Global IoT market to grow to $1.5trn annual revenue by 2030

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by Anasia D'mello, May. 20, 2020 – 

Transforma Insights, led by veteran Internet of Things (IoT) analysts Jim Morrish and Matt Hatton, says it has established a new benchmark for global IoT forecasts, by publishing the first iteration of its "granular" Total Addressable Market (TAM) database based on analysis of hundreds of applications.

At the end of 2019 there were 7.6 billion active IoT devices. According to new research published by Transforma Insights, this total will grow to 24.1 billion in 2030, a compound annual growth rate (CAGR) of 11%.

Short range technologies, such as Wi-Fi, Bluetooth and Zigbee, will dominate connections, accounting for 72% in 2030, largely unchanged compared to the 74% it accounts for today. Public networks, which are dominated by cellular networks, will grow from 1.2 billion connections to 4.7 billion in 2030, growing market share from 16% to 20%. Private networks account for the balance of connections, 10% in 2019 and 8% in 2030.

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