Technology is evolving day bay day; so it’s important to stay up-to-date on the latest trends and innovations that are shaping the future. 

One of the top tech trends of 2023 and near future is IoT(Internet Of Things). It is not a new thing in technical world as it dates back to the 1980s.

What Is the Internet of Things (IoT)?

According to Wikipedia:

The Internet of things describes devices with sensors, processing ability, software and other technologies that connect and exchange data with other devices and systems over the Internet or other communications networks. The Internet of things encompasses electronics, communication and computer science engineering.

Simply means,  a network of physical devices, vehicles, appliances and other physical objects that are embedded with sensors, software and network connectivity that allows them to collect and share data. They are referred as  “smart objects” — can range from simple wearables like smartwatches.

IoTs made our life much more easy. With smart home devices like Amazon Alexa-powered Echo, smart refrigerators that can create grocery lists for you, we have witnessed just a glimpse of what IoT has in store for us. 

In this blog, we’ll explore the astonishing IoT statistics will give you all the necessary information this industry and how it help in our daily lives.

Top IoT Statistics

1. Companies expect IoT and other digital technologies to improve efficiency by 12%.
2. Smartphones will account for almost 9 billion internet-connected devices by 2028.
3. Asia and Australia are the biggest users of industrial robots, currently using over 60% of all worldwide industrial robot units.
4. Smart home devices are and will continue to be a major component of IoT. 871 million smart home devices were shipped in 2022, which was actually a slight decrease since the previous year. These are predicted to account for 1.23 billion devices by 2027.
5. The IoT healthcare market is expected to be worth $289.2 billion by 2028.
6. Over 70% of healthcare organizations that use IoT devices utilize them for monitoring and maintenance.
7. The size of the IoT security market is expected to cross $30 billion in the year 2025.
8. IoT devices are commonly attacked within 5 minutes of being connected to the internet and routers are the gateway for 75% of IoT attacks.
9. China is expected to have the highest number of IoT devices by 2030 with around 5 billion connected consumers.
10. Currently, there are over 2,000 smart cities worldwide.
11. Worldwide, the agricultural IoT market value is expected to grow from $12.75 billion in 2022 to $15.68 billion in 2023.
12. Globally, there are more than 26 billion smart city IoT devices in operation and the number is predicted to increase to 50 billion by 2025.
13. Global investments in smart city technology reached $158 billion in 2022 and it is projected to hit $158 billion by 2025.
14. In 2023, smart city technologies, products, and services are expected to generate a revenue of 89 billion U.S. dollars worldwide.
15. The Covid-19 pandemic has harmed the Global IoT market. Almost $200 billion were wiped out.
16. Consumer spending on smart home devices has been increasing steadily since 2015 and is expected to peak at $173 billion by 2025.

Conclusion

IoT devices are reshaping and revolutionizing various industries and services. IoT is one of the most important technologies of this decade. More businesses realize the potential of connected devices to keep them competitive. One important thing to consider is the security of the data transmitted through these devices.