GlobalData’s Enterprise IoT Connection Forecasts Show Moderate Growth, But Connections are Only Part of the Story

K. Weldon
K. Weldon

Summary Bullets:

• GlobalData’s new IoT forecast for the number of connections associated with Enterprise IoT deployments predicts that by the end of 2020 we will see 5.5 billion connections, which will rise to 11.3 billion by 2024, for a CAGR of 15%.

• These numbers are only moderately good news for mobile operators which will see their cellular connections grow by a compound annual growth rate (CAGR) of only 12% over five years, while their licensed spectrum low power wide area networks (LPWANs; including NB-IoT and LTE-M) will grow more significantly by 19% and 51% respectively.

According to new forecasts from GlobalData, the global number of Enterprise-related Internet of Things connections will reach 11.2 billion by 2024, dominated by short-range and cellular connections, but with strong growth (starting from a much smaller base) for LPWANs. The CAGR for the six-year period for all IoT connectivity types is moderate, at 15%. The 2020 forecast was tamped down slightly to account for the effect of COVID-19 on technology spending; however, from 2021 onwards, growth is expected to continue at a higher rate. In addition, many operators note that new offerings that help with COVID-19 detection and mitigation, such as room/building occupancy monitoring and management, and remote thermal temperature scanning, have actually had a positive effect on new deployments. Continue reading “GlobalData’s Enterprise IoT Connection Forecasts Show Moderate Growth, But Connections are Only Part of the Story”