This study is an updated IoT Device forecast with 2020 as the base year. The forecast accounts for the impact of the COVID-19 pandemic on the adoption and implementation of IoT devices in 2021 and beyond. The study is a detailed forecast of the total number of IoT devices globally. The study is broken out by region: North America, Asia-Pacific, Europe, the Middle East and Africa, and Latin America. The North American market is further broken down into the United States and Canada. Each region is also broken down by application. The study is a combination of enterprise and consumer devices. Asia-Pacific is the largest region for IoT devices, with China accounting for the largest share. North America accounts for the next largest share followed by the EMEA market. Latin America represents the smallest region but is growing rapidly.

In 2020, the global market growth rate for IoT devices fell sharply to 8.6% from a growth rate of 23.4% in 2019. This is due to the impact of COVID-19 as economies across the world have seen a decrease in investments in IoT and technology. The Asia-Pacific market grew at 13.5% in 2020, while the North American market slowed down to 2.0%. The EMEA market declined by 0.3% in 2020.

In 2020, there were more than 26.46 billion IoT devices in service. By 2026, there will be approximately 65.96 billion IoT devices in service at a CAGR of 16.4%, representing roughly 8 connected IoT devices per human being. By our estimate, COVID-19 will have pushed the market back by almost two years, as recovery will vary by industry and application.

The study is broken down by the following applications: portable asset tracking; OEM telematics/connected car; commercial/fleet telematics; usage-based insurance; vehicle lending/BHPH; infotainment and aftermarket telematics; smart grid/oil and gas; AMIs and smart meters; smart home/alarm monitoring; building automation, security and surveillance; factory and industrial automation; fixed asset monitoring; vending, PoS and transaction terminals; digital signage; healthcare and medical devices; mHealth and wellness; connected consumer electronics; and others.

IoT devices include all devices that have some form of connection to a network but do not include smartphones, tablets, and notebooks or PCs.

Author: Dilip Sarangan