When we look at the most recent US electric vehicle statistics, we see a fascinating picture. The popularity of electric cars is on the rise worldwide, and the US looks to be one of the largest markets for EVs.

For that reason, it’s important for marketers to have a clear view of the global EV market, which means answering the following questions:

We put together this comprehensive guide to answer these very questions – and more. We hope that you find the latest US electric vehicle statistics as electrifying as we have.

Let’s dive in.

Key US Electric Vehicle Statistics

US EV Market Size Statistics

As of 2022, the global market share of electric vehicles is 14%, up 5.3% from the year before. It’s certainly come a long way from 2010, when the EV market share was only 0.01%.

In this section, we take a look at the market share of electric vehicles in the United States of America and estimate how many cars in the US are actually electric.

US EV Market Share & Size

Kelley Blue Book estimates that, in 2023, the market share of electric vehicles in the US was 7.6% – an increase of 1.7% from 2022. In terms of quarters, Q4 of 2023 saw the highest market share of EVs, namely 8.1%. That’s slightly higher than Q3, when EVs’ market share was 7.9%.

In terms of market size, statistics tell us that the United States EV market is forecast to reach $82.8 billion in 2024. As you can see from our infographic, that would make the US one of the top five EV markets in the world, preceded only by China.

How Many Vehicles in the US Are Electric?

According to Experian, as of H1 of 2023, there were a total of 287.6 million cars and light-duty trucks on the road in the US. Electric vehicles made up around 1% of these vehicles. Although that doesn’t seem like a lot, it actually amounts to approximately 2.88 million electric cars.

On top of that, the first half of 2023 saw 11.2 million new retail vehicle registrations in the US. 7.5% of the 11.2 million newly registered cars were electric vehicle registrations. That’s a solid 840,000 registrations!

US EV Sales Statistics

2022 was an excellent year for EV sales in the US, as the country saw almost 1 million units sold (918,460). A significant share of these units was sold by Tesla, nearly 522,400 units or just over 56%. Ford was the second-biggest seller of EVs in the US, with 61,575 units sold within the country.

As you can see, Tesla is an undisputed EV market leader in the US, with a market share of 55.1% However, as you’ll soon see, other automakers are catching up.

In terms of future developments, the numbers tell us there will be 1.28 million EV units sold in the US by the end of 2024. And, by 2028, the sales of EVs in the United States will reach 2.46 million units, that’s 1.46 million more than in 2022!

In the next section, we go over the statistics of sales and revenue of each major EV market player active in the US.

EV Sales & Market by State

The most prolific adopter of electric vehicles in the US is the State of California. Experian tells us that the sunny state made up 35% of all EV registrations in 2023, with LA and San Francisco accounting for the majority of new EVs (148,000 and 86,000, respectively).

New York City came third with 58,000 EV registrations in 2023.

Indeed, California and the Eastern Seaboard are popular markets for electric vehicles. However, we also saw that other US markets experienced significant growth in EV popularity in the last five years. Here’s a breakdown of locations with the highest average 5-year YoY growth.

US EV Pricing Statistics

High prices is one of the most significant concerns for US consumers when it comes to electric vehicles. Indeed, EVs have a much higher price point than fuel-powered cards.

For instance, Tesla’s Model Y starting prices vary from $31,490 to $36,490 around America, according to their Q3 2023 report. And although Model Y was one of the bestselling cars in the US in 2022, it only came fifth overall.

On average, a fully electric vehicle cost $61,448 in 2022, according to Statista. Needless to say, that’s a very significant cost for the majority of US population.

At an average of $32,564, hybrid cars are a lot cheaper. Even so, a buyer would have to pay around 24% more for a hybrid than the an average compact car ($26,282). Therefore, the high price point is likely holding back EV adoption numbers.

Key Players of US EV Market

In this section of our guide, we’ll take a close look at each of the key players of the electric vehicle market in the US. But first, let’s take a look at the market share of top EV providers in the US. Here’s the breakdown, according to a 2023 report by Kelley Blue Book:

Tesla

As mentioned above, Tesla is the leader in the US EV market with a share of 55.1%. Two of the most popular models of electric vehicles – Model Y and Model 3 – are made by Tesla.

Model Y sold 243,800 units in the US in 2022, and Model 3 sold 200,800 units that same year in the region. The market share of Model Y in 2023 was 33.2%, while Model 3 held a share of 18.9%.

Even though Tesla sold an excellent 522,400 units in 2022, they outdid themselves in 2023, managing to sell nearly 654,900 units in the US in total.

Experian also tells us that Tesla is the leader in the luxury EV segment. As of Q2 of 2023, Tesla models were four of the top five bestselling luxury EVs in the US, including Model Y, Model 3, Model X, and Model S.

From 2018 to 2022, Tesla earned the bulk of its revenue from US sales. In FY 2022, Tesla’s US revenue amounted to $40.55 billion, making up almost 50% of the company’s total global revenue of $81.46 billion. Those $40.55 billion amount to an increase of $16.6 billion from Tesla’s US revenue of FY 2021.

General Motors

Tesla might be the market leader in the US in terms of sales, but General Motors (GM) is also gaining ground. Thanks to their significant R&D investments focused on electric vehicles, they’re growing their presence internationally. Their intention is to sell only zero-emission cars by 2035.

Vehicles such as Chevrolet Bolt and GMC Hummer EV are the brainchildren of GM. The latter was quite popular in the US in 2020.

42% of consumers expressed an interest in the Hummer EV, only 6% less than Tesla’s figure. In 2023, however, the Hummer EV’s market share was a mere 0.3%.

Chevrolet Bolt

Although it was supposed to discontinued in 2023, GM’s Chevrolet Bolt showed resounding success in 2023, making GM reverse their plans. That year, the company sold 62,045 units in the US, according to GM’s yearly report. The performance brought Bolt’s EV market share up to 5.2%.

Bolt was also the fourth-bestselling EV in 2022 in the region, after Tesla’s Model Y and 3 and Ford’s Mustang Mach-E. IT sold just over 38,000 units in 2023, with the 4th quarter being the best one at 16,008 units.

Ford

Another automotive brand gaining ground in the US is Ford. Its electric car Mustang Mach-E was the third-best selling EV in the US in 2022, after the two Tesla models.

The company deployed almost 40,000 Mach-E units in 2022, a few thousand more than Chevrolet Bolt. The Mach-E had a 3.4% share of the EV market in the US in 2023, only 1.8% lower than the Bolt.

Another popular electric vehicle by Ford is the F-150 Lightning. In 2022, the 15,617 F-150’s were sold, making it eleventh-best selling EV in the US. The vehicle is a pick-up truck, and is one of the most popular electric pick-up trucks in the US, beating even Tesla. Its market share in 2023 was 3%,  much more significant than the Hummer EV’s.

Like GM, Ford has ambitious EV goals. It’s keenly investing in R&D development related to EVs, and its goal is to have 50% of its fleet fully electric by 2030.

Rivian

A relatively new player in the EV market, Rivian is nonetheless making waves. Its R1T electric car is eighth-best selling EV in the US market, as of 2022. That year, it sold 20,332 units in America.

The R1T model holds about 1.5% of the EV market share, much smaller than the American providers listed here, but still more significant than many European manufacturers.

Despite its moderate success and unicorn status, Rivian is not a profitable company. It’s been suffering net losses since 2019, having incurred its largest loss in 2022, namely $6.76 billion. However, the company continued investing in R&D much like its competitors.

Key Challenges & Opportunities for the US EV Market

By now, you know a lot about the state of the EV market in the US and the key players engaged in it. However, that’s just one piece of the puzzle. To see how the work of these players translates into the market, we need to understand the key opportunities and challenges of that market, and their impacts on consumer preferences.

In this section, we explore these challenges and opportunities.

Fuel Prices

The nature of the US landscape and its urbanization requires most people to drive a car, which means spending a lot of money on gasoline. And indeed, one of the big reasons why the uptake of EVs is on the rise in the US is the increasing fuel prices.

Fuel prices in the US have been increasing for most of 2023, and whilst the short-term energy outlook predicts that they’ll drop in 2024, it’s not for certain. Customers don’t want to spend more on a recurring basis, and we predict that should the fuel prices continue to rise, electric cars would become more popular.

However, the fuel prices are just one of the factors impacting the EV market. Let’s take a look at some others now.

Environmental Concerns

The biggest benefit underpinning electric cars is that they’re considered more environmentally friendly than fuel-powered vehicles. The increasing environmental concerns of American society is a significant opportunity for EV manufacturers to capitalize on.

Indeed, switching to EVs can significantly reduce CO2 emissions. As you can see on the infographic produced by an MIT tool, the EVs depicted produce a lot fewer emissions than the depicted gasoline cars.

However, the low emissions don’t mean that EVs are one hundred percent green. As things stand, a full switch to EVs in the US would require three times as much lithium for the batteries as we produce now.

The required increased lithium mining might jeopardize many countries’ environmental targets, unless the current approach to urbanization in the US is re-evaluated.

Therefore, there are two sides to going green by switching to EV, making environmental concerns both a challenge and an opportunity for manufacturers.

Chargers

To get the most out of electric vehicles, there must be a charging infrastructure in place supporting a large-scale uptake. As of 2023, the United States has a substantial public charger network of 138,111 public chargers in 53,000 locations.

That might seem like a lot, but in order to keep up with the increasing demand for EVs, the network needs to be much larger. The lack of charging infrastructure is a significant concern for 46% of US consumers in relation to EV adoption. S&P Global predicts that the US will need to quadruple the above amount of chargers by the end of 2025 and grow more than eight-fold by 2030.

As a result of this significant growth – and not just in the US but worldwide – Next Move Strategy Consulting predicts that the global EV charging market will reach 12.87 million units by 2030.

High EV & Maintenance Costs

As we mentioned earlier, prohibitive costs of purchasing and maintaining electric vehicles are a significant barrier to its widespread adoption. In fact, 52% of American consumers cite them as their biggest concern when it comes to EVs.

When we’re talking about costs, purchasing an EV is only part of it. 77% of US consumers stated in 2022 that they’d prefer to charge their EV battery at home, but the installation costs for the charging station are quite prohibitive, reaching as high as $2,500.

Tax Credit & Incentives

To address the issue of prohibitive cost and meet their climate targets, governments of many countries have introduced financial incentives and tax credits for purchasing electric vehicles. Although Norway leads the way for such incentives, the US is no exception.

If you purchase an EV in the US in 2023 or after, you could be eligible for a federal income tax credit of up to $7,500. To be eligible for that, you have to meet certain income thresholds and the purchased EV must be new and from an authorized manufacturer.

The battery must also meet certain requirements. As of 2024, this tax break can be obtained at the point of sale rather than at the tax return filing point.

Such credits and incentives are a solid starting point for combating the problem of high costs of electric vehicles. However, we believe that in order to meet the needs of the market and keep up with the inflation, such credits should be periodically reviewed.

Future Trends Impacting US EV Market

In this final section, we look at the future trends affecting the electric cars market in the United States. We believe that some of the current trends will carry on having a significant impact, but also that other ones will emerge.

Charging Infrastructure Expansion

Earlier in the guide, we mentioned that the US would need to significantly expand its EV charging infrastructure to meet the increasing demand for electric cars. Indeed, the popularity of EVs is what’s driving this trend, and vice versa – the more accessible the charging infrastructure is, the more likely people are to adopt electric vehicles.

For that reason, we foresee significant investments into expanding the charging network from both public and private sectors. A larger network would make EVs a more viable option for a much larger target audience, creating more opportunities for EV manufacturers.

Battery Technology Advancements

The other side of the sustainability picture painted by EV marketers is the huge amounts of lithium mining required to meet the increasing demands. For that reason, we believe that the battery technology will advance beyond that.

Such advancements would not only have to accommodate sustainability concerns, but also reduce charging times and prolong the battery life. A combination of these features, together with some others, can potentially address the current limitations of EV batteries, making the cars more competitive.

Regulatory Changes

There have already been significant legislative strides in the US in the last few years in relation to EV funding and R&D. Plus, the tax credits we mentioned earlier are a big part of the green strategy.

Unfortunately, many electric vehicles sold in the US will lose their tax credit status in 2024 due to the changes in battery sourcing rules. We’re convinced that, in order to ensure the consumers are still incentivized, the US government will expand the subsidy initiatives to mitigate that challenge.

Manufacturers’ EV Production Targets

We mentioned some manufacturers in this guide that set themselves the green targets of going either fully electric or partially electric within the next decade.

We expect these increasing commitments to electrification to be adopted by more and more automakers, even those who predominantly make fuel-powered cars. As consumers increasingly move towards sustainability, these companies will need to respond to the market demands.

Final Thoughts

In this guide, we dived into the fascinating world of the American electric vehicle market and its key players. We saw that EVs are becoming more and more popular each year, and the manufacturers are responding to that demand.

We also saw that, in order for the US to fully transition to electric vehicles, a lot more needs to be done in terms of costs, charging infrastructure, legislation, and manufacturing, to name a few. The team at The Tech Report will be watching the developments closely, and we’re very excited to see the innovations in the market.

Sources

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Microsoft consoles, from its first designed game to its latest Xbox series X and S, have served as entertainment and solace for many game lovers. The backdrop ideology that consoles are no longer used to does not apply to Xbox. During the period of December 2020 to December 2022, Xbox monthly active users increased from 100 million to 120 million. Xbox’s business is keeping people worldwide glued to a game while making money for the company. Spending more than two decades in the gaming industry surely paved the way to keep Xbox in millions of hearts.

Even though billions of people play games on their mobile phones these days, many people enjoy consoles. Exploring the journey of Xbox over the years will give you a deeper understanding of why it stands out in this age and time. Let’s dive right into the must-know Xbox user statistics.

Key Xbox User Statistics

1. The idea of Xbox was first birthed in 1998.
2. The Xbox 360 series made a good name in sales, with 85.8 million units in July 2022.
3. Microsoft had all reasons to be thankful when Xbox raised $750 million in sales in its first release season.
4. Halo 2 stands out as the best game sold by Xbox Microsoft.
5. Grand Theft Auto V was designed so that it became the most loved game on the Xbox One.
6. Xbox series X and S are selling faster than any created console Xbox version.
7. Around 310,000 Xbox consoles in 2020 were bought by delighted users in the United Kingdom.
8. Almost half of the families in 2020 who owned a gaming console went out to buy the PS4 and Xbox One gaming series.

General Statistics

1. The Idea of Xbox was First Birthed in 1998.

Microsoft, at first, wanted to build a direct X that would look just like a PC, but this did not see the light of day. Its operating system was also planned to be Windows 2000, but this again was swept out of the way. The logic behind PC technology was to allow programmers to enjoy a good ride while at work on the product.

2. The Xbox 360 Series Made a Good Name in Sales, With 85.8 Million Units Sold in July 2022.

North America’s market for the Xbox 360 game was very great, with 47.17 million total units. Europe secured second place with 25.08 million units, and Japan rode behind it with 1.66 million. Other countries had a fair share of its sales, totaling 11.9 million in 2020.

3. Microsoft had All Reasons to be Thankful When Xbox Raised $750 Million in Sales in its First Release Season.

All efforts were put into gear after Xbox was conceived. And in 20 months, it released its first-ever game console. Xbox sold 1.5 million game units at its early stage, which made Microsoft gain respect in the gaming world. It goes down in history that 3 games were sold for every box, bringing a revenue of $750 million in Xbox’s early period.

4. Halo 2 is the Best Game Sold by Microsoft’s Xbox.

There were high expectations before the release of the Halo 2 from video game lovers who couldn’t wait to see Microsoft’s latest invention. It was indeed like the highlight of watching a well-anticipated Hollywood movie. Video lovers were not disappointed by the turnout of the first-person 2004 shooter game. The result of Halo 2 can best be described as a commercial sales success. Its feat is the greatest achievement in video gaming of all time.

5. The Grand Theft Auto V was Designed to Become the Most Loved of the Xbox One Game.

Grand Theft Auto V was largely marketed, and most video game lovers were eager to see what it offered. It was released on Xbox One in November 2014 to the glee of video gamers. It made $800 million on the first official launch and $1 billion in three days. This feat made it desirable for the fastest video entertainment product in human history.

6. Xbox Series X and S Sell Faster Than Any Created Xbox Gaming Console.

A report released by Microsoft stated that the Xbox series X and S will go down in the company’s history as the fastest consoles that have ever been sold so far in the company. Sales skyrocketed much more than witnessed in the previous Xbox generations. It had 6.5 million shipments to the glee of Xbox in June 2021. These high sales positively affected the quarterly revenue of Microsoft’s gaming business in no small way over the period.

7. Around 310,000 Xbox Consoles in 2020 Were Bought by Delighted Users in the United Kingdom.

It was an interesting year for Xbox in the United Kingdom when it sold out 310,000 Xbox consoles series in 2020. Most console sales (71%) were from home service during the entire period.

8. Almost Half of the Families in 2020 Who Owned a Gaming Console Went Out to Acquire the PS4 and Xbox One Gaming Series.

Both gaming series released in 2013 brought in huge sales in 2021 and got all parties involved smiling. The PS4, or called PlayStation 4, sold about 106 million shortly after its release in 2021. It released a new series not to leave game lovers out in the open and made 58 million.

Users Statistics

9. As Many as 2.8 Billion People Enjoy Video Games Across the Globe.

The number of gamers keeps increasing, and little or nothing can be done about it. Game companies like Xbox are at the receiving end of this. Who would imagine that as many as 2.8 billion people are gamers? But that’s the case. Xbox has come a long way and has its chunk of 100 million gamers in 2020. This information came as a shock to many who had thought Xbox had lost out on the game. Years have gone by, but many remain faithful to Xbox. The reason is not farfetched as giving quality is its secret for lasting in business.

10. Microsoft Saw the Need to Speed Up After Sales Hit 50 Million Units.

What an interesting time for Microsoft when its Xbox One raised 50 million sales in November 2020. This event opened a whole new world of sales for Xbox. Xbox has continued to have huge sakes in this era of mobile gaming. It wouldn’t be wrong to see Xbox as a gaming console with a timeless appeal.

11. It was a Great Feat for Microsoft Xbox When it Got 100 Million Users in 2020.

Worth stating was when, for the first time, Microsoft got a hundred million users from only gaming.

Growth Statistics

Xbox has grown in leaps and bounds, and this has happened with its 4 released gaming series.

12. Microsoft Announced its Entry into the Gaming Business With Xbox.

Microsoft planned its entry into the video gaming business well. The company did a great job on publicity and marketing of Grand Theft Auto. Sales started rolling in after its flag-off in November 2001. It made 24 million sales units in May 2006 after the rollout of the Xbox 360 series. Xbox profited in sales in the North American region, with 4.7 million sold-outs in 2020.

13. Plans Started Rolling in, and the Next Project, Xbox 360, Came to be in 2005.

Microsoft took its next giant step in November 2005 with the release of an upgraded Xbox. The upgraded version, named Xbox 360, quickly became popular. The growing desire of video players for motion games struck a chord in Microsoft’s heart to release its version. Xbox 360 was created as a direct competition to the Nintendo Wii video game. One good thing about the Xbox 360 is that users can play the motion-stirring game “Just Dance.” The backdrop means you do not need a controller like the Wii version. Xbox was able to grasp 86 million units at the close of October 2021 curtain.

14. Xbox One Made its Grand Entrance 8 Years After the Launch of Xbox 360.

Microsoft developed a new version named Xbox One after 8 years. To make its new version special, it gave users access to video games with a Game Pass at a monthly fee. This new creation came in Xbox One X and Xbox One S versions. Microsoft’s hard work paid off, with 51 million unit sales soon after the launch.

15. Microsoft Introduced the Xbox Series Soon After the Downhill Turn of Events of the Xbox One.

Microsoft set to invade the market left no stone unturned in November 2020. It stormed the market with two versions of its latest release, Xbox Series X and Xbox Series S. These new Microsoft Xbox babies fared well, with 15 million unit sales in June 2022.

Microsoft Gaming Revenue

The gaming revenue of Microsoft has not flopped out over the years. Sales were steady to a large extent until 2021.

16. The annual revenue hiked to reach $15 billion at the end of 2021.

17. An annual revenue of 9 billion from gaming flowed into Microsoft in 2017.

18. Gaming produced even with the competition 10.3 billion in 2018 end.

19. 2019 took off on a great note in sales and ended with 11.3 billion in revenue.

20. The year 2020 was not any different, as revenue further increased to 11.5 billion.

21. A remarkable year was when Microsoft made 15.3 billion from gaming revenue in 2021.

Xbox One Series Statistics

22. The year ended nicely for Xbox One in 2013 with 3.08 million units.

23. It was a smooth year for the Xbox One series, with 7.91 million sold units.

24. 2015 was another year of success, with 8.63 million sales units.

25. Sales weren’t fair in 2016 and ended with 8.37 million.

26. In 2018, the number of units sold fell backward to 7.64 million.

27. The Xbox One series could only boost sales by making 6.87 million units in 2019.

28. 2020 was not a great sales year, with only 3.14 million.

29. Sales decreased further in 2021 to 0.81 million units.

Xbox 360 Unit Sales Statistics

30. It wasn’t a bad year for Xbox when it ended with 3.08 million sales units in 2013.

31. 2006 ended on a good note, way over the past year, with 6.8 million units of Xbox 360.

32. Xbox 360 received in 2007 a fair share of the market by 7.88 million.

33. A successful year was when unit sales climbed to 10.91 million in 2008.

34. Xbox sales fell by 10.16 million at the end of 2009.

35. The video game series grew slightly to land at 13.25 million units in 2010.

36. Not put off by opponents, sales rose to 13.81 at the end of 2011.

37. It was a surprising year as sales sharply reduced to 10.68 million in 2012.

38. Sales of Xbox went downhill to 6.24 million in 2013.

39. It further reduced sales with no space for recovery to 2.6 million in 2014.

40. Xbox 360 sales pushed backward to 930,000 units in 2015.

Progression of Microsoft Xbox

41. The number of Xbox users stood at 49 million in 2016.

42. More increased in 2017, which took the users to 53 million at the end of 2017.

43. Xbox could boost its user base by having 57 million users when 2018 comes to a close.

44. The number of Xbox users climbed in 2019 to 65 million at the end of the year.

45. Xbox realized when the year curtain closed in 2020 that it had 100 million users.

Conclusion

Video game consoles are very much used, even with the rise of mobile games. Microsoft has rolled out quite a good number of gaming versions over the years to keep its users. Game lovers are kept happy from Xbox to Xbox 360, Xbox One, and finally, the latest release, the Xbox series. Its versions have taken it over the ranks to become one of the best in the gaming industry. Users have also come to realize the charm that comes with gaming consoles. Quality in entertainment has always been and continues to remain the mantra for Microsoft game versions.

Frequently Asked Questions

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The convenience of surveillance cameras or closed circuit cameras (CCTV), as we call it, has been greeted with mixed reactions. There have been concerns about invasion of privacy ever since surveillance cameras were used within the public sector. However, many believe that surveillance cameras’ benefits outweigh the concerns about privacy issues. According to forecasts, security surveillance will surpass $21 billion by 2026. On the other hand, some people argue about the efficacy of surveillance cameras in fighting or preventing crime in society.

Another perspective focuses on the ethics of using surveillance cameras. This view criticizes the legal procedures needed, the expenses of installing the system, the possibility of crime displacement, and whether it stops crime or makes people feel safer. But in all, surveillance cameras have been on the rise. This article presents diverse statistics showcasing the extent of adoption, projected future growth, etc. Keep reading to know it all.

Vital Surveillance Camera Statistics for You

1. The Net Worth of the Japanese CCTV Market is $403 Million.

Since many people in Japan are interested in pet surveillance, including on platforms like YouTube, the government has been motivated to combine the CCTV network with law enforcement and traffic control. The market value in Japan is worth $403 million and has been projected to hit the $444 million mark in market value by the year 2024.

2. The Second-Largest CCTV Market is in the US.

According to a study by Allied Market Research in 2019, America had a market value of $8.29 billion, with an expected growth of 13.9 within the next 7 years. The American populace’s interest in law enforcement, traffic, healthcare, and infrastructural surveillance has become the deciding factor that drives CCTV market value growth.

3. The Global Surveillance Camera Market is Expected to Grow At 16.8% CAGR.

A study by Fortune Business Insight reveals the previous prediction of 11.9% CAGR in 2021 was surpassed by the influence of surveillance camera companies like Hanwha Techwin, HIKvision, Axis, and Dahua companies. With the integration of AI, IOT (Internet of Things), motion detectors, and face recognition, the growth of the CCTV market globally was expected to reach 16.8% within seven years from 2022 to 2029.

4. IP Surveillance Cameras Dominate the Market Share of 40%.

IP cameras dominate the surveillance camera market due to their convenience from a cloud network connection, which is accessible to most devices. With the current growth of IP cameras, there is expected to be a steep decline in the alternative (analog cameras) in the next four to five years. The owner can access IP cameras remotely with VPNs, bypassing some tracking systems or Internet networks.

5. The Most Popular CCTV Camera is the Dome Surveillance Camera.

This type of surveillance camera is the most preferred because of its high quality for outdoor and indoor use. It also can cover footage at very wide angles, reducing its blind spots massively. Compared to other types of CCTV, its popularity is at 33.8%.

6. An Outstanding 98.8 Million Homes Globally Use Smart Home Surveillance Cameras.

From the inception of smart homes, surveillance camera statistics have experienced substantial growth with the integration of face recognition, motion detectors, and AI, ultimately leading to the huge success and popularity of CCTV in smart homes, with a record of 98.8 million smart homes worldwide. This number has been projected to double in the year 2027 by at least 180.7 million homes, according to STATISTA.

7. CCTV Cameras Have Been Used Over 112,000 Times For Criminal Investigations.

The frequency of use was noted in the UK and has shown some advantages in the fight against crime. The correlation between surveillance camera statistics and the crime rate is still debated. However, that has not stopped the UK government from installing more systems to combat crime.

A Review of Cities or Countries With the Most Surveillance Cameras

8. China Leads Global Surveillance Camera Deployment with Over 600 Million Cameras by 2021, Outpacing Rest of the World.

China has the highest record of surveillance cameras used globally, leading to cities in China having more surveillance cameras than cities in most countries. A projection was made by IHS Markit in 2019 that there will be an estimated 1 billion surveillance cameras globally by the year 2021, with China expected to have 626 million surveillance cameras in three years beginning from 2017.

9. China’s Surprising Surveillance: Nearly One Camera for Every Two People, Says IHS Markit Estimate.

Going by the estimate of IHS Markit, with an expected 626 million cameras in China in contrast with its population, it suggests that for every 1000 people, there will be 439.07 cameras in China. This translates to nearly one camera for two people in the country. 

10. Optimal Ratio Identified for Surveillance Camera Deployment in 150 Global Cities: Research Sources and Focus on Public Sector Usage.

Several ratios are used, but this one appears to be the most accurate, which we will use for the following analysis. The research used to arrive at the number of surveillance cameras used in 150 cities worldwide was derived from news articles, police internet platforms, and government reports globally, emphasizing surveillance cameras used in the public sector by government agencies or entities. 

11. Surveillance Capital: Top Ten Cities with the Highest Density of Surveillance Cameras Outside China.

The top ten cities with the most surveillance cameras outside China (per square mile)

Benefits of Surveillance Cameras (the Pros)

Crime Rate: The Efficacy of Surveillance Camera.

12. Surveillance Cameras Prove Effective in Reducing Crime Rates, According to Recent Studies.

Despite mixed feelings that greeted surveillance cameras, there is a correlation between CCTV and crime rate. Studies have shown that surveillance cameras have a positive impact when it comes to enforcing the law along with crime prevention. This conclusion was derived from the report of Crime Indices by Numbeo. 

13. Police Study in New Jersey Reveals Remarkable 50% Drop in Crime Citywide, Crediting Surveillance Camera Stats for Thorough Investigations.

A study that involved police officers in New Jersey showed there was a drop in crime all over the city by 50%. This influenced all genres of crimes. When investigating crime, police officers admitted to surveillance camera statistics, making it much more convenient for thorough analysis to apprehend guilty parties.

14. Burglars Beware: UNC Charlotte Study Finds 60% of Criminals Flee at First Sight of Alarms or Cameras.

A study by the University of North Carolina in Charlotte revealed that among 422 burglars in custody, about 60% of them admitted that the first course of action when they break into a home or facility is to check for alarms or surveillance cameras and usually leave when they spot one. The average criminal loves the convenience of committing crimes unnoticed because they don’t want to end up in jail.

15. Masked Burglars Beware: Tattoos, Watches, and Footwear Could Give You Away!

The other 40% of culprits will proceed with breaking into the facility while wearing masks to hide their faces. However, they must remain cautious about potential identifiers like tattoos, watches, or footwear, as these could still reveal their identity. This might make burglars more careful about their attire before attempting a break-in, potentially discouraging them.

16. CCTV in the UK Cuts Crime by 13%: Study Shows Varied Impact on Different Crime Categories.

According to The College of Policing Crime Reduction toolkit in the UK, CCTV reduced the crime rate by 13% compared to places without surveillance cameras. The study revealed that not all genre of crime was discouraged by CCTV. For instance, it did not affect violent crimes but significantly reduced drug-related crimes by 20%, property crime, and car theft by 14%, whereas in car parks, surveillance cameras reduced theft by 37%.

17. Surveillance Cameras in Public Areas Proven to Reduce Crime and Boost Public Confidence in Safety.

The deployment of surveillance cameras in public areas is recognized for decreasing crime by inspiring confidence in people and assuring them of a safer environment. This, in turn, encourages more individuals to move about in areas covered by surveillance cameras.

18. When the Surveillance Camera is Blended With Other Security Parameters, the Crime Rate Has Been Reduced by 34%.

Integrating surveillance cameras with other security measures leads to a remarkable 34% reduction in crime rates. This synergy enhances public safety and fosters confidence in secure environments.

Setbacks on Surveillance Cameras (the Cons)

Concerns Over Privacy

• When a criminal is apprehended with a surveillance camera, little attention is paid to privacy concerns. Despite the breaking news of a burglar caught, the surveillance camera continues to record individuals in the facility who aren’t committing any crime. The privacy of these individuals is invaded. When a crime is not saved, footage of people passing by on the street is also captured, along with innocent bystanders or folks doing their shopping.
• A legal firm attorney, Marina Lowe of the American Civil Liberty Union in Utah, have raised concerns about how advancement in technology for surveillance cameras have become very intrusive to the privacy of people caught on footage. Modern cameras capture crisp and clear images of people’s activities without consent. Concerns about possible mass surveillance have been raised with the ELECTRONIC FRONTIER FOUNDATION.
• According to her, privacy concerns have two sides: when an individual is captured on footage by fellow citizens without consent and when the government does the filming. Also, laws such as COMMUNICATION ASSISTANCE FOR LAW ENFORCEMENT have given the government unlimited authority to surveil citizens.
• The problem with surveillance cameras in a working environment cannot be ignored. In some establishments, when trust is lost between an employer and employee, it can be detrimental to the productivity of the company or business owners. Some establishments make it mandatory for staff to be under constant surveillance. The employees naturally will be uncomfortable knowing they are watched. This encourages what we call “eye service.” The staff behavior can be orchestrated to conform to work ethics but reduces determination and perseverance, which are key factors in the growth of a company or business.
• Trust is a very integral part of any business. It is known to improve employee retention (employee loyalty) and customers. Employees and customers can be lost once trust is lost in the industry, with a proven negative impact on business.

Cost of Installing CCTV

• Street camera for surveillance and business icons over cityscape background. Concept of security and privacy protection. Smart city. 3D rendering toned image double exposure.
• The potential cost of getting a surveillance camera system is usually very high, particularly on the initial cost of installation. This could discourage some individuals or facilities from seeing the benefits of getting one in the first place. The use of surveillance cameras is expected to triple if the cost of installation becomes relatively affordable.

Concerns Over Ethics

• Surveillance cameras and any surveillance raise ethical concerns while looking at them from a moral perspective. This makes people wonder who is doing the management and in what situations. It also makes them think about problems where administration should never happen. For example, it can be argued that state security or law enforcement may have a moral reason to conduct surveillance. However, when management is carried out by foreign aid workers and journalists, whose professional ethics require them to be neutral, it raises questions.
• Despite law enforcement agencies arguably having the authority to use surveillance cameras, it becomes a concern when they survey domestic or public workers. It isn’t within their jurisdiction to ascertain whether workers abuse their workforce. 

Crime Displacement 

• The discussion about the advantages of surveillance cameras continues, with some arguing that they may not directly prevent or reduce crime but could relocate it to different areas. For example, a burglar typically checks for alarms or CCTV cameras before attempting a break-in. When they notice one, it may deter them from their original target but could lead them to select a different one. The crime wasn’t prevented; it simply shifted to a different location. 
• On average, criminal records tend to choose homes that are easy to break into as their preferred targets. However, a house with a surveillance camera makes it more challenging for them. Surveillance cameras are more commonly found in urban areas, whereas in rural regions, a smaller portion of the population can afford CCTV systems. 

Blind Spots 

• Blind spots are zones within the surveillance camera’s range that are either inaccessible or have limited visibility. They pose a challenge in monitoring and become a significant issue if the security system is tampered with by individuals. This is why only authorized personnel should be allowed to enter the surveillance monitor room, as blind spots can only be detected through the monitors. 

Legal Requirement 

• Before installing a surveillance system, there are legal requirements to be considered. The protocols and documents necessary can be tasking and discouraging for most potential users. 
• The legal requirements for installing surveillance cameras vary by jurisdiction but generally revolve around privacy, consent, and security concerns. First and foremost, it’s essential to comply with privacy laws and regulations governing the collection and usage of personal data. This often includes informing individuals about the presence of cameras through signage or notices.
• Consent is a fundamental aspect of legality. In many regions, it’s required to obtain consent from individuals being recorded, especially in private areas like homes or workplaces. Public spaces may have different rules regarding consent, typically requiring no expectation of privacy in such locations.
• The placement of cameras is crucial; they should not invade areas where privacy is expected, such as bathrooms or changing rooms. Additionally, the footage should be used for its intended and lawful purpose, and access to it should be restricted to authorized individuals.
• Moreover, adherence to data protection laws is vital. This includes securing the recorded data, limiting access, and defining retention periods. Lastly, compliance with any industry-specific regulations or standards relevant to the particular use of surveillance (e.g., in healthcare or finance) is necessary. Keeping updated with legal requirements and seeking legal advice when unsure is a prudent approach for any entity intending to install surveillance cameras.

Conclusion

Despite the setbacks of surveillance cameras, their usage has grown exponentially, with over a billion CCTV cameras used globally. One may ask, what factor contributes to the popularity of surveillance cameras? This is because surveillance camera statistics have been proven to reduce the crime rate, no matter the weight of the crime. Agencies, facilities, companies, government entities, and even individuals continue to include CCTV cameras in their budgets. 

It is advisable to get a surveillance camera if one can afford it to secure property and, in some extreme cases, protect lives. When considering the cost of installing a CCTV (Closed-Circuit Television) system, several important questions should be asked: What is the Budget? What are the Security Needs? How many cameras are Needed? What about Installation and Wiring Costs? What Are the Maintenance Costs? Finding the answer to these will help make an informed decision when considering CCTV installation.

FAQs

Sources

• IEP
• SAMPLE
• caliphs
• STATIST
• Data pro
• Universe
• Compare tech
• Wikipedia

The post 15+ Surveillance Camera Statistics (2023 Updated Data) appeared first on The Tech Report.

Do you know that information technology is one of the global industries with the quickest growth? It has experienced remarkable growth in past years and is anticipated to triple its current size in the next ten years. When it first began many years ago, this industry was far smaller than it is today. According to the data, the tech industry now accounts for 35% of the world market.

Knowing the basics of information technology is frequently insufficient. You should be aware of some data about this industry, and we have included enough of them in this article. So, continue reading to find out more.

Facts About Technology

1. US gross domestic product gained about $1.8 trillion from the tech sector in 2021.

2. In 2020, the second biggest industry in the US was technology, following healthcare.

3. In 2020, 55.3 million workers were tech sector workers.

4. The tech industry has seen a 209% increase in the number of employees in the last five years.

5. Experts said there would be about 245,500 new tech jobs in 2021.

6. In 2022, about 25.62 % of HR professionals recruited over 50 new developers in their organizations,

7. About 58% of white people are in IT, more than other ethnic groups.

8. Women comprise 22.7% of IT professionals, and about 77.3% are men.

9. About 10% of IT professionals in the world are LGBT.

10. The IT industry also has payment inequality, making women earn 95% of what men earn.

11. Globally, 5.31% of software developers are women, compared to 94.69% of men.

12. There are seven major IT industries worldwide.

Must Know Statistics About Information Technology

13. The largest global market share for IT in 2021 belonged to telecom.

14. 2025 saw there will be around 38.6 billion IoT devices worldwide.

15. In 2022, 5.3% growth is predicted for the technology sector.

16. The value of the worldwide IT market in 2021 was $8.3 trillion.

17. DeFi and robots are the two technologies in the tech industry that are expanding the fastest.

18. The global IT market was estimated to be worth $5.2 trillion in 2021.

19. Between 2020 and 2030, employment in the IT sector will increase by 13%.

20. There will be an additional 178,000 IT jobs in the US by the end of 2022.

21. The US will have around 585,325 technology businesses by the end of 2021.

22. There will be 5.26 billion internet users worldwide in 2022.

23. Active social media users comprised most of the 4.65 billion internet users in 2021.

24. 62% of men and 57% of women use the internet.

How Much of the US Economy Does Technology Represent?

1. US Gross Domestic Product Gained About $1.8 Trillion From the Tech Sector in 2021.

Records show that the tech sector brought about 9.3% of GDP to the US in 2021. This was the highest when it gave the country around $1.8 trillion. This shows that the US is one of the leading countries in tech.

2. 2020 Saw Technology Overtaking Healthcare as the Second-largest Sector in the US Economy.

You must know that the US’s healthcare sector was the biggest in 2020. Then, technology followed as number 2. This figure has, however, changed currently.

Number of People Employed in Tech Companies

3. In the US, Tech Companies Employed 12.4 Million Workers in 2021.

There are many tech companies in the US. In 2020, they employed about 12.2 million people, which increased in 2021. At this time, these companies employed about 12.4 million people.

4. 55.3 Million People Were Employed in the Tech Industry in 2020.

From a global record, 55.3 million people got jobs in the tech sector. If you compare it to 2019, you will notice that it increased by 3.9%. This stat has seen more increase since 2020 until now.

5. In the Last Five Years, the Number of Employees in the Technology Sector has Increased by 209%.

The last five years have given the tech industry employment rate an uptrend. It has increased by 209% in just five years and plans to grow even more in the coming years. Many people will get the opportunities to work in the tech industry.

6. According to Experts, There Were Over 245,500 Additional Tech Employees in 2021.

According to professionals in the technology industry, there will be about 245,500 new technology jobs in 2021. The field met this prediction with a good response—more jobs than experts predicted were available.

7. About 25.62 Percent of HR Professionals Hired More Than 50 New Developers in Their Companies in 2022.

People into the development part of tech in 2022 gained as 25.62% of HR professionals hired over 50 of them. This number got even higher after that year.

Demographics Related to the Tech Sector

8. White Folks Make Up More Than Any Other Ethnic Group in IT at Roughly 58%.

The whites are more in the tech spaces than other groups, with 58%. The next is the Latinos, with about 15.2%, and Asians, with about 12.3%. Also, most companies favor whites even more than other groups in the tech space.

9. About 77.3% of IT Professionals are Men, and 22.7% are Women.

More men are IT professionals than women. Most women believe the job is too complex for them to understand. But about 22.7% of them have dared to do it. Meanwhile, 77.3% of people who work as IT professionals are men.

10. Around 10% of IT Professionals Worldwide Identify as LGBT.

It is not a myth that LGBT is becoming popular lately. Since there are more men in the field, LGBT will get promoted.

11. Payment Disparity Also Exists in the IT Sector, With Women Earning Only 95% of What Males Do.

In this tech sector, women don’t earn as much as men. However, the rate difference is not high. Employers make a woman earn 95% of what a man in her position earns. This promotes gender inequality in the workspace, but they hardly complain.

12. Globally, 5.31% of Software Developers are Women, Compared to 94.69% of Men.

About 94.69% of software developers are men, and 5.31% are women. This might mean that men are more interested in the jobs than women because developing software takes a lot of time.

The Current Biggest Technology Sectors

13. There are Seven Major IT Industries Worldwide.

Many technology industries have circulated the world. However, about 7 of them rank as the top in the industry. These are software, devices and infrastructure, hardware, telecom, IT and business services, telecom services, and emerging tech.

14. The Largest Global Market Share for IT in 2021 Belonged to Telecom.

The report showed that telecom had 26% of the worldwide IT market share in 2021. This was the highest percentage any other IT sector got at the time. But IT and business services became the biggest in 2022 with 29%.

15. Computer Power Reached the Top 10 Places in the Technology Sector in 2022.

Over the years, computer power has been below the mark of the top trending technologies globally, but this took a turn around in 2022.

16. In the Technology Field, Cryptocurrencies Significantly Influenced the Development and Triumphs That the Sector Saw in 2022.

Cryptocurrency is one of the seven technologies that dominate the technological sector in 2022. The other technologies were artificial intelligence, the Internet of Things, blockchain technology, cloud services,5G technology, and quantum computing.

17. By 2025, the Total Number of loT Devices is Anticipated to be 38.6 Billion.

By 2025, scientists who have examined the growth rate of loT devices expect that there will be 38.6 billion devices available. This suggests that 70% of people worldwide will have access to and familiarity with loT devices.

Tech Growth Statistics

18. The Two Most Rapidly Expanding Technologies in Our World Now are DeFi and Robotics.

Due to increased awareness, DeFi and robotics are the two technologies with the fastest global growth rates. The Internet of Things, cloud computing, cyber security, nanotechnology, AI, and virtual reality are all rapidly emerging technologies.

19. The Worth of the Technological Field in the Global Market in 2021 was Estimated at $5.2 Trillion.

The US market was predicted to be approximately $1.6 trillion from the $5.2 trillion total global value in 2021. This increased to $5.3 trillion the following year due to convenient installments, and it is expected to grow in value over time.

20. US Companies Spend $4.26 Trillion in 2021, With the Trend Expected to Continue in 2022.

Most American corporations with global operations will have invested over $4.26 trillion in new technological infrastructure by 2021. American businesses spent more money in 2022 to modernize their data systems and technologies.

21. Employment in the IT Sector Will Rise by 13% Between 2020 and 2030.

Professionals in the IT sector say it will hike by 13% annually from 2020 to 2030. This will amount to a huge increment by the end of 2030.

22. By the End of 2022, the US Will Have Approximately 178,000 New IT Jobs.

2022 came with hope for people working IT jobs. There were 178,000 new jobs in this sector worldwide, and many people got the opportunity to earn from the field.

23. Employers in the IT Sector Were Looking for About 3.6 Million Workers.

There were many jobs in the IT industry, to the extent that employers were searching for about 3.6 million workers. More openings will come from this field in years to come.

24. Top IT Skills of 2022: Java and SQL Dominate, but Trends Evolve.

In the IT sector, knowledge of Java and SQL was in high demand in 2022.

Technology Use Statistics

How Often is Technology Used?

25. An average person spends approximately 8.6 hours daily on technological usage. People in today’s society find it difficult to carry out their daily activities without using technological devices.

What is the Percentage of Technology Used by the World Market?

26. The United States held the largest share of the IT industry in 2021, accounting for 35% of the global market.

How Many Technological Companies Exist?

27. The United States had around 585,325 companies in the technological industry by the end of 2021. According to a study conducted in the United States, approximately 585,325 technology enterprises will exist by 2021.

Internet Statistics

What Population of the World Makes Use of the Internet?

28. The Highest Internet Penetration Rate in the World Belongs to Denmark, UAE, and Ireland. They Are Expected to Remain in this Position For a Few More Years. 71% of internet users are between the age of 15 to 24. Young people use the internet more than millennials in the World.

29. Asia Has the Most Internet Users. People in Asia use the internet more than other people in the World. Over 2.8 billion people in Asia are internet users. The next is Europe, with 743.6 million internet users.

What is the Daily Average Internet Usage?

30. For nearly 3 hours and 43 minutes, many individuals use their smartphones to access the internet. This is considerably superior to the hours they spend on other internet-connected gadgets.

31. In 2022, the average person would spend approximately 6 hours and 58 minutes online daily. You Should Be Aware That The Majority Of These Individuals Were On The Internet For Various Reasons.

How Many People Use Social Media?

32. Males from 20 to 29 used social media more in 2022. Other Males devote most of their time to activities other than social media.

How do People Access the Internet?

33. Smartphones are used by around 92.1% of the world’s population to access the internet. The remaining 7.9% of people access the internet through other smart devices.

Statistics Virtual Reality

What is the Rate of Virtual and Augmented Reality Growth?

34. The analyst expects the Virtual and Augmented Segment to grow between 2018 and 2023 At a CAGR of 1774%.

35. The Virtual, Augmented, and MR Markets globally in 2022 witnessed a rise in value to over $30.7 billion.

36. The global VR, MR, and AR Market experienced a rise in market value in 2020 to reach $28.2 billion.

37. Due to the current growth in technology, there has been an increase in VR, AR, and MR, which is expected to be at $165.3 billion by 2027.

38. According to research, the CAGR will record a growth rate of 15% between 2022 and 2030.

39. Shipments of Virtual Reality were 20.5 million, while the headset shipments of augmented reality stood at 9 million in 2021. Below is a table showing the virtual and augmented reality shipments between 2019 and 2023.

What are the Adoption Predictions for Virtual and Augmented Reality?

40. By the end of 2022, 29.7% of internet users were using automated reality in the United States.

41. There will be an increase in the percentage of virtual and Automated Reality adoption by 35.5% at the end of 2025.

How Many People Make Use of Virtual and Automated Reality?

42. There were 93.3 million automated reality users and virtual users in 2021, 58.9 million.

43. Due to the rate of growth currently happening in the sector, there will be 110.1 million automated realities, and virtual reality users are expected to be 65.9 million by 2023.

44. Globally, more than 16.44 million virtual reality base units were installed and used in 2021.

45. Within 2021 alone, people naught 6.1 units of virtual reality units globally.

Machine and AI Technological Learning Statistics

How Fast is the Growth of the Machine Learning Industry?

46. The CAGR of the machine learning industry has been estimated to grow at a rate of 38.8%.

What is the Projected Revenue to be Generated by Machine and AI Learning?

47. The industry for machine learning was evaluated to be worth $15.44 billion in 2021 and was expected to have a value of $21.17 billion at the end of 2022.

48. According to the predictions made by machine learning on its market size, it should reach $209.91 billion by the end of 2029.

49. Analysts valued the global artificial intelligence industry in 2021 at over $ 328.34 billion.

What Predictions Have Been Made About AI and Machine Learning?

50. The use of Artificial Intelligence as the technological mainstream in operations was projected to be adopted by 86% of United States companies in 2021.

51. Corporations across the globe invested the sum of $94 billion in 2021 in artificial intelligence programs.

E-Commerce Statistics

How Fast is the Rate of Growth in the E-Commerce Industry?

52. The retail rate of sales in global e-commerce in 2021 increased by 3% from its previous 15% in 2019 due to much awareness created in the market.

53. The E-commerce industry has been uprising in recent times and stands at the rate of 22% in the global market.

54. During the previous year, commerce experienced a growth in market size to $3.3 trillion, which is projected to keep increasing.

55. When the sales rate reaches 27%, the market size is expected to reach $5.4 trillion globally in 2026.

What Percentage Does Online Sales Represent in the Retail Market?

56. Globally, retail sales made up 20% of total sales, which was realized from e-commerce in 2021. This represents an 18% increase from 2020 and 13.6% of that generated in 2019.

57. E-commerce recorded 11.8% of generated sales through retail marketing products and services.

58. The sales of books, musicals, and videos by e-commerce between 2022 and 2023 impacted 69.1% of total retail sales.

59. Consumer and computer electronics segment made e-commerce sales, accounting for 53.2% of retail sales.

Shopping Methods in Comparison to E-Commerce?

60. Online retail in 2021 experienced an increase in the growth rate to reach about $5 trillion of generated sales over the period in review.

61. The analyst expects sales to reach $7 trillion by 2025 by looking at the current wave of sales increase globally.

62. E-commerce sales in 2020 stood at $4.28 trillion due to the hike in purchase activities.

63. Purchase over the counter in a physical store is undertaken by 40% of product consumers, while only 27% purchase through an online store.

64. For North American Gen Z customers, about 81% of consumers preferred buying products from a physical store.

65. According to research, 73% of consumers like finding new products in stores, while 65% of customers go for products sampled in-store.

66. Consumers usually buy well-packaged goods, but online and in-store retailers produce the same sales result.

67. Research has proven that retail physical stores produce 18% of sales, whereas online display of products brings 19% of revenue.

68. About 55% of people shopping online will view a product to check if it is available at a physical store to make a purchase.

69. Amazingly, 53% of shoppers view products in-store and purchase online.

Adoption Technology Rates

What is the Fastest Adoption Technology Rate?

70. In today’s world, crypto is the fastest adopted technology, with an 80% growth in user rate each year.

What is the Rate of Technological Advancement?

71. The technological industry has been experiencing an advancement at an annual rate of 5 to 6%, estimated to have a value of over $5.3 trillion in 2022.

72. Globally, 91.6% of big fortune companies increasingly invest in big data and artificial intelligence.

73. According to research, 2.5 quintillion bytes are created daily due to the high demand for data services, and every second, 1.7 megabytes are being collected from users globally.

74. Moore’s Law Transistor Stated that the Microprocessor Transistor Capacity of 2,300 in 1971 Increased to 19.2 Billion in 2017.

How Long Does it Take for the Adoption of a New Technology?

75. Subscriptions using mobile phones have increased greatly between 2000 and 2020. Subscriptions increased to 106 for every 100 persons.

76. Research shows that the usage of smartphones globally experienced an even greater increase of 81% from what it was in 2019.

What Are Companies Saying About the Adoption of a New Technology?

77. Technology-inclined companies most likely carry out the pursuit of a digitally transformed society. The spending on this ideology of digital transformation is projected to reach $2.8 trillion by 2025.

Evolving Tech Statistics

How Fast Has the Evolving Technology Industry Grown?

78. Technology is constantly evolving as discoveries are made and is estimated to grow 104% between 2018 and 2023. 

79. Artificial intelligence is the fastest-growing technology in today’s society, with global spending reaching $57 billion in 2022.

What Are the Key Sectors in An Evolving Technology?

The key sectors in an emerging technology are as follows: 

• Internet things.
• 5G.
• Blockchain.
• AR/VR.
• Biometrics.
• Edge Computing.
• Robotics.
• Quantum computing.
• Artificial Intelligence.

Organizations in the European Union have projected that 15% of the total budget on information technology will be channeled into new technological advancement in 2021.

Emerging Technological Estimates

80. According to predictions, over half of the global population will know about the Internet behaviors program at the end of 2025.

81. Consumers purchasing behaviors are made possible using loT, behavioral science, and data analysis according to studies conducted by loB.

82. There is a 55% increase in the number of companies actively participating in the investment of artificial intelligence, with budgets being increased from $500 thousand to $ 5 million.

Mobile Technology Statistics

83. The mobile industry sold smartphones worth $457.18 billion. Based on popular demand, this feat was achieved in 2021, when there were massive sales of over 1.43 billion smartphones. There is no specification of the exact brand of smartphones, but the figure is collective. Notably, the difference between the total number of sales in 2020 and 2021 is roughly around 800 million.

86. Compared to $972 for overseas users, the monthly fees for US Phone-On-A-Plans total $972 annually.

87. Businesses spend $652 on mobile technology per person, with larger companies having higher spending.

Crypto Statistics

88. According to a data study, the $1.54 billion cryptocurrency market is expected to hit $2.3 billion by 2028 with a 6.9% CAGR.

89. Individuals in the cryptocurrency community hold 10.2% of cryptocurrencies, and token payments are gaining popularity.

90. Men between the ages of 25 and 34 make up the majority of cryptocurrency users, with youth and millennials outnumbering women in the space.

91. 60% of Bitcoin, the first cryptocurrency ever, is owned by users worldwide, demonstrating its great worth and pique interest in the crypto community.

Conclusion

The field of information technology has been expanding and has room to go further. It has benefited several businesses and organizations worldwide and will continue to do so. Due to this, a lot of businesses all over the world have made investments in this industry. In the upcoming years, they intend to invest more money to support the expansion of their company.

FAQs

Sources

• Statista
• PwC
• Statista
• PWC
• Statista
• Fortune Business Insights
• Statista
• Fortune Business Insights
• Statista
• Fortune Business Insights
• Statisa
• Insider Intelligence
• Statista
• Insider Intelligence
• Kearney
• Morgan Stanley
• Harvard
• IDC
• Emerging Technologies
• IDC
• Zippia
• Chain de Brief
• Our World in Data
• Adv Sys Con
• Appen
• Markets and Markets

The post 90+ Fascinating Information Technology Statistics for 2023 appeared first on The Tech Report.

Over the years, automobiles have gone from regular to electronic or plug-in vehicles. In 2003, Tesla was incorporated as a plug-in vehicle manufacturer, and by March 2020, it produced its one-millionth electronic car. Tesla has gradually become a brand name that has come to stay. It keeps improving its technology and prototype to suit its consumers. These Tesla stats represent how and when Tesla became the world’s leading automobile company.

Currently, Tesla delivers over 200,000 cars quarterly, with plans to increase. Below are Tesla’s stats about production and revenue to enlighten you about the company’s growth and future projections.

Tesla Stats at a Glance

• In Q1 + Q2 of 2021, Tesla sold over 473,136 electric cars. This was more than every other electric vehicle manufacturer in the world. 
• Tesla has produced a total of 1.91 million cars since 2009.
• In the first two quarters of 2021 alone, Tesla manufactured 386,759 vehicles.
• In the first and second quarter of 2021, the total revenue of Tesla was $22.35 billion. 
• Currently, Tesla has 70,757 employees.

Amazing Tesla Production and Revenue Stats

1. Tesla Stats of Vehicle Delivery.

As mentioned earlier, Tesla is a household brand name. You can’t think of an automobile without Tesla popping up in your mind. As the years go by, its demand and value keep increasing. In the first six months of 2021 alone, Tesla delivered 386,181 vehicles. In the first quarter, it had 184,877 vehicles, and in the second quarter, 201,304 cars. Stats further showed that from 2017 to 2020, annual Tesla deliveries increased 4.85 times.

2. Tesla Automobile Production.

As mentioned earlier, automobiles are not just luxuries but everyday necessities. As the years go by, lots of automobiles are being produced. In the second quarter of 2021, Tesla had over 200,000 vehicles. This was the first quarter ever that Tesla made and delivered over 200,000 automobiles simultaneously. This massive production in the second quarter of 2021 showed a 151% amazing over-the-year growth. According to stats, Tesla’s annual automobile production increased 5.06 times from 2017 to 2020. However, in 2017, it took Tesla about 181 days to produce 50,000 vehicles. But today, 50,000 automobiles can be manufactured in less than 37 days.

3. Total Number of Tesla Automobiles Sold.

Statistics show that since its founding, Tesla has sold 1,917,450 electric vehicles. Tesla sold more than 466,100 automobiles in the second quarter of 2023. This is an increase of 10.23% from the year’s first quarter. Tesla became the most valuable worldwide brand in the automotive industry in June 2023. Due to Tesla, Toyota came in second and had a threefold increase in brand worth.

4. Tesla’s Yearly Revenue.

Tesla’s revenue has continuously climbed, growing at a CAGR of 48.19% over the past seven years. Its annual sales in 2019 were $24.58 billion; by 2020, it had increased by 28.31% to $31.54 billion. By H1 2021, Tesla’s revenue had risen to $22.35 billion.

5. Tesla’s Supercharging Stations.

Compared to other automakers, Tesla’s fast-charging network is known as the supercharger. In recent years, Tesla has significantly increased supercharger locations worldwide. According to research, Tesla operated 3,059 supercharger stations in 40 countries as of October 2021. As a result, from July 2019 to July 2020, the number of supercharger stations climbed by 86.07%. Finally, between July 2018 and July 2021, Tesla added 1,652 new supercharger locations.

6. Supercharger Stations Globally.

The internal combustion engine’s supercharger controls the pressure of the fuel and air mixture. There are more than 3,000 of these supercharger stations operated by Tesla worldwide. With a supercharger, you can go 200 miles in just 15 minutes. China and the US accounted for around 65.54% of Tesla’s supercharger stations as of October 2021. The total of all supercharger locations in 2005 was this. Although there are Tesla supercharger stations in 40 different nations, the majority of them are located in just 10 of them.

Must Know Tesla Stats

7. Tesla Production Facilities.

Knowing that Tesla is the most trusted automaker in the world, one might be interested to learn where their production facilities are located. Four plants are operational, while two more are still being built. Three nations — China, Germany, and the United States—are home to these manufacturing facilities. The four active production lines are California, Nevada, New York, and Shanghai. For the plants in Nevada and New York, the facility in California is referred to as the Fremont factory or Gigafactory. The Gigafactory is located in Shanghai, the center of China. Berlin and Texas are the remaining two locations that are currently being built. However, the installed production capacity for the Shanghai and California factories is 1.05 million vehicles yearly.

8. Tesla’s Global Sales.

Unlike other brands, Tesla keeps hitting amazing sales. In 2020, Tesla sold over 499,535 vehicles and hit the record of the most popular Electronic vehicle producer. In August 2021, Tesla almost surpassed the total number of cars sold in 2020. It sold about 473,136 vehicles by the end of August. Tesla has outsold its closest competitor, SAIC-GM-Wuling, by 77.06%.

Below is a table of the 10 top manufacturers between January and August 2021.

9. Number of Sales in the United States.

The United States residents are great lovers of automobiles, especially electronic vehicles. Each year, the number of electronic vehicles sold in the US keeps increasing. Tesla Model Y is an amazing electronic vehicle produced by Tesla. In the first quarter of 2021, about 48,364 Model Y vehicles were delivered in the US. This made the model rank the most popular electric vehicle in America. Another amazing model from Tesla is the Tesla Model 3, which ranked second most popular with a massive delivery of 26,983 quarterly in the US.

Below is the most popular EV in the United States in Q1 2021 and their number of deliveries.

10.  China Sales.

China is one of the global leading economic countries. They are also great lovers of automobiles, especially plug-in vehicles. In 2021 alone, 59,900 Model Ys and 92,755 Model 3s were sold in China. In August, the Model 3 was China’s second most sold EV. However, stats show that the Model Y was the third most sold, and an alternative competitor took the lead with 41,188 sales in just one month. This alternative Wuling HongGuang Mini Ev beat the Tesla Model Y by 3.55 times that year.

11.   Tesla Purchases in Europe.

Europe has a strong passion for cars. Europe sold more than 100,000,000 cars in a single year. The Tesla Model 3 was the plug-in vehicle that sold the most in Europe in 2021. At the end of August, 76,440 vehicles were bought across the continent. This model’s strong sales outperformed the ID.3 and popular EV models in Europe.

12. Stats of Workers at Tesla.

There’s no doubt that Tesla is a company to be part of; judging from its success strand and its popularity strength, it’s indeed a heaven on earth for workers suitable to be employed. The company is divided into various sectors, from assembling parts to constructing, spraying bodywork, etc. A lot of activities take place in the Telsa factory, as a lot of processes are involved before a model of a car is produced. According to research, since 2019, Tesla’s employee strength has risen by 47.36%, from 22,741 employees to about 70,757 employees globally. Stats also revealed that an average employee’s take home in the United States is $153,755, while immigrants on an H1- b visa receive $130,000. Currently, the total number of people working at Tesla is 127,800. This includes hardware engineers, labelers, software engineers, and autopilot systems.

Conclusion

Tesla is a top brand name in the automobile industry and will remain the same for years. Stats have shown that though Tesla faced challenges upon incorporation, it has since outgrown them and given birth to its new strengths. Since 2019, it has not dropped but grown in sales, production, and deliveries. Also, Tesla has massively taken many unemployed individuals off the streets. Moreover, its models have given more beauty to automobiles. It’ll be interesting to see this company continue on this upward trajectory.

FAQs

Sources

• Number of Tesla vehicles delivered worldwide from 1st quarter 2016 to 2nd quarter 2023
• Tesla Investor Relations
• Electric Vehicle Sales Bonanza — 20 Charts & Graphs
• Tesla Revenue 2010-2023 | TSLA
• Tesla sold 44,264 China-made vehicles in August; local deliveries up
• China: Plug-In Car Sales Reach New Record In August 2021

The post Tesla Growth and Production Statistics for 2023 appeared first on The Tech Report.

Robotics technology has been in use from as early as the 1930s when scientists made the first robot. The modern world robots are fast becoming a necessity of everyday life as they reduce stress and make life more comfortable for humans and the environment. Around 3 million industrial robots are in use worldwide. They are used across various world countries in hospitals, restaurants, companies, and other places of human activities due to their efficiency and effectiveness in service delivery. 

The robotics industry has a lot going on, and a lot of awareness is yet to be made to the global population on its relevance and intended impact on all sectors of the economy. This article aims to look at important statistics of this fascinating industry and bring the needed knowledge to appreciate robotics technology better.

Editor’s Choice

• The use of sophisticated robots will increase productivity by about 30%.
• Universal Robots generated about $326 million in 2022.
• Amazon saved about $22 million because of its collaborative robots with every new warehouse.
• By 2028, the worldwide robotics market is expected to increase by 3.83% from 2023 to 2028, leading to a market volume of $45.09 billion.
• In January 2023, robotics industry investments reached $521 million.

How Large is the Robotics Industry?

The robotics industry has seen a major increase over the years. Research says the global robotics market was worth over $48.5 billion in 2022, much lower than the previous year. Experts say this figure will triple in 2032, so it will get to about $142.8 billion. Records have it that more robotics sector startups are coming up. Soon, they will be up to 1.35 million. Also, more private companies plan to expand their influence in this industry. Most of them want to lead the market shares in the coming years. Companies like Amazon, Tesla, NVidia, and others have doubled their investments in this sector and adopted AI for seamless work.

The following statistics will help you understand better.

1. In the Global Community, We Have About 3.5 Million Industrial Robots Actively Put into Use.

According to the International Federation of Robotics, there were over 3.5 million operational industrial robots globally as of February 2023; as of 2022, 3 million functional robots were used in the industry due to their adoption in the global market. Industries utilize this technology because it saves time, is safer, and is more productive than a human worker. Another prominent reason firms use robotics, particularly in industrial processes, is to minimize and avoid workplace accidents.

2. The United States, China, And Japan Have the Largest Market in Terms of Robotics Technology.

China has the largest market share of these three countries, accounting for 52% of all global robotics sales. Japan is second and has consistently had the largest robotics market. However, by 2021, this had dropped to second position. The United States has been a prominent player, finishing third in the market. According to Enterprise Engineering Solutions, there will be 12 million robotics units worldwide by 2022, which is expected to rise as more people become aware of them. North American enterprises aimed to expand the sector market by 3.5% by raising their shipment of robots by 584,000.

3. In China, 310,000 Installations of Robotics were Made in 2021.

With more than 310,000 sets, China was the largest purchaser of industrial robotics in 2021. China has also emerged as a major player in the sector due to the application of artificial intelligence. Industry insiders estimate that by 2025, AI will account for 26% of China’s GDP.

The robotic units perform:

• Operations (42%)
• Electronics (37%)
• Welding (21%)
• Automotive functions (16%)

4. In 2022, Companies in North America Sold Over 39,708 Robotic Units.

Following the big boom in the AI sector, many famous tech firms have started investing in the research and development of robotics. This is because of the broad array of applications.

5. Nine Companies Globally Plan to Implement Robotic Automation in Their Business Infrastructure by 2030.

Automated tasks lead to increased productivity, better efficiency, enhanced personnel safety, improved product life, and higher revenue. Despite the looming concerns about robots taking over the jobs of humans, in reality, robots are more effective. They are also more capable of handling repetitive and more dangerous tasks.

Robotics Industry Growth

Several key players in the tech industry are investing considerable funds in research and development for robotic technology. This is because the robotics industry shows massive potential and can be adopted across various sectors, similar to the overall AI market.

Below are the Robotics industry growth statistics.

6. Experts have Predicted that the Robotics Service Market Volume Will Reach $28.49 Billion by 2023, Making it Dominant.

According to the analyst, in 2023, the service robots market will generate $28.49 billion as the sector’s revenue. Commercial service robots have taken over this sector and are expected to generate $17.17 billion as revenue this year.

7. The Value of the Medical Robotics Industry is Expected to Increase in Value by 2027 to the Sum of $10.5 billion, According to Expert’s Predictions.

With a CAGR of about 4.52%, the market reach can reach 48.86 billion by the end of the year. China has the highest possibility of recording the highest generated revenue of $1.48 billion, and the Chinese government has increased its efforts in sponsoring established domestic companies and startups. A campaign by the Chinese federal government called “Made in China 2025” aims at improving its manufacturing industrial sector.

8. The Use of Collaborative Robots is Increasing in Popularity and Will Contribute 34% of the Total Generated Sales by 2025.

Robots in the manufacturing process globally have become a trend for productive industries since 2021. They help detect humans’ movement in dangerous zones or should not be trespassed by certain individuals. The mainstream robotic systems do not have this peculiar feature built-in by the manufacturers.

9. In the First Quarter of 2022, There was An Increase of About 40% in Orders For Robots by Companies Worldwide.

According to Business Insider, there was an increase in the orders for robotics units by 40% in the first quarter of 2021. Most companies who made orders got interested in robotic techs and gave a total of 44,196 robots worth about $2.38 billion. This made the industry have an 11% increase in unit sales and an 18% rise in market value.

10. Experts Predict that the Robotics Revenue will Experience a 15% Increase Every Year Until 2028.

The robotics revenue will grow by 15% annually from now to 2028. At that time, the global market revenue of the sector will reach over $20 billion, an all-time high. The trends in the industry show that it has a huge potential in shipping supply, chain management, healthcare, and improvement in waste.

Robot vs. Human Statistics

Recently, more things requiring humans to collaborate with humans have risen. Humans will benefit greatly from this innovation, as it will help produce helpful products and reduce workplace accident risks.

 Below are statistics on workforce robots in 2023.

11. Analysts Predict Sophisticated Robots Will Displace About 20 Million Manufacturing Jobs in 2030.

Jobs in the manufacturing industries are already seeing the impacts of robots. The number of jobs in the United States manufacturing sector has drastically reduced since robots started working there. From 2000 until now, there have been less than 1 million employees in the US manufacturing sector because robots are working the jobs. This rate will not change in the coming years because robots will get more advanced. In years to come, robots can perform more tasks than now. Therefore, more people will lose their jobs.

12. The Use of Robots by Organizations in Activities is Likely to Increase Productive Efficiency by 30%.

 According to findings, a company’s productivity level can increase through the use of robots by 30% in comparison to applying human effort. The availability of robots in today’s production activities system has helped firms reduce labor costs in countries such as the United States, Japan, China, and Germany.

13. Universal Robots in 2022 Made a Total Value of $326 Million from the Production Company.

The universal robotic company increased its value by 5% from the previous year to over $326 million. This value growth came from the high demand for robots and sophisticated technology worldwide.

14. Due to Robotics Technology, Amazon Saved $22 Million in Workforce Payments From its Warehouses.

Every month, we have over 197 million visitors who visit the Amazon platform. With this number of visitors, the organization needs employees to fill about 400,000 to 1 million square feet warehouse. Notably, warehouses as massive as Amazon’s that did not adopt robots found that going through the entire warehouse consumes over 80% of staff’s time. However, after buying a robot named “Kiva,” Amazon has been able to reverse the trend.

Robot Investment Statistics

Notably, most robots can handle repetitive jobs or responsibilities considered too dangerous for individuals. There are cheaper alternatives, which are usually more efficient, safer, and highly productive. In the present dynamic and innovative era, robotics investment will possibly profit massively in the long term, indicating impressive profits for individuals who choose prudently to invest in the robotics industry.

Let’s consider some robot investment statistics below.

15. By 2028, The Worldwide Robotics Market is Expected to Increase by 3.83%

Statista predicts that the worldwide robots industry will expand by 3.83% between 2023 and 2028, reaching $45.09 billion. Industrial robots are the market’s largest category and the primary contributor. The market is expanding due to increased demand for autonomous machines in manufacturing and production.

Robotics Healthcare Statistics

16. The Global Robot Market in the Healthcare Industry is Increasing in Value and is Projected to Reach $12.6 Billion by 2025.

Experts predict that the global healthcare industry will more than double to $12.6 billion by 2025. This represents a 90.91% increase in growth rate from its $6.6 billion value in 2020. Some causes influencing global growth are the aging population, the increasing prevalence of chronic diseases worldwide, the development of novel and user-friendly robotic technology, and its usage in hospitals.

17. Several New Robotic Technologies have been Introduced Globally in Healthcare Surgical Operations.

There has been an increase in the healthcare use of robots for carrying out surgical operations due to the following factors:

• An increase in the number of patients who need minimal invasive surgical operations.
• The surge entrance of new robotic technology into the healthcare sector. 
• Robots can enhance patients’ outcomes.
• The need for accurate and precise surgeries.

Although there are various benefits to using robots in surgical operations, there are still disadvantages to introducing robots in these procedures.

18. Experts Predict that the Surgical Robotics Market Value, Which was $8.6 Billion in 2022, will Reach $15.8 Billion in 2030.

The worldwide surgical robotics market is predicted to hit a 7.2% CAGR within the forecast period. Notably, the surgical tech market is divided into surgical instruments, surgical implants, surgical consumables, surgical software, and surgical robotics. Overall, the market is projected to increase at a healthy pace.

Robots in Agriculture

Agriculture is a notable labor-intensive sector with the highest ability to adapt automated tech solutions. More firms are going headlong in their attempts to rank as the forerunners in the agricultural automation sector. People leading this industry have found a way to infuse robots in their activities. They use it to supervise and handle heavy workloads and many other things. Let us dive into statistics showing how robots influence the agricultural industry globally.

19. Experts Predict the Global Agricultural Market to Reach $40.1 Billion in 2028.

Analysts who know the global agricultural market well have predicted its worth will reach $40.1 billion in 2028. The previous market worth 2022 was $13.5 billion, which increased by a few extra million in 2023. The increment rate between the 2022 market and 2028 expected worth is about 24.3%. This growth will result from the currently increasing demand for agricultural products. In 2050, the order should be up to 9.7 billion, which will cause a huge change in the global market value.

20. Over 32,000 Automated Milking Systems Were Active Worldwide in 2021.

The dairy industry is not exempted from the benefits of robots. There has been a 20% growth in this industry compared to its worth in previous years. In 2021, it had over 32,000 automated milking systems worldwide, which has hiked since then.

Certain factors sponsor this growth.

• The quality of milk
• Data collection.
• Conservation of labor. 
• It gives the cows comfort.

21. The Agricultural Robotics Market Has Been Estimated to Have a Market Value of $20.6 Billion by 2025 Globally.

 The agricultural robotics market worth has steadily increased for a few years. According to experts in the field, it will stay on this path for many more years to come, even until 2025, with $20.6 billion.

Robots in the Manufacturing Sector

Implementing robotics in the manufacturing sector has brought changes in the industry. There is a vivid distinction between people in the manufacturing sector that use robotics and those that don’t. Their production outcomes are different and many other things.

Below are some statistics on robots in the manufacturing sector.

22. The Average Cost of An Industrial Robot is $50,000.

 If you need to buy an industrial robot, you need about $50,000 to $80,000 ready. However, depending on your desired type, you can still get these robots for $40,000 to $500,000.

23. 90% of Recent Robots Are in Factories.

From a report by the Collaborative Manufacturing Technology Center, you can find 9 of 10 previous robots in factories. With this, you know that robots are used for industrial purposes like painting, welding, etc.

Robots in the Military

Robots have been of great advantage to the military sector over the years. It helps them to neutralize explosives, detect snipers, give surveillance, and a few other things. These are things humans can mostly not do. However, they need humans to operate effectively. Here are some stats about robots in the military industry.

24. Globally, The Military Robotics Sector is Expected to Rise from $14.5 Billion in 2020 to $24.2 Billion in 2025.

Following a growth pattern occurring since 2020, MAM reports that the military robotic market will reach a CAGR of $24.2 billion by 2025. This implied that the sector will record an increase in growth rate by 10.7% in a few years. This growth is possible because more people want unmanned machines for their military responsibilities.

25. Global Military Robotics Investments Will be Over $16.5 Billion in 2025.

Professionals in this industry have seen a large growth in the future of military robot investments. They said it will reach a high amount of $16.5 billion in 2025 and go over it. With the current and previous assets, the prediction might become a reality. In 2017, investors spent over $7.5 billion in this sector globally, which has increased over the years. The US is predicted to invest over $1 billion in this sector to strengthen its military even more.

Conclusion

Robotics technology is not just a standalone sector; it has been infused into many other industries globally. Every industry that implements this technology in their dealings always experiences growth in various aspects except human labor. This is because robots will replace many humans at their jobs and most likely do it better. The use of robots has expanded, and China is currently leading the market, as it holds the biggest part of the market share. Notably, robotics technology in the military, as well as in other sectors, has a great impact on efficiency.

FAQs

Sources

• Universal Robots Reports Record Revenue Despite Global Uncertainty
• Ready or Not, Robotics in Manufacturing Is On the Rise
• Report: 2021 Robot Orders in North America Set New Record, Reach $2B
• Robotics Statistics You Need To Know in 2022
• Medical robotics to see robust growth in the next decade
• Globe News Wire
• Noteworthy Robotics Advancements in Healthcare
• IFR: China surpasses the US in robot density
• Markets and Markets
• Agriculture Technology
• The Collaborative Robot Market 2021–28: Grounds for Optimism After a Turbulent Two Years
• Robotics investments reach $521M in January
• The global market for agricultural robots from 2020 to 2025
• Amazon’s $775 million deal for robotics company Kiva is starting to look smart

The post Key Robotics Industry Statistics to Understand in 2023 appeared first on The Tech Report.

Leaving your door open while you go out is not a good practice. You could return to the house and see some of your belongings stolen. Some other people have experienced the tragedy of returning home to a burnt-down place. As a result, they’re now very cautious. Before leaving their homes, many people double-check if they locked their doors or turned off their stoves.

These practices are all okay, but there are ways to handle them easily by owning a smart home. The number of smart homes worldwide is estimated to be 300 million. A smart home automatically works some of those things for you. However, there are more things to know about smart homes besides the essential help they render. This article has key smart home statistics in 2023 to tell you how far it has gone, the number of people using it, and its prospects in the future. Read on to learn more.

Key Smart Home Statistics in 2023

1. Smart Thermostats have grown a great deal in the smart device industry.
2. In 2020, 46% of Americans said they spent more on home technology.
3. During the pandemic, spending on smart TVs reached 55%.
4. During the pandemic, security systems grew by 23%.
5. Experts expect the smart home technology market to grow to about $138 billion in 2026.
6. There were 22.5 million smart homes in Europe in 2017.
7. Analysts say 20% of households worldwide will own smart home technologies by 2025.
8. The biggest smart home automation market share belongs to the US.
9. Experts say families will spend $19.4 billion on security systems.
10. In 2022, the worth of the smart home market size was $80.21 billion, and in the smart device industry, Amazon holds the largest market share.
11. Experts have predicted that the smart home tech market size will reach $195.73 in 2030.
12. The United States produced the highest global smart home automation market revenue 2020.
13. With an innovative security system, you can save up to 20% on your insurance premiums.
14. More than 54% of house owners believe installing smart home techs makes them sell faster.
15. Investing in an innovative HVAC system can save 50% on energy usage.
16. Over half of the smart home tech users say they are saving time.
17. Millennials are more likely to pay 20% or more for smart home technologies.
18. In the US, 23% of broadband households have three or more smart gadgets.
19. Twice every day or more, people use two out of every five types of smart home devices.
20. 31% of households with broadband internet also own smart speakers with voice assistants.

Other Must-Know Smart Home Statistics

1. Over 50% of the households in the US have at least one smart home device.
2. More men are interested in smart home devices than women.
3. 8.2 million baby boomers had smart speakers in 2018.
4. About 35% of US smart home tech users who also used broadband complained about the data security issue.
5. About 40.8% of smart homes worldwide have one or more amenable connected devices that can risk the home.
6. Printers are the most amenable connected devices.
7. There is a prediction that 5G technology will revolutionize the Internet of Things services.
8. Experts have predicted that smart home techs will become smarter over time.
9. About 56% of adults in the US are comfortable with smart home devices.
10. Some people who trust smart home techs think it has opposite extremes.
11. Smart homeowners will spend about $35.6 billion on smart security systems in 2024.
12. In smart home tech, smart kitchen techs are becoming more popular.
13. 44% of smart homes have connected entertainment systems.
14. About 63% of people from a survey want smart security systems in their smart homes.
15. Smart security systems achieved 22.6% of the smart home tech market share 2023.
16. Analysts predict intelligent home energy monitoring devices will generate about $12.4 billion in three years.

2023 Detailed Smart Home Statistics

In 2015, a few households in the US appreciated the smart home tech experience and were willing to move to a smart home. The better part of the smart home evolution started in 2019 through 2020 during the pandemic. The insecurity was on the high side. Many people wanted to protect what they had left of their property and lives. During the pandemic, the number increased, and analysts predicted it would reach 54% in 2023. This rate has yet to be actualized, but it is near. 

1. How Many Smart Homes Are There in 2023? 

There were 258.54 million smart homes worldwide in 2021. This number has increased by a few million since then. In 2023, there are over 300 million smart homes worldwide. Also, 60.4 million active households in the US use smart home gadgets.

Home Automation Device Statistics for 2023

2. Smart Thermostats Have Grown Greatly in the Smart Device Industry.

Smart thermostats have, over the years, beaten their previous growth rate. In 2 years, it has bought more than it had in the years before. US citizens can save about 15% of their cooling and 12% of their heating bills with this device. 

3. In 2020, 46% of Americans Said They Spent More on Home Technology.

Although smart home appliances have existed long before 2020, this was the year some Americans spent more on them. The number was close to half at 46%. 

4. During the Pandemic, Spending on Smart TVs Reached 55%.

In 2020, when the pandemic was on, most Americans bought smart TVs. About 55% of them probably got bored of certain TV operating routines and decided to try smart TV. The smart TV market was worth about a few million dollars then. However, the pandemic left a long-lasting effect on the market. It is predicted to reach about $2.55 billion in 2030.

5. During the Pandemic, Security Systems Grew by 23%.

Smart security systems are one of the most sought-after smart devices currently. It wasn’t so until during the pandemic. More people wanted to protect their lives and properties while they stayed safe inside. Since then, the growth has been epic. Experts say it will grow larger with the awareness it has created in the coming years.

Smart Technology Market on the World Stage

6. Experts Expect the Smart Home Technology Market to Grow to About $138 Billion in 2026.

The global smart home technology market has witnessed fast growth over the years. In 2021, after the pandemic, the market worth was about $85.6 billion. This was its all-time high for the year, and the progress was due to the effect of the pandemic. The market worth has increased since then and plans to grow by 2026. Experts predict the rise in the smart home technology global market to hit a peak sum of $138 billion in 2026.

7. There Were 22.5 Million Smart Homes in Europe in 2017.

Europe has always been a place where people love technology. So, it is no surprise that this country had about 22.5 million smart homes in 2017. In 2022, the number of smart homes in Europe will increase to 84 million, and the further increment is promising. Although France is leading the global smart home technologies market, Europe has a good spot at the top. 

8. Analysts Say 20% of Households Worldwide Will Own Smart Home Technologies by 2025.

Even though many individuals are aware of smart home technology, many still don’t use it. Currently, less than 10% of households have smart home technology. However, it is anticipated to increase to 20% by 2025. By 2025, more than 1.5 billion households will utilize smart home technologies. Despite being a long shot, the projection has a chance because of how well-liked the current market is.

9. The US Owns the Biggest Smart Home Technology Market Shares.

Even though hardly everyone in the US uses it, broadband internet is nevertheless widely used. 23% of the numerous homes with broadband internet have more than three smart home appliances. With broadband, connecting to smart devices is quicker and simpler. One of the reasons you will typically find both together is because of this.

Smart Home Statistics of the Automation Market

10. Experts Say Households Will Spend $19.4 Billion on Security Systems.

Smart security systems are among the world’s most needed smart home techs. The market worth of smart security systems will rapidly increase in a few years. Market analysts have predicted that households will spend $19.4 billion on this tech in years to come. This excludes firms that spend on it, too. 

11. In 2022, the Smart Home Market Size Worth was $80.21 Billion.

In 2022, the worth of the smart home was about $80.21 billion. The market size is a lot weightier than most industries in the world and is rapidly increasing. 2023, it will be over $90 billion and grow even more in a few years. 

12. Amazon Holds the Largest Market Share in the Smart Device Industry.

There are many shopping sites and companies in the world. A few of them have some smart home techs on display, but the highest share belongs to Amazon. Even if Amazon’s share dropped to 69.7% from 72.9% in 2019, it still holds the highest percentage. Google follows it, with 31.3% of the smart home market share. 

13. They Have Predicted the Smart Home Tech Market Size to Value $195.73 in 2030.

The smart home market is doing well, even if not up to 10% of the world population has it. Experts in this market have predicted a humongous growth in the work in 2030. They said it would reach $195.73 billion in 2030 and cross that benchmark a few years later. 

14. The United States Produced the Highest Global Smart Home Automation Market Revenue in 2020.

The United States has the biggest share in the smart home tech industry. This means they produce the highest revenue from the market, more than every other nation globally. The US market’s revenue is about $27.6 billion, followed by China with $20 billion. This revenue amount data is from 2020. From 2021 until date, these countries have seen more growth in revenue. However, the US is still the highest.

Advantages of Smart Home-Connected Devices

15. With a Smart Security System, You Can Save Up to 20% on Your Insurance Premiums.

People with smart security systems have lower insurance rates, and those without are made to pay a fixed amount. The reduction rate of your insurance if you have a smart home appliance will be about 20% or more. Now, you can save money and still stay safe with your properties.

16. More Than 54% of House Owners Believe Installing Smart Home Techs Makes Them Sell Faster.

Everyone wants smart home technologies in their homes because they are excellent. Only a select few individuals will relish the burden of installing these technologies in their houses, though. So they acquire homes that already have smart home technology installed and working. According to research, 81% of Americans expressed interest in purchasing smart homes.

17. Investing in a Smart HVAC System Can Save 50% on Energy Usage.

You can control smart home techs like Smart TVs, smart lighting, smart thermostats, and others that use electricity. A function in them allows you to manage them in a way that saves electricity usage in your home. You can save 50% of your energy usage, saving money, too. The percentage of energy usage you can save with this depends on the number of electrical appliances you have.

18. Over Half of the Smart Home Tech Users Say They Are Saving Time.

According to a survey, nearly 60% of people who use smart home technology claim that the gadgets save them time. You can utilize smart home technology from anywhere; you don’t have to approach the devices directly to use them. Even though security is the primary benefit of smart home technology, some individuals adore its simplicity.

2023 Demographics of Smart Home Technology

19. Millennials are More Likely to Pay 20% or More for Smart Home Technologies.

Most millennials lack the physical strength to defend themselves or their possessions. Because smart home security technology helps them feel secure, they frequently invest more in it. Thanks to smart home technology, they can control things while sleeping. For this reason, they will spend more to ensure that they have smart houses.

20. In the US, 23% of Broadband Households Have Three or More Smart Home Devices.

Even though hardly everyone in the US uses it, broadband internet is nevertheless widely used. 23% of the homes with broadband internet have more than three smart home appliances. With broadband, connecting to smart devices is quicker and simpler. One of the reasons you will typically find both together is this.

21. Twice Every Day or More, People Use Two Out of Every Five Types of Smart Home Devices.

It is more surprising that more people have a smart home device and don’t use it for whatever reason. These devices are made to withstand the test of time and carry out their functions regardless of how many times you use them. But out of every 5 types of smart home devices, people only use two daily, leaving the others to rest. This practice is not right.

22. 31% of Households With Broadband Internet Also Hold Smart Speakers With Voice Assistants.

Since broadband internet makes running smart home devices easier, people use smart speakers with voice assistants. This makes it easy to control the speakers with your voice. The smooth connection of broadband allows the voice assistant to pick up your voice fast and deliver your request. 

23. Over 50% of the Households in the US Have At Least One Smart Home Device.

The United States is currently leading the smart home tech market in the world. Even the families in the US that use at least one smart home device is over 50%, which is more than the number in other countries globally. 

24. More Men Are Interested in Smart Home Devices Than Women.

From research, men are more likely to own smart home devices than women. Whether for security, to make life easy and enjoyable, or for other things, men are the leading owners of smart home techs. 82% of men own smart home devices, and 49% of women do. Mostly, women like this tech, but they usually don’t buy it. Records show that about 71% of men plan to update their smart home techs or buy more, while only 34% of women do.

25. 8.2 Million Baby Boomers Ad Smart Speakers in 2018.

Smart speakers are one of the most commonly used smart home appliances. It is easy to own, install, and use. It is also not as expensive as many other smart home techs that cost a fortune. Records show that over 8.2 million baby boomers worldwide owned smart speakers in 2018. This number has increased and will hike again in the coming years.

The Risks of Smart Home Technologies

26. About 35% of US Smart Home Tech Users Who Used Broadband Complained About Data Security Issues.

Reports have filled the media and the internet that people’s security and privacy are breached without permission. These people facing these issues are smart home tech users who run their devices alongside broadband. Over the years, the level of this privacy breach in the US has hiked. 

27. About 40.8% of Smart Homes Worldwide Have One or More amenable connected devices that can risk the home.

Smart home appliances are not self-destructive; other connected devices can alter their functions. The entire house is at risk when the parts change, so care needs to be taken. The house’s security could be breached, leaving it open to anyone. Such amenable devices are in the places of 40.8% of smart home device owners worldwide. 

28. Printers are the most amenable connected devices.

Many connected devices are smart homes, but printers are the most common and even more dangerous. Aside from printers, other devices can make your smart home appliances vulnerable to attacks—devices like storage devices, security cameras, and others. The report has shown that IoT devices stand higher hacking risks.

More Surprising Smart Home Statistics and Facts About Technologies

29. You Will Spend About $970 to $3,310 to Make Your Home Smart.

Smart homes are of different grades. Some have smart home techs to help you live with ease. Others just have the techs at spots where necessary, like the door for security, the speakers for music, and a few more. So, the pricing is different. The pricing range also depends on the size of the house, too. You can make your home smart from $970 to $3,310. The extra cash won’t be big if it gets more expensive and manageable.

30. There is a Prediction That 5G Technology Will Revolutionize the Services of the Internet of Things.

The Internet of Things runs the inner work of smart home tech. Almost everything that affects this IoT also affects the smart home’s effectiveness. The smart home tech will not exist without the IoT. With this, it is safe to say that the prediction of the 5G revolutionization of IoT will greatly affect smart homes. The smart home tech market will grow faster because more people will sign into the 5G network in the coming months and years. 

31. Experts Have Predicted That Smart Home Techs Will Become Smarter.

With the rate at which smart home tech is going, there is no doubt that they will become smarter as the years go by. From inception, a series of upgrades have been tested and applied to these devices. Also, with the implementation of AI, smart tech can be even smarter. Although AI uses machine learning for its functions, the future might see the fusion of it in smart homes.

32. About 56% of Adults in the US are Comfortable With Smart Home Devices.

When the smart home tech was established, many adults were uncomfortable using it. They also didn’t find being around it comfortable. But now, it has grown on many of them, and about 56% of adults are satisfied. This rate will increase even more with time. 

33. Some People Who Trust Completely in Smart Home Techs Think it has Opposite Extremes.

Although the number of people who trust smart home devices is increasing, some still don’t. The latter think big companies and the government use them to monitor people’s day-to-day activities and collect their data. Some people trust this tech enough to leave and let them watch over their babies.

More Smart Home Statistics and Facts About the Market

34. Smart Home Owners Will Spend About $35.6 Billion on Smart Security Systems in 2024.

In 2020, smart homeowners worldwide spent about $19 billion on smart home security systems. This amount went for maintenance and to buy new sets to replace or add to the old ones. It has been predicted that this figure will increase in 2024 to about $35.6 billion. Most of this money will go to security cameras and smart locks. 

35. Smart Kitchen Techs are Becoming More Popular in Smart Home Tech.

Kitchen duties are not the most fun for some people, especially men. With this, many people will patronize the smart kitchen tech to ease the stress in the kitchen. It is gradually getting popular. Smart kitchen devices like smart refrigerators, smart ovens, and others are doing well in the market lately.

36. 44% of Smart Homes Have Connected Entertainment Systems.

Smart homes typically include smart entertainment systems. The freedom to intelligently regulate music and other entertainment technology is something that home owners always want.

37. About 63% of People From a Survey Want Smart Security Systems in Their Smart Homes.

A smart security system is not present in every smart house. In a survey, some savvy home owners claimed they don’t want smart security systems, while 63% said they want. They consider it to be essential.

38. Smart Security Systems Achieved 22.6% of the Smart Home Tech Market Share in 2023.

The smart security system has already eclipsed its previous high, and 2023 hasn’t even begun. It now controls 22.6% of the smart home technology market. It may take longer until the end of the year.

39. Analysts Predict Intelligent Home Energy Monitoring Devices Will Generate About $12.4 Billion in Three Years.

The intelligent home device is working properly across the board. The demand for smart home energy monitoring equipment is also high. People are inquisitive about how much energy they use in their homes. They also want the capacity to control the rate of consumption. The device is expected to generate $12.4 billion in revenue over the next three years.

What is New in the Smart Home Tech World?

Moen has released a new smart home device. It is a water product suite that is linked. Its primary function is to monitor the water in the house. This innovation includes a smart shower, tap, sump pump monitor, water monitor and shutdown and leak detector.

Conclusion

Smart home technology is a method to simplify living and save energy and time. People are progressively accepting it over the world, changing their lifestyles for the better. Despite having a global market, the United States welcomes it more than other countries. Over half of all Americans own one or more smart home devices.Furthermore, the United States has the biggest market share for intelligent home technology. Following the United States are China, Europe, and a few more countries.

FAQs

References

• Hilary Topper
• Market Research Future
• Zion Market Research
• Todays Home Owner
• Fortune Business Insights
• Vantage Market Research
• Statista
• Forbes
• Wiynn

The post 37+ Smart Home Statistics and Facts (2023 Updated Data) appeared first on The Tech Report.

Wearable technologies are becoming the order of the day. Statistics show the number of connected devices has continued to increase, reaching 722 million as of 2019. Also, the Internet of Things market is projected to grow to $340 billion by 2024. These stats show the continued growth in the sector and more to come. 

These devices are widespread as many people take them everywhere, utilizing their inherent benefits. Still, others know what they are but only know a few things about the devices. If you are in the first or second category and want that to change, this article is for you. It has the basic statistics of wearable technologies and helps you recognize and know more about them.

Fascinating Facts

1. From 2016 to 2019, connected wearable devices increased by 325 million to 722 million respectively.
2. 30% of middle-income households used fitness trackers in the US in 2020.
3. The percentage of the world population that owned a wearable device in 2020 was 22%, and 3 of every 5 used it daily. 
4. There is a $74 billion expectation price for the global wearable technology market worth by 2025.
5. From 2019 to 2023, the number of wrist wearable devices was predicted to rise from 66.5 million units to 105.3 million, respectively.
6. The Internet of Things market in North America had a $95 billion value in 2018, and a $340 billion growth was predicted to happen by 2024.
7. Americans who used fitness trackers or smartwatches in 2019 were 21%.
8. The number of health wearables sold worldwide in 2019 was 223 million.
9. Currently, at over $20 billion, the global smart glass market is about $340.4 million.
10. 18.6 million sport wearable technologies were shipped worldwide in 2017, which is fast growing.
11. The sale of smartwatches rose from 9 million units in 2016 to 22 million in 2020 in the US.
12. People with different incomes use wearable tech differently.
13. $12.7 billion is the estimated worth of the global medical wearable tech market. 
14. Apple is the highest wearable tech company.
15. The number of users of wearable devices is over 1 billion.

What is Wearable Technology?

What Can You Call Wearable Technology?

As the name implies, wearable technology is simply something you can wear. These technologies come as clothing accessories or attachments to clothes for different reasons. Some can get attached to people’s skins as tattoos, temporal drawings, or body implants. This technology ranges in types and looks; it is good to identify them when you see them.

If you have to hold a device, it is not wearable technology. Different wearable devices have other purposes for being created, even if some share essential functions. Some regular wearable devices are smartwatches, rings, jewelry, clip mics, and more.

Wearable Technology Market Size

What is the Size of the Global Wearable Technology Market?

The global wearable technology market is evidentially big. Records show this the market was worth $15.74 billion in 2015. People spend so much on these devices for different reasons. Some for class, some for how cool it looks, and others for official reasons. Regardless, the market worth still grew even more significantly in 2019.

In 2019, the wearable device market was worth $32.63 billion, surpassing its worth in 2015. Analysts have predicted an even higher growth for the market between 2020 and 2027. The prediction was correct because the global wearable technology market is rapidly increasing. It reached over $61.30 billion in 2022 at a CAGR of 15.51% from 2016 to 2022.

During the pandemic in 2020, industries that produced wearable devices thought the market worth would decrease. But more people got interested in the gargets because they could quickly work from home. In 2022, it was reported that the number of connected wearable devices was over 1.1 billion globally. There has been a change in the space since the last record got released.

What is the Size of the US Wearable Technology Market?

Although the US size of the wearable technology market is large, it is still nothing compared to the global size. The US market worth is one of the biggest compared to many other countries. In 2019, over 56.7 million people used wearable devices once every month in the US. Half of this, 56.7 million people were using smartwatches in the same 2019. 

The market growth rate was this same year because of the broad publicity companies did. Over 3.8 million US children, teenagers, and young adults started using wearable devices in 2019. In 2020 there was an up in the market; its revenue reached $4.05 billion, and the usage rate increased to 14.6%. The average income for each user in the same year was about $83.99.

However, it has been predicted that the usage will drop between 2020 and 2024. The prediction says that only 11.7% of people in the US will use wearable devices, and the revenue will reduce by 1%. This revenue reduction will take it from $4.05 billion to $3.84 billion.

Penetration Rate of Wearable Technologies

What is the Penetration Rate of Wearable Technologies in the World?

The global penetration rate of wearable technologies is high, just like the size. The statistics below explain this high rate better. 

• In 2020, each user globally’s average revenue was $43. This was huge compared to the previous years. Accumulatively, the revenue reached about $18.98 billion in the same year. 
• The user penetration of wearable technologies worldwide was 5.9% back in 2020. In 2019, it was half this figure. 
• Analysts have estimated penetration and revenue decrease of wearable devices to start in 2024. From reports, a 2% decrease in revenue is expected, leaving the market volume at 17.85 billion. Also, penetration is expected to reduce to 4.8%.

Number of Connected Wearable Devices

1. From 2016 to 2019, There was a 325 Million to 722 Million Increase in Connected Wearable Devices Respectively.

With 325 million connected devices in 2016, the world recorded the highest number. But, this number increased by over double in 2019 with 722 million connections. It reached over 1 billion in 2022 and is still on the rise.

2. 30% of Middle-income Households Used Fitness Trackers in the US in 2020.

Only 25% used fitness trackers in low-income households, and 30% in middle-income families. However, only half of the upper-income households used the device in 2020. 

Fitness trackers are one of the many wearable health devices, and North America is the current leading area of wearable health tech. It shares 30% of the market and has a $9.9 billion worth market. More reports have shown that urban areas use health wearable devices the most, with 35%, compared to rural areas, with 30%.

Usage Growth of Wearable Technologies

3. In 2020, the Percentage of the World Population With a Wearable Device was 22%, and 3 Out of Every 5 Used it Daily.

In 2020, a whopping 22% of people worldwide had wearable devices to their names. Then, 3 persons out of every 5 owners of these devices use them every day. The same report was given in the previous year, 2019, with a difference of about 0.3%.

The growth of wearable devices doesn’t stop anytime soon in the world, as it has a fast-rising rate. The estimated market worth of global wearable technology was over $52.14 billion in 2021, which has increased over the years. Analysts predicted it would rise to €77 billion in the coming years, and smartwatches will be €22 billion out of it.

4. $12.7 Billion is the Estimated Worth of the Global Medical Wearable Tech Market. 

Over time the medical vesture tech market has increased in worth. It rose from 9% in 2015 to 33% in 2019 as people started seeing its effectiveness. They have predicted the global market worth to increase to $37.6 billion in 2025 with a 19.7% CAGR. 90% of Americans with health wearable techs don’t skip any day without wearing them. It shows that wearable techs are very effective in the health industry, and the high usage rate is high.

Wearable Technology Sales

5. There is a $74 Billion Expectation Price for the Global Wearable Technology Market Worth by 2025.

In 2019, the vesture technologies sales rose by 54%, and the value was about $27.91 billion with millions of users. 2022 showed the number of users increased to 1.1 billion people, and sales increased.

In 2022, the global market worth of vesture devices was $61.30 billion. Because of the market’s fast-growing nature was estimated to reach a $74 billion market worth in 2025. Considering the current worth price, 2025 might be too far for that benchmark, as it might get the estimated amount by the end of 2024.

Types of Wearable Devices That Get Used the Most

Over the years, smart vesture devices like smartwatches have become the most popular, judging from what is seen in societies. Even more of these devices are coming out occasionally, and some might have edges over the smartwatch. Looking at a few wearable devices and their statistics will help with this determination.

Wearable Wrist Device

6. From 2019 to 2023, the Number of Wrist Wearable Devices was Predicted to Rise From 66.5 Million Units to 105.3 Million, Respectively.

Smartwatches are one of the wrist vesture technologies, and they were expected to grow from 66.6 million units in 2019 to 105 million in 2023. So far, they have been moving towards the expectation, and there is no doubt they will reach it. It is and has been the most popular wrist vesture device segment with about a 50% rate.

Wearable Internet of Things (IoT) Devices

7. North America’s Internet of Things Market had a $95 Billion Value in 2018, and a $340 Billion Growth was Predicted to Happen by 2024.

In early 2018, North America had about 2.3 billion IoT connections. Analysts expect the number to rise by 2025 to 6 billion, over two times the previous number. The price is expected to grow with the number of connections because the number of connections means several usages.

IoT tech spread around North America and Europe, and 29% of their organizations use it. 16% of the world’s organization wants to start using the tech, which shows how much it is growing. This is why analysts predicted a %340 billion growth in IoT tech in 2024.

Wearable Fitness Tech

8. In 2019, Americans Who Used Fitness Trackers or Smartwatches Reached 21%.

From reliable research, over 1 in 5 adults in the US use a wearable fitness tracker often. They either use the actual fitness tracker or their smartwatches for it. About 41% of Americans use this tech to watch their health; others don’t like it because of its privacy policy.

Health Wearable Devices

9. The Number of Health Wearables Sold Worldwide in 2019 was 223 Million.

Fitness trackers are the most popular and used health wearable devices among all. Thirty million were sold worldwide in 2014, which rose to 223 million in 2019. The number is also expected to hike to 300 million before the end of 2023, and the market worth will increase to $104.9 billion by 2029.

Hearable Devices

10. The In-ear or Over-ear Smart Audio Device Gives a Better Experience Than the Traditional Headset.

Many people have experienced the smart audio device’s better effect and prefer it over headphones. This has increased the sales of this hearable tech over the years. Its shipment rose from 48.6 million units to about 170.5 million from 2018 to 2019. In 2028, about 15 million True Wireless Stereo was shipped worldwide to different users. This number hiked to 42.5 million at the end of 2019.

Smart Glasses

11. Currently at Over $20 Billion, the Global Smart Glass Market was About $340.4 Million.

Between 2017 and 2022, the global smart glass CAGR grew by 125.8%, the highest increment the market had seen. With this, the market value at $340.4 million grew to over $20 billion in over 5 years. 

These glasses are helpful and practical. They add information to what the wearer sees; others cannot see it except they wear glasses. 150,000 smart glassed were shipped in 2016, 340,000 in 2017, 3.7 million in 2018, and 6.5 million in 2019. More so, over 10.7 million smart glasses were shipped in 2020, 16.6 million in 2021, and 22.8 million in 2022.

Sport Wearable Devices

12. 18.6 Million Sports Wearable Technologies Were Shipped Worldwide in 2017, Which is Fast growth.

Many sports practitioners have developed interests in sports wearable devices, causing the wide sale of these items worldwide. 2017 about 18.6 million of them were shipped worldwide, and 19.5 million in 2018. Also, in 2019, about 21.3 million tech units were sent, and 27.7 million units in 2020, and the number kept growing.

Smartwatch Uses

13. The Sale of Smartwatches Rose from 9 Million Units in 2016 to 22 Million in 2020 in the US.

A smartwatch is one wearable tech with the most users in the world. It is also the most popular in the market. 20.1 million smartwatches were sold in the US and 148.74 million worldwide. The number increased in 2020 as 22 million were sold in the US and 186.89 million worldwide.

Since then, the number of sales annually has only increased, and Apple has the largest share of the growing sales number, with 47.9%. Following Apple distantly is Samsung with 13.4%.

Statistics of Wearable Techs

14. People with Different Incomes Use Wearable Tech Differently

People with higher income patronize vesture tech less than people with middle and low income. However, they use the more expensive gadget for a better tech experience. 34% of the global vesture tech users are low-income, and 41% are medium-income earners. Only about 25% of vesture tech users are from the high-income class. This explains that fewer high-income earners use wearable devices, but these few buy the more expensive ones.

15. Many Wearable Techs Users Don’t Have Geo-restricted Features.

In 2017, 4G connections were about 217 million, which rose to 439 million in 2022. North America has the most 5G connections, and it will have 70% of the 5G wearable connections along with Pacific Asia. This shows that the feature is not geo-restricted but restricted based on the network.

16. How Frequently Do People Use Wearable Techs?

You cannot tell the fixed rate at which people use wearables until you have analyzed the usage of the different types. This is because the usage frequency depends on the type of device. Other tech companies worldwide 2019 sent out about 80 million shipments of wearable devices. They also made 19 million wrist vesture device shipments from 2019 to 2020.

For children in China, 35 million units of vesture tech came into the market, and 1 million in the US, which is a viable growth. However, Europe didn’t share in the increased demand but decreased because of the privacy issue and stringent regulations. With these, it is clear that vesture tech is used very often. There is, however, no fixed percentage rate for it.

Wearable Tech Users’ Demographics

Men Versus Women

More men use wearable devices than women. A survey in Japan in 2019 shows that 3% of women and 12% of men own smartwatches. But, research has shown that women are more likely to claim ownership of more wearable devices than men. Despite this, 63% of users of smartwatches are men, and the other 37% are women. 

Age Grouping

The Generation that is most likely to use wearable devices is Generation Z. The people who use tech more are those aged 25 to 34. This result came from s research carried out on vesture tech users. Teenagers and adults aged 15 to 24 comprise 24% of wearable tech users. 36.4% of users are from the 25 to 34 age group, 26.3% are from the 35 to 44 age group, and 17.2% are from the 45 to 54 age group. The 55 to 64 age group produces 16.1%, the least.

Wearable Techs Data

How Much Data Do Wearable Techs Create?

The data from wearable techs help companies know the vitals of many people worldwide. It also records the progress and habits of users, which is how these companies know how to improve their services. Vesture devices take more data than some people know.

Apple is the Highest Wearable Tech Company.

Apple has worked to the top of technology and is today’s highest company in the wearable tech industry. 2019 the company’s wearable tech, accessories, and home product categories made $5.1 billion. This amount, in 2020, increased to $6.3 billion. Following the company’s revenue in 2019 was Fitbit with $1.43 billion, and Garmin’s revenue with $1.11 billion. Also, Huami’s revenue was $834.9 million. 

The Number of Users of Wearable Devices is Over 1 Billion.

The number of people using wearable tech today in the world is high. The industry has seen massive growth since it started in 2000 to date. The significant growth rate began in 2016 when more people realized the benefits and ease of using these products. The market has been doubling sales, production, and usage since then. There has been no sign of the market slowing down, as its usage is currently at over 1 billion globally. In the years to come, vesture tech will go through 2 billion.

Conclusion

The world is warming to wearable technology, and the industry’s worth is high. It has the potential to increase even more because new wearable devices are coming into the market, and more people will use them. Apple is the leading company for vesture devices because of its smartwatch models. It holds more market shares and will take real work for the next company to catch up.

FAQs

Sources

• TechTarget
• Grandview Research 
• Vilmate 
• Perle 
• Grandview Research 
• News-medical 
• Demand Sage 
• Statista 
• Health News
• Datarade

The post 15 Wearable Technology Statistics [2023 Edition] appeared first on The Tech Report.

Internet users are growing tremendously, with over 1 million daily active users, as per 2019 statistics from WeAreSocial. We don’t need to convince you that the growth rate has increased even more over the past few years. Mobile and desktop usage are driving this growth. Each channel, however, has its own advantages and disadvantages.

This article highlights the latest developments in mobile vs. desktop usage trends, vital growth statistics, and other relevant information about both sectors.

Let’s dive in.

Overview of Mobile and Desktop Usage

According to current research by Internet World stats, 4.53 billion people, or nearly 58.8% of the world’s population, can now access online web portals. Thankfully, in comparison to the conventional age, people now have more ways than only desktop computers to browse the World Wide Web by using newer, more advanced technologies. 

Today, many people use mobile devices for online shopping, web access, and other tasks. Worldwide organizations are also becoming highly interested in using learning management systems and integrating mobile learning.

Comparing Mobile and Desktop Devices

BroadbandSearch’s analysis of internet usage on mobile and desktop shows a progressive shift in web traffic over the years. Mobile internet usage accounted for 51.3% of all website traffic in 2016 and 53% in 2019.

Although desktop online traffic continued to dominate at 56.7% during the same period, statistics indicate that mobile internet usage is increasing steadily and may soon overtake desktop usage.

The survey also offered an intriguing look at how mobile users behave, demonstrating that 90% of their internet activity is spent on mobile-specific applications. The popularity of smartphones and tablets doesn’t mean desktop computers are going out of style. Every piece of equipment has a function inside the technological ecosystem. 

Smartphones and tablets are the best devices for on-the-go jobs and casual surfing because of their higher flexibility and portability. Desktop computers and laptops continue outperforming them regarding resource-intensive and complex computing tasks.

According to the changing environment, developers must know the differences between desktop and mobile experiences. They should put more effort into developing platform-specific responsive designs and optimized applications to appropriately cater to distinct user needs.

Differences Between Mobile and Desktop Experience

All mobile, desktop, and tablet devices have seen higher conversion rates during the last five years. Desktop users had the most significant percentage of 4.14%, according to BroadbandSearch, indicating a higher propensity to buy. The conversion rate for tablet users was 3.36%, while it was 1.53% for mobile users.

For the best user experience, we’ll pay attention to elements like portability, specialized apps, and wireless connectivity, which are more important than the distinctions between desktop and mobile.

Portability

The dispute between mobile and desktop devices mainly favors the former because of changing usage patterns. More users now prefer mobile devices for social media surfing, news reading, email, and online purchasing. According to research by BroadbandSearch, people watch media on their mobile devices for about 203 minutes per day.

Dedicated Apps

Mobile devices include specialized software for various tasks, including social networking and business tools. They provide mobile-friendly tools for talented kids and cater to employees who must complete tasks while on the go. On the other hand, desktop programs shine in categories like video editing, graphic design, education, production, and IT development because they have simple navigation and excellent graphic layouts.

Wireless Connections

The wireless connectivity of desktop and mobile devices is a crucial distinction. Cellular networks are simple for mobile devices to connect to, enabling continuous web access. On the other hand, desktop PCs rely on WiFi connections to access the Internet. 

Advantages and Disadvantages of Mobile Usage

Mobile phones have evolved from simple communication tools to complex gadgets that provide high-quality media capabilities, storage space, longer battery life, and cutting-edge wireless technology. According to LMS trends, mobile phones are increasingly used globally in educational activities, communication, entertainment, and online commerce. 

Mobile Device Advantages

Mobile phones are essential in various spheres of the world, such as classrooms, workplaces, and general household functions. Its advantages are enormous, and they offer features that every user desires. Two of these significant feature includes:

Convenience

Users often interact with mobile devices, which have evolved into essential everyday tools. A Dscout research found that the typical person touches their phone 2,617 times daily. This exemplifies how mobile devices enable connectivity and provide users with security.

Multi-purpose Features

Mobile phones were initially created to provide wire-free, hands-free communication. They have now developed into versatile gadgets. Versatile gadgets can perform various tasks, including communication, entertainment, storage, and applications. 

Mobile Device Disadvantages

It’s not always rosy for mobile device users, and the challenges they experience could go on and on. Mobile phones are limited to an extent, and here are some common focus areas. 

Screen Size

Mobile phones possess small screens, which are typically five to six inches. This minute size, in comparison to desktops, is their primary flaw. While they are sufficient for simple daily operations, more than these screens might be needed for more complex jobs like recording, utilizing PC screen recorder software, or doing far screen-extensive tasks.

Constant Interruptions

While allowing for constant communication, mobile devices can also provide frequent disruptions and distractions, which disrupt productivity and attention to everyday chores. Even the continuous buzzing of mobile notifications can negatively impact people’s capacity to remain productive.

According to an OfficeTeam study, mobile devices are a significant source of office distractions, with each employee wasting approximately five hours per week or 56 minutes per day on non-work-related activities. Additionally, users pick up their phones 58 times on average daily, 30 of which occur at work.

Advantages and Disadvantages of Desktop Usage

The Advantages of Desktop Usage 

Computer systems like laptops nowadays are handier and more portable than the large computers of the mid-1960s that required massive space. Handy computer types like laptops are convenient and give users the flexibility and liberty to work on anything with a computer at any given time.

Since the introduction of portable computers in the 20th century, the device has evolved into a dominant computing machine, containing ingenious functionalities, lustrous and lightweight designs, and the most current and famous operating systems.

According to the Nelson Norman Group research, large-screen devices like desktop computers and laptops are preferable for performing complex, challenging, and overwhelming tasks.

Research carried out by BroadbandSearch indicated that in the daily average desktop use in 2013, people in the US used a desktop in 144 minutes, while in 2019, they used a desktop in 128 minutes.

Following ResearchAndMarkets, the rate of buying and selling of laptops will increase. Its market is expected to grow to $7.2 billion from 2020 to 2024. Other advantages of desktop devices in accomplishing several tasks 

Business Tools

More portable devices, like mobile devices, cannot perform some duties, which gives desktop devices an advantage. For example, desktop devices can be used for companies’ business processes like accounting, product creation, marketing, administration, and animation.

Better Performance

Desktop devices are better than mobile devices regarding performance, power, and reliability. Higher storage capacity gives users ample space to handle media, software programs, and many other files.

The Disadvantages of Desktop Usage

Desktop computer devices and laptops are associated with risks like durability, security, lifetime, and hardware issues, including storage, backup, and battery. Users may encounter the following disadvantages in desktop devices. 

Requires Too Much Space

Carrying desktop devices from place to place is more complicated due to their size. Users who need to travel regularly may find them too huge to carry around.

Durability

Changes and developments in electronic devices, including desktop computers and laptops, since their first introduction, have given them different sizes, options, features, styles, and a wide variety of choices to select from.

These devices are more disposed to wear and tear. Studies by SquareTrade show that laptops have far more delicate and stylish components than other electronic devices, so they are predisposed to a higher failure rate than other consumer electronics. The study also revealed that one-third of all laptops experience fault within three years. Some laptop parts, such as power jacks, screen hinges, and latches, can weaken eventually.

Current Statistics on Mobile and Desktop Use

According to Statcounter Global stats of mobile to desktop website usage, it is discovered that 50.48% of web traffic is from mobile devices, and 46.51% of web traffic is from desktop devices. Tablets contribute the lowest with traffic of 3%.

The United States has online traffic of 63% from tablet and smartphone devices. This is based on data recorded in 2017 of 2 trillion site visits, a significant rise from 57% in 2016. By the close of 2018, there was an expectancy increase of two-thirds.

Ad Viewership

According to Buiness2Community’s research, the percentage of ad viewership by mobile users compared to desktop users was tremendously high, with mobile users leading at 83% while desktop and laptop computer users were 53%. This is because the Internet has better desktop ad blockers, which makes advertising campaigns efficiently target mobile users.

Mobile Learning

According to LearnDash, mobile learning is fast becoming an essential aspect of e-learning. 70% of mobile learners are becoming more motivated when training using a mobile rather than a desktop device.

E-commerce Transactions

According to statistics from Merchant Savvy, 58% of multi-device purchases in 2020 utilized mobile devices to generate sales. Users prefer using their mobile phones for ease and better availability than desktops while browsing online. Movies, computer hardware, video games, and digital content have the most significant purchase of mobile share and have the fastest growth in e-commerce.

Email 

Global mobile trends reveal that in the US, mobile phones opened 61% of email, 24% of webmail clients, and desktop devices at 5%.

Social Media Surfing 

Out of every five minutes spent using online content, at least one minute goes into surfing social media. Social media is primarily accessed through mobile phones, accounting for 25% of digital media usage. 

Google Searches

As per Hitwise‘s research, 58% of searches on mobile devices are done using Google searches. According to an analysis done in the industry on search volumes, it has been proven that most search queries globally were created from mobile browsers. Also, 72% of searches are related to food and beverages.

Engagement Rate

When comparing mobile apps with desktop web viewing, it has a greater engagement rate and conversion rates of about 100-300%. This proves that in terms of user engagement and conversion, mobile apps triumph over mobile-improved websites, according to mobile marketing magazine.

It has been discovered that the engagement matric of mobile apps differs based on the market maturity and the population of the mobile market at the regional level. Western Europe region from 2019 – 2020 emerged as the utmost direct app with open rates of 40.6%.

Web Loading Time

Loading time is necessary for mobile users. 53% of mobile users discontinue websites that take more than 3 seconds to load. This emphasizes how crucial mobile page speed ensures excellent user experience, reminding web developers of the relevance of mobile-responsive websites.

Conclusion

In the past, nothing was more dominant and influential than a desktop computer. Mobile usage is overtaking desktop usage. Due to information technology advancements, more ways to connect and interrelate over the Internet have emerged. There are now unlimited options for online marketing, casual browsing, and e-commerce transactions.

Mobile usage is higher than desktop usage in terms of number of users and web traffic. Most times, the primary factors in choosing whether to use a desktop or mobile device are transportability, convenience, suitability, and screen size. Big-screen devices like desktops and laptops are still powerful and will not be obsolete anytime soon. The majority of users still prefer to undertake some internet-based tasks on big screens regardless of the more sophisticated mobile devices on the market today.

FAQs

References

• Mobile Vs. Desktop Internet Usage (Latest 2023 Data)
• Dscout
• Office Team
• Nielsen Norman Group
• Research and Markets
• 1 in 3 Laptops fails over 3 years: Netbooks fail 20% more than laptops; ASUS & Toshiba are the most reliable
• Desktop vs. Mobile vs. Tablet Market Share Worldwide
• Desktop vs. Mobile Video Consumption: What You Need to Know
• 7 Random Mobile Learning Stats
• Global Mobile eCommerce Statistics, Trends & Forecasts
• Mobile Search Report
• Mobile app engagement rates soar under lockdown: report

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The Internet of Things (IoT) has changed how we use technology daily. The broad network of smart devices, which has billions of connected gadgets, is producing volumes of data and propelling substantial breakthroughs in a wide range of businesses. Undoubtedly, the system has become an item of interest, not just for business but for industrialization. With global prevalence at such a fast rate, the world of IoT is predicted to sit as the next big thing.

This article examines several astounding facts demonstrating IoT’s growth and influence. We can see IoT’s usefulness from the number of connected IoT devices to the economic value produced by offering a window into the intriguing world of IoT statistics.

Top Picks

• The number of IoT devices worldwide will surpass 64 billion by 2025.
• By the end of 2022, the IoT network is estimated to connect 29 billion devices.
• It is anticipated that by 2022, LPWAN coverage will be available to the entire global population.
• By 2025, the economic value generated by IoT can range from $4 trillion to $11 trillion.
• Cost savings are the primary revenue driver for 54% of enterprise IoT projects.
• The market for wearable devices is expected to hit $1.1 billion by 2022.
• Most organizations (97%) face challenges extracting value from IoT-related data.
• The IoT market in banking and financial services is projected to grow to $2.03 billion by 2023.

Asides from these, the rest are divided into market size stats, business adoptions, news, and general exciting statistics.

Informative IoT Statistics

It is exciting to know that IoT has tremendous benefits, but first, we need to learn critical details about the sector.

1. 29 Billion Connected Devices, Including 18 Billion IoT Devices, were Expected by End-2022.

The number of connected devices was expected to surge to 29 billion by 2022, with 18 billion IoT devices. 5G technology will be pivotal in enabling organizations to explore new markets and unlock potential revenue streams. 

Businesses can leverage IoT technologies and expand their operations, paving the way for innovative applications and services in various industries.

(Source: Ericsson)

2. The Usage of Utility IoT is Projected to Hit $129.1 Billion by 2032.

With a CAGR of 11.9%, the worldwide utility IoT market is anticipated to grow to $129.1 billion by 2032. The desire for smart grids, the need to increase operational efficiency, and the expanding use of smart meters are driving the expansion of the utility IoT market.

(Source: Global News Wire)

3. Global IoT Security Spending will Reach $1.1 Trillion by 2023.

As the number of connected devices rises, the IoT global security market will reach $1.1 trillion by 2023. With a CAGR of 18.4%, the market is now estimated at $450 billion. The need for IoT security is expanding, with over 8 billion connected devices present today and 50 billion predicted to exist by 2023.

(Source: Exploding Topics)

4. Building Automation to Reach $148.6 Billion in Revenue by 2027.

Building automation is projected to generate $148.6 billion by 2027 in sales globally. The CAGR is expected to be on the surge, too. It seems the expansion drives the desire for high work efficiency, operational ethics, and the growing acceptance of IoT.

(Source: Markets and Markets)

5. Wearable Devices Market to be Worth $1.1 Billion by 2022.

The wearable tech field was predicted to be worth $1.1 billion in 2022. The report suggested that smartwatches, trackers, and other wearable technology will keep recording a significant rise.

(Source: Statista)

6. Apple Led the Smartwatch Market with a 36.1% Share in Q1 of 2022.

With a 36.1% share, Apple led the smartwatch industry in the first quarter of 2022. Samsung took second place with 10.1% shares. Interestingly, Huawei and Xiaomi are third and fourth in numbers, respectively.

(Source: Counterpoint Research)

7. More Smart Cities are Expected to Emerge Shortly.

The concept of tech-advanced cities is evolving fast. More and more cities adopt innovative technology to improve the lives of their citizens. The establishment of digital cities plans to use IoT technology to connect and collect data from different sensors and devices. This new update can improve traffic flow, public safety, and city growth.

(Source: Enterra Solutions)

Market Size Statistics of IoT

The world’s market remains all in favor of IoT technology. This acceptability is evident in the growing market size, which we will look into through these stats:

8. The Number of IoT Devices is Expected to Reach 30.9 Billion by 2025.

The number of linked devices on the Internet of Things (IoT) is predicted to reach 30.9 billion by 2025. This is more than the roughly 10 billion mobile devices thought to be in use now.

(Sources: Business Insider, IoT Analytics, Gartner, Intel)

9. Every Second, 127 New IoT Devices Connect to the Internet.

IoT technology is growing significantly, with a predicted sum of 127 gadgets said to be connected to the Internet every second. This shows that billions of devices related to IoT are in use now, which will only increase.

(Source: McKinsey)

10. Global Consumer Technology Spending was Expected to Reach $505 Billion at the End of 2022.

Consumer technology expenses, which are not limited to purchases of gadgets like TVs, PCs, tablets, and smartphones, are an extensive term. However, in 2022, the worldwide sector was anticipated to expand to $505 billion from the earlier $450 billion mark.

(Source: Statista)

11. The Global IoT Market is Projected to Reach $875 Billion in 2025, With a CAGR of 26.9%.

There is an expectation that the IoT global market will expand at light speed and hit $875 billion in 2025. This is considerable growth compared to the $330.6 billion value in 2020.

(Source: Market Data Forecast)

12. Security Remained the Top Focus for the IoT Industry in 2022.

The market for IoT technology is opening up quicker than anyone imagined, and with that pace arises security concerns. Hence, security remained the industry’s top priority throughout 2022.

(Source: Velvetech)

13. The IoT Healthcare Market is Expected to Reach $158.1 Billion by the End of 2022, With a CAGR of 28.6%.

The Internet of Things (IoT) dramatically impacts the healthcare sector. The use of IoT devices to gather and analyze data in various ways has given rise to fresh and creative applications in the healthcare field.

(Source: DataProt)

14. In the Coming Years, 100% of the Global Population will Have LPWAN Coverage.

LPWANs, for Low-power wide-area networks, are mobile networks created to offer long-distance communications with minimal power usage. LPWANs are perfect for IoT applications because they connect several devices over a large region without using much electricity.

Only 20% of the worldwide population had coverage in 2017. However, in the upcoming years, this is anticipated to change drastically.

(Source: McKinsey)

15. Cellular IoT Connections are Expected to Reach 3.5 Billion by the End of 2023, with China Being the Main Growth Driver.

Cellular IoT refers to the use of cellular networks to connect IoT devices. Ericsson says this connection growth may likely hit 3.5 billion by 2023. This significantly increased from the 1.9 billion cellular IoT connections used in 2020.

(Source: Ericsson)

Industry-Based Statistics on How IoT Impact Businesses

This session will highlight the economic importance of IoT and how it impacts businesses. Read on.

16. By 2025, the Internet of Things (IoT) can Generate $4 Trillion to $11 Trillion for the economy.

The most significant contribution to the IoT’s economic value is expected to come from factories. IoT-enabled factories could save $1.2 trillion to $3.7 trillion in operating costs by 2025. IoT sectors expected to see significant economic benefits include smart cities, healthcare, retail, and transportation.

(Source: McKinsey)

17. By 2030, the Industrial Internet of Things (IoT) Market Could Generate $14.2 Trillion Economically.

According to Forbes, the IIoT market could generate $14.2 trillion for the global economy by 2030. The CAGR may also likely increase tremendously. Also, Morgan Stanley’s prediction of the industrial IoT market size reaching $110 billion by 2020 and $124 billion in 2021 came close.

(Source: Forbes, Morgan Stanley)

18. Specific Utility Industries Will Spend $40 Billion Each on IoT Platforms, Systems, and Services.

The Internet of Things (IoT) is a rapidly growing market, and it will impact a wide range of industries significantly. Some of them are discrete manufacturing, transportation, and logistics.

(Source: Statista)

19. There are 3 Top IoT Enterprise Project Segments and Regional Distribution.

The Internet of Things (IoT) is a rapidly growing market, and it is popular in many industries. According to IoT Analytics, the top 3 segments for enterprise IoT projects are Smart City, Connected Industry, and Connected Building.

(Source: IoT Analytics)

20. Cost Savings is the Primary Revenue Driver for 54% of Enterprise IoT Projects.

The Internet of Things (IoT) is a rapidly growing market that improves business efficiency, productivity, and safety. IoT Analytics says cost savings is the primary revenue support for over 50% of business-related IoT projects.

(Source: IoT Analytics)

21. The Main Aims of IoT Deployment Vary by Country, With 23% of Chinese Companies Using it to Increase Competitiveness.

According to Ovum, the top goal of enterprise IoT deployment varies by country. Unlike 23% of Chinese companies that use it to compete, countries like the United States, the United Kingdom, France, and Australia aim to reduce costs through IoT deployment.

(Source: Ovum)

22. 58% of Producers Suggest IoT Must Transform Industrial Operations Digitally.

The Internet of Things (IoT) is significantly impacting the manufacturing industry. According to a survey by GE, 58% of manufacturers say IoT will transform industrial operations digitally.

(Source: GE)

23. Over 80% of Senior Business Executives Across Industries Say IoT is Essential to Their Business.

The Internet of Things (IoT) is impacting firms across various industries. According to a survey by Statista, 28% have severe investing plans, while a set-aside 54% believe in the results of IoT.

(Source: Statista)

24. Real-world Benefits from IoT Could Exceed Original Expectations by 16 to 17%.

The study by Fierce Electronics also found that only 29% of executives confirmed that IoT strategies would improve business efficiency.

(Source: Fierce Electronics)

25. 93% of Enterprises have Adopted IoT Technology.

A whopping 93% of enterprises have adopted IoT technology, with 77% of executives in the sector believing it will allow them to transform offices into smart workplaces. IoT devices automate tasks, collect data, and improve the overall efficiency of the workplace.

(Sources: Fierce Electronics, Security Today)

26. IoT is a Strategic Necessity for Industrial Operations.

A survey by DataProt found that 58% of manufacturers see IoT as a strategic necessity for transforming industrial processes. The importance and effectiveness of IoT are broader than specific industries, with over three-fifths of organizations seeing this technology as necessary in digitizing their operations. The goal is to find new ways to improve efficiency where SaaS and other companies thrive.

(Source: DataProt)

27. IoT in Healthcare will Hit $158 Billion in 2022.

The Internet of Medical Things (IoMT) sector will reach $158 billion by 2022. Patient monitoring is the number one use of IoT in the healthcare sector, followed by remote operation and control and location-based services.

Executives in the healthcare sector cite increased innovation as the top benefit of IoT. Energy meters, imaging devices, and X-rays also make use of IoT.

(Source: Link Springer)

28. IoT in the Retail Market Will Reach $35.5 Billion in 2025.

Generally, IoT technology offers various applications in the retail industry, particularly in enhancing the in-store shopping experience. The IoT market in the retail sector will experience substantial growth, with a projected value of $35.5 billion by 2025.

Comparatively, a forecast from 2020 estimated the market size to be $14.5 billion, indicating a Compound Annual Growth Rate (CAGR) of 19.6%.

(Source: Globe News Wire)

29. The Government Sector is the Slowest to Adopt IoT but Progressing.

IoT statistics reveal that over 78% of professionals reported that implementing machine-learning technologies is underway or completed. Moreover, the study indicates that more than 70% of public sector agencies are actively evaluating the potential of emerging technologies, including IoT.

 However, the transition from pilot projects to full-scale implementation is still relatively low, with only about 25% of agencies moving beyond the initial pilot phase.

(Source: Internet of Business)

30. Companies will Invest up to $15 Trillion in IoT by 2025.

The potential investment in IoT by companies will reach up to $15 trillion by 2025. Specific industries, such as clothing manufacturers, healthcare providers, and municipalities, are investing substantially in IoT. These sectors understand the transformative impact that IoT can have on their respective fields.

(Source: DataProt)

IoT Business Adoption Statistics 2023

Regarding the adoption of the technology, the number of companies and businesses interested is in their numbers. These statistics surrounding IoT acceptance are some of the reasons.

31. The Telecom Industry Leads in the Average Implementation of High-potential Use Cases.

Industry data show that, with a rate of 36%, the telecom sector leads all other sectors in the average adoption of high-potential use cases. This indicates that the telecom sector has successfully adopted several use cases for value and impact.

(Source: Capgemini)

32. US Leads in Full-scale Deployment of IoT in Operations.

Enterprise executives claim that the US is at the front when fully implementing IoT technologies in operations. Germany (35%) and the United Kingdom (41%) follow the US regarding deployment rates.

(Source: Capgemini)

33. Samsung Tops IoT Consumer Electronics Patents in Q1 2022.

Samsung became the top consumer electronics IoT market patent holder in Q2 of 2022. The company holds the most patents in the IoT smartphone sector, with an impressive portfolio of 820.

With 524 patents, LG came in second place, demonstrating its dedication to industry innovation. With 490, 485, and 479 patents, respectively, Huawei, Qualcomm, and Sony were other notable players in the industry.

(Source: DataProt)

34. 29% of Developers for Connected Devices Favor Microsoft Azure IoT Suite.

According to a Cowen survey, 29% of programmers favor Microsoft’s Azure as the foundation for their connected device projects. Due to Microsoft’s dominance in the software market and its extensive IoT features, Azure IoT Suite has become quite popular.

(Source: Cowen)

35. Understanding and Implementation of IoT Among Business Leaders.

According to statistics, more than 98% of company executives have some knowledge of IoT. More clarity is helpful to the precise concept of IoT and its consequences for various enterprises.

(Source: Fierce Electronics)

36. Industries With the Most Security Breaches are Adopting IoT.

IoT adoption comes with inherent security challenges, as statistics show that 84% of organizations implementing IoT have experienced an IoT-related security breach. This high percentage underscores the significant cybersecurity risks associated with IoT deployments.

(Source: Fierce Electronics)

37. The Projected Value of the Global IoT Security Market by 2028 is $961.6 Billion.

According to recent IoT security statistics, the market will hit a whopping $61.6 billion in 2028. This growth reflects the growing recognition among organizations of the critical importance of securing their IoT ecosystems against potential cyberattacks and vulnerabilities.

(Source: GlobeNewswire)

38. Challenges in Extracting Value From IoT-related Data.

IoT adoption has enabled organizations to gather significant data from their processes. However, statistics show that 97% of organizations face challenges creating value from IoT-related data.

Despite extracting vast amounts of data, many organizations need help to make sense of this data and derive meaningful insights from it. Only some businesses (39%) fail to extract or analyze data within their corporate networks, missing valuable insights that could enhance their business decisions.

(Source: Fierce Electronics)

39. The Future of IoT Management for CIOs.

Chief Information Officers (CIOs) oversee IoT deployments, especially in light of its exponential growth. In 2023, CIOs will bear over three times as many responsibilities as in 2018.

(Source: Gartner)

40. The Retail IoT Market Will Reach a Valuation of $94.44 Billion by 2025.

Retail markets are booming as IoT adoption rates increase with a CAGR of over 21.5%. With the development of barcode readers, there will be a tremendous increase in IoT applications.

(Source: DataProt)

41. Growth of the Global Automotive Internet of Things (IoT) Market to Hit $104.2 Billion by 2023 Year-end.

In the upcoming years, the worldwide Internet of Things (IoT) automotive industry will experience rapid expansion. Industry projections predict that 2023 the market will be worth $104.2 billion.

IoT technology’s expanding use in autos fuels this expansion. With 220 million connected vehicles on the road by 2020, the IoT in the automotive industry is multiplying.

(Sources: Business Wire, Markets and Markets, Business Insider)

42. The Projected Value of the Global Healthcare IoT Market was Over $158 Billion in 2020.

With a value of $158 billion in 2022, the worldwide Internet of Things market for healthcare will expand significantly. According to this forecast, the market will increase at a 30.8% CAGR from when it was at $41.22 billion in 2017.

(Source: Markets and Markets)

43. The Global IoT Market will Generate Between $4 Million and $12 Trillion by 2025.

The IoT global market has tremendous revenue potential, with projections estimating $4 to $12 trillion by 2025. This wide range reflects growth scenarios and adoption rates across industries and regions.

The industrial sector is a vital driver of the IoT boom, contributing between $1.2 and $3.7 trillion to the global IoT revenue by 2025. 

Factories, in particular, play a significant role in generating IoT revenue as they adopt connected technologies for enhanced productivity, automation, and supply chain optimization.

(Source: DataProt)

44. International Smart Homes Were at $58.7 Billion in 2020.

This growth trajectory reflects a compound annual growth rate (CAGR) of 19.31% from 2014, when the market was at $20.38 billion.

Several factors have contributed to the expansion of the smart homes market. The increasing adoption of smart speakers, lighting control systems, home appliances, home healthcare products, smart kitchen solutions, smart furniture, and HVAC control solutions has driven market growth.

(Source: Statista)

45. By 2025, 73.1 ZB of Data will Generate.

Indeed, IoT statistics suggest a significant increase in data generation by its devices in the coming years. The projected volume of 73.1 zettabytes (ZB) by 2025 represents a substantial growth of 422% compared to the 2019 output of 17.3 ZB.

(Source: DataProt)

Conclusion

The Internet of Things technology, IoT, is about to peak, with billions of devices connected by 2025 and 73.1 ZB of data generated. As IoT grows, businesses must develop strategies to utilize the data produced to gain the maximum benefit effectively. Firms will likely face challenges head-on to build a future geared towards advancements in 5G, AI, edge computing, privacy, and safety.

FAQs

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Founded in 2003, the multinational automotive and clean energy giant Tesla Inc. has grown into the world’s most valuable automaker and is a market leader for electric vehicles (EV). It was originally created to be “a car manufacturer that is also a technology company” – an ambition that it’s been trying to live up to since its inception with a stream of innovations.

Contrary to popular belief, Elon Musk wasn’t one of the original founders of Tesla but became a major investor and chairman in 2004 and CEO in 2008. After that, the company reached unprecedented heights in the automotive industry – but it has also been the subject of various controversies around the world.

Regardless of these issues and other rumors about Tesla, it remains an automotive giant on the path to growth. In this article, we’ve looked at its revenue and market statistics, manufacturing trends, safety and autopilot crash data, and future predictions. Let’s dive in.

Key Tesla Statistics For 2023

1. Tesla’s revenue in 2022 was $81.46 billion, with Q4 being the source of almost 30% of the total revenue for that year ($24.3 billion).
2. In 2021, automotive sales accounted for $44.13 billion in Tesla revenue – a figure which grew by 44% and reached $67.21 billion in 2022.
3. Tesla’s all-time high stock price was registered on November 4, 2021, when it was $409.97.
4. Tesla produced 1.3 million and delivered 1.28 million Model 3 and Model Y electric SUVs in 2022.
5. As of Q3 2021, Tesla has deployed over 45,000 Supercharger Connectors around the world in nearly 5,000 Supercharger locations.
6. Teslas have a 48% lower crash rate on a per-mile basis than other EVs and a 21% lower driver distraction risk.
7. Tesla Autopilot vehicles with full self-driving (FSD) technology were involved in 736 crashes between 2019 and 2023.

Tesla’s Market Performance Statistics

Source: Tesla

As the largest EV maker in the world, Tesla has a strong market position. It’s grown exponentially in the last few years, having established itself as an industry leader and an innovator. 

We’ve taken a look at Tesla’s revenue and market statistics published by the company on a quarterly basis. Let’s dive into the key insights.

Tesla’s Revenue Growth

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Tesla’s total quarterly revenue for Q4 2022 was $24.3 billion. That amounts to a 37% YoY increase and a 16% profit margin. The full year was the company’s best year to date.

In Q1 of 2023, the total quarterly revenue figure was a little smaller – $23.32 billion – but it was still better than the first three quarters of 2022.

Overall, the company’s revenue in 2022 was $81.46 billion, with Q4 being the source of almost 30% of the total revenue for the year. Q2 offered the lowest amount of revenue, with $16.93 billion or 20% of the total earnings.

Tesla’s Regional Revenue Distribution

Source: Statista

Regarding Tesla’s revenue around the world, one trend is consistent over the last few years – US revenue has made up around 50% of the company’s annual revenue since 2019. This percentage is not a huge surprise, though, given that Tesla is an American company with several huge production facilities in the country.

In 2022, American revenue amounted to $40.55 billion. However, revenue from China sat at $18.14 billion – not a small amount by any means, and more than the total revenue for Q2 2022.

Tesla’s Revenue by Source

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Most of the company’s revenue comes from automotive sales. In 2021, automotive sales accounted for $44.13 billion in Tesla revenue – a figure which grew by 44% and reached $67.21 billion in 2022.

Other Tesla revenue sources include services, energy generation and storage, leasing, and automotive regulatory credits. None of these went over $7 billion in 2021 or 2022.

Tesla’s Stock & Valuation

Source: Google Finance

As of July 11 2023, the stock price for Tesla Inc. is $269.79, according to Google Finance. The company’s all-time high stock price was registered on November 4, 2021, when it was $409.97. Its market cap is $854.53 billion.

Tesla’s Market Share & Position

Source: Tesla

Tesla positions itself as “the largest EV maker in the world.” In 2022, the company had a 62% share of the EV market in the US and a 4% of the total automobile market in North America.

However, in the Chinese market, Tesla sits behind BYD, having sold approximately 484,000 vehicles in the PRC in 2021, compared to BYD’s 595,500. BYD might also be considered the global market leader if Plug-in Hybrid Electric Vehicles are counted – putting it some way ahead of Tesla.

Tesla’s Vehicle Production And Manufacturing Statistics

The growth and scaling of Tesla vehicle production facilities, such as opening new facilities in Shanghai and Berlin in the last few years, has led to increased automobile production capacity for models such as the Model X and Model Y. 

We’ll now take a look at Tesla shareholder reports and the latest balance sheets and compare production statistics.

Tesla’s Production Volume & Growth

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The production of the Models S and X electric vehicles experienced a YoY growth of 192% between 2021-2022, with over 71,177 cars produced and 66,705 delivered in 2022. 

When it came to the Model 3 and Model Ys, a lot more of them were produced in the last few years – almost 1.3 million units were manufactured, and 1.28 million were delivered in 2022. That year was the first time the company produced over a million vehicles in total, representing an average growth of 47% for both models.

In Q1 of 2023, Tesla produced 19,437 Model S and Model X cars and 421,300 Model 3 and Model Y cars, reaching over 440,000 cars manufactured in total. Of these, 422,875 units were delivered. These quarterly results are the best in the last two years in terms of both manufacturing and delivery.

During its 2023 Investor Day in March 2023, Tesla revealed that it had manufactured 4 million cars in total since its inception, signifying a major manufacturing milestone. A Model Y was the four-millionth vehicle produced.

Tesla Gigafactories

Source: Tesla

Tesla has five gigafactories, located in Shanghai, Germany, New York, Nevada, and Texas. A “gigafactory” is a production facility where electrification and decarbonization are used extensively.

Here’s an overview of what the Tesla gigafactories do and key capacity statistics:

Tesla Supercharger Statistics

Tesla Superchargers are powerful chargers for electric vehicles and are a big part of the company’s success. That’s because they were essentially the first of their kind and formed part of the only global DC charging network for vehicles. Let’s take a closer look at Tesla Supercharger statistics.

Total Number of Superchargers

Source: Statista

As of Q1 2023, Tesla had deployed over 45,000 Supercharger Connectors around the world in nearly 5,000 Supercharger locations. That was 10,000 more than just a year before, signifying the growth of this segment.

Supercharger Network & Plans

Source: supercharge.info

Out of 45,000 Superchargers, 17,000 are based in the US. According to the Biden administration’s plan for a US-made network of EV chargers, Tesla will open up 7,500 of these 17,000 Superchargers to non-Tesla EVs by the end of 2024 and double its existing network of Superchargers.

In the UK, there are over 1,000 Superchargers in over 100 locations around the country. Tesla actually opened some of them up to non-Tesla EVs in May 2022 as part of a pilot scheme similar to the upcoming US rollout.

Supercharger Usage & Customer Satisfaction

Source: Tesla

In 2022, there were 1.5 million weekly Supercharging sessions, with an average Supercharging station being used around 320 times per week. According to Tesla, the average charging time is 27.5 minutes, and they’re working to bring this number down, which they managed to do by 30% in 2022.

In terms of performance and customer satisfaction, Tesla states that its Supercharger sites had an average uptime of 99.95% in 2022. However, this actually meant that Supercharger sites had at least 50% working capacity for 99.95% of the time.

According to a 2022 study by J.D. Power, customers are highly satisfied with Tesla Superchargers. The Chargers scored 739 out of 1,000 – the highest score on the list and 65 points higher than the industry average.

Tesla Safety Statistics

Tesla claims that it manufactures the safest cars in the world. Indeed, its Model 3 achieved a score of the lowest probability of injury of any vehicle ever tested by the American National Highway Traffic Safety Administration in 2018. But how safe are Tesla vehicles really?

We’ve taken a look at the Tesla safety statistics provided in its Vehicle Safety Reports, among other sources. Let’s dive in.

Crashes & Accidents Rate

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According to the Vehicle Safety Report, Tesla cars using Autopilot technology are the safest, judging by the rates of accidents per million miles. We’ll look more closely at Tesla Autopilot crash statistics in the next section.

Compared to the United States’ average rate of accidents, which is 1 per 0.65 million miles, Tesla vehicles (Autopilot and non-Autopilot) perform much better, with 2022 being the safest year on record. As you can see from the infographic, Q3 2022 was the safest period recorded for non-Autopilot vehicles.

Tesla vs. Other Vehicles

Source: CMT

The US average rate of accidents is much higher than Tesla’s rates, as noted in its Vehicle Safety Report. However, we’ve also taken a look at other sources to verify that Tesla cars are indeed safer than others.

For example, a 2022 study by Cambridge Mobile Telematics on whether EVs are safer than other cars cites Tesla’s non-Autopilot cars as an example. The study looked into different risk factors, such as seasonal changes and driver behaviors, and it also compared the crash rates of different EV providers. 

According to the study, Tesla vehicles posed a three times higher acceleration risk than traditional vehicles but a 48% lower crash rate on a per-mile basis.

In terms of other risk exposures, Tesla had a 13% higher risk exposure for longer trips than other EVs but a 21% lower driver distraction risk – likely because Tesla drivers are less likely to be on their phones while driving as they’re interacting with the car instead.

Advanced Safety Features & Their Impact on Safety

Tesla states that it is committed to safety and installs advanced safety features on its cars. Here’s an overview of some of the safety features installed on the vehicles:

These safety features are available on various Tesla vehicles, including the Model 3, which earned the best score for the lowest probability of injury.

In addition to this rating, it also got 5 stars from the European New Car Assessment Programme in 2018, which is a testament to its ability to protect adults, children, pedestrians, and vulnerable road users.

Tesla Autopilot Crash Statistics 

Tesla Autopilot cars appear to be the safest Tesla vehicles, according to the Vehicle Safety Report. But is that an accurate reflection of reality?

Let’s take a look at Tesla Autopilot crash statistics to find out.

Autopilot Accidents Rate

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As you can see from the infographic representing the data from 2022’s Vehicle Safety Report, the odds of a Tesla Autopilot having an accident are very low.

However, a recent investigation by The Washington Post revealed a rather different picture. According to the report, Tesla Autopilot vehicles with full self-driving (FSD) technology were involved in 736 crashes between 2019 and 2023. Of these crashes, 17 were fatal, including 11 that took place after May 2022. 

It’s false to say that the cause of these accidents lies entirely with Tesla technology, especially in driver-assistance cases, according to the National Highway Traffic Safety Administration.

Moreover, 17 fatalities are a tiny fraction of the 42,795 total car crash fatalities in the US in 2022. However, the Autopilot crash data certainly calls Tesla’s safety statistics methodology into question.

Tesla Future Predictions Statistics

It’s not possible to know the future, especially given today’s volatile economy and turbulent climate. 

However, we can take a look at ongoing trends and make predictions as to what they might lead to. Let’s take a look at what the future could hold for the American EV giant.

Tesla Future Growth

Source: Simply Wall St.

The company is expanding rapidly and is focused on increasing and expanding its production and introducing new vehicle models in the next few years.

The EV market is expected to reach $906.7 billion by 2028, giving Tesla a huge opportunity for expansion and growth, and suggestions that the company may share Tesla’s automotive system could further drive growth and innovation in the sector.

If Tesla’s ambitious plans come to fruition and current trends continue, it’ll deploy more vehicles than ever, increasing its revenue and market reach. Simply Wall St. predicts that Tesla’s revenue will grow 19% YoY, reaching $161.67 billion by the end of Q4 2025.

Predicted Stock Price & Estimated Valuation

Tesla’s stock price has been volatile in the last few years, and that can largely be attributed to the controversies associated with its CEO Elon Musk. We predict that if he remains the CEO and a major shareholder, he’ll continue to heavily influence the company’s stock price.

However, given the increased interest in EVs and Tesla’s constant innovations and expansions, it’s possible that Tesla shareholders will see the company’s value grow beyond $1 trillion and that the stock price will increase to $400 and beyond, according to some experts.

Technological Advancements

Source: Tesla

Tesla is renowned for its innovations, and future advances are expected to significantly contribute to its market position. The company’s ongoing R&D efforts are focused on enhancing battery technology, increasing energy density, and improving overall vehicle performance.

Tesla’s upcoming advancements, such as its rumored second-generation “Roadster”, are anticipated to revolutionize the automotive industry and bolster Tesla’s  competitive edge.

Future Market Position

Despite its strong market position, the increasing prevalence of EVs and the expansion of brands like GM and Ford into the EV space mean that Tesla will likely face a lot of competition in the near future.

Some experts even predict Tesla’s EV market share will fall to 18% by 2026 – representing a huge drop from its current market share of 62%. 

That’s not to say, though, that Tesla won’t be a prevalent player. With its established brand reputation, extensive Supercharger infrastructure, and roadmap for innovation, Tesla is well-positioned to retain a significant market share.

Moreover, its investments in gigafactories and ambitious plans for production facilities in key markets like China and Europe can further strengthen its position and help to provide a competitive advantage.

Tesla Key Statistics & Trends – What Do They Mean?

Looking into Tesla’s market position, revenue, and production figures, it’s clear that it’s an established player and has both accelerating revenue growth and manufacturing capacity. All of this is a testament to its success and shows promising signs for the future of Tesla and the EV industry. 

We also considered Tesla’s safety statistics and concluded that while driver-assisted cars are considered very safe, there are never any guarantees, and accidents may happen, even if not directly caused by technology.

Finally, we looked at the possible future of Tesla and what it may be like in the years ahead, given both its innovative streak and the controversies associated with it. We look forward to seeing what the company can bring to the world and the EV market in the coming years.

References

• 17 fatalities, 736 crashes: The shocking toll of Tesla’s Autopilot (The Washington Post)
• Biden-⁠Harris Administration Announces New Standards and Major Progress for a Made-in-America National Network of Electric Vehicle Chargers (The White House)
• Electric Vehicles – Worldwide (Statista)
• Global quarterly volume of available Tesla supercharger stations and connectors between the 4th quarter of 2020 and the 1st quarter of 2023 (Statista)
• Model 3 achieves the lowest probability of injury of any vehicle ever tested by NHTSA (Tesla)
• Model 3 earns 5-Star Safety Rating from Euro NCAP (Tesla)
• Model 3 Owner’s Manual (Tesla)
• New energy vehicle sales across China in 2021, by leading original equipment manufacturer (Statista)
• Report: Do electric vehicles make drivers safer or riskier? (Cambridge Mobile Telematics)
• Report: Tesla Autopilot Involved in 736 Crashes since 2019 (Car and Driver)
• Tesla – 13 Year Stock Price History | TSLA (Macrotrends)
• Tesla Future Growth (Simply Wall St.)
• Tesla, Inc. (TSLA) (Yahoo! Finance)
• Tesla Investor Day 2023 Keynote (Tesla)
• Tesla Q1 2023 Update (Tesla)
• Tesla Q4 and FY 2022 Update (Tesla)
• Tesla reaches 1,000 Superchargers across 100-plus locations (Fleet News)
• Tesla reaches new Supercharger milestone as it still dominates charging (Electrek)
• Tesla Reveals Charging Stats: Almost 2 Million Sessions Per Day (InsideEVs)
• Tesla Production Sites By Model Assignment, Capacity: January 2023 (InsideEVs)
• Tesla Says That Supercharger Average Uptime Is Near Perfect *100% (InsideEVs)
• Tesla’s Market Share In US/Canada Almost Reached 4% In Q1 2023 (InsideEVs)
• Tesla’s revenue between FY 2019 and FY 2022, by segment (Statista)
• Tesla’s revenue in the United States, China, and other markets from FY 2018 to FY 2022 (Statista)
• Tesla’s supercharger network map gets more inclusive: 7,500 stations will open to other EVs (USAToday)
• Tesla’s U.S. electric vehicle market share will drop to 18% by 2026, BofA estimates (CNBC)
• Tesla Supercharger grabs top ranking in J.D. Power’s newest satisfaction study (Teslarati)
• Tesla Supercharger network open to other brands’ EVs (Fleet News)
• Tesla Supercharger network open to other brands’ EVs (InsideEVs)
• Tesla Vehicle Safety Report (Tesla)

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Technology enthusiasts and fans of science have long been attracted to Virtual Reality (VR). The term can be explained as an umbrella word encompassing numerous computer-generated experiences in a simulated environment.

It is closely related to another aspect of technology known as augmented Reality (AR). However, there is a significant difference between VR and AR as the latter uses a real-world setting where users can control their presence, while VR is entirely virtual. 

Although many people are still getting familiar with this technology, the future will enable it to attain the proper recognition it deserves. Thankfully, promising growth has been entertained within the last few years, with projections for the coming years even more mind-blowing. 

The statistics in this article will illuminate how far the prevalence of Virtual Reality has spread, its public acceptance, usefulness, and general industry adoption. So, let’s quickly dive in!

Virtual Reality Statistics: Future Projections

Starting from the inception of Virtual Reality around the 2010s, although the first VR headsets came in the early-mid 1990s, growth has constantly occurred.

Every year, projections are made for what new implementation could occur in the system. To date, the question, what does the future hold for VR, still lies within the lips of many developers and users alike. Here are some VR statistics that talk more about past and future projections.

1. The Global VR Consumer Market was to Reach $3.7 Billion at the End of 2021.

Despite the COVID-19 pandemic’s effects on the VR sector, the year was expected to produce a strong comeback. The consumer virtual reality industry (including Hardware and software) was anticipated to expand by $1.1 billion compared to 2020, showing a favorable rising trend, according to 2021 VR data.

(Source: Statista)

2. China will carry Out the Most Significant Expense of AR/VR.

By 2024, a considerable $72.8 billion will be spent on AR/VR technology, according to global predictions. The United States and Western Europe will be close behind China, predicted to account for 36% of the AR/VR investment market share that same year. This will put the Chinese in front as the most significant expense on the technology made by any country.

(Source: IDC)

3. Over the Next Few Years, Virtual and Augmented Reality Devices will Tremendously Grow in Demand.

The most recent data on virtual reality sales shows a sharp increase in the distribution of VR/AR devices worldwide, with projected growth to 68.6 million devices being shipped in 2023. Additionally, a bullish prediction is that the combined sales of AR and VR headsets will reach over 30 million by the end of the same year.

(Source: Statista)

4. Adopting Virtual Reality will Offer Significant Benefits to the Engineering Industry.

Incorporating and developing VR technology into diverse aspects of engineering can cut model design time by 10% and building time by 7%, according to VR statistics in 2022. The engineering procedures become more effective overall as a result of this enhancement. Although that is not all, these few already say a lot.

(Source: Swag Soft)

5. The Rise of VR is Becoming More Prominent in E-commerce.

The use of VR in e-commerce can enhance online shopping rates of conversion by 17%. This upgrade would be a significant improvement over the current average online shopping conversion rate of 2%, according to VR data for 2022. This demonstrates virtual Reality (VR) experiences’ substantial influence on consumers’ purchase decisions, making it an essential tool in e-commerce.

(Source: Swag Soft)

6. 17.7% of Individuals in the United States were Projected to Use VR in 2021.

According to figures from the virtual reality market, 17.7% of the country’s population, or 58.9 million people, will use VR at least once a month in the United States. Additionally, almost 93.3 million individuals—or 28.1% of the US population—were anticipated to use AR monthly. These numbers represent a significant increase from 2020 when 52.1 million and 82.1 million US citizens used augmented Reality and Virtual Reality monthly.

(Source: eMarketer)

7. One of the Most Significant Obstacles to Future VR Adoption is User Experience.

According to figures for 2022 on VR adoption, 27% of the technology’s industry professionals believe that obstacles to extensive VR adoption include user experience issues, including cumbersome Hardware and technological hiccups.