Connected IoT Devices Tipped to Approach 19B in 2024

Research company IoT Analytics predicted a slight decline in the rate of growth in the number of connected devices for the sector in 2024 as enterprises keep a watchful eye over expenditure due to various global headwinds.

IoT Analytics forecast the number of connected IoT devices to stand at 18.8 billion by the end of the year, up from 16.6 billion in 2023.

The research company noted this would result in year-on-year growth of 13 per cent in 2024 compared with 15 per cent in 2023.

IoT Analytics stated enterprises are cautious about spending due to high inflation and interest rates, though noted these are beginning to moderate. Other factors impacting growth in device numbers include “continued chipset supply constraints” and geopolitical issues in “Eastern Europe and the Middle East”.

The research company explained it counts active nodes and devices along with gateways concentrated on end-sensors as connected IoT devices, spanning technologies including fixed, mobile, LPWAN, WPAN, WLAN, WNAN and others including satellite.

IoT Analytics predicts the same economic and supply chain factors will continue to affect the connected device segment beyond 2024, though forecast the sum will hit 40 billion units by 2030.

Source: www.mobileworldlive.com