The global IoT market is expected to nearly quadruple in the next five years – growing from $172 billion in 2019 to $658 billion by 2024, according to 451 Research’s latest IoT Market Monitor.
“IoT is redefining the way companies develop new products and services, and ultimately how they deliver value to their customers,” said Christian Renaud, Research Vice President of IoT Research at 451 Research.
“A key lesson from IoT deployments is how dissimilar they are to traditional IT workloads, in scale and in topology. The 451 Research IoT Market Monitor captures this complexity by breaking down the vast market into actionable use cases, industries, and geographies.”
Data Centers, Servers, Storage, Security
This five-year analysis of enterprise IoT endpoints shows there is substantial growth coming for IoT connected devices in enterprises. This would not only mean a greater share of enterprise IoT opportunity for companies to capitalize on, but this growth also has implications for the data center infrastructure and services, storage, server, security, networking, and other markets across the IT landscape as more data is processed at these endpoints.
Consumer IoT still accounts for the majority of total IoT connected devices, driven by the abundance of smartphones and tablets. The number of IoT connected devices (excluding PCs, Smart TVs and Game Consoles) will be approximately eight billion in 2019, while reaching nearly 14 billion in 2024 – a compound annual growth rate (CAGR) of 12%.
451 Research’s IoT Market Monitor offers the ability to drill down by region, vertical, or endpoints, making it a tool for vendors and service providers to identify their key opportunities in the IoT market.
“By leveraging other 451 Research deliverables, such as the Voice of the Enterprise end-user surveys, we can expand our analysis around how much data is analyzed, the data landing locations and, therefore, the impact on edge, multi-access edge, cloud, enterprise datacenters, et cetera,” added Leika Kawasaki, Research Manager, 451 Research.
About 451 Research’s IoT Market Monitor
This IoT Market Monitor is based on a bottom-up analysis that deconstructs the Internet of Things into specific, actionable components. The analysis covers more than 1,000 endpoint types across 12 verticals and more than 300 use cases at a country and regional level with forecasts of revenue, connected devices and data generation.
451 Research’s IoT Market Monitor report leverages the 451 Global IoT Market Model (GIMM) that deconstructs the Internet of Things into specific, actionable components. The IoT Market Monitor report provides an overview of the IoT market with a five-year forecast covering 3 key metrics: the number of IoT endpoints in units; IoT market spending estimates covering hardware, software and services; and IoT data generation in petabytes.