Industrial IoT – Industrial Sector to Account for Over 60% of IoT Connections by 2024

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Industrial IoT – Industrial Sector to Account for Over 60% of IoTConnections by 2024

Research from Juniper has revealed that industrial use cases will record an increase in IoT growth in the next four years

By 2024, the total number of Internet of Things (IoT) connections will hit 83 billion, up from 35 billion connections in 2020, according to a new study from Juniper Research. This represents a growth of 130% over the next 4 years. The research The Internet of Things: Consumer, Industrial & Public Services 2020-2024 reveals that the Industrial sector will account for more than 60 billion IoT connections.

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The research predicts that the expansion will be driven by the increasing use of private networks that leverage cellular network standards. The industrial sector comprising manufacturing, retail, and agriculture, will account for over 70% of all IoT connections in the next four years, found the report. In the next four years, the emergence of cost-efficient private cellular networks would be a critical driver of growth. As per the study, the recent increase in demand for private LTE networks will continue further to private 5G networks as there will be a reduction of the cost of the technology by 2022.

By 2024, there will be a 180% spike in the number of industrial IoT units in service. Industrial networks will need to scale rapidly as industrial IoT users adopt new technologies to expand the services available on their networks. At the same time, they need to take stronger security measures due to the growing number of networks. As a result of the increasing complexity of private IoT networks, platforms will need to implement steps to ensure security for all the layers of the IoT ecosystem. This also includes devices, connectivity, and the platform itself.

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The research urges vendors to implement security procedures that are highly scalable and can cope as network architectures become increasingly complex. Industries need to focus on two important areas: the use of network segmentation to mitigate the risks of lateral movement cybersecurity attacks and making sure that the lifecycle management of network assets is maintained.