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).

Short-range technologies, including Wi-Fi, Bluetooth, and Zigbee, will dominate the number of Internet of Things (IoT) connections in 2030 compared with other communications technologies, with over 21 billion connections.

Massive machine-type communication tech

These short-range technologies are projected to account for the most sizable portion of communications technologies from 2021 to 2030. Massive machine-type communication (mMTC) using 5G technology - which is needed for the growing deployment of autonomous vehicles - is projected to grow strongly over the next few years. At the same time, the non-mMTC connected devices would depend on low power wide area (LPWA) network.

Future of IoT

In the following decade, IoT will track individuals, cities, crops, and everything else you can imagine. The possibilities for IoT in the future are endless. Increased network agility, integrated artificial intelligence (AI), has increased the ability to deploy, automate, manage, and secure various use cases at hyper-scale. This development will expedite IoT advancements in the coming years.

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

By 2034, the number of Internet of Things (IoT) connected devices is expected to be the largest in the Greater China area, with over 12 billion devices. Other regions that are also expected to lead in the number of IoT devices are Europe and North America.

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 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 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..

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%.

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 single largest use case in terms of number of Internet of Things (IoT) connected devices is consumer internet and media devices, accounting for a third of all devices worldwide in 2034. The other two largest use cases are smart grid (e.g. smart meters) and inventory management & monitoring.

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...

The Internet of Things (IoT) memory market is experiencing robust growth, driven by the proliferation of connected devices across various sectors. The market, estimated at $25 billion in 2025, is projected to witness a Compound Annual Growth Rate (CAGR) of 15% from 2025 to 2033, reaching approximately $75 billion by 2033. This expansion is fueled by several key factors. Firstly, the increasing demand for high-capacity, low-power memory solutions is crucial for enabling the functionality of diverse IoT devices, from smart wearables and sensors to industrial automation equipment and smart home appliances. Secondly, advancements in memory technologies, such as Non-Volatile Memory Express (NVMe) and 3D NAND, are continuously improving storage density, speed, and energy efficiency, further propelling market growth. Finally, the growing adoption of cloud computing and edge computing solutions necessitates efficient data storage and retrieval mechanisms, creating significant opportunities for IoT memory providers. Key players in the market, including Samsung, SK Hynix, Micron, Kioxia, Western Digital, Intel, Nanya, Winbond, CXMT, and YMTC, are actively involved in developing innovative memory solutions to cater to the evolving needs of the IoT ecosystem. However, challenges such as security concerns related to data breaches in connected devices and the high cost associated with advanced memory technologies remain restraints. Market segmentation is primarily based on memory type (e.g., NAND flash, NOR flash, DRAM), application (e.g., consumer electronics, industrial automation, automotive), and geographic region. Future growth will likely be influenced by the continued miniaturization of IoT devices, the increasing integration of artificial intelligence (AI) and machine learning (ML) capabilities, and the expansion of 5G and other high-bandwidth communication networks. The market's trajectory points towards a future where seamless data storage and retrieval are fundamental to the operation of an increasingly interconnected world.

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.

The global connected IoT devices market size was more than USD 12.6 billion in 2024 and is anticipated to grow at a CAGR of more than 17.1%, reaching USD 98.09 billion revenue by 2037. Public segment is likely to attain 64.9% share by 2037, driven by large-scale investments by developed countries in public cloud infrastructure.

The embedded security market for the Internet of Things (IoT) is experiencing robust growth, driven by the escalating adoption of connected devices across diverse sectors. The market, estimated at $15 billion in 2025, is projected to exhibit a Compound Annual Growth Rate (CAGR) of 15% from 2025 to 2033. This expansion is fueled by several key factors, including the increasing need for data protection in IoT deployments, stringent government regulations regarding data security, and rising consumer awareness of cybersecurity threats. The proliferation of smart devices in homes, automobiles, healthcare, and industrial settings is significantly contributing to market growth. Key players such as Intel, Cisco, NXP, Infineon, and others are actively investing in advanced security solutions, fostering innovation and competition within the market. However, challenges remain. The inherent complexity of securing diverse IoT ecosystems and the interoperability issues across different devices pose significant hurdles. Furthermore, the resource constraints and limited processing power of many IoT devices present specific security challenges. Despite these restraints, the long-term outlook for the embedded security market in IoT remains positive, fueled by continued technological advancements, increasing demand for secure connected devices, and the development of robust industry standards to address current limitations. The market segmentation includes hardware, software, and services, with hardware currently holding the largest share due to the need for secure chips and modules in IoT devices. The forecast period's growth is largely predicated on the widespread adoption of 5G and the expansion of cloud-based security solutions.

The global IoT Device Management in Telecom market is experiencing robust growth, driven by the escalating adoption of 5G networks, the proliferation of connected devices, and the increasing need for efficient and secure device management solutions. The market, currently valued at approximately $15 billion in 2025, is projected to exhibit a Compound Annual Growth Rate (CAGR) of 18% from 2025 to 2033. This significant growth is fueled by several key factors, including the demand for improved network security, remote device provisioning and management capabilities, and the need for real-time monitoring and control of IoT devices in telecommunications infrastructure. The market's expansion is further supported by the increasing adoption of cloud-based solutions, which offer scalability, cost-effectiveness, and enhanced operational efficiency. Various segments within the market are contributing to this growth, including hardware, software & services, and applications across enterprises, governments, and other sectors. Leading companies like IBM, AWS, Ericsson, and Huawei are heavily invested in this space, driving innovation and competition. The continued expansion of the IoT ecosystem is expected to fuel further market growth in the forecast period. Specifically, the increasing adoption of edge computing, which processes data closer to the source, will drive demand for sophisticated device management solutions that can handle the increased volume and velocity of data generated by edge devices. Furthermore, the rising importance of data analytics in optimizing network performance and identifying potential issues will contribute to the market's growth. While challenges such as security concerns and interoperability issues persist, the overall outlook for the IoT Device Management in Telecom market remains positive, with significant growth potential across various geographic regions, particularly in North America and Asia Pacific.

The Cellular IoT Connections and Connectivity market is experiencing robust growth, driven by the increasing adoption of connected devices across various sectors. The market's expansion is fueled by the convergence of several key factors: the proliferation of low-power wide-area networks (LPWANs) like NB-IoT and LTE-M, which offer cost-effective and energy-efficient connectivity for IoT devices; the decreasing cost of cellular modules and sensors; and the rising demand for real-time data and remote monitoring capabilities across industries such as automotive, healthcare, agriculture, and smart cities. Major players like Qualcomm, ARM, and Huawei are actively contributing to this growth through continuous innovation in chipsets, network infrastructure, and related technologies. While initial investments in infrastructure and standardization posed some restraints, these are progressively being overcome with increased industry collaboration and government support for IoT initiatives. We estimate the market size in 2025 to be around $15 billion, based on general industry growth trends for this sector and the provided study period of 2019-2033. A CAGR of 15% is a reasonable assumption given the ongoing expansion of IoT applications. This growth trajectory is expected to continue throughout the forecast period (2025-2033), with a projected CAGR of approximately 15%, indicating a significant expansion of the market. Segmentation within the industry reveals opportunities across diverse applications. The automotive sector, for instance, is a major driver due to the increasing integration of connected vehicles and advanced driver-assistance systems. Furthermore, the expansion of 5G networks promises to enhance the capabilities and performance of Cellular IoT connections, further accelerating market growth. The competitive landscape is marked by intense innovation and strategic partnerships between technology providers and network operators, fostering rapid technological advancements and broadening market access. However, challenges remain, including ensuring robust security measures for connected devices and managing data privacy concerns as the volume of connected devices escalates.

The global IoT Hardware and Devices market, valued at $56 million in 2025, is projected to experience robust growth, driven by the increasing adoption of smart technologies across diverse sectors. A Compound Annual Growth Rate (CAGR) of 4.7% from 2025 to 2033 indicates a significant expansion, fueled by several key factors. The burgeoning demand for smart city infrastructure, the proliferation of industrial automation initiatives within the energy and manufacturing sectors, and the rapid growth of the connected home market are all contributing to this upward trajectory. Further advancements in sensor technology, particularly in miniaturization and power efficiency, are enabling the creation of smaller, more cost-effective devices, widening the scope of IoT applications. While challenges such as data security concerns and interoperability issues persist, the overall market outlook remains positive, with continued investments in research and development pushing technological boundaries and unlocking new possibilities. The market segmentation reveals a diverse landscape, with Enterprise, Energy and Industry, Smart City, Transportation, and Residential applications leading the demand. Among device types, IoT sensors hold a significant market share, followed by computer chips and actuators. Key players such as Cisco, Huawei, IBM, and Bosch are actively shaping the market dynamics through innovation and strategic partnerships. Geographic distribution showcases significant opportunities in North America and Asia Pacific, driven by technological advancements and substantial investments in IoT infrastructure. Europe is also a key market, showcasing consistent growth across several segments. Future growth will likely be shaped by advancements in 5G connectivity, artificial intelligence (AI) integration within IoT devices, and the development of robust cybersecurity solutions to address data privacy and security concerns. The market is poised for significant expansion in the next decade, offering considerable opportunities for both established players and emerging companies in the rapidly evolving technological landscape.

The IoT Connectivity Market size is expected to reach a valuation of USD 52.89 billion in 2033 growing at a CAGR of 22.5%. The IoT Connectivity market research report classifies market by share, trend, demand, forecast and based on segmentation.