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


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40 Billion IoT Connections by 2033

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.

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