The impact of COVID-19 on the demand for IoT applications has been mixed, the World Economic Forum says in a report. Still, by 2025 or so, the growth pattern should return to its 2019 growth pattern, if not accelerate, WEF says.
“Many enterprise and smart city projects have been put on hold as businesses cope with the pandemic-driven economic slowdown and governments reprioritize budgets in response to the health crisis,” WEF says.
There has been an increase in use of connected cameras and contact-tracing uses, however.
But IoT deployments arguably have dipped because of the pandemic, at least momentarily. Overall, global consumer spending on smart home devices may drop to $44 billion in 2020, from $52 billion in 2019, Strategy Analytics estimates.
Growth in demand among consumers for connected cars has slowed to less than two percent in 2020, GSMA estimates.
But global shipments of voice-controlled smart home devices are expected to grow by close to 30 percent in 2020, driven by the dramatic increase in people working from home, according to ABI Research.
IDC forecasts that global IoT spending will return to double digit growth rates in 2021 and achieve a CAGR of 11.3% through to 2024. The GSMA's 2025 forecast remains unchanged as well.
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