Global IoT Market Predicted To Reach $1 Trillion By 2024 – COTEKNO.COM

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Jakarta, COTEKNO.COM – As 5G technology commercializes in many countries, global Internet of Things (IoT) revenue will be worth $1.1 trillion by 2024, with most of the growth coming from wearables.

A study by GlobalData, showed that the global IoT market reached $622 billion in 2020, up from $586 billion in 2019, and will grow to reach $1,077 billion by 2024, at a compound annual growth rate (CAGR) of 13 percent over the period.

The dominance of enterprise IoT will continue for the foreseeable future. Enterprise IoT dominates the overall IoT market, generating 76 percent of total revenue in 2020. GlobalData estimates this segment will still account for 73 percent of the overall IoT market by 2024.

“The ongoing Covid-19 pandemic has highlighted the important role IoT plays in our lives. Several IoT use cases saw growing adoption during the pandemic, including using connected thermal cameras to detect potential Covid-19 infections and sensors to monitor offices. occupancy rates,” said Jasaswini Biswal, Associate Project Manager for Thematic Research at GlobalData.

The new wave of digital transformation driven by Covid-19 will drive higher growth across all IoT markets.

“Demand for technology that can help workers return to work safely is increasing and is likely to continue to grow. IoT applications such as contact tracing devices and health monitoring devices provide critical data to help fight the pandemic,” added Biswal.

According to the GlobalData survey, 48 percent of respondents show positive sentiment towards IoT, and 45 percent believe IoT will play an important role in new business generation over the next three years.

In Indonesia itself, the Indonesian IoT Association (Asioti) considers that this year the demand for IoT devices will accelerate. Strong digital adoption during the pandemic is predicted to increase demand for internet-connected devices.

Chairman of the Indonesian IoT Association (Asioti) Teguh Prasetya said that IoT is the backbone in encouraging digital transformation in a number of sectors during the Covid-19 pandemic. In 2022, the number of IoT devices or sensors used in Indonesia will reach 400 million sensors with a market value of around IDR 350 trillion.

Asioti assessed that the growth of the IoT industry this year will also be driven by the process of accelerating economic recovery. The application of technology helps in the decision-making process so that it is faster and more automated so that it is more efficient in terms of time and cost.

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