More than 3.4 million cellular IoT gateways were shipped globally during 2018, at a total market value of approximately $921 million. Growing at a compound annual growth rate (CAGR) of 18.5 percent, annual shipments are expected to reach 8 million in 2023.
The global wireless connected devices market is projected to reach a volume of 5 billion units by 2027, and is projected to expand at a CAGR of ~8% from 2019 to 2027. Growth of the market can be attributed to increasing innovations and technological advancements.
Worldwide shipments of connected vehicles will reach 51.1 million units in 2019 — that’s an increase of 45.4% over 2018. By 2023, worldwide shipments are forecast to reach 76.3 million units with a five-year CAGR of 16.8%.
While wired networking solutions are still predominantly used for industrial communications between sensors, controllers and systems, wireless solutions have gained a strong foothold in a number of applications.
Many new internet apps will be deployed during this year. Worldwide spending on the Internet of Things (IoT) is forecast to reach $745 billion in 2019, that’s an increase of 15.4 percent over the $646 billion invested in 2018, according to the latest market study by IDC.
Juniper found that the move towards 5G will expedite commercial deployments and interoperability, and predicted that the U.S. will become the leading market for V2V deployments. Besides, over 60 percent of new vehicles sold in the U.S. market will be V2V-capable by 2023.
According to the latest worldwide market study by Juniper Research, 775 million consumer vehicles will be connected via telematics or by in-vehicle apps by 2023, rising from 330 million vehicles in 2018. This is an average annual growth of 18.7 percent over the next 5 years.