The number of connected devices will be 30 billion including around 20 billion on IoT platform by 2023, according to Ericsson Mobility Report 2017.
Connected IoT devices include connected cars, machines, meters, sensors, point-of-sale terminals, consumer electronics and wearables.
Ericsson said connected IoT devices are expected to increase at a CAGR of 19 percent, driven by new use cases and affordability, between 2017 and 2023.
The number of IoT devices with cellular connections will reach 1.8 billion in 2023, or around 75 percent of the wide-area category, from around 0.5 billion in 2017.
Presently, the dominant technology in the wide-area segment is GSM/GPRS. However, by 2023, IoT cellular connectivity will mainly be provided by LTE and 5G. The majority of these connections will be over LTE networks.
5G technology will continue to support an increase in IoT applications, especially those requiring critical communications. 5G will also provide mechanisms for rapid and cost-effective introduction and provisioning of new IoT services.