Global IoT market to surpass $1 trillion mark by 2024: Report – Social News XYZ

New Delhi, June 2 (SocialNews.XYZ) The world web of issues (IoT) market by income can be price $1.1 trillion by 2024, with a lot of the expansion coming from wearables, a brand new report stated on Wednesday.

The world IoT market was price $622 billion in 2020, up from $586 billion in 2019, and can develop to succeed in $1,077 billion by 2024, with a compound annual development charge (CAGR) of 13 per cent over the interval, in response to information and analytics firm GlobalKnowledge.


The dominance of the enterprise IoT will proceed for the foreseeable future. The enterprise IoT dominates the general IoT market, producing 76 per cent of whole income in 2020.

GlobalKnowledge expects this section to nonetheless occupy 73 per cent of the general IoT market in 2024.

“The ongoing Covid-19 pandemic has highlighted the crucial role the IoT has come to play in our lives. Several IoT use cases saw growing adoption during the pandemic, including using connected thermal cameras to detect potential Covid-19 infections and sensors for monitoring office occupancy levels,” stated Jasaswini Biswal, Associate Project Manager for Thematic Research at GlobalKnowledge.

The Covid-19 pushed new digital transformation wave will gas larger development throughout all IoT markets.

“The demand for technologies that can help the workforce get safely back to work is rising and will likely continue to grow. IoT applications such as contact tracing devices and health-monitoring wearables provide critical data to help fight the pandemic,” Biswal added.

According to a Globaldata survey, 48 per cent of respondents confirmed a constructive sentiment in direction of IoT, and 45 per cent believed IoT would play a essential position within the new enterprise era over the following three years.

Source: IANS

Global IoT market to surpass $1 trillion mark by 2024: Report

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