IoT connections to reach 83 billion by 2024

This represents a growth of 130% over the next four years. The research identified the industrial sector as a key driver of this growth. It forecast that this expansion will be driven by the increasing use of private networks that leverage cellular networks standards. 

The new research, 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% 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 four years, and it 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 two years. 

The research forecast that the number of industrial IoT units in service will grow 180% over the next four years, and it noted that the increasing complexity of private IoT networks will mean that platforms must implement steps to maximise security in all layers of the IoT ecosystem, including devices, connectivity, and the platform itself. 

Juniper Research provides research and analytical services to the global hi-tech communications sector.