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Top IoT Use Cases Driving Global Adoption in 2023 Dominated By Remote Asset Monitoring

December, 2024

Passwordless Authentication Market

Global IoT Adoption Rate With Use Cases, 2023 (%)

Passwords are one of the biggest sources of irritation for end users since they must be managed across hundreds of websites and accounts. Security professionals are concentrating more on passwordless authentication, which allows users to access company networks and services without a password while yet maintaining high levels of security.

The passwordless authentication market is expected to witness notable growth during the forecast period, owing to the growing advancement in technologies such as the internet of things (IoT) and artificial intelligence. Furthermore, the rising awareness of the application of passwordless authentication in the banking sector and the increase in penetration of consumer electronic devices has driven the growth of the market.

  • The number of IoT devices was recorded to be 15.9 billion in 2023.
  • Remote asset monitoring was the top use case of IoT, with 34% of the usage.
  • The total investment in IoT startups was $3.53 billion in 2022
  • 35% of the IoT spending worldwide is expected to be generated from Asia as of 2023. It accounts for over 1/3rd of all IoT spending.
  • The video entertainment category spends the most among all other IoT categories.
  • 64.6% of the total spending was done in the video entertainment category in 2022.

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