By 2024, the number of Enterprise IoT Market connections worldwide will reach 11.2 billion, with short-range and cellular connections dominating, but Low Power Wide Area Networks (LPWANs) seeing strong growth from a much smaller base.
Because the capacity and density that are anticipated for these new networks in a few years include explicit support for "massive IoT," the introduction of 5G may eventually have a positive effect on the expansion of LPWANs. The next generation of IoT use cases, including robotics, autonomous vehicles, augmented and virtual reality (AR/VR) for training and maintenance, and real-time data, video, and analytics, is anticipated to be driven by 5G and edge computing on the high end.
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In the meantime, other IoT ecosystem members who may be better suited to provide business consulting, private networks, end-to-end security solutions, custom application development, and data analytics frequently marginalize the operators.
Vendors of network and carrier infrastructure equipment, Wi-Fi providers, IT service providers, systems integrators, cloud hyperscalers, IoT platform providers, and even automobile OEMs are infringing on mobile operator-participating segments and services. Even though GlobalData projects that global enterprise IoT revenues will exceed $786 billion by 2024, connectivity will only account for approximately $46 billion, or 6% of the total, with the majority of revenues going to devices, services, and solutions.
