Research Outline

IoT industry


To find out accurate and up to date information on the number of companies that are a part of the IoT industry, total IoT industry employees, annual revenue of the IoT industry, number of connected IoT devices worldwide, number of connected IoT devices with SIM cards, and the average sum of money companies spend on software. The initial market research into the IoT industry in general and IoT for the energy industry in particular will help in developing a business plan for a startup.

Early Findings


  • The annual revenue of the global IoT market is projected to reach $318 billion by 2023, at a CAGR of 20%.



  • Several markets and industry research leaders provide different current and projected number of connected devices and IoT devices.
  • Gartner predicted the total number of "connected things" in 2019 to be 14.2 billion which will increase to 25 billion by 2021.
  • According to the estimates by Cisco, there will be over 12 billion mobile-ready devices and IoT connections supported by mobile networks in 2022, up from 9 billion in 2017.
  • Since the number of connected IoT devices with SIM cards was hard to come by, we have provided the number of cellular IoT devices instead.


  • In 2017, there were 2,888 companies associated with the IoT industry in the USA. These companies employed 342,000 IoT workers.