IoT Market to Reach $934B by 2033, Led by Consumer Devices
The Internet of Things (IoT) market is set to skyrocket by 2033, with consumer internet and media devices leading the way. Transforma Insights, a leading IoT market research firm, forecasts a staggering 32% dominance of this sector, followed by smart grid at 11%.
By 2033, the total IoT market is projected to reach US$934 billion, with consumer and cross-vertical applications being the largest sectors. Notably, consumer devices will account for a whopping 61% of all IoT connections. In terms of geographical dominance, China, North America, and Europe will lead the stock market today, with shares of 32%, 21%, and 19% respectively.
Looking at the technology landscape, 5G connections are expected to surge from 650 million to 5.5 billion over the forecast period, with 4.4 billion using massive machine-type communication (mMTC) technologies. Short-range technologies will also experience significant growth, jumping from 12.6 billion in 2023 to 29.3 billion in 2033. Transforma Insights has been at the forefront of these forecasts since 2011, with its prediction of 12 billion IoT devices by 2020 proving remarkably accurate.
By 2033, the IoT market is expected to be a trillion-dollar industry, dominated by consumer devices and cross-vertical applications. Geographically, China, North America, and Europe will lead the stock market today, with China expected to hold the largest individual market share due to massive investments. The growth of 5G and short-range technologies will be crucial in driving this expansion, with Transforma Insights continuing to provide insightful forecasts.
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