As the summer heat steadily fades into an autumnal breeze and we inch closer to 2025, it’s important to remember that — given the official “Internet of Things” (IoT) term was first used by MIT’s Kevin Ashton back in 1999 — a lot can happen in a quarter-century. (Perhaps not in relation to our planet as a whole, much less the ever-expanding universe, but relatively speaking ~25 years is still precious time.) Though the lifeblood of IoT remains the same (i.e. connectivity), its use cases look remarkably different.
Here’s an example: When Ashton coined “IoT,” he believed radio-frequency identification (RFID) was a prerequisite for the Internet of Things; an inventory tracking solution, at best. Now, IoT means so much more; today, it represents a bona fide transformative network of interconnected devices that uniquely transmit data, ably enhancing workplace safety, operational efficiencies, automation, you name it. In healthcare, IoT wearables track patients’ statuses. In manufacturing and smart factory environments, remote equipment monitoring and predictive analytics can save big on maintenance costs. In transportation, fleet management gets a boost and supply chain transparency creates strategic advantages for operators (and subsequently drives value for shareholders). And in both agriculture and retail, diverse inventory management applications optimize processes for workers.
You get the idea.
In terms of what’s next, previous forecasts have already projected IoT’s growth to be exceptional; like, massive. We’ve written about the proliferation of connected devices many times; IoT sensors market to surpass $107.74 billion by 2031, ongoing Industrial Internet of Things (IIoT) developments potentially leading to a market valuation of $191.6 billion by 2031, a soaring satellite IoT (satIoT) market reaching $4 billion by 2030, and so on.
Well, earlier this morning, new info from Stocklytics came to light and we wanted to share.
According to Stocklytics, the global IoT market — a more all-encompassing look, for this forecast — is expected to earn, quote, “an outstanding $1.5 trillion in revenue by 2029.”
I believe the most professional reaction to that would be a simple “Whoa…”
In all seriousness, Stocklytics’ financial analyst Edith Reads described how “The demand for more dynamic technological advancements, widespread industry adoption, and a growing emphasis on robust security and sustainability are truly bolstering the IoT market.”
The progression, per Stocklytics, looks like this:
- In 2018, the IoT market generated approximately $424.8 billion in revenue. By 2019, it’d crossed the $500 billion mark, marking a 19% increase. The market then continued its upward trajectory in 2020, reaching upwards of $552.9 billion, and then surged past $632 billion in 2021.
- By 2022, earnings jumped past $700 billion, settling at $741 billion, an outstanding 74% increment from 2018 and 17% from 2021. The industry continued to show an impressive earnings trajectory, closing 2023 with almost $850 billion added to its revenue belt.
- Analysts anticipate the IoT market will exceed $947 billion by the end of 2024 and surpass $1 trillion in 2025. By 2029, they expect the market to reach the aforementioned $1.56 trillion, reflecting a 13% compound annual growth rate (CAGR) since 2018.
Suffice it to say, IoT is here to stay.
Learn more about expert IoT projections like this at IoT Evolution Expo 2025, which will be taking place from February 11-13, 2025, in Fort Lauderdale, Florida. Part of the #TECHSUPERSHOW experience, this event combines educational conference programming with a robust exhibit hall, networking events, and other activities, bringing together buyers and providers of business technology products and services that are critical to the Internet of Things.
Edited by
Greg Tavarez
