General IoT 2022 market
2022 was a year of uncertainties and a number of (mostly negative) macroeconomic surprises. The 4.4% global growth forecast for the year (from January 2022) was almost certainly not reached, and the outlook for 2023 has been lowered to a meager 2.7% (as of Oct 2022). The Nasdaq Composite, one of the key indices for technology companies, fell 33.1% in 2022.
Against this backdrop, IoT 2022 markets held up somewhat steadily, with the number of connected IoT devices growing to approximately 14.4 billion (exact update coming in a few weeks) with roughly $202 billion in IoT enterprise spending (IoT Analytics will publish the 2022 IoT spending actuals shortly).
The public relevance of the term “IoT,” which had been on the decline since October 2018, climbed back up by more than 30% to reach its all-time high levels in Q1 2022. (See Google trend graph in the lead image of this article).
For us at IoT Analytics, the increased public search interest for IoT reaffirms some of the developments we have witnessed over the past 2–3 years:
- A maturing IoT stack both in the cloud and now more and more at the edge (see for example our report on 55 emerging IoT technologies or our IT/OT convergence report from SPS 2022)
- A number of Fortune 500 companies making large investments in IoT projects
- The vast majority of end-users reporting faster project roll-out and faster investment payback times for their IoT projects (We will publish more data on that in April 2023).
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