- The IoT market opportunity is expected to nearly quadruple in the next five years
- To take advantage of this massive opportunity, companies need to identify their specific opportunity area
The number of Internet of Things (IoT) connected devices (excluding PCs, Smart TVs and Game Consoles) will be approximately eight billion in 2019 and reach nearly 14 billion in 2024 – with a compound annual growth rate (CAGR) of 12 percent.
This is according to a newly released Internet of Things (IoT) market research from 451 Research, a leading technology analyst and advisory firm.
Consumer IoT accounts for the majority of total IoT connected devices, driven by the abundance of smartphones and tablets. However, there is also a substantial growth coming from IoT connected devices in enterprises.
“IoT is redefining the way companies develop new products and services, and ultimately how they deliver value to their customers,” said Christian Renaud, Research Vice President of IoT Research.
Massive opportunity in the Market
The IoT market opportunity is expected to nearly quadruple in the next five years – growing from $172 billion in 2019 to $658 billion by 2024.
According to 451 Research’s new IoT Market Monitor, there is plenty to gain, but only if companies can identify their specific opportunity area in such a vast market.
Greg Zwakman, Vice President of Market and Competitive Intelligence, said, “companies understand that IoT is a massive opportunity but are often uncertain on how or where to effectively compete.”
Having a strong understanding of a company’s specific IoT opportunity can mean the difference between success and failure in the market, the firm noted in its report.