Global IoT connections expected to grow 16% year-over-year to 16 billion in 2023

May 29 - Market research firm IoT Analytics has released a report showing that the number of global IoT connections grew by 18 percent to 14.3 billion in 2022. The analysis predicts that by 2023, the number of connected IoT devices worldwide will grow by another 16 percent to 16 billion.

By 2027, there could be more than 29 billion IoT connections. Compared to IoT Analytics' analysis of the IoT device market a year ago, it has lowered its outlook for the IoT market over the next five years for two reasons: a period of high growth that may come to an end in the face of surging demand, chipset supply that will remain constrained in the coming years and uncertainty in the Chinese market.

Global IoT connectivity is dominated by three key technologies: namely Wi-Fi, Bluetooth and cellular IoT.

According to IoT Analytics, global cellular IoT connections will grow 27% year-over-year in 2022, far outpacing the growth rate of global IoT connections.

In 2023, the top five network operators in the cellular IoT market are China Mobile, China Telecom, China Unicom, Vodafone and AT&T. These five operators manage 84% of global cellular IoT connections. In terms of IoT revenue, the top five operators together account for 64% of the IoT operator market.

IoT Analytics analysis shows that there have been some notable changes in this market over the years. China Mobile jumped from fifth place in 2012 to first place in 2021 and is expected to remain there for the foreseeable future. AT&T, Verizon and Deutsche Telekom remained in the top five from 2010 to 2022 and are expected to remain there through 2027. China Unicom enters the top five in 2022 and is expected to remain one of the leading network operators through 2027.