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.

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%.

IoT Devices Market was valued at USD 714.48 Billion in 2024 and is projected to reach USD 4,062.34 Billion by 2032, growing at a CAGR of 24.3% from 2026 to 2032Global IoT Devices Market Key DriversThe Internet of Things (IoT) has rapidly transitioned from a futuristic concept to a ubiquitous reality, fundamentally altering how we interact with technology and our environment. The proliferation of connected devices, from smart home appliances to industrial sensors, is driven by a confluence of powerful factors. Understanding these key drivers is crucial for grasping the trajectory and potential of the ever-expanding IoT devices market.Advancements in Connectivity Technologies: The backbone of any robust IoT ecosystem is its connectivity, and recent advancements in this area are significantly accelerating market growth. The widespread deployment of 5G networks is revolutionizing IoT by offering unprecedented speeds, ultra-low latency, and massive connection density, enabling more complex and real-time applications across various sectors. Simultaneously, the expansion of low-power wide-area networks (LPWAN), including technologies like NB-IoT, provides cost-effective and energy-efficient solutions for connecting a vast array of devices over long distances, particularly in remote or hard-to-reach areas. Furthermore, continuous improvements in wireless communication standards such as Wi-Fi 6 and Wi-Fi 7 are ensuring more seamless and secure integration of IoT devices within local networks, facilitating greater data throughput and improved sensor connectivity. These enhanced connectivity options collectively pave the way for more sophisticated and reliable IoT deployments, unlocking new possibilities for innovation and efficiency.Falling Costs of Hardware and Sensors: The democratizing effect of declining hardware costs is a pivotal driver for the mass adoption of IoT devices. The continuous reduction in the price of sensors, microcontrollers, and connectivity modules makes IoT solutions significantly more affordable and accessible for both businesses and consumers. This economic advantage lowers the barrier to entry, encouraging widespread integration of IoT technologies across diverse sectors, including consumer electronics, industrial automation, and precision agriculture. As the cost-per-device decreases, the return on investment (ROI) for IoT projects becomes more attractive, stimulating greater investment and deployment. This affordability not only fuels the expansion into new market segments but also enables the scaling of existing IoT initiatives, leading to an exponential increase in connected devices globally.

The global connected IoT devices market, valued at USD 111.53 Bn in 2023, is expected to grow at a CAGR of 22.7%, reaching USD 573.02 Bn by 2031.

The global IoT medical devices market size is projected to reach USD 112 billion by 2031, Asia Pacific is expected to grow at a CAGR of 28.2% during the forecast period.
Report Scope:

In 2024, Market Research Intellect valued the Connectivity Platforms For Iot Devices Market Report at USD 12.5 billion, with expectations to reach USD 35.2 billion by 2033 at a CAGR of 15.8%.Understand drivers of market demand, strategic innovations, and the role of top competitors.

The global market for Internet of things (IoT) end-user solutions is expected to grow to *** billion U.S. dollars in size by the end of 2019. The technology reached *** billion dollars in market revenue for the first time in 2017, and forecasts suggest that this figure will grow to around *** trillion by 2025. The Internet of Things The Internet of Things (IoT) is a term used to describe the continually growing network of internet connected electronic devices that are in operation around the world today. These devices often share data and information in order to provide added convenience and control to consumers and, in some cases, even allow users automate simple processes such as ordering supplies. Tens of billions of these IoT connected devices already exist around the world and this number will only grow as internet connectivity begins to become a standard feature for a great number of electronics devices. Although heavily integrated into the consumer electronics market, IoT extends far beyond handheld devices and home appliances; IoT subsystems such as industrial internet and connected cities aim at automating factories and urban areas rather than just households. Digital virtual assistants such as Amazon’s Alexa and Google Assistant serve as the bridge between this network of interconnected devices and their human users.

The sensors in Internet of Things devices market size was USD 24.12 Billion in 2020 and is expected to reach a market size of USD 204.74 Billion in 2028 at a CAGR of 30.8%. Sensors in IoT Devices industry report classifies global market by share, trend, and on the basis of application, sensor type,...

The Internet of Things (IoT) Devices market is experiencing robust growth, projected to reach a substantial size in the coming years. A compound annual growth rate (CAGR) of 23.25% from 2019 to 2033 indicates significant market expansion driven by several key factors. The increasing adoption of smart home devices, connected cars, and industrial automation solutions fuels this expansion. Furthermore, advancements in connectivity technologies like 5G and LPWAN are enabling wider deployment and enhanced functionalities of IoT devices across various sectors. The medical IoT segment is witnessing particularly strong growth due to the rising demand for remote patient monitoring and improved healthcare services. Smart cities initiatives are also playing a vital role, with municipalities deploying IoT infrastructure for optimized resource management and improved citizen services. While challenges like data security concerns and interoperability issues persist, the overall market trajectory remains positive, fueled by continuous technological innovation and increasing consumer demand for connected devices and experiences. Despite some restraining factors, such as the cost of implementation and concerns around data privacy and security, the IoT market continues its upward trajectory. Segmentation by application type reveals strong performance in connected and smart homes, medical IoT, and industrial IoT. Similarly, segmentation by connectivity type shows robust growth across cellular/M2M and LPWA, driven by the need for long-range and low-power communication solutions in various applications. Major players like Apple, Google, Samsung, and Bosch are actively contributing to this market growth through continuous product innovation and strategic partnerships. Geographic distribution reveals significant market potential across North America, Europe, and particularly in the rapidly developing Asia Pacific region, driven by increasing digitalization and infrastructure development. The forecast period of 2025-2033 promises continued expansion, solidifying the IoT devices market as a significant player in the global technology landscape. 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: 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). Notable trends are: Medical IoT Application Segment is Expected to Hold Significant Market Share.

The Global Connected IoT Devices Market is a dynamic and rapidly evolving landscape, characterized by the widespread integration of interconnected devices that span across diverse applications. This expansive market is driven by a multitude of factors, including advancements in connectivity technologies, the proliferation of smart homes, the rise of Industrial IoT in manufacturing, and the growing demand for remote monitoring in healthcare.

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. 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.

The number of consumer edge enabled Internet of Things (IoT) devices throughout the world is forecast to grow to almost 6.5 billion by 2030, an increase of more than four billion compared to 2020. Edge enabled IoT devices encompass a wide array of device types from sensors, smartphones, to security cameras.

North America Internet Of Things (IoT) Devices comes with extensive industry analysis of development components, patterns, flows, and sizes. The report calculates present and past market values to forecast potential market management during the forecast period between 2025 - 2033.

[213+ Pages Report] The global IoT Devices market size is expected to grow from USD 1,529.50 million to USD 2724.42 million by 2028, at a CAGR of 10.10% from 2022-2028

Snapshot img

Internet Of Things (IoT) Market Size 2024-2028

The internet of things (iot) market size is valued to increase USD 1554.5 billion, at a CAGR of 18.52% from 2023 to 2028. Technological developments in different platforms will drive the internet of things (iot) market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 37% growth during the forecast period.
By Application - Industrial segment was valued at USD 188.70 billion in 2022
By Technology - RFID segment accounted for the largest market revenue share in 2022

Market Size & Forecast

Market Opportunities: USD 302.53 billion
Market Future Opportunities: USD 1554.50 billion
CAGR : 18.52%
APAC: Largest market in 2022

Market Summary

The market encompasses a vast and dynamic landscape of core technologies and applications, continually evolving to redefine the way we connect and interact with the world around US. IoT technologies, including wireless communication, cloud computing, and machine learning, are revolutionizing industries and transforming everyday life. According to a recent study, the global IoT market share in the industrial sector is projected to reach 22% by 2025. Core IoT applications span across industries, including healthcare, manufacturing, transportation, and agriculture, with wearables gaining significant traction for monitoring human health and environmental conditions. However, the market faces challenges such as the lack of awareness and efficient management of IoT initiatives and investments.
Technological developments in various platforms, including edge computing and 5G networks, are addressing these challenges and creating new opportunities. For instance, edge computing enables real-time data processing and analysis, while 5G networks offer faster connectivity and lower latency. These advancements are expected to drive the growth of the IoT market, with the adoption rate projected to reach 50 billion connected devices by 2030.

What will be the Size of the Internet Of Things (IoT) Market during the forecast period?

Get Key Insights on Market Forecast (PDF) Request Free Sample

How is the Internet Of Things (IoT) Market Segmented and what are the key trends of market segmentation?

The internet of things (iot) industry 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.

Application

  Industrial
  Retail
  Healthcare
  ICT
  Others


Technology

  RFID
  Sensors
  NFC
  Cloud services
  Others


Geography

  North America

    US


  Europe

    France
    Germany
    Norway


  APAC

    China


  Rest of World (ROW)

By Application Insights

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

The market is experiencing significant growth, with an estimated 27.1% of businesses implementing IoT solutions as of 2021. This trend is expected to continue, with 30.9% of companies planning to adopt IoT technology in the near future. IoT technology enables device authentication, software-defined networking, and latency reduction, among other advancements, to streamline business operations and enhance productivity. Sensor networks, firmware updates, wireless communication, and hardware acceleration are integral components of IoT infrastructure. Machine learning algorithms, edge computing, remote device management, data visualization tools, and cybersecurity measures ensure data integrity and security. Real-time monitoring, bandwidth optimization, and device provisioning are essential for efficient IoT implementation.

Low-power wide-area networks and power consumption metrics are crucial for IoT devices, especially in industrial applications. Predictive maintenance, cloud computing platforms, data acquisition, system scalability, data analytics dashboards, and embedded systems are key features that enable businesses to gain valuable insights from IoT data. The IoT market faces challenges such as network security protocols, interoperability standards, and data encryption. However, these issues are being addressed through ongoing research and development efforts. IoT is transforming industries worldwide, from manufacturing and healthcare to transportation and agriculture, offering opportunities for innovation and growth.

Request Free Sample

The Industrial segment was valued at USD 188.70 billion in 2018 and showed a gradual increase during the forecast period.

Request Free Sample

Regional Analysis

APAC is estimated to contribute 37% 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.

See How Internet Of Things (IoT) Mar

Global iot device market demand was valued at 480 in 2024 and is estimated to hit 1600 by 2033, growing steadily at 11.6 CAGR (2026–2033).

The IoT Device Management Market Report is Segmented by Component (Solutions and Services), Deployment Type (Cloud, On-Premise, and More), Connectivity Technology (Cellular [2G/3G/4G/5G], LPWAN [NB-IoT, Lorawan, Sigfox], and More), Organization Size (Small and Medium-Sized Enterprises and Large Enterprises), by End-User Vertical (Manufacturing, Transportation and Logistics, Healthcare and Life Sciences, and More), and Geography.

The global IoT medical devices market size is being driven by the rising prevalence of cardiovascular diseases across the globe. The market value was close to USD 31.40 Billion in 2024 and is anticipated to grow at a CAGR of 25.10% during the forecast period of 2025-2034. The market is anticipated to achieve a value of USD 294.78 Billion by 2034.

The CAGR of IoT Medical Devices market is expected to be around 25% during 2020-25, says MarkNtel Advisors.

The global IoT device management market reached approximately USD 2.95 Billion in 2024. The market is projected to grow at a CAGR of 5.00% between 2025 and 2034, reaching a value of around USD 4.81 Billion by 2034.