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IoT Market to See Another Year of Double-Digit Growth; Revenue to Jump by 18% and Hit $1.38 Trillion in 2024

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By Jastra Kranjec

Updated Feb 20, 2024

As one of the technologies driving Industry 4.0, along with artificial intelligence, Big Data, robotics, and automation, the Internet of Things (IoT) has entered almost every market over the past years, providing seamless communication between people, processes, and devices. Although the global semiconductor shortage has slowed the market growth compared to pre-pandemic levels, the global demand for IoT solutions continues rising.

According to data presented by Stocklytics.com, the global Internet of Things market is expected to see another year of double-digit growth, with revenue rising by 18% to $1.38 trillion in 2024.

Global IoT Revenues Grow by an Average $200 Billion Per Year

The main purpose of IoT is to create a self-reporting network of connected devices that can communicate with each other and users in real-time. This intelligent digital technology has taken automation, monitoring and control, and analytics to a whole new level and has become an essential part of Industry 4.0. The many advantages of the Internet of Things have helped the technology to enter almost every market imaginable, driving impressive revenue growth.

According to Statista Market Insights, in 2019, the global IoT market grossed nearly $510 billion in revenue. A year later, this figure rose to $544 billion. However, the market gained real momentum in 2021, with revenue surging by almost 40% that year alone and reaching $773 billion. Although the annual growth rate started slowing down after that peak, market revenue continued growing by an average of $200 billion annually. In 2022, global IoT revenues hit over $970 billion, increasing by 27% year-over-year.

Although the annual growth rate slipped to 21% last year, the market still hit a massive new milestone and became a trillion-dollar industry. Statista expects IoT revenues to grow by a further $200 billion in 2024 and reach $1.38 trillion. This figure is forecasted to jump by 60% and hit a whopping $2.2 trillion by 2028.

Automotive IoT to Make One-Third of Total Revenues in 2024

A few industries have been transformed by IoT technology like car manufacturing. IoT connectivity enables the car’s electronic control units and software-reliant components to be updated wirelessly. The widespread use of the technology in the automotive industry has made it the largest and fastest-growing segment of the IoT market.

According to Statista, more than one-third of total IoT revenue in 2024, or $494 billion, will come from the automotive industry. This also represents a considerable 25% increase compared to last year, when the sector generated $397 billion in revenue.

As the second-largest segment of the market, the industrial IoT is forecasted to grow by 18% year-over-year and hit $325 billion in revenue in 2024. Consumer IoT and smart finance follow with $192 billion and $132 billion in revenue and 5% and 17% growth rates, respectively.

Statista also expects the total number of IoT connections to increase by 19% and 21.3 billion in 2024. By 2028, this figure will jump to over 38 billion.

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Disclaimer: The information provided by Stocklytics is for general informational purposes only and should not be considered as investment advice. We make no representation regarding the completeness or accuracy of the data, and it should not be relied upon for investment decisions. Use of this tool is at your own risk, and we are not liable for any loss or damage arising from its use.