IoT forecast is very promising. Transforma Insights sheds some lights on the promising future of the sector powered by 5G technology. Cellular IoT connections are expected to rise high and with a significant portion will be leveraged by the capabilities of 5G networks.

It is predicted that out of the estimated 7.5 billion cellular IoT connections by 2033, about 1.1 billion will be categorized as full-fledged 5G connections. It is learned that the advanced connections are set to revolutionize various industries by delivering high-speed and low-latency data transmission.

Apart from the 5G-enabled connections, the Transforma Insights report further highlights that the role of other cellular IoT technologies to reach 5.5 billion. The technologies include massive machine-type communications (mMTC) that will contribute to the majority of connections. Moreover, technologies like NB-IoT and LTE-M will play an important role in the expansion of IoT connectivity across different sectors.

The research further emphasized the rapid growth pace of IoT device adoption. Data reveals there were 16.1 billion active IoT devices worldwide by the end of 2023. It is predicted that the number is projected to reach nearly double by 2033. It will reach to approximately 40 billion. This surge in IoT device deployment is also expected to drive annual device sales. The compound annual growth rate (CAGR) is 8%. In the forecast period the rise is expected to reach 8.7 billion from 4.1 billion.

Moreover, it is said that the economic impact of IoT is also significant. The total revenue generated by the IoT market is predicted to increase by three times from $335 billion to $934 billion.