Industrial, Automotive and Utilities Remain the Biggest Verticals for IoT Connections
Strategy Analytics published its latest report on IoT Cellular Connections by Vertical and by Air Interface (25,3G,4G&5G), forecasting a double-digit compound annual growth rate (CAGR) of 14% during 2022-2030
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According to Waseem Haider, Principal Analyst, Enterprise IoT at Strategy Analytics and author of the report, “IoT Cellular Connection by Air Interface by Vertical” which provide projections till 2030 – Industrial and Automotive will be the biggest verticals in terms of number of IoT Connections during the forecast period 2022-30.
This latest update looks at the historical data as far as 2013 and forecasts IoT connections by Air Interface technology (2G, 3G, 4G, 5G) and by Verticals – Automotive, Healthcare, Home (non-security), Industrial, Primary Processing, POS/Retail, Security, Transport, Utilities and others. During 2022-30, Healthcare is the highest growing vertical with a CAGR of 23% followed by Industrial and Automotive verticals with a CAGR of 17% and 16% respectively.
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Strategy Analytics believes that the largest sectors will continue their growth trajectory, with IoT connections in Industrial accounting for 21% in 2030, growing from 17% in 2022 and Automotive accounting for 18% in 2030, growing from 15% in 2022, during the forecast period of 2022-30. In 2022, Industrial is the leading sector with 17% of the total IoT connections followed by Automotive and Utilities with 15% connections, respectively.
Gina Luk, Director of Enterprise Research at Strategy Analytics, added that “By 2030, 5G IoT connections will be dominated by Industrial and Automotive applications, with 28% and 21% 5G IoT connections respectively. Healthcare and Security applications will be the next largest market in 2030, accounting for a combined 20% of 5G IoT connections. The low latency benefits of 5G will allow IoT use cases where near-instantaneous communications are required, such as platooning of trucks in transportation, autonomous driving, low latency in manufacturing and areas like remote surgery in healthcare, where a surgeon could be conducting a surgery via robotics and virtual/augmented reality, even though not located in the operating theatre with the patient.”
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