 million to 5.5 billion. The consumer sector will generate 31% of the total IoT market revenue, with cross-vertical applications accounting for 22%.
Transforma Insights, a leading market research firm, has been forecasting the IoT market since 2011. Its 2020 prediction of 12 billion IoT devices was notably accurate.
By 2033, the IoT market is expected to reach unprecedented heights, with the consumer sector leading the charge. This growth will be driven by key regions and use cases, with short range technologies and cellular connections, particularly 5G, playing a pivotal role. As the market continues to expand, accurate forecasting by firms like Transforma Insights will be crucial for navigating this dynamic landscape.
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