IoT connections to reach 83 billion by 2024

A new study from Juniper Research found that the total number of IoT connections will reach 83 billion by 2024, rising from 35 billion connections in 2020. This represents a growth of 130% over the next 4 years. The research identified the industrial sector as a key driver of this growth. It forecast that this expansion will be driven by the increasing use of private networks that leverage cellular networks standards.

For more insights on the IoT, download our free whitepaper: IoT ~ The Internet of Transformation 2020.

Industrial sector to account for 60 billion IoT connections

The new research, The Internet of Things: Consumer, Industrial & Public Services 2020-2024, found that the industrial sector, including manufacturing, retail and agriculture, will account for over 70% of all IoT connections by 2024. It anticipated that the emergence of cost-efficient private cellular networks would be a key driver of growth over the next 4 years, and expects that the recent increase in demand for private LTE networks will carry forward to private 5G networks as the cost of the technology decreases over the next 2 years.

The research forecast that the number of industrial IoT units in service will grow 180% over the next 4 years. Research co-author Sam Barker noted, “Industrial networks will need to scale rapidly as industrial IoT users adopt new technologies to expand the services available on their networks. However, IoT platforms must ensure that the security processes can scale alongside this network growth.”

Growing networks raise new security concerns

The research noted that the increasing complexity of private IoT networks will mean that platforms must implement steps to maximise security in all layers of the IoT ecosystem, including devices, connectivity and the platform itself.

The research urged vendors to implement security procedures that are highly scalable and can cope as network architectures become increasingly complex. It suggested two key areas of focus; the use of network segmentation to mitigate the risks of lateral movement cybersecurity attacks and ensuring that the lifecycle management of network assets is properly maintained.

Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.

Comment on this article below or via Twitter: @IoTNow_OR @jcIoTnow

Recent Articles

Silex Insight’s TRNG selected for MiG-V from HENSOLDT Cyber

Posted on: June 18, 2021

Silex Insight, a provider of embedded security IP cores, has entered into an agreement with HENSOLDT Cyber, a developer of secure embedded systems for the IT market, to use Silex Insight’s True Random Number Generator (TRNG) as part of the highly secure RISC-V processor “Made in Germany”.

Read more

InterSystems releases IRIS data platform that provides next step in data fabric adoption

Posted on: June 18, 2021

InterSystems, a creative data technology provider dedicated to helping customers solve the most critical scalability, interoperability, and speed problems, announced the latest release of its InterSystems IRIS® data platform, which includes Adaptive Analytics capabilities and additional SQL extensions for analytics to improve the process of implementing an enterprise data fabric architecture.

Read more