In recent years, the Internet of Things (IoT) has become one of the most important technologies out there, providing seamless communication between people, processes, and things. The surging need for wireless networking technologies continues to drive the entire market’s growth.
According to data presented by TradingPlatforms.com, global IoT revenues are expected to hit $19,5-billion in 2022, showing a 13% year-over-year increase.
IoT is one of the technologies driving Industry 4.0, so it’s not surprising that the market sees a CAGR of over 12%. It improves data collection, security, and efficiency and saves time. Both personal and business possibilities of its use are endless.
Even as the global semiconductor shortage has slowed down the market supply and growth from the pre-pandemic levels, the global demand for smart solutions from industrial to security use cases is still rising.
According to a Statista survey last year, global IoT revenues surged by an impressive 27% year-over-year to $17,3-billion worldwide. Although growth decelerated in 2022, revenues are still up by $2,3-billion or 13,3%. However, Statista expects IoT revenues to spike by another 45% to $28,3-billion by 2025.
Smart home technologies remain the largest revenue stream of the IoT market, with $19-billion in revenue in 2022, 13% more than last year. This segment of the IoT market is forecast to see a 45% growth in the next three years, with revenues rising to $27,7-billion worldwide.
As the other segment of the IoT market, finance technologies have seen a slight revenue drop to $570-million in 2022, down from $580-million a year ago. By 2025, this figure is expected to increase to $630-million.
With revenues of more than $4,7-billion in 2022, the US is the IoT market leader. Statista survey showed US revenues grew by 13,7% YoY in 2022, down from the 19,1% growth rate seen last year. By 2025, the US market is set to reach a $6,3-billion value, growing by a CAGR of around 8% per year.
China, the world’s second-largest IoT market and the leading manufacturer of IoT devices, is expected to see revenues of $4,5-billion this year, 18% more than a year ago. Although both countries will see revenue growth slowing down in the following years, the Chinese market will still grow faster, with an average CAGR of 15% by 2025.
Also, China is forecast to become the world’s leading IoT market in the next three years, with revenues growing to $6,6-billion.