IoT Ecosystem > Enterprise IoT Blog

Industrial & Automotive leading IoT revenue generator

by Waseem Haider | Nov 02, 2022

According to the latest forecast update from Strategy Analytics’ Global Enterprise Practice (GEP), IoT Strategies, global annual IoT revenues by verticals – Industrial and Automotive are the leading IoT revenues generators.

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Source: Global Enterprise Practice (GEP), IoT Strategies

In 2022, according to Strategy Analytics/TechInsights forecasts of the global IoT revenues by verticals, Industrial is the largest generator of IoT revenues, with 21% of total global IoT revenues, followed by Automotive and Security, accounting for 13% and 12% respectively. At the end of the forecast period in 2030, Strategy Analytics/Techinsights believes that Industrial and Automotive will remain the leading verticals with 24% and 16% IoT revenues, respectively. Security and Healthcare will account for 12% and 11% respectively of global IoT revenues, followed by Utilities with 10% of the total global IoT revenues.

The global IoT revenues will grow at a CAGR of 9% and increase from $339 billion in 2022, to $664 billion in 2030. Across the 2022-2030 forecast period, the revenue mix by category will see both Hardware and Connectivity revenues decreasing from 28% and 12% in 2022, to 26% and 6% respectively, in 2030 of the total IoT revenues. The Software and Services revenues will gain growth at the expense of Connectivity and Hardware revenues, which will end the forecast period in 2030 accounting for 68% of global total IoT revenues.

At the end of the forecast period in 2030, Strategy Analytics/TechInsights believe the global IoT market value will be almost 2.0x larger than it was in 2022 ($664 billion versus $339 billion). All the ten vertical markets will derive the majority of revenues from Services, which are capable of deriving data-driven insight to improve the business and the customer experience.

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Source: Global Enterprise Practice (GEP), IoT Strategies

"The top 3 vertical markets (Industrial, Automotive and Security) by revenue in 2030 represent a strategic opportunity as they will account for a combined 51% of global IoT revenues in 2030"

The full report “Global Annual IoT Revenues by Verticals 2022-30” can be found under this link: Global Annual IoT Revenues Forecast by Vertical: 2022-2030 (strategyanalytics.com)

Previous Post: More competition coming in the way of Chinese IoT module vendors from a newly created European provider: Telit Cinterion

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