SA: It is expected that by the end of 2022, industry will become the largest source of IoT revenue, accounting for 21%

Recently, Strategy Analytics released a report stating that by the end of 2022, industry will become the largest source of IoT revenue, accounting for 21% of the global IoT revenue , followed by automotive and security, accounting for 13% and 12% respectively.

The report states that by 2030, industrial (24%) and automotive (16%) will continue to lead , followed by security (12%), healthcare (11%) and utilities (10%).

▲ Source: Strategy Analytics

Strategy Analytics previously predicted that the compound annual growth rate of IoT cellular connections will reach 14% from 2022 to 2030. During the forecast period of 2022-30, industrial and automotive will be the vertical industries with the largest number of IoT connections .

Strategy Analytics believes that during the 2022-2030 forecast period, industrial IoT connections will grow from 17% in 2022 to 21% in 2030 , and automotive will grow from 15% in 2022 to 18% in 2030. In 2022, industrial will account for 17% of total IoT connections, followed by automotive and utilities, each with 15% of connections.

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