Lionel Sujay Vailshery
Research expert covering cloud computing and emerging tech industries
Get in touch with us nowAs of 2024, 260 billion U.S. dollars were spent on the Internet of Things (IoT) technology worldwide. It was a substantial decrease from the last year and overall the lowest result within the document years.
Security is increasingly becoming a major concern for businesses. In fact, when asked why they were adopting Internet of Things, the majority of European IoT adopters stated that the reason was to improve security. In fact, over 120 billion U.S. dollars were spent on IT security in 2019 worldwide. Reducing operational costs and improving efficiency were also popular motivations for adoption IoT.
More and more organizations seem to be investing in IoT and their number amounted to 2,552 thousand organizations in Europe as of May 2020. The funding amounted to over five billion U.S. dollars. Additionally, technology spending into smart city initiatives reached 104 billion U.S. dollars worldwide in 2019.
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Overview
Key indicators
5G connectivity
Smart Cities
Smart Home
Devices
Cybersecurity
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* For commercial use only
Basic Account
Starter Account
The statistic on this page is a Premium Statistic and is included in this account.
Professional Account
1 All prices do not include sales tax. The account requires an annual contract and will renew after one year to the regular list price.