Nowadays we are hearing more about IoT or the “Internet of Things”, a tech buzz word. It has been a major technological revolution worldwide across various industries.
Today we have access to internet wherever and we can use it whenever. We can connect everyday objects—kitchen appliances, cars, thermostats, baby monitors—to the internet via embedded devices. IoT helps to establish advanced connectivity among these devices using internet.
What is IoT?
The Internet of Things refers to the billions of physical objects or things around the world that are now connected to the internet, all collecting and sharing data. The communication may be between devices and the cloud, and/or between the devices themselves.
How does IoT work?
- Smart Devices have hardware, like sensors, that collect data from its environment or user inputs.
- IoT application collects data received from various IoT devices by the sensors then shared via the cloud and integrated with software. AI and ML is used to analyze the data
- A graphical user interface like app or website handles the data sent to users after software analyses the data. This app or website controls smart devices.
IoT-enabled devices have extensive functionality because they are able to connect to a broader network. In this blog, let’s discuss some major IoT statistics to demonstrate how large the Internet of Things has grown over the years.
| 1. There are well over 13 billion connected IoT devices around the globe. |
| 2. By 2025, there will be 152,200 IoT devices connecting to the internet per minute. |
| 3. IoT solutions have the potential to generate $4-11 trillion in economic value by 2025. |
| 4. 83% of organizations have improved their efficiency by introducing IoT technology. |
| 5. It’s estimated that global IoT spending will total $15 trillion in the six-year period between 2019 and 2025. |
| 6. The consumer IoT market is estimated to reach $142 billion by 2026 at a CAGR of 17%. |
| 7. 94% of retailers agree that the benefits of implementing IoT outweigh the risk. |
| 8. Every second, 127 devices hook up to the internet for the first time. |
| 9. The amount of data generated by IoT devices is expected to reach 73.1 ZB (zettabytes) by 2025. |
| 10. By 2023, there will be more than three internet-connected devices for every human on the planet. |
| 11. The most common security threats to IoT are exploits (31 percent), weak HTTP credentials (21 percent), and open HTTP ports (20 percent) |
| 12. 4 in 5 people believe that smart cities can be created with IoT. |
Conclusion
The Internet of Things (IoT) is making giant leaps towards the future. This new technology trend owes its existence to the internet itself. These stats shows that IoT is here to stay and a tremendous scale of growth is expected to continue in 2023 as well.