It is estimated the growth of the Internet of Things (IoT) through connected devices across the globe will increase from 7.6 billion to 24.1 billion, with the revenue increasing from USD 465 billion to over USD 1.5 trillion by the year 2030 (according to the IoT Total Addressable Market (TAM) forecast published by Transforma Insights in May 2020).
Technologies such as Wi-Fi and Bluetooth are set to dominate throughout the forecast period with almost three-quarters of connected devices using these technologies.
The global market here is thought to be predominately split between: China (26%), North America (24%), Europe (23%) and Rest of the World (27%).
Previous predictions thought to have manifested by 2020 (which has not been met to date) still hold great value and will eventually herald the predicted figures for 2020 in the upcoming future. However, growth to date has been slower than earlier thought, but must also take into consideration numerous factors and challenges faced so far, including a limited supply and/or demand.
According to Matt Hatton, Founding Partner, Transforma Insights their forecasting demonstrates a more realistic foreseeable analysis, and now envision a strong onset of rapid growth between 2020-2030 in the use of IoT, yet still only meets halfway, the original 50 billion mark by 2020.
Their more conservative approach has led to predictions by 2030 that thoroughly evaluate future uses of IoT, take into consideration the slow growth to date, but also factor in new technologies are preventable on a global standard, where a lot of extraordinarily strong opportunities are yet to come in the next decade.