Almost every device we have is connected to the Internet in some way or another. But this extends outside of personal gadgets and into various industries and markets. If you want to learn how many devices are connected to the Internet and read a bit more on the subject, check out the article below.
How Many Devices Are Connected to the Internet in 2023?
The Internet of Things market will become a $13 trillion economy by 2030. With that in mind, it may come as no surprise that in 2021, there were 11.28 billion devices connected to the Internet worldwide. These include not only household devices but devices within every industry, including, but not limited to, waste management, finance, retail, and manufacturing.
It should be noted, however, that this is just an estimate. The exact number would be impossible to figure out due to the size of the IoT industry.
(Statista)
The Internet of Things and Global Connection
Now, what is the IoT, and why is it so often used interchangeably with Internet-connected devices? Because, in a way, that is what it actually is. One definition for the Internet of Things describes it as a network of “things” (i.e., physical objects) that are in some way connected with the Internet.
The obvious example is a smartphone. However, a lesser-known example is manufacturing equipment outfitted with sensors that share data (like heat levels, power consumption, and efficiency metrics) with other systems within a factory, all through the Internet.
IoT in banking and financial services was valued at $911.8 million in 2022.
There is already much talk about how IoT will revolutionize the financial sector. One example is increased security in banks and near ATM machines, where alarm systems and cameras are all connected in real time.
Another example is the collection of user data, which is later analyzed and processed. This allows a bank to provide better services, as well as allows it to detect fraud with more ease.
In fact, increased security and fraud detection are driving factors for the market growth of this specific segment.
(Business Research Insights)
By the end of 2023, there will be 5.3 billion Internet users.
Furthermore, it's expected that there will be 3.6 IoT connected devices per capita, meaning an estimated 28.8 billion devices will be connected to the Internet by the end of 2023.
An important driving factor behind this growth is precisely the expected 5.3 billion Internet users, the development of network readiness across developing countries, as well as the general growth of the IoT industry.
(Cisco Annual Internet Report)
The IoT manufacturing market was valued at $175.3 billion in 2020.
Furthermore, with an estimated compound annual growth rate of 14.7%, it will reach $399.08 billion by 2026. The number of devices connected to the Internet in manufacturing is steadily growing.
Sensors attached to machinery can give managers a better overview of the entire production process. They can better understand which segments of the process are lagging and which are wasteful and then improve from there.
Another example is the usage of automation when it comes to inventory management. For some time now, Amazon has been using autonomous warehouse robots, which are all connected to a network.
(Mordor Intelligence)
North America dominates the IoT banking and financial services sector.
Besides a large number of connected IoT devices and advanced network readiness, another core factor for North America’s dominance is its station as one of the major global financial centers.
Home to JPMorgan Chase, Bank of America, and Citigroup Inc, the region has all the access and resources necessary to advance and invest in IoT.
(Business Research Insights)
70% of UK companies expect a one-year ROI on their IoT investments.
Furthermore, the same surveys show that the polled companies expect to implement IoT by 2025. These companies have a variety of backgrounds, including manufacturing, retail, and healthcare, just to name a few.
However, certain challenges need to be overcome. Namely, 49% of the respondents also state that their IoT implementation process is taking much longer than expected, while 41% state that their budgets serve as a roadblock.
(Network World)
IoT in education had a value of $6.05 billion in 2020.
Internet-connected devices are already present in many classrooms. Think whiteboards, school-issued tablets and laptops, as well as security cameras. It also provides an easier way to track attendance, grades, and punctuality.
As an example, a centralized system can track student attendance and automatically send this information to parents via email or SMS.
The market is only going to grow further, reaching $26.8 billion by 2028, with an expected CAGR of 20.06%.
(Verified Market Research)
Smart home technology is valued at $80 billion in 2023.
Furthermore, it will reach a value of $250 billion by 2032, with a CAGR of 12.3%.
This technology includes things like smart TVs, smartwatches, and heating, as well as smart dishwashers and refrigerators. For example, with IoT heating systems, you can keep track of your heating (and bills) at a glance. You can also set your system up to automatically turn on and off based on the season.
Similarly, smart gardening provides you with similar functionality. Remote-controlled sprinkler systems are already here, and robot lawnmowers are becoming more and more popular.
(Exploding Topics)
The Bottom Line
The number of devices connected to the Internet today is truly astonishing. Every industry, from manufacturing to high finance, is connected to the Internet, and this bond will only become stronger over time.
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