The number of Internet of Things (IoT) devices worldwide is forecast to more than double from 19.8 billion in 2025 to more than 40.6 billion IoT devices by 2034. In 2034, the highest number of IoT devices will be found in China, with around 7.51 billion consumer devices. IoT devices are used in all types of industry verticals and consumer markets, with the consumer segment accounting for around 60 percent of all IoT or connected devices in 2025. This share is projected to stay at this level over the next ten years. Major verticals and use cases Major industry verticals with currently more than 100 million connected IoT devices are electricity, gas, steam & A/C, water supply & waste management, retail & wholesale, transportation & storage, and government. Overall, the number of IoT devices across all industry verticals is forecast to grow to more than eight billion by 2033. Major use-cases The most important use case for IoT devices in the consumer segment are consumer internet & media devices such as smartphones, where the number of IoT devices is forecast to grow to more than 17 billion by 2033. Other use cases with more than one billion IoT devices by 2033 are connected (autonomous) vehicles, IT infrastructure, asset tracking & monitoring, and smart grid.

The statistic shows the overall data volume of connected devices/IoT connections worldwide in 201 and 2025. By 2025, total data volume of connected IoT devices worldwide is forecast to reach **** zettabytes (ZBs).

Internet of Things (IoT) Connected Devices Market Outlook

The global market size of Internet of Things (IoT) connected devices was valued at approximately $260 billion in 2023 and is projected to reach around $1 trillion by 2032, growing at an impressive CAGR of 15.5%. This robust growth is driven by an array of factors including technological advancements, increased adoption of IoT devices across various industries, and growing investments in IoT infrastructure. The proliferation of smart devices and the need for efficient data management solutions are fueling the expansion of the IoT connected devices market.

One of the primary growth factors of the IoT connected devices market is the rapid advancement in technology, particularly in areas like artificial intelligence, machine learning, and edge computing. These technologies are enhancing the capabilities of IoT devices, enabling them to process data more efficiently and make intelligent decisions in real-time. Additionally, the decreasing costs of sensors and hardware components are making IoT devices more affordable, thereby driving their adoption across various sectors including healthcare, automotive, and industrial applications.

The increasing focus on smart city initiatives by governments around the world is another significant driver of the IoT connected devices market. Smart city projects aim to improve the quality of urban life through the deployment of IoT technologies for better traffic management, efficient energy usage, and enhanced public safety. For instance, cities like Singapore and Barcelona are at the forefront of implementing smart city solutions, which include IoT-enabled street lighting, smart parking systems, and integrated water management systems. These initiatives are creating lucrative opportunities for IoT device manufacturers and solution providers.

Moreover, the rise of Industry 4.0 is contributing to the growth of IoT connected devices in the industrial sector. Industry 4.0 encompasses the integration of digital technologies into manufacturing processes, leading to the creation of smart factories. These factories rely heavily on IoT devices for monitoring and controlling production processes, predictive maintenance, and optimizing supply chains. The adoption of IoT in industrial applications is not only improving operational efficiency but also reducing costs and enhancing product quality, thus driving market growth.

From a regional perspective, North America currently holds the largest share of the IoT connected devices market, driven by technological advancements and high adoption rates of IoT solutions. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period, primarily due to increasing investments in smart infrastructure projects and rapid industrialization in countries like China and India. The presence of a large consumer base and the rise of smart home applications are also contributing to the market expansion in this region.

Component Analysis

The IoT connected devices market is segmented by components into hardware, software, and services. The hardware segment includes various physical devices like sensors, actuators, and gateways that are integral to IoT systems. The software segment encompasses platforms and applications that enable data collection, analysis, and management, while the services segment includes consulting, implementation, and maintenance services. Each of these segments plays a crucial role in the overall IoT ecosystem, and their respective growth is driven by different factors.

In the hardware segment, advancements in sensor technology are significantly boosting the market. Modern sensors are becoming more efficient, compact, and affordable, making it easier for organizations to deploy IoT solutions at scale. Additionally, the development of advanced microcontrollers and communication modules is enhancing the performance and reliability of IoT devices. Companies are increasingly investing in R&D to innovate and develop next-generation hardware solutions to meet the growing demands of various industries.

The software segment is experiencing substantial growth due to the increasing need for data analytics and management solutions. IoT devices generate massive amounts of data, and the ability to analyze this data in real-time is crucial for deriving actionable insights. IoT platforms th

The IoT Devices Market Report is Segmented by Application Type (Connected and Smart Home, Medical IoT, Connected Car, Smart Cities, Industrial IoT, and More), Device Category (Smart Speakers and Displays, Wearables, Connected Consumer Appliances, and More), Connectivity Technology (WPAN [Bluetooth, Zigbee, Z-Wave], WLAN [Wi-Fi 4/5/6/6E/7], LPWAN [NB-IoT, LTE-M, Lora, Sigfox], Cellular [4G, 5G, C-V2X], and More), and Geography.

The consumer sector is anticipated to dominate in terms of number of Internet of Things (IoT) connected devices in 2034, with over 24 billion connected devices worldwide. This number of connected devices within the consumer sector is forecast to keep increasing.

The Connected IoT Devices Market is likely to grow to reach USD 11.96 billion by 2033. It is expected to accrue at a massive CAGR of 16.17% during 2023-2033. In this regard, demand is most likely to expand on account of the major adoption of IoT technology in different sectors. Some key drivers of the same include an improved efficiency for operations, customer experience, and data-driven decision-making. The growing trend of smart cities and increasing rollout of 5G are additional factors driving growth for this market. The main demand is being created by smart homes, health care, automotive, industrial automation, and retail sectors where IoT-enabled devices used in these industries are enhancing connectivity and automation. Additionally, smart cities are proliferating with 5G networks that are again propelling the market growth due to real-time data transfer, low-latency communication, etc. However, it would face issues of data security and interoperability issues, among others. Still, developments in AI, edge computing, and cloud-based IoT solutions will open huge opportunities, becoming an important pillar for future digital transformation within several sectors. Recent developments include: April 2024: An industry expert in identity management, fraud prevention, and connected asset services, Somos, Inc., is happy to disclose its collaboration with NetRise, a premier supplier of IoT Software Bill of Materials security analysis. The partnership implies a substantial achievement for SomosID, the company's flagship IoT device registry, as it spearheads efforts to advance transparency and improved security in the IoT device realm. NetRise offers granular visibility into the world's Extended Internet of Things (XIoT) security problem — comprising the modern firmware and software component security challenges of IT, IoT, OT, and other connected cyber-physical systems. The SomosID solution offers enterprises a thorough view of their deployed IoT assets, comprising all the device, application identity, and network attributes, as well as verification of certification of those devices. Somos also maintains comprehensive hardware and software bill of materials information to offer customers a current state of all of their assets. The capability effortlessly incorporates NetRise's IoT device software analysis, including software bills of materials and vulnerability monitoring. It provides a thorough, constant view of an enterprise's IoT security posture and risks across all of its assets. SVP & Chief Technology Officer at Somos, Sri Ramachandran, said that Somos is happy to be able to use NetRise's best-in-class firmware analysis capabilities to fulfill the striking rise in cyber-attacks on IoT devices and the latest compliance requirements posed by the global IoT cybersecurity regulations, including the regulations by the Federal Drug Administration (FDA), the Cyber Resilience Act in Europe and Federal Communications Commission (FCC) in the U.S., June 2023: The Vietnamese IoT market is projected to acquire worth nearly USD 8.5 billion. To attain that target, the nation should apply IoT to measurement devices and means of transport, as per the experts. One report discovered that there are nearly 13 billion IoT devices across the globe, and the compound annual growth rate (CAGR) is 19 percent per annum. Among all these, 2.7 billion IoT connection devices use SIM with a CAGR of around 12 percent. The majority of the world's IoT device market belongs to China. The nation owns more than 10 billion IoT connections, among which 1.84 billion devices use SIM. According to the research, in Vietnam, the IoT market was worth nearly USD 2.5 billion in 2021 and grew by 22.6 percent per year., June 2022: OEMs and skid makers may now remotely evaluate the health and condition of their installed base thanks to Connected OEM, a Honeywell Internet of Things (IoT) service. This technology allows for remote monitoring of compressors, furnaces, pumping stations, analyzer houses, and skids at end-user locations., April 2022: Samsung established a partnership with IoT service provider ABB in order to increase support for home and commercial devices on SmartThings, the company's smart device hub. By collaborating with other companies, Samsung's SmartThings is evolving into a one-stop shop for controlling connected devices.. Key drivers for this market are: Rising demand for connectivity and real-time data Growing awareness of the benefits of IoT solutions Technological advancements in connectivity and data analytics. Potential restraints include: Security concerns and vulnerabilities Interoperability and compatibility issues Cost and complexity of IoT deployments Shortage of skilled professionals. Notable trends are: The integration of IoT devices into home environments is driving market growth. Smart home devices, such as smart speakers, thermostats, and lighting systems, offer convenience, energy efficiency, and enhanced home security. Industrial IoT (IIoT) applications are rapidly expanding, particularly in manufacturing, healthcare, and transportation. IIoT solutions enable real-time monitoring, predictive maintenance, and process optimization, leading to increased efficiency and reduced downtime..

Connected Devices Market Outlook

The global connected devices market size was valued at approximately USD 200 billion in 2023 and is projected to reach around USD 650 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 14.5% during the forecast period. The growth of this market is driven by the increasing adoption of the Internet of Things (IoT) and the rising demand for smart and connected technologies across various sectors.

One significant growth factor for the connected devices market is the rapid advancement in IoT technology. IoT enables seamless communication between devices, which enhances efficiency and performance in various applications, including smart homes, healthcare, and industrial automation. As IoT technology continues to evolve, the integration of connected devices is expected to expand, driving market growth. Additionally, advancements in artificial intelligence (AI) and machine learning (ML) are further propelling the adoption of smart and connected devices, enabling more sophisticated and personalized user experiences.

Another key driver is the increasing consumer demand for smart home devices. Consumers are increasingly adopting smart appliances and home automation systems to enhance convenience, security, and energy efficiency. The proliferation of smart speakers, thermostats, lighting systems, and security cameras is contributing to the growth of the connected devices market. Moreover, the trend of remote working and the need for efficient home management solutions have further fueled the demand for connected devices in residential settings.

The healthcare sector is also witnessing substantial growth in the adoption of connected health devices. These devices, such as wearable fitness trackers, remote patient monitoring systems, and telemedicine solutions, are revolutionizing healthcare delivery by enabling continuous health monitoring and improving patient outcomes. The COVID-19 pandemic has accelerated the adoption of connected health devices, as they provide a safer and more efficient means of delivering healthcare services remotely. The increasing focus on preventive healthcare and the rising geriatric population further bolster the market's growth.

Regionally, the Asia Pacific region is expected to witness the highest growth in the connected devices market. The rapid urbanization, increasing disposable incomes, and growing adoption of smart technologies in countries like China, India, and Japan are driving the market in this region. Additionally, government initiatives promoting smart city projects and digital transformation are boosting the demand for connected devices. North America and Europe also hold significant market shares due to the high penetration of advanced technologies and the presence of key market players.

Product Type Analysis

The connected devices market can be segmented by product type into wearables, smart home devices, connected health devices, connected vehicles, and others. Wearables, such as smartwatches, fitness trackers, and smart clothing, are experiencing significant growth. The increasing health consciousness among consumers and the rising popularity of fitness and wellness tracking are driving the demand for wearable devices. Innovations in wearable technology, including advanced sensors and improved battery life, are further enhancing their appeal and functionality.

Smart home devices constitute another rapidly growing segment. These devices include smart lighting systems, thermostats, cameras, and home assistants. The growing trend of home automation and the desire for enhanced security and energy efficiency are propelling the adoption of smart home devices. The integration of voice assistants and the proliferation of smart home ecosystems, such as Amazon Alexa and Google Home, are making it easier for consumers to control and manage their smart devices, thereby driving market growth.

Connected health devices are transforming the healthcare industry by enabling remote monitoring, telemedicine, and personalized healthcare solutions. Devices such as remote patient monitoring systems, connected inhalers, and smart insulin pens are improving patient outcomes and reducing healthcare costs. The increasing prevalence of chronic diseases, the aging population, and the growing emphasis on preventive healthcare are major factors driving the demand for connected health devices. Technological advancements and the integration of AI and ML in these devices are further enhancing their capabilities and accuracy.

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IoT Devices Market size was valued at USD 125.06 Billion in 2023 and is projected to reach USD 621.45 Billion by 2031, growing at a CAGR of 22.19% from 2024 to 2031.

Key Market Drivers Increased adoption of smart devices: Consumers are increasingly embracing smart devices in their homes, transforming everyday spaces into connected ecosystems. Wearables like fitness trackers and smartwatches are not just monitoring health metrics but also integrating with smartphones for contactless payments and personalized music streaming. Smart appliances, from refrigerators that can recommend recipes based on available ingredients to ovens that can be controlled remotely, are enhancing convenience and efficiency in the kitchen. Rising demand for data analytics: In manufacturing, sensor data from IoT devices can be used to monitor equipment performance, predict maintenance needs, and optimize production processes. This can lead to significant cost savings and improved operational efficiency. In retail, data collected from connected devices can provide insights into customer behavior, such as product preferences and traffic patterns within stores. This information can be used to optimize product placement, personalize marketing campaigns, and improve the overall customer experience. Focus on smart cities and industries: Governments and businesses are increasingly investing in smart city initiatives and industrial automation, both of which rely heavily on interconnected devices for data collection and control. This focus fuels the demand for specialized IoT devices in several areas such as Traffic management systems, environmental monitoring solutions, connected public transportation networks, and smart grids for optimized energy distribution are just a few examples of how IoT devices are transforming urban environments. These devices collect data on everything from traffic flow and air quality to energy consumption and parking availability. This data is then used to improve efficiency, safety, and sustainability in cities.

Cellular IoT is a Low Power Wide Area Network (LPWAN) radio technology standard developed to enable a wide range of devices and services to be connected using cellular telecommunications bands.

Rising demand for extended network coverage and capacity to accommodate large number of connected devices are expected to drive the market for cellular IoT. Moreover, increasing demand for end-to-security between network connected devices also contributes to the growth of cellular IoT market

In 2019, the market size of Cellular IoT is 2010 million US$ and it will reach 5110 million US$ in 2025, growing at a CAGR of 12.3% from 2019; while in China, the market size is valued at xx million US$ and will increase to xx million US$ in 2025, with a CAGR of xx% during forecast period.

In this report, 2018 has been considered as the base year and 2019 to 2025 as the forecast period to estimate the market size for Cellular IoT.





This report studies the global market size of Cellular IoT, especially focuses on the key regions like United States, European Union, China, and other regions (Japan, Korea, India and Southeast Asia).

This study presents the Cellular IoT production, revenue, market share and growth rate for each key company, and also covers the breakdown data (production, consumption, revenue and market share) by regions, type and applications. history breakdown data from 2014 to 2019, and forecast to 2025.

For top companies in United States, European Union and China, this report investigates and analyzes the production, value, price, market share and growth rate for the top manufacturers, key data from 2014 to 2019.

In global market, the following companies are covered:

Qualcomm

Gemalto

Sierra Wireless

U-Blox Holding

MediaTek

Telit Communications

Mistbase

Sequans

CommSolid

Market Segment by Product Type

2G

3G

4G

LTE

NB–IoT

5G

Other

Market Segment by Application

Automotive & Transportation

Energy

Manufacturing

Building Automation and Smart City

Other

Key Regions split in this report: breakdown data for each region.

United States

China

European Union

Rest of World (Japan, Korea, India and Southeast Asia)





The study objectives are:

To analyze and research the Cellular IoT status and future forecast in United States, European Union and China, involving sales, value (revenue), growth rate (CAGR), market share, historical and forecast.

To present the key Cellular IoT manufacturers, presenting the sales, revenue, market share, and recent development for key players.

To split the breakdown data by regions, type, companies and applications

To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.

To identify significant trends, drivers, influence factors in global and regions

To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market

In this study, the years considered to estimate the market size of Cellular IoT are as follows:

History Year: 2014-2018

Base Year: 2018

Estimated Year: 2019

Forecast Year 2019 to 2025

Global Internet of Things - IoT Connected Devices market size 2025 was XX Million. Internet of Things - IoT Connected Devices Industry compound annual growth rate (CAGR) will be XX% from 2025 till 2033.

By 2025, forecasts suggest that there will be more than ** billion Internet of Things (IoT) connected devices in use. This would be a nearly threefold increase from the IoT installed base in 2019. What is the Internet of Things? The IoT refers to a network of devices that are connected to the internet and can “communicate” with each other. Such devices include daily tech gadgets such as the smartphones and the wearables, smart home devices such as smart meters, as well as industrial devices like smart machines. These smart connected devices are able to gather, share, and analyze information and create actions accordingly. By 2023, global spending on IoT will reach *** trillion U.S. dollars. How does Internet of Things work? IoT devices make use of sensors and processors to collect and analyze data acquired from their environments. The data collected from the sensors will be shared by being sent to a gateway or to other IoT devices. It will then be either sent to and analyzed in the cloud or analyzed locally. By 2025, the data volume created by IoT connections is projected to reach a massive total of **** zettabytes. Privacy and security concerns   Given the amount of data generated by IoT devices, it is no wonder that data privacy and security are among the major concerns with regard to IoT adoption. Once devices are connected to the Internet, they become vulnerable to possible security breaches in the form of hacking, phishing, etc. Frequent data leaks from social media raise earnest concerns about information security standards in today’s world; were the IoT to become the next new reality, serious efforts to create strict security stands need to be prioritized.

IoT Devices Market holds a forecasted revenue of USD 181.0 Mn in 2025 and is likely to cross USD 757.9 Mn by 2032 with a steady annual growth rate of 22.7%.

According to Cognitive Market Research, the global IoT Connected Machines market size will be USD 548670 million in 2025. It will expand at a compound annual growth rate (CAGR) of 23.60% from 2025 to 2033.

North America held the major market share for more than 40% of the global revenue with a market size of USD 203007.9 million in 2025 and will grow at a compound annual growth rate (CAGR) of 21.8% from 2025 to 2033.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 159114.3 million.
APAC held a market share of around 23% of the global revenue with a market size of USD 131680.8 million in 2025 and will grow at a compound annual growth rate (CAGR) of 26.7% from 2025 to 2033.
South America has a market share of more than 5% of the global revenue with a market size of USD 20849.46 million in 2025 and will grow at a compound annual growth rate (CAGR) of 24.4% from 2025 to 2033.
Middle East had a market share of around 2% of the global revenue and was estimated at a market size of USD 21946.80 million in 2025 and will grow at a compound annual growth rate (CAGR) of 25.1% from 2025 to 2033.
Africa had a market share of around 1% of the global revenue and was estimated at a market size of USD 12070.74 million in 2025 and will grow at a compound annual growth rate (CAGR) of 23.9% from 2025 to 2033.
Hardware Component is the fastest growing segment of the IoT Connected Machines industry

Market Dynamics of IoT Connected Machines Market

Key Drivers for IoT Connected Machines Market

Investments in IoT for Industrial Applications to Boost Market Growth

The increasing demand for industrial automation is a key driver of the IoT Connected Machines Market as industries strive to enhance efficiency, reduce operational costs, and improve productivity. IoT-connected machines enable real-time monitoring, predictive maintenance, and data-driven decision-making, minimizing downtime and optimizing resource utilization. The rise of Industry 4.0 has accelerated the adoption of smart factories, where IoT devices integrate with AI, robotics, and cloud computing for seamless automation. Sectors such as manufacturing, logistics, and energy are leveraging IoT to achieve higher precision and scalability. Additionally, connected sensors and remote monitoring enhance workplace safety and streamline production processes. As automation demand grows, IoT-connected machines will remain a critical enabler of digital transformation across industries. For instance, in June 2023, Qualcomm Launched new satellite IoT solutions to provide uninterrupted remote monitoring and asset tracking. The new modems, launched in collaboration with Skylo, an NTN service provider, enabled ultra-low power and superior connectivity for IoT devices across satellite and cellular networks. The new modems follow the 3GPP-released 17 standards for satellite communications on GEO/GSO satellites, making connectivity available globally and providing easy device setup and orientation. Both chipsets support the Qualcomm Aware platform, which provides real-time asset tracking and device management in remote areas to support critical decision-making.

https://www.qualcomm.com/news/releases/2023/06/qualcomm-launches-new-satellite-iot-solutions-to-provide-uninter

Growing Adoption of AI & Edge Computing To Boost Market Growth

The growing adoption of AI and edge computing is a major driver of the IoT Connected Machines Market, enhancing efficiency, speed, and decision-making capabilities. AI-powered IoT devices enable real-time data analysis, predictive maintenance, and automation, reducing operational downtime and improving performance. Edge computing processes data closer to the source, minimizing latency and dependency on cloud infrastructure. This is crucial for applications requiring instant response times, such as smart factories, autonomous vehicles, and healthcare monitoring systems. By reducing bandwidth usage and improving security, edge computing makes IoT implementations more scalable and cost-effective. As businesses seek faster, decentralized processing with AI-driven insights, the demand for IoT-connected machines will continue to rise across industries.

Restraint Factor for the IoT Connected Machines Market

High Initial Investment & Deployment Costs Will Limit Market Growth

High initial investment and deployment costs are significant restraints on the IoT Connected M...

IoT Devices Market Outlook

The global IoT devices market is poised for significant expansion, with its market size expected to grow from approximately USD 340 billion in 2023 to an impressive USD 1.1 trillion by 2032, reflecting a robust CAGR of 14.2% during the forecast period. This growth is primarily driven by the exponential increase in connected devices and the burgeoning demand for smart solutions across various sectors. Factors such as advancements in wireless communication technologies, the proliferation of cloud platforms, and the increasing adoption of data analytics are pivotal to this upward trajectory. These elements collectively facilitate the integration of IoT solutions into diverse applications, substantially enhancing operational efficiencies and driving the market forward.

One of the principal growth factors propelling the IoT devices market is the rapid technological advancements in wireless communication protocols, such as 5G and Wi-Fi 6. These technologies offer faster data rates, lower latency, and improved network reliability, which are essential for the seamless operation of IoT devices. The enhanced bandwidth and connectivity provided by these protocols enable the deployment of more complex and data-intensive IoT applications, particularly in sectors like automotive with autonomous vehicles, and healthcare with telemedicine solutions. Additionally, the development of low-power wide-area networks (LPWAN) is expanding the reach of IoT devices into rural and remote areas, thus widening the market potential significantly.

Another critical driver of the IoT devices market is the increasing reliance on data analytics and artificial intelligence (AI) for decision-making processes. IoT devices generate massive amounts of data that can be analyzed to garner actionable insights, leading to optimized operations, predictive maintenance, and enhanced customer experiences. Industries such as manufacturing are leveraging IoT and AI to implement smart factories, where machine learning algorithms predict equipment failures before they occur, reducing downtime and maintenance costs. Similarly, in the retail industry, IoT devices are used to track customer behavior and preferences, allowing retailers to tailor their offerings and improve customer satisfaction.

The growing emphasis on sustainable and energy-efficient solutions is further boosting the demand for IoT devices. Smart grids, smart homes, and smart cities are pivotal concepts driving this trend. IoT devices play a crucial role in monitoring and optimizing energy consumption, thereby reducing carbon footprints and promoting sustainability. For example, smart meters and energy management systems enable households and businesses to track their energy usage in real-time, leading to more informed and eco-friendly energy consumption patterns. This trend is particularly pronounced in regions with stringent environmental regulations and sustainability goals, adding an extra layer of growth impetus to the IoT devices market.

Regionally, North America holds a significant share of the IoT devices market, attributed to the early adoption of technological advancements and the presence of major IoT hardware and software providers. However, the Asia Pacific region is anticipated to witness the highest growth rate, with a CAGR of over 15%, driven by rapid urbanization, increasing investments in smart city projects, and the proliferation of smartphone users. Countries such as China and India are at the forefront, with government initiatives and favorable policies supporting the adoption of IoT technologies. Europe also shows promise, with substantial investments in industrial IoT, while the Middle East & Africa and Latin America are gradually emerging as potential markets due to increasing digitalization efforts.

Component Analysis

The IoT devices market is segmented into hardware, software, and services, each playing a vital role in the ecosystem. Hardware forms the backbone of the IoT infrastructure, comprising sensors, actuators, and connectivity modules that facilitate data collection and transmission. The continuous enhancement of these components, particularly in terms of size, energy efficiency, and cost-effectiveness, is crucial to the proliferation of IoT solutions. Miniaturization of sensors, advancements in semiconductor technology, and the integration of multiple functionalities into single-chip solutions are enabling the deployment of IoT devices in a variety of new applications, thereby broadening the market scope.

Software is another critical component, encompassing platforms and applications th

Snapshot img

Consumer IoT Market Size 2024-2028

The consumer IoT market size is forecast to increase by USD 127.18 billion at a CAGR of 13.14% between 2023 and 2028.

The market is experiencing significant growth due to the increasing popularity of connectivity solutions for home automation and monitoring applications. Energy management is another key driver, as consumers seek to reduce energy usage and save costs. Wearable technology, particularly in the areas of health consciousness and chronic disease management, is also fueling market expansion.However, concerns over data security and privacy are major challenges, necessitating the development of advanced security solutions. Semiconductor companies are addressing these challenges through the production of chipsets designed for IoT applications. Geographic presence and strategic collaborations are also important factors, with companies expanding their offerings in home automation, autonomous driving, mobility, and IoT development kits. The market is further influenced by the integration of IoT technology into various sectors, including home entertainment, toys, and networking. As digitalization continues to transform industries, the market is poised for continued growth.

What will be the Consumer IoT Market Size During the Forecast Period?

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The Internet of Things (IoT) has emerged as a game-changer in various industries, and the consumer sector is no exception. The integration of technologically advanced devices into everyday life has become increasingly popular, with home appliances leading the charge. This trend is driven by the availability of microcontrollers and wireless technologies, enabling seamless connectivity between devices and computers. The market encompasses a wide range of smart devices, from fitness trackers and smart thermostats to connected doorbells and security systems. These interconnected systems offer numerous benefits, including convenience, improved lifestyle, and data management capabilities.



However, they also present unique challenges, such as cyberattacks and data breaches. Internet users in both developed and developing economies are embracing the IoT revolution, with a growing number of households adopting smart devices. Fitness enthusiasts, for instance, can monitor their health metrics and track workouts using wearable devices. Meanwhile, homeowners can optimize energy usage with smart thermostats and enhance security with connected doorbells. As the number of connected devices grows, so does the amount of consumer data being generated. Data management software and predictive analytics play a crucial role in ensuring the secure and efficient handling of this data.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Wireless
  Wired


End-user

  Home automation
  Consumer electronics
  Wearable devices
  Healthcare


Geography

  North America

    Canada
    US


  Europe

    Germany
    UK


  APAC

    China


  South America



  Middle East and Africa

By Type Insights

The wireless segment is estimated to witness significant growth during the forecast period.

In the market, suppliers of technology and components for wearable devices and biosensors hold a moderate level of influence. While standard components like sensors, chips, and connectivity modules are sourced from various suppliers, those offering specialized or proprietary technology hold more power due to their unique offerings. These unique offerings may include advanced algorithms for analyzing heart rate, sleep patterns, blood sugar levels, and other vital variables. In the realm of patient care, remote monitoring, and observation, IoT devices such as smartwatches and wireless wearable biosensors play a significant role.

Furthermore, as healthcare professionals increasingly rely on these devices for treatment and observation, the demand for advanced and accurate sensors and software solutions is on the rise. CE marking and other regulatory requirements ensure the quality and safety of these devices.

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The wireless segment was valued at USD 63.52 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 33% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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In North America, the Internet of Things (I

The size of the IoT Devices Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 23.25% during the forecast period. The IoT devices market is currently witnessing massive growth due to the ever-growing demand for interconnected technologies in many sectors such as healthcare, manufacturing, retail, and smart homes. IoT devices are actually physical devices embedded with sensors, software, and other technologies to enable the collection, exchange, and processing of data over the internet. This can encompass smart thermostats, wearables, connected industrial machinery, and self-driving automobiles-to offer the complete range of applications from increased convenience for personal use to improved operational efficiency. The high demand in the marketplace for automation and data-driven decision-making drives the interest in IoT devices. For example, in the manufacturing industry, this is done through predictive maintenance, real-time monitoring, and supply chain optimization-all contributing toward improved efficiency and cost savings. In the consumer sector, smart homes and health-tech devices are illustrative examples of why such sectors drive market growth: consumers rely more than ever on connected devices to benefit from convenience, energy management, or health monitoring. Besides, the IoT market drivers include the advancement in wireless communications, such as 5G and lower costs of sensors and connectivity. However, data privacy and security issues are some of the challenges that yet need to be addressed. Recent developments include: June 2023: Qualcomm Launched new satellite IoT solutions to provide uninterrupted remote monitoring and asset tracking. The new modems, launched in collaboration with Skylo, an NTN service provider, enabled ultra-low power and superior connectivity for IoT devices across satellite and cellular networks. The new modems follow the 3GPP-released 17 standards for satellite communications on GEO/GSO satellites, making connectivity available globally and providing easy device setup and orientation. Both chipsets support the Qualcomm Aware platform, which provides real-time asset tracking and device management in remote areas to support critical decision-making., November 2022: Honeywell introduced a new sustainability system for monitoring and optimizing carbon emissions, which it has offered for early adopters and installed at its site. Honeywell Versatilis Signal Scout Wireless Industrial IoT leak detection sensors and Honeywell Forge Sustainability Plus for Industrials Emissions Management will enable enterprises to monitor and visualize emissions in near real-time. The new solution will assist industrial customers in their efforts to cut greenhouse gas (GHG) emissions and meet carbon reduction targets., September 2022: To deliver complete IoT asset-tracking solutions for New Zealand businesses, Vodafone NZ, the largest IoT connection provider in New Zealand, collaborated with Digital Matter, a world player in GPS and IoT asset-tracking hardware and software. Through this collaboration, Vodafone NZ has combined several battery-operated IoT asset tracking devices from Digital Matter with white-label asset tracking software, best-in-class LTE-M (Cat-M1), NB-IoT connectivity, and in-house technical support to create a fully managed, end-to-end asset management solution.. Key drivers for this market are: Steady Growth in Demand for Connected/Smart IoT Devices in Key Segments, Software Innovations and Improvements in Connectivity Technologies to drive market growth (by Lowering Replacement Cycle). Potential restraints include: Lack of Standardization of Communication Protocol across Different Platforms, Issues Related to Security and Privacy of Data to Hinder the Adoption of IoT Devices. Notable trends are: Medical IoT Application Segment is Expected to Hold Significant Market Share.

Consumer IoT Market Outlook

In 2023, the global Consumer IoT market size was valued at approximately $100 billion, with projections indicating that it will achieve a remarkable growth trajectory to reach around $250 billion by 2032, reflecting a compound annual growth rate (CAGR) of 11%. This impressive expansion is driven by multiple growth factors, including the increasing adoption of smart devices and connected technologies in everyday life, the proliferation of high-speed internet connectivity, and the growing consumer demand for efficient, personalized, and automated solutions. The rise of smart cities and smart homes, coupled with advancements in Artificial Intelligence and Machine Learning, are key contributors to this upward trend.

The surge in consumer interest and reliance on smart home technologies constitutes a major growth driver in the Consumer IoT market. As people seek more convenience and energy efficiency, smart home devices such as thermostats, lighting systems, and security cameras have become increasingly popular. These devices not only provide enhanced control over home environments but also contribute to energy conservation and improved security. The integration of voice-activated assistants and the growing ecosystem of interconnected devices are further catalyzing this sector, offering seamless interaction and improved user experience. Moreover, the trend towards remote work and increased time spent at home during and post-pandemic has further accelerated the demand for smart home solutions.

Wearable devices are another significant factor propelling the growth of the Consumer IoT market. These devices, which include smartwatches, fitness trackers, and health monitoring gadgets, have gained widespread acceptance due to their ability to track real-time health metrics and provide valuable insights into personal well-being. As healthcare costs continue to rise, wearables offer a cost-effective solution for continuous health monitoring, potentially reducing the need for frequent medical appointments. Moreover, the increasing focus on health and wellness has prompted consumers to adopt these devices as part of their lifestyle, thereby expanding the market for wearable IoT technology.

The automotive sector is also contributing to the growth of the Consumer IoT market. The integration of IoT in vehicles has led to the development of smart cars that offer features like in-car infotainment, real-time navigation, and advanced driver-assistance systems. These advancements have significantly enhanced the driving experience, offering safety, convenience, and connectivity on the go. With the automotive industry rapidly transitioning towards electric and autonomous vehicles, the role of IoT technologies is becoming even more crucial, as it facilitates vehicle-to-vehicle and vehicle-to-infrastructure communication, paving the way for smarter transportation systems.

Regionally, North America currently leads the Consumer IoT market due to the high adoption rate of advanced technologies and substantial investment in IoT infrastructure. However, Asia Pacific is expected to witness the highest growth rate during the forecast period. The rapid urbanization, growing middle-class population, and increasing disposable income in countries like China and India are fueling the demand for consumer IoT devices. Additionally, government initiatives to promote smart city projects and the expansion of high-speed internet networks are supporting the market growth in the region. Europe's market is also experiencing steady growth, driven by an increased focus on energy efficiency and security, alongside regulatory support for IoT development.

Component Analysis

The Consumer IoT market is segmented into three primary components: hardware, software, and services. Each component plays a crucial role in the ecosystem, working together to deliver comprehensive IoT solutions to end-users. Hardware forms the backbone of the Consumer IoT landscape. It comprises various physical devices such as sensors, actuators, and communication modules that facilitate the collection and exchange of data. The proliferation of smart devices and the miniaturization of components have sparked a significant demand for IoT hardware. Additionally, advancements in semiconductor technologies are enabling the production of more efficient and cost-effective devices, thus broadening their adoption in consumer applications.

Software, on the other hand, acts as the brain of IoT systems. It encompasses a range of operating systems, middleware, and application software that processes data, facilitates communi

According to Cognitive Market Research, the global cellular IoT marketsize is USD 4.9 billion in 2024 and will expand at a compound annual growth rate (CAGR) of 25.7% from 2024 to 2031. Market Dynamics of Cellular IoT Market Key Drivers for Cellular IoT Market Expanding use of Internet of Things devices- The need for cellular IoT devices is being driven by the widespread adoption of these devices in smart cities, agriculture, healthcare, and transportation, among other industries. The cellular IoT market is seeing growth as a result of efforts by numerous regulatory and governmental organizations to encourage the adoption of IoT technologies for the purpose of enhancing innovation and efficiency across different industries. The market is also growing due to business adoption of IoT solutions is on the rise due to the falling prices of IoT sensors and modules, which has led to a surge in the cellular IoT market.
Key Restraints for Cellular IoT Market Introduction of the Cellular IoT Market Cellular IoT describes the practice of linking IoT devices to the web over cellular networks. The cellular Internet of Things is best suited for power-efficiently sending tiny data sets over long distances. The global expansion of cellular IoT is expected to be influenced by a wide range of variables, including the existence of nations experiencing strong economic growth, the increasing number of connected devices, and the increased acceptance of advanced technology. The global cellular IoT market is anticipated to be propelled by the increasing digitization and automation observed in many industries, including manufacturing, automotive, and energy & utilities. Global businesses are expected to accommodate a large increase in the amounts of interconnected devices, the need for longer extended network coverage, and there is an increased tendency towards business expansion beyond mobile broadband. These factors are expected to drive the growth of the cellular IoT market in the coming years.

The Connected IoT Devices report provides a detailed analysis of emerging investment pockets, highlighting current and future market trends. It offers strategic insights into capital flows and market shifts, guiding investors toward growth opportunities in key industry segments and regions.

The Internet of Things (IoT) Market size was valued at USD 595.73 USD Billion in 2023 and is projected to reach USD 2731.16 USD Billion by 2032, exhibiting a CAGR of 24.3 % during the forecast period. The Internet of things, or the IOT, represents a network of connected and communicating devices which interact with other IoT devices and the cloud. The IoT devices, it can be embedded with the technology ranging from sensors, software to special mechanical and digital machines as well as consumer gadgets. There are devices that are referred to as “IoT devices,” which could be as simple as a “smart home” system like a smart thermostat to fashionable devices such as smartwatches or RFID-enabled clothes to industrial equipment or transportation systems. Now, visionaries are even coming up with prototype "smart cities" that are designed based on the Internet of Things technologies. IoT makes these intelligent devices communicate not only with each other but also with the other internet-connected devices as well. Such as smartphones and gateways, it can be given a wide reaching network of interconnected devices that can share data and carry on multiple tasks all by itself. IoT's diverse applications range from manufacturing, to transportation, and many other industries such as healthcare and agriculture. The impact of IoT is evident across different sectors. Recent developments include: November 2023: AWS and Siemens expanded their alliance to connect physical devices with the cloud more effortlessly. With the extended collaboration, AWS's IoT SiteWise Edge software can be installed directly from Siemens' Industrial Edge Marketplace., June 2023: Rockwell and PTC extended their partnership to emphasize sales of IoT and AR (augmented reality) Software of PTC. Rockwell Automation continues to resell PTC's ThingWorx IoT software, comprising the DPM (Digital Performance Management) manufacturing solution, to new and present customers across process and discrete manufacturing sectors., March 2023: Siemens announced the launch of Connect Box, a smart IoT solution to handle small-sized buildings. The Connect Box enables users to achieve crucial daily building management jobs from one place through a cloud-driven interface with no extra software., January 2023: Intel launched the Intel Core 13th Gen. mobile processor. The hybrid architecture of Intel powers the advancement and has thirty-two mobile processors. Intel's Core P-, H-, and U- -range mobile processors are driven by thin and light laptops and Internet of Things devices. , December 2022: Deloitte launched Olympus with AWS (Amazon Web Services). Olympus is an investment fund for building industry cloud solutions globally, along with progressive technologies such as IoT, AI, machine learning, 5G, quantum computing, AR/VR, and everything on the cloud. The initiative's purpose is to resolve the issues associated with food waste, financial product access, clean energy, and many other problems.. Key drivers for this market are: Growing Adoption of Smart Cities to Strengthen the Progress of the Market . Potential restraints include: Limitations Associated with Security, Integrity, and Privacy of Data in Connected Devices to Inhibit Growth . Notable trends are: Adoption of Blockchain Technologies to Upsurge the Progress of the IoT Market .