A new industry report predicts that the number of global IoT connections will reach 83 billion by the year 2024, a sharp increase from its current levels of 35 billion connections.
IoT connections are projected to grow at a rate of 130 per cent over the next four years, fuelled by fast growth in the industrial sector and the increasing use of private networks that leverage cellular networks standards.
Juniper Research’s new report, The Internet of Things: Consumer, Industrial & Public Services 2020-2024, found that the industrial sector, including manufacturing, retail and agriculture, will account for over 70 per cent of all IoT connections by 2024. It anticipated that the emergence of cost-efficient private cellular networks would be a key driver of growth over the next 4 years, and expects that the recent increase in demand for private LTE networks will carry forward to private 5G networks as the cost of the technology decreases over the next 2 years.
“Industrial networks will need to scale rapidly as industrial IoT users adopt new technologies to expand the services available on their networks. However, IoT platforms must ensure that the security processes can scale alongside this network growth,” said research co-author Sam Barker.
The research forecast that the number of industrial IoT units in service will grow 180 per cent over the next 4 years.