15+ Insightful Internet Of Things Statistics [2023]: IoT Data + Trend

Research Summary: We wouldn’t have the Internet and all its useful capabilities without sensors, processing ability, software, and other technologies that connect and exchange data. These physical aspects of the Internet, otherwise known as the Internet of Things (IoT), are a crucial industry in the US and worldwide.

To learn more about the IoT in 2023, here are some crucial insights our research uncovered:

There are 21.5 billion IoT devices worldwide in 2023.
Spending on IoT devices is projected to reach $1.4 trillion by the end of 2023.
IoT currently has a market value of $662.21 billion.
IoT is projected to have a CAGR of 26.4% through 2029.

For further analysis, we broke down the data in the following ways:
Over Time | The Future | Companies

IoT Over Time

Just as the Internet has expanded and gained more functionality over time, so too has IoT. To find out more about how IoT has grown and changed, here are some key statistics:

66% of devices are IoT in 2023.

The share of devices that are IoT first reached 50% in 2019 and is still growing today. By contrast, only 9% of devices were IoT in 2010.

Share of Devices That Are IoT Over Time

Year	Share of devices
2023	66.0%
2022	61.9%
2021	58.0%
2020	54.2%
2019	50.0%
2018	44.7%
2017	38.1%
2016	31.9%
2015	27.0%
2014	22.4%
2013	18.1%
2012	15.0%
2011	11.2%
2010	9.0%

Between 2018 and 2022, IoT spending increased by 54.8%.

IoT spending in 2018 was $646 billion, but by 2022, year-over-year spending reached a whopping $1 trillion. In fact, there hasn’t been a single year where spending didn’t increase.

IoT Spending Over Time

Year Total spending

2023* $1.4T

2022 $1.0T

2021 $876B

2020 $749B

2019 $686B

2018 $646B
Consumer spending on IoT devices is projected to surpass $170 billion by 2025.

Despite barely being an industry 15 years ago, consumers now spend billions of dollars on IoT devices. As of 2022, consumers spent an estimated $134 billion on IoT devices.

Consumer Spending On IoT Devices Over Time

Year Year-over-year spending

2023* $147B

2022 $134B

2021 $123B

2020 $86B

2019 $95B

2018 $83B

2017 $74B

2016 $61B

2015 $51B

Year	Total spending
2023*	$1.4T
2022	$1.0T
2021	$876B
2020	$749B
2019	$686B
2018	$646B

Year	Year-over-year spending
2023*	$147B
2022	$134B
2021	$123B
2020	$86B
2019	$95B
2018	$83B
2017	$74B
2016	$61B
2015	$51B

The Future of IoT

IoT growth has already been staggering within the past 15 years, with no signs of slowing down. To see just how much IoT might continue to grow going forward, here are projections:

There are projected to be 29.42 billion connected IoT devices by 2030.

With an estimated 15.14 connected IoT devices in 2023, the next half-decade is projected to see the number of connected devices increase by 94.3%.

projected increase in connected iot devices over time

Projected Increase of Connected IoT Devices Over Time

Year	Number of connected devices
2030*	29.42B
2029*	27.31B
2028*	25.21B
2027*	23.14B
2026*	21.09B
2025*	19.08B
2024*	17.08B
2023*	15.14B
2022	13.14B
2021	11.28B
2020	9.76B
2019	8.60B

A projected 75% of all devices will be IoT devices by 2025.

In only 15 years, the number of IoT devices as a share of total devices is projected to grow from 9% to 75%. That’s more than 7x the original share of IoT devices.
The IoT market is expected to reach $3.35 trillion by 2030.

With a CAGR of over 26%, the IoT market is expected to grow consistently and rapidly over the next ten years.
Up to 79.4 zettabytes of data will be generated by IoT devices in 2025.

That’s equivalent to over 80 trillion gigabytes of data, or more data than every one of the over 2 billion computers on earth could hold on a hard drive.
There will be 152,200 new IoT devices connecting to the Internet every minute by 2025.

In 2019, that number was only an estimated 7,620 per minute, or 95% less than the projected 2025 numbers.

Companies and IoT

The growth of IoT has led many companies to invest in new IoT projects and devices. To dive deeper into company trends, here are some key facts:

34% of companies have integrated IoT.

This is up from 29% back in 2017 when the share of companies with 50,000 connected devices had doubled in only 12 months.
94% of executives say IoT benefits outweigh risks.

Though IoT can leave companies vulnerable to cybersecurity threats, the vast majority of executives agree that the benefits outweigh the potential risk.
The #1 reason companies adopt IoT is to increase the efficiency of operations.

55% of companies adopt IoT for this reason, with the second most common reason being to increase employee productivity (50%).
Company spending on IoT grew to $201 billion in 2022.

That’s a 21.5% increase from the previous year. In fact, spending has increased by over 18% year-over-year since 2018.
There were 112.24 million IoT attacks in 2022.

The worst month for attacks was June, when 12.98 million attacks occurred. On the other hand, the best month was February, when 5.65 million attacks occurred.

IoT Attacks Year-Over-Year

Year Number of attacks

2022 112.24M

2021 60.13M

2020 56.95B
11.1% of venture capital spending deals are IoT-related.

The share of VC spending deals that are IoT-related has been increasing significantly since 2018.

Year	Number of attacks
2022	112.24M
2021	60.13M
2020	56.95B

Internet of Things FAQ

What are examples of IoT devices?

Examples of IoT devices are sensors, software, and other technologies that connect and exchange data on the Internet. More specifically, here are some of the common IoT devices used today:
- Home security devices
- Industrial security and safety devices
- AR glasses and headsets
- Motion detection devices
- Home voice controllers
- Indoor safety sensors
In general, these devices are divided into categories such as Consumer, Commercial, Military, or Industrial IoT.
How many IoT devices are there?

There are an estimated 15.14 billion IoT devices in 2023. That’s a 76% increase from 2019, when there were 8.6 billion devices. Additionally, this number is only expected to grow, with up to 29.42 billion devices by 2030.
What is the growth rate of IoT?

IoT will have a growth rate (CAGR) of 26% through 2030. By then, the IoT market is projected to be worth $3.35 trillion, which is more than double what IoT is worth today.

This growth has also been exceptionally rapid, with IoT going from essentially non-existent 20 years ago to accounting for over half of all devices today.
How common are IoT attacks?

IoT attacks are growing more common year over year. For example, in 2021, there were 60.13 million attacks recorded, whereas in 2022, there were a whopping 112.24 million attacks (almost double that of the year prior).

The worst months for attacks are generally October through January, but there was also a significant spike in attacks during June of 2022 (12.98 million)

Conclusion

The Internet of Things is more important now than ever before. Spending on IoT is projected to reach an all-time high of $1.4 trillion in 2023 and will still keep growing at a CAGR of 26% through 2030.

There are many benefits to IoT and consumers who are interested in IoT products. However, IoT isn’t without its downsides. IoT attacks are becoming more common, and companies will need to safeguard their systems and products to protect against risks.

Ultimately though, 94% of executives say that the benefits of IoT outweigh the risks, meaning that it will likely continue as a popular investment for companies for many years to come.

References

Author

Jack Flynn

Jack Flynn is a writer for Zippia. In his professional career he’s written over 100 research papers, articles and blog posts. Some of his most popular published works include his writing about economic terms and research into job classifications. Jack received his BS from Hampshire College.

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