The number of connected devices is expected to grow from 9 billion to a whopping 24 billion in 2021, according to a new report.

The study, conducted by mobile operator industry group GSMA and Machina research found, that wireless devices – which includes everything from smartphones to laptops and tablets – has yet to reach its true potential, especially in the mobile device category. In fact, mobile connected devices are expected to grow 100 percent from more than 6 billion today to 12 billion in 2020.

This explosive growth will create a $1.2 trillion market by 2020 – a sevenfold increase from expected revenues in 2011, the report said.

"We are entering the next phase in the development of the mobile industry, one where we will see mobile connect everything in our lives," said Michael O'Hara, chief marketing officer, GSMA. "Mobile will transform society and have a profound effect on the way we interact not only with each other, but also with our surroundings.”

This doesn’t just mean handheld devices and typical electronics. Connectivity is expected to reach vehicles, refrigerators and other appliances.

“Capitalizing on this enormous opportunity requires collaboration across the entire ecosystem to demonstrate how mobile technology in everything from tablet PCs to new healthcare devices can enhance people's personal and business lives," O’Hara added.