IoT Devices Numbers Mobile Are Climbing, Will Top 8.5 Billion in 2024
Mobile Experts has released a report that takes a wide-lens view of the IoT market in 2019 and beyond.
In this report, Mobile Experts addresses the recent frenzy regarding the Internet of Things. Market estimates have ranged from 20 billion to 50 billion devices in 2020—but the market is a very long way from 20 billion devices as 2019 draws to a close.
“Applications for widespread adoption have been slow in coming together,” commented Principal Analyst Joe Madden. “The connectivity works great, and new formats such as NB-IoT, LoRa, and Cat-M provide the long battery life and long-range connectivity that is needed. But lack of coordination and wide variety in computing platforms have created an environment where each application is developed in isolation. Each new app requires significant development attention, so even though the IoT connectivity is mature enough, the platforms and APIs have been slower in preparing for rapid growth.”
The report examines the fundamental growth drivers and barriers facing this market, and provides a heavily researched view of growth potential in the IoT space—plus, the famous Mobile Experts method of tracking chip shipments provides a blunt reality check for those who expected the hype to come true.
“Many people assumed that massive growth in IoT was going to happen quickly and easily. Three years ago, we disagreed, and predicted a slower rise of IoT adoption. Our conservative view has proven correct; adopting IoT is a lot more complicated than simply connecting a sensor, but we expect the installed base of IoT devices to achieve some healthy growth from 3 billion in 2019 to 8.5 billion in 2024,” remarked Principal Analyst Joe Madden.
The new report shows device shipments as fairly evenly split between consumer and enterprise applications, but the revenue for enterprise IoT will be greater. Applications for industrial markets will drive much higher revenue than simple consumer devices. According to Mobile Experts, Edge Computing platforms and Cloud platforms for non-real-time applications are now the critical part of developing the IoT market.