What is The Internet of Things?

The internet of things is the prevailing network of internet-connected devices and machines continuously exchanging multitudes of information and data across the world, and this article will underline the 20 top Internet of Things facts that everyone must know.

First, keep in mind that the predominant products associated with IoT are consumer electronics, such as smart home devices and smartphones. Larger Internet of Things applications such as smart cars, security systems, and smart cities are becoming prominent integrations as worldwide internet capabilities increase.

Top Internet of Things Facts

  1. The prevailing edification of the consumer electronics industry continues to skyrocket with increasing shares of electronic devices getting manufactured with quality internet capabilities. At the beginning of 2019, the world witnessed 22 billion IoT-connected devices in use.
  2. By 2030, around 50 billion IoT devices will be a part of the massive web of interconnected devices.
  3. Forecasts show that the total volume of data transferred between connected IoT devices will reach 79.4 zettabytes (ZB) by 2025.
  4. Forecasts show that by 2025 the automotive industry will have 25% of worldwide cellular IoT-device connections.
  5. Increased popularity and production of autonomous vehicles and the all-enabling 5G mobile technology are key factors influencing the demand for the Internet of Things.
  6. Connected-cars projections highlight the largest segment of the global 5G-IoT endpoint market; with forecasts underlining 19 million Internet of Things endpoints by 2023.
  7. Statistics expect the global IoT market for agricultural industries to reach around $30 billion by 2023.
  8. Forecasts show that the Industrial Internet of Things Market Size will reach 67740 million by 2025.
  9. The forecasted Low Power Wide Area Networks (LPWAN) technology connections will go beyond 123.3 million by 2023.
  10. Overall, the 5G IoT endpoints forecast will soar to around 49 million in 2023 worldwide.
  11. The forecast market size for IoT analytics is $18 billion by 2022 and $109.81 Billion by 2028.
  12. Predictive analytics forecasts show that the industry will hold 50.6% of the market share by 2026.
  13. Cloud computing will grasp 60.4% of the market share by the year 2026. Mainly because of the high intensity and flexibility to handle sophisticated data in large amounts.
  14. The retail industry is generating serious traction for IoT analytics. Especially with the tremendous growth of e-commerce and increased supermarkets and hypermarkets.
  15. Predictions highlight North America to account for the larger share of the IoT analytics market as activities consistently increase across various industries.
    Although the Asia-Pacific market will register a higher CAGR of revenue over the same period.
  16. Forecasts predict the market revenue for IoT managed services to shoot to $135 billion by 2027.
  17. Industrial IoT predictions show it will reach an estimated market size of $77.3 billion in 2020.
    The revenues from the IoT-sensors market will rise to about 43 billion by 2025.
  18. Market forecasts highlight the RFID tag market share soaring to $4460 Million by 2025. It has a predicted CAGR of 14.7% during this period.
  19. McKinsey Global Institute estimates that the Internet of Things will have an overall economic flow of around $11 trillion by 2025.
  20. An IoT-connected kitchen in your home can save the food and beverage industry’s annual costs of 15% and more.

Business leaders across all industries, including financial services, energy, and mining, have acknowledged how critical IoT is within their various organizations. Industrial Internet of Things and Smart Cities are now driving the largest flows of revenue across IoT.