IoT Connections to Reach 83 Billion by 2024: Report

A new report from Juniper Networks, a provider of AI-driven networks, found that the total number of IoT connections will reach 83 billion by 2024, from 35 billion connections in 2020, which represents a growth of 130% over the next 4 years. The research, “The Internet of Things: Consumer, Industrial & Public Services 2020-2024”, revealed the industrial sector as a key player for IoT connections growth. It’s said that the industrial sector accounted for 60 billion IoT connections presently. The research findings also highlighted that the industrial sector, including manufacturing, retail, and agriculture will account for 70% of IoT connections by 2024. It’s expected that the emergence of cost-efficient private cellular networks would be a key driver of growth over the next 4 years, with nearly 180% growth over the next 4 years.