Global IoT Connections Set to Soar to 40 Billion by 2033, Transforma Insights Report Reveals

Transforma Insights' Latest Report Unveils Explosive Growth in IoT Market, Predicts Revenue Surge to USD 934 Billion by 2033.

In a groundbreaking revelation, the latest report from industry stalwart Transforma Insights has sent shockwaves through the tech world, unveiling a staggering projection for the Internet of Things (IoT) market. According to the ‘Global IoT Forecast Report, 2023-2033’, the world is poised to witness an exponential surge in IoT connections, skyrocketing to a monumental 39.9 billion by the year 2033.

The report paints a vivid picture of the IoT landscape, showcasing a remarkable compound annual growth rate (CAGR) of 10% from 2023 to 2033. With 16.1 billion active IoT devices recorded at the end of 2023, the forecast predicts a doubling and then some, with annual device sales expected to reach an astonishing 8.7 billion by 2033.

Short-range technologies are slated to maintain their dominance, accounting for a substantial 73% of connections by 2033, albeit with a slight reduction from their current 79% share. However, the real game-changer lies in cellular connections, set to surge from 1.9 billion in 2023 to a staggering 7.5 billion by the end of the forecast period. The emergence of '5G', inclusive of mMTC (massive Machine-Type Communications), is anticipated to reach 5.5 billion connections, with vehicle head units emerging as the leading use case, capturing a remarkable 41% share of the market by 2033.

Key contributors to this exponential growth include Value Added Connectivity, expected to command 10% of spending by 2033, alongside connectivity modules accounting for an additional 4%. This groundbreaking report underscores the unprecedented growth trajectory of the IoT market, heralding a new era of connectivity and innovation on a global scale.