Over the past few years, internet of things (IoT) has become one of the most important technologies globally, allowing seamless communication between people, processes and things. The increasing need for wireless networking technologies is expected to drive the entire sector’s impressive growth in the following years.
According to data presented by BuyShares.co.nz, the revenue of the global IoT market is forecast to jump by 53% and hit $677 billion by 2025. IoT refers to a system of interrelated, internet-connected objects that can collect and transfer data over a wireless network without human intervention. IoT technology enhances data collection, improves security and efficiency and saves time. The personal and business possibilities of its use are endless.
In 2019, the entire market was worth $388 billion, revealed Statista and Transforma Insights data. Over the next twelve months, this figure rose to $389.2 billion, despite the effects of the Covid-19 crisis.Statistics show the IoT sector is set to witness impressive growth in the following years, with revenues increasing by $236.5 billion in the next four years. By 2030, the unified market is expected to hit over one trillion value.
The consumer sector continues to dominate in IoT technology and is expected to generate $165.5 billion in revenue in 2021. This figure is forecast to jump by 73% to $287.2 billion in the next five years. The government ranked second with $75.4 billion in revenue as of this year. Cross-vertical use of IoT technology is expected to generate $51 billion in revenue in 2021. This sector is also forecast to witness the most impressive growth, with revenues rising by 76% to $90.2 billion by 2025. The electricity and gas industry, retail and wholesale as well as transportation and storage market follow with $47.3 billion, $28.4 billion and $25.7 billion in revenue, respectively.