IoT is Blooming – Connections to Hit 83 Billion by 2024

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IoT is Blooming – Connections to hit83 Billion by 2024

The Industrie 4.0 is already here with the need for rapid technological innovation and advances, globally. IoT is one of the mainsprings of the digital era, and it is being implemented increasingly by different business sectors

According to the latest report from Juniper Networks, IoT connections will reach 83 billion by the end of 2024. The overall IoT connections are estimated to reach 35 billion in 2020 – which indicates a massive growth of nearly 130% within the next four years. The report titled “The Internet of Things: Consumer, Industrial & Public Services 2020-2024” was focused on the potential of the IoT in IT, networking, and technology business operations.  Many experts had already predicted that the investment in IoT devices and ventures would be doubled over the next five years. The report shows that the industrial sector has a bigger hand in the dramatic rise in IoT connections.

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At present, the industrial sector is accounted for about 60 billion IoT connections (IIoT). In addition, retail, e-commerce, manufacturing, and agriculture industry together will account for nearly 70% of IoT connections by 2024. And undoubtedly, the emergence of cost-efficient private cellular networks is expected to be another key driver of IoT growth in the next four years – which could account for up to 180% growth by 2024.

The explosion in the IoT ecosystem is highly lucrative for various enterprises as it will bring a new world of possibilities, including enhanced revenue streams and efficiency. However, these IoT connections will require an advanced level of security as well as agility for securing business-critical assets. It is recommended to carry out cybersecurity solutions that are created to detect attacks and analyze network traffic. Juniper Network suggested every enterprise needs to implement necessary security measures for defending cyber and IoT attacks.

Two significant areas of focus should be:

  1. The usage of network segmentation to mitigate cyber threats and risks, and
  2. Securing the lifecycle management of network assets is actively maintained.

Data Analytics – the Force Behind the IoT Evolution

Similar research from security firm Extreme Networks revealed that about 70% of companies suffer attacks on their IoT links due to an increased level of vulnerability. Today, nearly 84% of organizations use IoT connections and devices on their corporate networks. Among that, over 50% of the organizations do not maintain the necessary security measures beyond the default passwords.

The co-author of the report, Sam Barker, as reported to have mentioned, “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.”