The IoT revolution is happening so fast , in fact , that it ’ s proved hard for analytics to pin down exactly how fast it is . According to a Business Insider report , at the beginning of 2019 , there were an estimated eight billion IoTenabled devices active around the world . By 2027 , they predict that figure will reach 41 billion . According to 451 Research , the number of IoT devices globally will expand from 7.9 billion in 2019 to 13.8 billion in 2024 – a much slower rate of adoption . According to global consultancy McKinsey , the planet already hit 10 billion IoT devices back in 2018 , and by 2025 , that number will grow as high as 64 billion . Statista ’ s research points to there already being more than 22 billion IoT devices connected to the web today , and Hogan Lovells ’ analysts believe that number could grow beyond 75 billion by 2025 .
In short , the growth of IoT is already so massive that it ' s impeding market visibility . What we know for sure is that , over the next decade , it ’ s only going to get bigger and faster . It ’ s estimated that , by 2022 , global spending on IoT technology could reach as high as $ 1trn . While IoT is seeing widespread
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