Exploring the Latest Internet of Things Statistics: How IoT is Changing Our Lives
The Internet of Things (IoT) has been on the rise for a few years now and has taken industries by storm with its innovation. Simply put, IoT refers to the vast network of electronic devices and everyday objects interconnected via the internet, transmitting data to each other. The connection allows for data collection and creation of intelligent insights that can be leveraged in various sectors, from healthcare to manufacturing and even everyday appliances.
Here is a breakdown of the latest IoT statistics and how they’re changing our world.
IoT Growth and Adoption Rate
According to Statista, the IoT may hit up to 75 billion devices by 2025, with a CAGR of 24.7% between 2020 and 2025. This massive growth highlights the growing acceptance and adaptation of IoT devices in various sectors as companies continue to leverage the benefits of end-to-end connectivity.
Moreover, the adoption rate of IoT devices worldwide has been impressive, with Mordor Intelligence reporting it will hit 13.8 billion devices in 2021, and expected to reach 25.4 billion devices by 2030.
IoT in Smart Home Devices
One of the most common applications of IoT devices is in the smart home sector. These devices are designed to make daily tasks easier with automation and connected capabilities. Common examples include smart thermostats, security systems, and lighting systems.
According to Statista, the smart home market is set to reach $246 billion by 2025, experiencing a CAGR of 11.6% between 2020 and 2025. With more people staying at home and automation becoming more prevalent, it’s no surprise that homeowners are more willing to invest in IoT devices for comfort and convenience.
IoT in Healthcare
With the advent of wearable devices, healthcare has been taken to a whole new level, with real-time remote monitoring becoming a possibility. According to Global Market Insights, the global IoT in healthcare market size was valued at over $4 billion in 2020, with projections to reach nearly $20 billion by 2027.
One of the most prominent examples of IoT in healthcare is remote patient monitoring, which leverages wearables to gather critical data about patients’ health. The data can be analyzed and used to preempt a medical emergency or provide necessary interventions to avoid hospitalization. Additionally, IoT enables precision medicine, making it possible for medical personnel to tailor treatments to an individual’s health status.
IoT in Manufacturing
IoT has revolutionized how the manufacturing industry operates by deploying automation and connected devices throughout the production process. This reduces waste, time, and costs, resulting in increased efficiency.
Research suggests that the global IoT in the manufacturing market is set to hit $136.83 billion by 2025, with a CAGR of 11.6% between 2021 and 2026. The technology enables predictive maintenance, real-time monitoring of equipment, and end-to-end supply chain visibility, thereby reducing downtime and increasing production output.
Conclusion
In conclusion, the Internet of Things is a fast-growing and rapidly evolving space that is transforming how we interact with our day-to-day activities. From smart homes to healthcare, manufacturing to retail, IoT devices are finding their way into various industries and enhancing operational efficiency, thereby impacting our lives positively. With the data insights they can provide, businesses will continue to find new ways to better understand and serve their customers while continuing to innovate, grow, and improve.
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