Top IoT use cases & statistics for 2024
January 31, 2024
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- Internet of things
- IoT use cases
by Ilya Skiba,
IoT Solution Architect
IoT systems help businesses improve operations and make more informed decisions and therefore are widely adopted across all industries. The use cases of IoT technology include but are not limited to, predictive maintenance, energy consumption management, smart homes, remote patient care, and fleet management.Â
Let’s examine major use cases of IoT implementation across multiple industries, as well as some real-life IoT applications, and get acquainted with the top IoT statistics for 2024.
Top IoT use cases across industries
Equipment predictive maintenance
When industrial IoT sensors are installed so densely they can gather information on everything inside a factory, manufacturers can create a virtual copy of their facility with the help of machine learning and cloud computing capabilities. Digital twins in manufacturing let engineers simulate production floor processes, conduct experiments, and discover issues or opportunities for product improvement without interfering with manufacturing processes.
Smart energy management
Quality control
Remote patient monitoring & diagnostics
Healthcare facility management
Medication management
Automotive
Connected vehicles
Autonomous driving
Along with AI and computer vision, IoT is an integral element of autonomous vehicle technology. Currently, there are driver-assistance systems of various levels of automation, spanning from simply helping the driver with lane centering or cruise control to completely taking the driving over, with no human intervention needed.
Car predictive maintenance
Oil & gas
Oil exploration
Pipeline management
Smart tanks & pumping systems
Network asset monitoring
Smart connectivity solutions
Supply chain management
Warehouse & stock inventory management
Marketing personalization
Self-checkout
BFSI
Improved security
ATM monitoring
Logistics
Fleet management
Fleet predictive maintenance
Warehouse inventory management
Drone-based delivery
Agriculture
Precision farming
Livestock management
Smart cities
Smart parking
Utility management
Waste management
Public transportation
Municipalities can use IoT sensors to track public transport utilization patterns. Using IoT analytics, they can detect overloaded or underloaded bus or train routes and optimize the allocation of transport resources across the city.
Smart lighting
HVAC control
Improved safety & security
Smart appliances
Prominent real-life applications of IoT
Shopping with Amazon Go
Drone-based delivery from Walmart
Video title: Walmart drone delivery
Video source: corporate.walmart.com — We’re Bringing the Convenience of Drone Delivery to 4 Million U.S. Households in Partnership with DroneUp
LG smart appliances
Self-driving taxis by Waymo
Caterpillar MineStar
Smart irrigation for Deep Sky Vineyard
Self-checkout from Mashgin
Eversense glucose monitoring system
Looking to adopt an IoT solution for your business?
IoT statistics for 2024 & beyond
IoT market state & growth trends by use cases
The global Internet of Things (IoT) annual revenue is estimated at around $335.8 bn in 2024 and is predicted to almost double by 2030, reaching a revenue of $621 bn.
In 2024, the largest IoT revenue share would be generated by connected vehicle technologies, accounting for $89 bn. Payment terminals are expected to bring $38.5 bn of revenue, while asset tracking and monitoring systems and precision specialist robots accounted for $14.7 bn and $11.4 bn, respectively.
- Connected vehicles
- Consumer Internet & media devices
- IT infrastructure
- Office equipment
- Payment terminals
- Personal assistance robots
- Personal monitoring & tracking
- Portable information terminals
- White goods
- Asset tracking & monitoring
- Autonomous vehicles
- Inventory management & monitoring
- Precision specialist robots
- Real world "visualization"
- Portable information terminals
- Remote process control
- Smart grid
- Access control & intercoms
- Building automation
- CCTV
- Environmental monitoring
- HVAC
- Lighting
- Parking space monitoring
- Public information & advertising screens
- Road infrastructure monitoring & control
- Security & fire alarms
Scheme title: Internet of Things (IoT) annual revenue worldwide from 2023 to 2030, by use case (in billion U.S. dollars)
Data source: Statista.com
The growing number of IoT devices
The total number of connected IoT devices globally is projected to almost double from 17 billion in 2024 to more than 29 billion devices in 2030.
Scheme title: Number of IoT-connected devices worldwide in 2023 with forecasts to 2030
Data source: Statista.com
Top IoT security issues
According to Gartner, over 80% of organizations already employ IoT technology, and over 20% have already experienced an IoT-related cyber attack. OWASP names the top ten IoT security challenges:
Scheme title: IoT security challenges
Data source: owasp.org — OWASP Internet of Things
IoT economic value
In their research, McKinsey found out that IoT in the manufacturing industry is expected to generate the largest value in 2030, about 26% of the total potential value. Next comes IoT for the healthcare industry, evaluated to bring up to $1.76 bn of revenue.
Scheme title:IoT estimated economic value in 2023, $ billions
Data source: mckinsey.com — The Internet of Things: catching up to an accelerating opportunity
$5,500 – $12,600bn
Grand total
Note: figures may not sum, because of rounding.
The geography of IoT adoption
By 2030, developed countries are expected to account for 55% of the potential IoT economic values, but China, with its mass adoption of 5G, will undoubtedly become a global force of IoT growth during the estimated period.
Scheme title: IoT economic value segregated by region
Data source: mckinsey.com — The Internet of Things: catching up to an accelerating opportunity
Factors influencing IoT adoption
Positive and negative factors affecting the at-scale adoption of IoT solutions vary from industry to industry. Still, McKinsey managed to single out cross-cutting tailwinds and challenges businesses face when implementing IoT systems.
Scheme title: Factors influencing IoT integration
Data source: mckinsey.com — The Internet of Things: catching up to an accelerating opportunity
Tailwinds accelerating the adoption of IoT
Perceived value proposition
Technology performance
Connectivity
Headwinds complicating IoT adoption
Change management
Interoperability
Installation
Cybersecurity
Talent
Privacy & confidentiality
IoT implementation: 5 best practices
Integrating any IoT system into business processes requires a comprehensive strategy and a complex approach. Here are the top 5 best practices to help you successfully implement an IoT solution.
1 Set clear objectives
2 Ensure interoperability & compatibility of IoT devices
3 Select powerful IoT data analytics tools
4 Don’t neglect security
5 Adopt a consistent change management strategy
Start your digital transformation with IoT
IoT is a fast-growing technology offering companies of all sizes transformational solutions. By taking a proper approach to IoT implementation and eliminating all potential obstacles, businesses can unlock the full potential of IoT solutions and benefit from real-time visibility, increased operational efficiency, reduced operating costs, and data-driven predictive and prescriptive insights. If you’re looking for a technology partner to bring your IoT solution to life, turn to Itransition experts for professional IoT implementation services.
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