Connected IoT devices are evolving across the world and are set to reach a significant milestone in 2024. It is predicted to nearly touch 19 billion devices in operation. IoT Analytics report reveals that the number of connected devices is expected to grow by 13% in 2024, which is a decrease from the 15% growth that was witnessed in 2023.<\/p>\n
The decrease in growth is largely due to the cautious approach being followed by enterprises amid a challenging economic environment. High inflation, rising interest rates and ongoing geopolitical tensions are forcing the companies to monitor their expenditures very carefully.<\/p>\n
Moreover, the global supply chain remains strained and particularly in the semiconductor sector. It is another significant factor that is limiting the pace at which connected devices are being deployed. Such issues are creating complex environment for the growth of IoT sector.<\/p>\n
Apart from all these, it is not to forget that the future of IoT remains promising. IoT Analytics further forecasts that the number of connected devices could jump to 40 billion by 2030. It suggests that growth may be tempered in the short term, but the demand for connected devices is not. The vast applications of IoT such as mobile networks, low-power wide-area networks (LPWAN) and satellite connections ensure its relevance across various industries.<\/p>\n
Enterprises are supposed to exercise caution in their investments to balance the need for innovation amid a fluctuating economic landscape. However, supply chain issues are being resolved gradually and global economic conditions are stabilizing too, but the growth of connected IoT devices is expected to regain momentum.<\/p>\n","protected":false},"excerpt":{"rendered":"