Industry will be largest source of IoT revenue by the end of 2022: SA

Strategy Analytics released a report that by the end of 2022, the industry will be the largest source of IoT revenue, accounting for 21% of total global IoT revenue, followed by automotive and security, accounting for 13% each.

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Moreover, the industry (24%) and automotive (16%) will continue to lead by 2030, followed by security (12%), healthcare (11%), and utilities (10%), the report states.

Furthermore, Strategy Analytics previously predicted that the compound annual growth rate of IoT cellular connections will reach 14% from 2022 to 2030. During the 2022-30 forecast period, industrial and automotive will be the verticals with the largest number of IoT connections.

Strategy Analytics believes that during the 2022-2030 forecast period, industrial IoT connections will grow from 17% in 2022 to 21% in 2030, and automotive will grow from 15% in 2022 to 18% in 2030. The industry will account for 17% of total IoT connections in 2022, followed by automotive and utilities with 15% each.