IoT Analytics, in its recently released IoT Startup Landscape 2024 Report and Database, has identified over 3,300 IoT startups for 2024.
Geographically, North America continues to be a leading region, accounting for 36% of these startups, while the Asia-Pacific region has gained prominence, now representing 24% of the total. Significant investments have been made in several IoT hardware companies. Although the manufacturing sector remains a primary focus for IoT startups, there is a notable shift towards applications in smart cities and energy/utilities. The incorporation of AI capabilities is increasingly evident, with analytics continuing to be the most prevalent offering. The number of active IoT startups has surged to over 3,300, a significant increase from the 1,205 recorded in 2021.
The 2024 IoT startup landscape reveals seven key insights: 1) A growing share of startups in the Asia-Pacific region, 2) A Chinese company leads in funding, 3) Major investments in individual IoT hardware startups, 4) Techstars remains the top investor, 5) An increasing focus on cities and energy/utilities, 6) AI is gaining traction, and 7) Analytics is the most common offering.
“As the focus intensifies on AI, it is important not to overlook other flourishing tech sectors like IoT. Our research identified over 3,300 companies in the connected IoT devices ecosystem founded in the last 8 years. While only 5% of these IoT startups explicitly focus on AI, there is a growing trend towards AIoT, the integration of AI and IoT,” said Knud Lasse Lueth, CEO at IoT Analytics.
“The IoT startup landscape is more vibrant than ever, with over 3,300 identified startups globally. While North America continues to lead in the number of startups, the significant rise in the Asia-Pacific region highlights a growing diversification in the market,” added Zeynep Kaman, Market Analyst at IoT Analytics. “The substantial funding in semiconductor and AI sectors in both APAC and North America is important for driving technological advancements. Additionally, the integration of AI in IoT solutions is becoming increasingly prevalent, enhancing the capabilities of IoT technologies and enabling real-time data analysis and decision-making.”
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