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The global market for Internet of Things (IoT) devices continues to expand, with the latest report from IoT Analytics indicating a significant increase in the number of connected devices. According to the "State of IoT Summer 2024" report, the number of connected IoT devices is expected to grow by 13% in 2024, reaching 18.8 billion units by the end of the year.
Projections reveal that the IoT market will keep expanding, with estimations showing that the total number of connected IoT devices is expected to double to 40 billion by 2030. This growth persists despite several challenges, including economic uncertainties, prolonged lead times in chipset supply, and a gradual economic recovery in China.
The 171-page report from IoT Analytics provides a comprehensive analysis of the current trends and future forecasts within the global IoT landscape. It aids business leaders, technology professionals, and investors by delivering precise and actionable insights into the factors influencing IoT device adoption. It offers detailed market size assessments, growth projections, and an overview of technological developments.
Several key insights emerge from the report. First, the number of connected IoT devices is anticipated to grow to 18.8 billion by the end of 2024. Additionally, it is projected that over 40 billion IoT devices will be connected by 2030. The market continues to be dominated by three technologies—Wi-Fi, Bluetooth, and cellular IoT—which collectively represent nearly 80% of the market share. However, the demand surge for IoT devices means that chipset supply will remain a constraint for years to come.
The integration of artificial intelligence in IoT is also identified as a significant trend in 2024, especially with the increasing emphasis on generative AI and edge AI. Satyajit Sinha, Principal Analyst at IoT Analytics, emphasised this trend by stating, "Edge AI is fundamentally transforming the IoT landscape by allowing edge IoT devices to process data locally, reducing latency and enabling real-time responses. The integration of AI technologies, including generative AI and edge AI, is a significant trend in 2024, highlighted by increased discussions among corporate leaders. With companies like NVIDIA and AMD heavily investing in edge AI, the convergence of these technologies with IoT will drive the development of more intelligent and autonomous devices, leading to broader adoption of IoT solutions across various sectors."
The report serves as a crucial resource for stakeholders requiring up-to-date and accurate information to steer their strategic planning within the IoT domain. The mid-year update encapsulated in the "State of IoT Summer 2024" report provides a significant benchmark for assessing market conditions and comprehending the dynamic advancements shaping the future of IoT.
Challenges such as prolonged lead times in chipset supply remain noteworthy. This issue, compounded by the high demand for IoT solutions, suggests that the supply chain constraints could impact market growth. Nonetheless, investments in advanced technologies like edge AI are likely to mitigate some of these supply chain hurdles, leading to enhanced processing capabilities and applications for IoT devices.
