- The industrial sector, including manufacturing, retail, and agriculture, will account for over 70 per cent of all IoT connections by 2024
- The number of industrial IoT units in service will grow 180 per cent over the next four years
The total number of IoT connections will reach 83 billion by 2024, rising from 35 billion connections in 2020 as per a study from Juniper Research. It will see a 130 per cent growth over the next four years. As per the study, the industrial sector will be a key driver of this growth.
The report titled, “The Internet of Things: Consumer, Industrial & Public Services 2020-2024”, said that the industrial sector, including manufacturing, retail, and agriculture, will account for over 70 per cent of all IoT connections by 2024. It also estimated that the emergence of cost-efficient private cellular networks would be a key driver of growth over the next four years. It also said that the recent increase in demand for private LTE networks will carry forward to private 5G networks as the cost of the technology decreases over the next two years. The report added that the number of industrial IoT units in service will grow 180 per cent over the next four years.
Maximise security in all layers of the IoT ecosystem
Research co-author Sam Barker said, “Industrial networks will need to scale rapidly as industrial IoT users adopt new technologies to expand the services available on their networks. However, IoT platforms must ensure that the security processes can scale alongside this network growth.”
The study further said that the increasing complexity of private IoT networks will mean that platforms have to use steps to maximise security in all layers of the IoT ecosystem. This will include devices, connectivity and the platform itself.
