IoT devices to reach 14 billion by 2024; data centre demand to surge

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Data centres will face increasing demand as the number of IoT connected devices surges over the next five years. Newly released market research, from 451 Research, indicates that the number of IoT connected devices (excluding PCs, smart TVs, and game consoles) will be approximately eight billion in 2019, and reach nearly 14 billion in 2024 – a compound annual growth rate (CAGR) of 12%.

Consumer IoT accounts for the majority of total IoT connected devices, driven by the abundance of smartphones and tablets. However, this five-year analysis (above) of IoT endpoints shows there is substantial growth coming for IoT connected devices in enterprises. This will not only mean a greater share of enterprise IoT opportunity for companies to capitalise on, but this growth also has implications for the data centre infrastructure and services, storage, server, security, networking, and other markets across the IT landscape as more data is processed at these endpoints.

“IoT is redefining the way companies develop new products and services, and ultimately how they deliver value to their customers,” said Christian Renaud, Research Vice President of IoT Research. “A key lesson from IoT deployments is how dissimilar they are to traditional IT workloads, in scale and in topology. The 451 Research IoT Market Monitor captures this complexity by breaking down the vast market into actionable use cases, industries, and geographies.”

This breakdown into granular areas is important because, according to Greg Zwakman, Vice President of Market and Competitive Intelligence, “companies understand that IoT is a massive opportunity but are often uncertain about how or where to effectively compete.”

The IoT Market Monitor offers the ability to drill down by region, vertical, or endpoints, making it a powerful tool for vendors and service providers to identify their key opportunities in the IoT market. Email sales@the451group.com to find out how you can access the data or learn more about the research. 

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