Number of active IoT devices expected to reach 24.1 billion in 2030

At the end of 2019 there were 7.6 billion active IoT devices, a figure which will grow to 24.1 billion in 2030, a CAGR of 11%, according to a research published by Transforma Insights. In revenue terms, the total IoT market in 2019 was worth $465 billion, a figure which will rise to $1.5 trillion in 2030. Services, including connectivity, will account for 66% of spend, with the remainder accounted for by hardware, in the form of active IoT devices, modules and gateways.