- GlobalData predicts the IoT market will generate $1.8 trillion in revenue by 2028.
- Enterprise adoption is expected to rise, with enterprise IoT accounting for 72% of market revenue by 2028.
What happened: GlobalData’s IoT market predictions
GlobalData has released a strategic intelligence report suggesting that the global IoT market will see significant growth, reaching $1.8 trillion in revenue by 2028. This forecast is driven by the increasing adoption of IoT in enterprise applications, AI, and 5G technologies1. The report indicates that enterprise IoT is set to account for 72% of the market revenue by 2028, up from 70% in 2023.
The consumer segment is expected to decrease its share from 30% in 2023 to 28% in 2028, highlighting a shift towards enterprise adoption2. New terrestrial wireless and satellite technologies are expected to expand IoT connectivity, particularly for devices needing continuous connectivity and extended battery life without requiring full 5G capabilities3.
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Why it’s important
The forecast by GlobalData is crucial as it indicates a substantial shift in the IoT market dynamics. The expected growth in enterprise IoT adoption suggests that businesses are increasingly recognizing the value of IoT in enhancing operational efficiency, reducing costs, and enabling new business models4.
The decrease in the consumer segment’s share reflects a maturing market where IoT solutions are becoming more integral to business operations rather than just consumer products5.
