Predicted Global IoT Connections to Reach 40 Billion by 2033

The latest report from industry analyst firm Transforma Insights has revealed some fascinating insights into the current state and future growth of the global Internet of Things (IoT) market. According to the report titled ‘Global IoT Forecast Report, 2023-2033’, the number of active IoT devices is set to skyrocket from 16.1 billion in 2023 to 39.9 billion in 2033, with an impressive compound annual growth rate of 10%.

One of the key findings of the report is that short-range technologies will continue to dominate connections, accounting for 73% of all connections by 2033. Additionally, cellular connections are expected to grow significantly, reaching 7.5 billion by the end of 2033, with ‘5G’ technologies playing a major role in this growth.

In terms of revenue, the total IoT market is projected to increase from USD 335 billion in 2023 to USD 934 billion in 2033. The consumer sector is expected to account for 61% of all connections in 2033, while the enterprise segment will see significant growth in ‘cross-vertical’ use cases, utilities, retail/wholesale, government, transport and logistics, and agriculture.

Principal Analyst Matt Arnott commented on the findings, highlighting the steady growth of IoT adoption and the diverse range of use cases driving this growth. He emphasized the importance of understanding both micro-level and macro-level factors to accurately forecast the IoT market.

Overall, the report provides a comprehensive overview of the global IoT market, drawing on Transforma Insights’ ultra-granular IoT Forecast Database and Forecast Insight reports. Founding Partner Matt Hatton emphasized the firm’s long-standing expertise in forecasting IoT market trends, positioning Transforma Insights as the benchmark for all predictions in this rapidly evolving industry.