The IoT market is expected to grow to 14.4 billion active device connections this year

This growth is actually slower than anticipated. According to an IoT Analytics report, ‘State of IoT – Spring 2022’, the number of global IoT connections grew by 8% last year, to 12.2 billion active endpoints, while the projected estimate was 12.3 billion. This slowdown is only temporary, and experts expect it to begin accelerating again soon.

There are several factors impacting IoT device growth, among them the ongoing Covid-19 pandemic; the global chip shortage, where strong demand is outpacing supply; a move towards 4G and 5G and higher adoption of LET Cat 1, Cat 4 and Cat 6-based chipsets; and the expansion of LPWA networks, particularly those using NB-IoT technology.

Despite the slightly slower growth, business sentiment for companies in the sector remains positive, with some believing that Covid-19 has actually accelerated Industry 4.0.

Dave Farquharson, CEO of iONLINE, says change is inevitable, growth is optional. “IoT is a pivotal element for growth in emerging markets, aiding in their recovery from the pandemic and future-proofing for the road ahead,” he says. “However, this can have, and indeed has had, adverse effects on the labour force, with more and more jobs disappearing, replaced by IoT automation. It is therefore critical that we apply a high level of conscious thinking and planning to ensure that while we automate these market mechanisms, we create fruitful alternative market platforms to elevate the population into more meaningful roles. Let’s choose to grow.”