Statistics – Appinventiv https://appinventiv.com Mon, 30 Aug 2021 08:18:01 +0000 en-US hourly 1 https://wordpress.org/?v=5.6 30+ Best Uber Statistics to Know in 2021 https://appinventiv.com/blog/uber-statistics/ https://appinventiv.com/blog/uber-statistics/#respond Sat, 27 Jul 2019 16:46:42 +0000 https://appinventiv.com/blog/?p=10786 What started as a mere idea out of the turmoil of catching a cab, is now famously known as Uber.  In this article, we will be discussing some Uber Statistics 2021 and see how it […]

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What started as a mere idea out of the turmoil of catching a cab, is now famously known as Uber. 

In this article, we will be discussing some Uber Statistics 2021 and see how it is impacting the lives of the people across the globe.

Though the birth of the idea happened in Paris 2008, the company itself was established in San Francisco, a year later. Since then, the transportation system has never been the same.

Uber Technologies Inc. offers services like peer-to-peer ridesharing, ride service hailing, bicycle sharing system and also food delivery. It is based on the On-demand app development model.

Uber is mainly renowned for its ridesharing service and has changed the way people use transportation for the better. Finding a cab seemed like a hectic job before the advent of Uber; however, now you can book a cab with a click. 

Isn’t it what we all were wishing for? An on-demand ridesharing facility! 

Uber does not stop at just this but is adamant on launching its Uber air on-demand helicopter service. Moreover, it has recently added eScooter and Dine-in features to its app for the US locals, which will make users all the more engaging on Uber’s app. It is expeditiously becoming a one-stop solution, one of a kind app.

Now, we know that Uber has many competitors playing in the same field. So how will we know which is the best bet? For this exact purpose, we have gathered legit Uber statistics 2021 to prove the ever-increasing popularity and demand for Uber. 

Also, if you are someone who has been wanting to develop an app similar to Uber, it will be good for you to know some prominent features and Uber growth statistics to make an informed decision then. 

The uprising value of Uber cannot be dismissed as a mere coincidence; which is why we have procured some interesting and credible Uber usage statistics from legitimate sources. 

These Uber facts and Uber growth statistics will help you get a more lucid view on how this ridesharing, ride-hailing, and food delivery service provider is climbing the stairs to success each year. So, without any further ado, let’s buckle up and get onto the ride to the Uber Facts and Statistics world.

1. Uber’s Net Annual Revenue count in 2020 reached $11.1 3 billion

As per Uber Statistics 2020-21, it generated $11.1 billion in 2020, a 21% decrease, due to the coronavirus pandemic shutting down its operations for most of the year. In 2019, the ride-sharing company earned $14.14 billion.

2. Uber completes 1.44 billion trips per quarter.

Uber completes 1.44 billion trips per quarter. The total number of quarterly Uber trips has decreased by 24.21% in 2020 as a result of the pandemic.

3. Gross bookings for 2020 were $57 billion

The Gross bookings for Uber in 202018 were noted to be $12 57 billion, a decrease from $65 billion in 2019. 

4. Estimated Worth of Uber is $46 billion

As of April 2020, Uber was worth around $46 billion in 2020. 

This displays the expeditious yet continuous growth of Uber as a ridesharing and ride-hailing service provider.

5. Ridesharing Market Share of Uber is higher than its competitors

Uber market share keeps on changing every year. As of June 2021, the current Uber market share in the US is 68%. One of the biggest Uber competitors in the US, Lyft, ended up owning only 32% in the same month. 

However, tracking this industry is not an exact science; it is so because some drivers drive for both Uber and Lyft. And this makes the exact estimation of market share a little misleading.

6. UberEats generated $4.8 billion in revenue

As per latest Uber Success Statistics, Uber started its UberEats service in 2014. It generated $4.8 billion revenue in 2020, a 152 percent increase year-on-year. 

7. Uber has an impressive number of active users

According to the latest Uber user statistics, Uber has 93 million monthly active users worldwide. With Uber’s expansion to numerous countries, this number will inevitably increase.

8. Uber has 3.9 million drivers around the world

There are 3.9 million Uber drivers globally. Due to the pay, services, facilities, and opportunities provided by Uber, more and more drivers are registering themselves with it each day, hence, increasing this number per year, as per the Uber Newsroom’s reports.

9. You can enjoy Uber services in 71 countries and more than 890 cities

If  you were wondering how many countries does Uber operates in, then, let us tell you that Uber’s services are now available in 890+ cities across 71 countries in the world.

Being a globally accepted and loved service provider company, we can expect it to expand to the rest of the countries in the coming years.

Uber World Map

10. Average Cost of Uber for a 5.5-mile ride in 5 states is less than its competitors

Average Cost of Uber for a 5.5-mile ride in 5 states is less than its competitors

As you can see in the graph above, Uber cost estimates are cheaper across the board for the most part and are significantly less expensive than others in some cities.

Although, you should bear it in mind that as per Uber cost estimator, this information is for UberX, which is economical to travel. The pricing for other Uber services, such as UberSELECT, UberXL, or UberBLACK will be more costly.

Between cities like Boston, Chicago, Dallas, Los Angeles, and NYC, we can see that in the first four cities, the estimate Uber cost is between $5 and $20, whereas in NYC it is $30, levelling with its competitors.

So the fact that Uber has been able to offer its services which are better than the competition, at a lower rate, is one of the reasons why it has been so successful.

11. Uber App was installed 95 million times in 2020

Uber is the most downloaded app in the travel category across both iOS & Android. In 2020 alone, the app was installed 95 million times. Lyft, on the other hand, was downloaded 25 million times.

12. UberEats was the most used food delivery service in the US

UberEats was the most used food delivery service in the United States as of April 2021. According to the source, Uber Eats had the highest sales share in Miami, accounting for 55 percent of sales when compared to other meal delivery services.

Sales share

13. 40.9% of Uber’s workforce was Female

Share of employees

According to Statista, Uber has been increasing the gender diversity of its workforce. As of August 2020, there were 59.3 percent male and 40.3 percent female working in the company. The above figures only refer to staff that are employed directly by Uber, and do not include drivers.

This continuous hike in the percentage is evidence of the inclusion of both genders by Uber and shows how opportunities are provided to everyone.

14. The Uber Driver demographic for females is 27%

Gender report

As compared to the employee percentage of females in Uber, the percentage of female drivers in Uber is 27%. Though it may not sound like much, however, Uber is slowly and steadily becoming a working domain for all genders, making unrestrained entry for everyone.

15. 18.7 million Uber trips are completed each day globally

Uber has established itself as the major ridesharing service provider not just in the US but globally. This global presence has rendered Uber to reach a huge amount of 18.7 million trips every day adding to Uber’s massive annual revenue collection and making it the most successful ridesharing and ride-hailing app.

16. 58.7% drivers primarily drive for Uber exclusively

58.7% drivers primarily drive for Uber exclusively

Uber’s business and revenue model is not only based on its riders but also the drivers. So, this makes it highly prominent for Uber to cater not just customers but also take drivers’ needs into consideration. Due to their impressive steps towards the inclusion of Driver’s needs and their problems into perspective, 58.7% of drivers across the US, as shown in the graph, prefer Uber as their primary platform.

17. 46% of Uber drivers have been there for less than 1 year

As per Uber usage statistics, 46% of Uber drivers have been on the platform for less than a year. This represents the want among the people to work with Uber.

18. 11% of Uber drivers have been there for three years or more

According to Uber driver demographics, there are only 11% of drivers who have been driving for Uber for more or less three years.

19. Uber drivers earned $600 million in tips in the first half of 2018

It doesn’t seem preposterous now that Uber drivers asked for the in-app tips feature, is it? Since the addition of this feature, Uber drivers managed to earn $600 million as tips in just the Q4 of 2018. 

It has helped a lot of the drivers in receiving a handsome amount of money in exchange for their magnificent services. It also shows that more and more people have started to tip Uber drivers

20. The Age range of Uber drivers is highly diverse

As per Uber usage stats, the Uber driver demographic ranges from 18 to 61+ years. Now, the hourly earnings rate may vary slightly depending on numerous conditions. However, here we are only addressing the average rate.

21. Gross hourly earnings of 18 to 30 years old Uber Drivers is $17.98

It is evident from the graph below that drivers of the age group 18- 30 years earn the highest being $17.98 per hour, followed by the age group 31-40 earning $17.17 p/h. Then comes the 41-50 age group with hourly earnings of $16.45. The drivers of 61+ age only make $14.57 per hour. This stat is predicted to change with the increase in the earnings since Uber is becoming popular by the day.

Gross Hourly Earnings of Uber and Lyft Drivers

22. Uber processes 22% of its gross mobility bookings in just 5 metropolitan areas

As per Uber cost estimator, this ride-sharing platform processes 22% of all its gross mobility bookings in just 5 metropolitan areas: Chicago, Los Angeles, New York City, São Paulo and London. In 2020, these 5 markets accounted for $5.85 billion in total bookings.

23. Uber users count estimated to reach 539 billion by 2021

As per Uber user statistics, Uber customer demographics is likely to reach 539 billion by the year 2021 seeing the increasing demand for Uber. This number is not going to stop as far as we can see.

24. UberEats gross bookings surpassed $30 billion

As per the reports, Uber Eats gross bookings surpassed $30 billion in 2020. This statistic is enough to validate the statement that UberEats is going to grow in the coming years.

25. 63% of users in the US exclusively use Uber

As per Uber user statistics 2021, 63% of the ridesharing Uber customer base in the US exclusively use Uber. A further 27% of consumers only book rides through Lyft. Just 10% of US customers use both Uber and Lyft.

26. The most forgotten item in an Uber was the Phone

Uber claimed that the most forgotten item in an Uber was the Phone. For this particular problem, they have come up with many reliable solutions, because it is highly prominent for any organization to build trust in their customers.

27. The average Uber price is $1 per mile across the world

According to Uber ride statistics, the average price for an Uber ride is estimated to be $1 per mille, which is the standard rate for all the countries Uber serves in. On observing, this price is low as compared to Uber’s competitors.

28. 8% of online adults are using Uber at least once a month

It is noted that 8% of the overall online adult demographic use Uber at least once a month. The ever-increasing popularity for on-demand transportation service by Uber customer base is evident by these Uber usage statistics.

29. There are 26,900 employees at Uber

According to Uber, they have approximately 26,900 employees working with them. With the rising popularity and expanding business, this Uber usage stats is bound to rise.

30. Toyota invested $500 million in Uber in 2018

Seeing the rising demand for Uber, Toyota has invested a hefty amount of over $500 million in 2018.

31. 25% of Americans use Uber at least once a month

Now that the US is the home country of Uber, it has a stronghold over the transportation needs and preferences of the users. This is the reason why 25% of Americans use Uber once a month, if not more.

32. Uber Freights earned $359 million in Gross Bookings

As per Uber cost estimator, Uber Freights Gross bookings count is estimated to be $359 million. It goes without saying that this number is bound to increase with its increasing popularity.

33. 84.8% of Uber drivers are 41+ years old

After analyzing the Uber driver statistics mentioned above, we all know that Uber drivers demographic is very dynamic. With that said, it is estimated that 84.8% of drivers are 41+ years old, emphasizing the fact that many people’s livelihood depends on Uber. 

Frequently Asked Questions (FAQs)

Q. How many trips does Uber do a day?

Ans. To be precise, Uber globally completes over 18.7 million rides per day, as per latest Uber ride statistics. This is a massive number in comparison to  Uber’s competitors.

Q. How many drivers does Uber have in the US?

Ans. As of 2020, there were approximately 1 million number of Uber drivers in the US. After witnessing the continued growth of Uber, this count is expected to reach 3 million by the end of 2021.

Q. How many people use Uber?

Ans. According to Uber ride statistics, there are 93 million Uber riders globally. With Uber expanding to different countries, this number is likely to increase.

Q. How much taxes do Uber drivers pay?

Ans. According to Uber cost estimator, an Uber driver pays 15.3 percent SECA tax on 92.35 percent of his net self-employment income.

Q. How much is Uber worth?

Ans. If you are wondering how much is Uber worth, well, as of April 2020, Uber was worth around $46 billion in 2020. 

Q. What is the estimate Uber cost for a 5.5-mile ride?

Ans. The Uber estimate fare is between $5 and $20 in cities like Boston, Chicago, Dallas, Los Angeles, and NYC.

Q. What cities do Uber drivers make the most money?

Ans. Among others, there are three cities in total where Uber drivers makes the most money, which are- San Francisco, New York, and  San Jose.

Q. How many people work for Uber?

Ans. According to Uber estimates, they have approximately 26,900  employees working with them.

Q. How many people are likely to use Uber by the end of 2021?

Ans. According to Uber estimates, Uber customer demographics is likely to reach 539 billion by the year 2021.

Final Note

Once you go through these Uber statistics 2021, you would find yourself convinced of the rising splendour of Uber globally. While the popularity of the ride-sharing industry’s leader is majorly owed to its activeness in making its services reliable and safe, convenient features that it comes adorned with always plays a major role in shaping its growth story. 

Do you wish to join the growth trend Uber is on? Know how much Uber like app development would cost you and the reason behind Uber success. You can also contact a reputed travel app development company to create an app like Uber. 

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Statistics on the Multi-Billion On-Demand Mobile App Economy https://appinventiv.com/blog/on-demand-mobile-app-economy-statistics/ https://appinventiv.com/blog/on-demand-mobile-app-economy-statistics/#respond Wed, 27 Feb 2019 07:00:32 +0000 https://appinventiv.com/blog/?p=6599 By 2020, around 7.6M Americans will act as providers in On-demand economy. (Source) 79% of existing users in On-demand economy are working as part-time. (Source) On-demand labor market is expected to flourish by 18.5% annually […]

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By 2020, around 7.6M Americans will act as providers in On-demand economy. (Source)

79% of existing users in On-demand economy are working as part-time. (Source)

On-demand labor market is expected to flourish by 18.5% annually in the next 5 years. (Source)

On-demand food delivery market hit $161.74 Billion by 2023. (Source)

These are just a few validatory statistics that prove how on-demand mobile app startups like Uber and Netflix have given birth to a market that both users and angel investors are partial about. 

What started with an on-demand ridesharing app has now extended into a number of different market segments ranging from grocery delivery, real-estate, beauty and cosmetics, at-home maintenance services, and more.

The present state of on-demand mobile app startup economy is such that no matter what industry you look into, you will find an active on demand mobile app development company working to make it real – time.

Now, even at a time when millions of mobile users are happily spending money to avail the perks of the convenient at-door service, there are businesses that are still on the fence when it comes to entering the on-demand market space. And the reason behind this is the notion that the on-demand economy has now become a bubble that is going to burst.

But we have On-demand app economy statistics that prove otherwise.

On-Demand Economy Statistics

The market that the on-demand industry has captured is growing progressively. The investors who couldn’t be a part of the trend when the uber economy was getting incepted but are now prepared to book their share.

The investment rounds focused on funding on-demand startups that started in 2014 with $74 Billion reached $10,293 Billion in the last quarter of 2017 and only expected to grow by huge numbers by this year.

According to the latest PwC report, the market for On-demand mobile apps and websites will reach a significant value of $335Billion by the year 2025.

And, the CBInsight report of Global Unicorn Club revealed that 23 out of 310 private companies who valued at $1 billion by Jan 2019 belong to On-demand industry. These On-demand unicorns count for almost $203B in combined valuations, including popular rail-hailing startups Uber ($72B) and Didi Chuxing ($56B).

Not only this, various other reporting houses have reported that On-demand industry is set to flourish in the coming years.

And the same holds true for the growing number of user spends as well.

On-demand users spend on an average $57.6B annually

The On-demand mobile app economy is prompting over 22.4 million users annually to spend around $57.6 billion to get real-time services and they are happy making the payment.

Annual On-Demand Economy Spending

Another report shared that 60% of the US users are ready to pay extra to get material delivered to their place on the same day delivery mode.

The scenario gives a clear indication that businesses who are looking ahead to investing in On-demand mobile app development will easily make more money compared to those who overlook this opportunity.

51% of Retailers are Offering Same-Day Delivery Service

Seeing the new buyer preferences and growing number of On-demand app economy statistics, many retailers have also entered the On-demand economy to offer same-day delivery service. An outcome of which is that the numbers of retailers investing in On-demand have grown from 15 percent to 51 percent by 2018 – a number expected to hit 65 percent by the end of 2019.

49% of On-demand consumers are Millennials

As per HBR, a major fraction of users embracing On-demand services – nearly 49 percent – are millennials. Whereas, 30 percent of the rest are of the age range between 35 and 54.

49% of On-demand consumers are Millennials

Also, it has been observed that men are the top consumers of On-demand mobile app economy, constituting of around 55% of the total numbers. In addition to this, 46 percent of these users opting On-demand services are found to have an income of less than $50,000 annually.

63% of On-demand Employees say that they are happy while working in the On-demand Economy

The On-demand economy growth also witness the introduction of new job opportunities. It has empowered students, workers, and others to embrace more flexibility into their processes and opt for projects/jobs for a shorter time interval. 

As a result of which, 70% of On-demand employees shared the sentiment that they are satisfied with their work and 63% admitted to being happier since the day they entered into On-demand economy. 

With this, we have seen how On-demand economy is disrupting the business world – making ‘real-time’ accessibility a crucial element of every business vertical. So, without making ado, let’s look into what’s new in On-demand app marketplace in 2019. This information will help you to find better insights to look into how to succeed your On-demand business in the crowded app market.

What Does 2019 Mean for the On-demand Economy?

2019, as we can see, is bringing a substantial impact on the On-demand mobile app economy. On one side, it is helping in introducing the concept of real-time and on-demand in different business verticals and fostering investment in On-demand app development, on the other side, it is reflecting a change in the paradigm of the existing On-demand processes and business models. For example:-

1. 2019 – The Year of More Consumers

With the number of smartphone users about to hit 5 billion in 2019 and 45% of the US users already enjoying On-demand app services, businesses will show more interest in finding answer to how to ride the uprising ‘Uber for X’ wave. They will realize that they can target a diverse range of consumers by investing in On demand mobile app development and earn hefty profits.

2. Personalization is Emerging Out as the New Face

In 2019, more businesses will pay attention to On-demand application services which will bring intense competition in the market. All will put more efforts into connecting their customers, understanding their needs, and providing them with customized services while working on their on-demand app’s performance level. In simpler terms, personalization will emerge out as the core element of On-demand marketplace this year.

3. On-Demand Food Services Entering Unknown Markets

The on-demand food delivery business, which was majorly confined to popular locations like the USA, will enter the less considered marketplaces. A consequence of which is that more of Entrepreneurs will show interested in knowing how much does it cost to build a food-delivery app like UberEats or GrubHub

Food Delivery Market has the potential for robust growth

4. Higher Investment is Being Made in Home Services

Considering the type of busy life we are having, On-demand home services app market will continue to gain higher popularity this year. People will ask for services like plumbing, beauty services, electricity, etc. in addition to delivery of food, grocery, and cabs.

While these are some of the revelations that will come true this year, let’s look into what the future holds for On-demand economy.

The Future of On-Demand Economy

It is undeniable how on-demand is changing the world around us, as we know it. No matter which business segment you belong to, chances are that someone in your industry would be thinking about investing in the on-demand market.

And this un-altering demand for the on-demand app services is not just the truth of the present day, the future has a similar story to share. The future of on-demand lies in a number of categories. Let us look at the major ones, which you should think of expanding your business portfolio into.

A. Hyperlocal

This is an on-demand model that revolves around the local provisioning of services and goods. This on demand marketplace ecosystem mainly operate within a few kilometer radium only. An example of this would be Roadrunner or Swiggy.

Under this category, business ventures will look forward to making the user experience far more comfortable and memorable. They will focus on speed and quality and aim to provide multiple options to the users to keep them hooked to their services.

B. e-Scooters

Ever since Bird came up with their e-Scooters in San Francisco, the demand for e-Scooter app development has been on a constant rise. Brands are now looking to enter the segment that the investors are clearly partial about.

Not only this, various governments have also shown a green signal to eScooter use in their place. 

Read:

C. Self-Storage Market

More than 30% of the US citizens have extra space than they actually need and at least 40% of the citizens face the problem of lack of storage space. These on-demand apps are a solution to that. Using apps like Cuft, you can create a platform for people who need space to meet people who have it in excess and make the former use the space as a storage space.

Now that you have seen how the on-demand category is one that have established itself as a secure market, both of the present time and of the future, let us now finally look into the one factor that is a question that every Entrepreneur who is looking to enter the on-demand market is seeking answer to –

How Much Does it Cost to Develop an On-Demand Mobile App?

When an on-demand app development company develops an on-demand app, they develop an app that caters to three people – the user, the person delivering the service, and the business. And, the UI and app flow is entirely different in all of them, which adds on to the How to Build a Successful On-Demand Delivery App to a great extent.

Along with that, the category calls for a number of features inclusion like in-app payment, real-time sync, real-time tracking, chat support, rate and review support, and notifications, among many others. Since through one on-demand service app, a mobile app development company is developing three apps, the attached cost of the end on-demand mobile app is fairly high.

Keeping everything into consideration, the creation of On-Demand Startup Apps like UberEats or Lyft would take somewhere around 2000 and above hours. Now, multiply this number with the average hourly hours, and you will have with you the cost of on-demand mobile service app

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8 Statistics That Prove IoT will become Massive from 2018 https://appinventiv.com/blog/8-statistics-prove-iot-will-become-massive-2018/ https://appinventiv.com/blog/8-statistics-prove-iot-will-become-massive-2018/#respond Sat, 20 Jan 2018 10:30:52 +0000 https://appinventiv.com/blog/?p=4383 As estimated by an IHS survey, there was more than 20 Billion connected devices globally in 2017. Is 2018 the “Defining Year for IoT”? With the world becoming more connected than ever, 2018 will be […]

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As estimated by an IHS survey, there was more than 20 Billion connected devices globally in 2017. Is 2018 the “Defining Year for IoT”?

With the world becoming more connected than ever, 2018 will be a significant period for Internet Of Things. The industry will be staring at greater investments, widespread adoption, rise in number of IoT app development services, and a place in the growth trajectory of a number of industries and economies alike.

In addition to this, there will be a rise in demand for IoT Mobile apps that would connect the devices, making them smarter. With this, 2018 will see a new found demand for an IoT Application Development company, which would have the necessary capabilities to connect the world.

Only with the support of the capable institutes, the world will be able to witness an array of innovations and growth around them in 2018 and beyond.

It is in 2018 that IoT will transform from its image of being a less paid attention to technology into the one that will be adopted by industries, globally and see major investments that will further its growth and innovation capabilities.

Here are the factors that will expand in 2018 to help define the path for IoT’s future in the world –

  • Greater Data Security
  • Heightened investments in Smart Homes and Smart Cities
  • IoT Cloud Platform will consolidate quicker

These factors that will get a greater share of focus in 2018, will contribute towards making IoT mainstream. And eventually, encouraging coders to look for tips to become an IoT developer.

Wit the support ready, let us look at the 8 Internet of Things Statistics that validates how IoT’s future will be paved with 2018 in the middle.

  1. The International Internet of Things (IoT) industry is expected to rise to $8.9T in 2020 from $2.99T in 2014, making 19.92% Compound Annual Growth Rate (CAGR). Percent of IoT usage in Industrial manufacturing is projected to grow from 2014’s $472B to $890B in 2020 IoT spending. Life sciences and IoT Application in Healthcare are also expected to grow to $1.335T in 2020, amounting to 17% CAGR.

Source

2. The IoT market is set to rise from its valuation of $157B in 2016 to estimated $457B by 2020, accomplishing the CAGR of 28.5%. The industry’s market share is going to be ruled by three sub-domains; Smart Cities – 26%, Industrial – 24%, and Connected Health – 20%. This will be followed by 14% Smart Homes, 7% Connected Cars, 4% share in Smart Utilities, and 3% in Wearables.

Global IoT Market Share by Sub- Sector

Source

3. Bain forecasts that the B2B IoT market will make over $300 Billion yearly by 2020, which includes $85B of the industrial sector. It is estimated that the most competition in IoT will be seen in industrial and enterprise segments. Bain forecasts consumer apps will raise $150B by the year 2020, with the B2B apps being estimated at over $300B.

Source

4. $6T is expected to be spent on the Internet Of Things (IoT) solution industry within the time range of 2015 and 2020, as estimated by PwC. The number of IoT investments made by the businesses will increase from its $215B valuation of 2015 to its $832B number in 2020, while the consumer IoT spending will increase from $72B to $236B.

Investment in IoT Solution

Source

5. The B2B expenditure on IoT technologies, solutions, and apps will get up to €250B ($296.8B) by 2020. The spending on IoT Analytics expenditure is expected to raise $23.7B by year 2020. It is estimated that from 2015 to 2020, the revenue from every layer of IoT technology stack will have managed to make at least 20% CAGR.

Source

6. Refining the customer experiences (70%) and enabling safety (56%) are two domains enterprises have been using IoT solutions for, today. Attaining cost efficiencies, bettering the organization abilities, and gaining the supply chain visibility (53%) are the three most common uses of data that is generated using IoT solutions.

Enterprises expect that the IoT solutions will increase the revenue and open up new markets in the world. This estimate has led to a rise in Enterprise IoT Mobile Apps, worldwide.

Source

7. By 2020, the mounted base of Internet of Things devices is also expected to grow to 31B globally. And by 2025 the number will cross 75.4B devices.

Internet of Things

Source

8. The premium research institute, McKinsey Global has estimated that IoT will make a yearly economic contribution between the ranges of $3.9T to $11.1T by the year 2025. Their prediction scenario consists of use cases and diverse settings including cities, factories, retail environments, and healthcare.

Source

Now that you know how big the IoT market is going to be from 2018 on, let us delve a little into an element that will be the center of these innovations and growth – Mobile Apps.

The Need of IoT Application Development

Suppose you are outside, going office, and suddenly you remember you left the microwave on. If this happened a few years back, you would have to return back home and switch the microwave off, but with IoT Mobile Apps, you can switch the connected microwave off with a tap.

{Read Also: Mobile Application Development Guide: Everything Worth Knowing}

While this is one example, there are a number of ways in which mobile apps have become an integral part of IoT.

It is impossible to talk about connecting devices without a mention of the only element that will be the bridge – IoT Mobile Apps.

There has been a constant demand for support required for building an IoT app, while it comes with its own set of challenges, the benefits are too loud to ignore. From Healthcare and Consumer electronics to Retail and connected Wearable Apps, there are a number of ways in which Mobile Apps have placed themselves in the middle of the Internet of Things revolution.

Are you ready to become a part of the time when the world will become connected?

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