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 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 global market for enterprise Internet of things (IoT) is expected to grow to 690 billion U.S. dollars in size by the end of 2030. The technology reached 269 billion dollars in market revenue for the first time in 2023, and forecasts suggest that this figure will grow to around 301 billion by 2024.

The IoT Market Report is Segmented by Component (Hardware, Software, Services, and More), End-User Industry (Agriculture, Retail and E-Commerce, Energy and Utilities, and More), Application (Asset Tracking and Fleet Management, Predictive Maintenance, Smart Metering, and More), Deployment Model (Cloud, On-Premises, and More), and Geography

Global IoT market size is expected to reach $1520.12 billion by 2029 at 24.7%, segmented as by platform, device management, application management, network management

Introduction

The Global IoT Sensors in Healthcare Market is projected to grow from USD 81.4 billion in 2023 to USD 349.9 billion by 2033, at a CAGR of 15.7%. This substantial growth is driven by the increased adoption of remote monitoring and telehealth services. IoT sensors are pivotal in managing chronic diseases outside traditional clinical settings, providing continuous monitoring that improves patient outcomes and reduces healthcare costs.

Advancements in precision medicine are fueled by IoT sensors, which collect detailed data to tailor medical treatments to individual patient characteristics. This approach allows for more personalized and effective healthcare solutions. Additionally, IoT devices enhance patient engagement by providing instant access to health data, fostering active participation in health management and improving patient satisfaction.

IoT technology also increases operational efficiency within healthcare facilities by optimizing patient flow and inventory management. This not only enhances service delivery but also cuts costs, boosting the overall efficiency of healthcare services. Furthermore, the integration of AI and machine learning with IoT devices sets new standards in predictive healthcare, transforming service delivery through advanced diagnostics and optimized treatment plans.

Recent developments in the market underscore the commitment of leading industry players to innovate and enhance technology integration. For instance, Koninklijke Philips N.V. announced collaborations in April 2023 to develop AI-powered healthcare applications using IoT data. GE Healthcare Technology continues to expand remote patient monitoring capabilities, integrating IoT sensors to enhance patient care management.

Moreover, Abbott Laboratories and Medtronic Plc have made strategic moves to strengthen IoT sensors in healthcare market positions. Abbott's acquisitions in February 2023 aim to enhance its diabetes care technology, especially in continuous glucose monitoring. Medtronic's partnership with NVIDIA in January 2023 focuses on advancing medical technology through AI and IoT, highlighting an industry trend towards more integrated, patient-centered care facilitated by these technologies. These efforts demonstrate a significant shift towards enhancing patient care and operational efficiency through sophisticated IoT applications in healthcare.

According to Cognitive Market Research, the global Massive IoT market size will be USD 72518.6 million in 2024. It will expand at a compound annual growth rate (CAGR) of 23.20% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 29007.44 million in 2024 and will grow at a compound annual growth rate (CAGR) of 21.4% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 21755.58 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 16679.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 25.2% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 3625.93 million in 2024 and will grow at a compound annual growth rate (CAGR) of 22.6% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 1450.37 million in 2024 and will grow at a compound annual growth rate (CAGR) of 22.9% from 2024 to 2031.
The Large Enterprises held the highest Massive IoT market revenue share in 2024.

Market Dynamics of Massive IoT Market

Key Drivers for Massive IoT Market

Rising Popularity of NB-IoT (Narrowband-IoT) and LTE-M Technologies to Increase the Demand Globally

The enormous IoT market is expanding because of the rising trends of NB-IoT and LTE-M, two cellular IoT technologies meant to give IoT devices low-power, wide-area (LPWA) connectivity. Additionally, telecom companies worldwide are growing NB-IoT networks to accommodate the increasing demand for LPWA connectivity. For instance, 140 operators have developed and implemented NB-IoT, or possibly the rival LTE-M network, in 64 countries, according to the Global Mobile Suppliers Association (GSA) in February 2022. For companies wishing to deploy Massive IoT solutions, this expansion makes NB-IoT more accessible. Globally, numerous government agencies and telecommunications companies are implementing diverse approaches to create NB-IoT solutions in anticipation of a significant IoT revolution. Source: https://gsacom.com/paper/nb-iot-lte-m-february-2022-global-ecosystem/

Rapid Advancement in 5G Technology to Propel Market Growth

The enormous IoT industry is expected to be fueled by the rapid development of 5G technology, which will make it possible to create new IoT applications and services that were not possible with previous generations of wireless technology. Additionally, the quicker data transmission speeds and lower latency of 5G technology will enable IoT devices to analyze and transmit enormous volumes of data in real time. Thus, new solutions in areas like driverless automobiles, smart cities, and remote healthcare will be possible to design. The use of 5G technology is also anticipated to increase in tandem with the growing demand for autonomous vehicles. This is because 5G technology allows autonomous vehicles to communicate with infrastructure, such as traffic signals and signs, facilitating real-time traffic management and enhanced safety.

Restraint Factor for the Massive IoT Market

Data and Interoperability Issue to Limit the Sales

Cyberattacks and data breaches are more likely due to the vast scope of IoT implementations. Because IoT devices frequently have low processing power and security features, hackers can exploit them. Significant barriers exist, especially in regulated sectors like healthcare and banking, due to worries about data privacy and the misuse of obtained data. Furthermore, a vast range of platforms, devices, and communication protocols are a part of the Massive IoT ecosystem. Interoperability problems, or the inability of various systems or devices to communicate with one another efficiently, can result from a lack of standardization. Massive IoT solution adoption may be slowed down by this fragmentation.

Impact of Covid-19 on the Massive IoT Market

The massive IoT market has been significantly impacted by the COVID-19 epidemic, which has affected both the potential and problems faced by this quickly expanding industry. Although the pandemic sped up digital transformation in many industries, it also caused hiccups that hindered the uptake and implementation of massively connected devices. IoT adoption was among the many industries compelled ...

• The global industry was valued at US$ 106.6 Bn in 2023
• It is estimated to grow at a CAGR of 7.7% from 2024 to 2034 and reach US$ 258.0 Bn by the end of 2034

Market Introduction

Regional Outlook

IoT Sensors Market Snapshot

Consumer IOT Market size was valued at USD 73.44 Billion in 2024 and is projected to reach USD 252.46 Billion by 2031, growing at a CAGR of 16.69% from 2024 to 2031.

The growth of the Consumer IoT market is driven by the increasing adoption of smart devices and connected home technologies, as consumers seek convenience, automation, and energy efficiency in their daily lives. Rising internet penetration, coupled with advancements in wireless communication technologies like 5G, supports seamless connectivity for IoT devices, fueling market demand. The expansion of AI and machine learning capabilities enables more intelligent and personalized IoT solutions, further enhancing user experience. Additionally, the rising demand for wearable health and fitness devices, smart appliances, and home security solutions contributes to the market's growth. Consumer awareness of the benefits of IoT, alongside decreasing costs of sensors and other IoT components, also plays a crucial role in driving the market forward.

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UK IoT Market Size 2025-2029

The IoT market size in UK is forecast to increase by USD 25.74 billion at a CAGR of 12.5% between 2024 and 2029.

The Internet of Things (IoT) market is experiencing significant growth, driven by the implementation of Industry 4.0 and the increasing diversity in IoT standards. Industry 4.0, the fourth industrial revolution, is transforming industries by integrating physical and digital systems, creating new opportunities for IoT devices. Meanwhile, the growing diversity in IoT standards presents both challenges and opportunities, as businesses navigate the complex landscape of interoperability and compatibility. However, the lack of awareness about IoT devices among some organizations and individuals may hinder market growth. Advancements in technologies such as 5G networks, edge computing, big data, AI, and Industry 4.0 are transforming the IoT landscape. Moreover, the expansion of mobile network infrastructure and the increasing adoption of cloud computing in North America are major drivers for the market.
These trends and challenges highlight the need for a deep understanding of the IoT market dynamics, which this market trends and analysis report aims to provide. By exploring the key drivers, trends, and challenges shaping the IoT market, businesses can make informed decisions and capitalize on the opportunities presented by this rapidly evolving technology.

What will be the Size of the market During the Forecast Period?

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The Internet of Things (IoT) market is experiencing significant growth and innovation, with various sectors integrating IoT solutions to enhance operations and customer experiences. Smart building technologies are revolutionizing commercial real estate, while connected customer experiences are transforming retail and education. IoT solutions providers are addressing risk management in smart city infrastructure, enabling remote asset tracking in connected manufacturing, and providing predictive analytics for precision agriculture and supply chain visibility. The IoT ecosystem is expanding, with industrial IoT driving digital transformation in industries, building automation systems optimizing business processes, and telehealth solutions improving healthcare delivery. Renewable energy integration, personalized learning, connected logistics, and fraud detection are among the numerous applications of IoT.

IoT implementation requires robust security solutions, with IoT strategy becoming a priority for businesses in finance, retail, and education. Smart home automation, smart city infrastructure, and smart energy grids are redefining urban living, while IoT in agriculture and connected car technology are revolutionizing rural and transportation sectors, respectively.

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 million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  Industrial
  Retail
  Healthcare
  ICT
  Others


Technology

  RFID
  Sensors
  NFC
  Cloud services
  Others


Component

  Hardware
  Software
  Services


Deployment

  Cloud-based
  On-premises


Geography

  Europe

    UK

By End-user Insights

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

In the dynamic IoT market, various sectors are leveraging this technology to enhance productivity and gain a competitive edge. The industrial segment holds the largest market share, with the integration of location-based sensors for inventory management being a major trend. Globally, manufacturers are utilizing IoT to optimize their production processes through predictive maintenance and real-time data analysis. IoT applications in industries span across power management, quality control, and smart logistics. Software development enables machines and devices to connect to the Internet, while firmware updates ensure seamless functionality. Predictive maintenance and energy management are crucial aspects of IoT implementation in industries.

Edge computing and data visualization facilitate efficient data processing and analysis. Data privacy and network security are essential considerations in the implementation of IoT systems. Industrial automation, machine learning, and artificial intelligence are key technologies driving the industrial IoT market. IoT hubs and connectivity protocols facilitate seamless communication between devices and systems. Sensor networks and connected devices enable data collection and analysis in real-time. In the realm of industrial IoT, the focus is on optimizing supply chain operations, enhancing energy management, and improving overall efficiency.

Get a glance at the market report of share of various segme

The global IoT market size attained a value of about USD 2.18 Trillion in 2024. The market is further expected to grow in the forecast period of 2025-2034 at a CAGR of 15.90% to reach nearly USD 9.53 Trillion by 2034.

The global Internet of Things (IoT) market is forecast to be worth around 419.8 billion U.S. dollars in 2025, and rise to more than 908 billion U.S. dollars in 2034, more than doubling its revenue in ten years. Overall, the number of IoT connected devices worldwide is forecast to consistently rise during this span of time. Major verticals and use cases All types of industry verticals and consumer markets use IoT devices, with the retail an wholesale segment accounting for the largest share of the IoT devices market with approximately 28 percent of the total IoT device market in 2023. This share is projected to grow over the next five years to around 38 percent. Smartphones are the most commonly used devices in the IoT consumer internet and media devices segment, acting as connectors between many smart devices. Connected vehicles, payment terminals, smart grid, building automation, CCTV, and security and fire alarms are other IoT use cases where global revenue is projected to reach, and in many cases surpass, the mark of 50 billion U.S. dollars. IoT revenue by region The region with the largest share of the IoT market is China, with North America and Europe coming in at a distant second and third in 2023. Over the next ten years, the market is forecast to lose some footing in the Greater China area, with both North America and Europe closing the gap in terms of revenue revenues.

The Internet of Things (IoT) user expenditure in Japan was estimated at a value of about *** trillion Japanese yen in 2022. It was expected to grow with a compound annual growth rate (CAGR) of *** percent until 2027, resulting in a value of almost *** trillion yen by that year.

Market situation in Japan

Japan’s IoT market is experiencing significant growth across various sectors, with notable expansion in the automotive industry and logistics. The demand for IoT solutions is increasing as industries seek to enhance operational efficiency and address labor shortages. Key use cases driving this growth include agricultural field monitoring, smart warehouse management, and in-hospital clinical care. The number of wireless IoT devices is projected to reach almost ** million by the 2026 fiscal year.

AI and IoT synergy

The IoT describes a network of devices that can process data and communicate with each other via the internet or other types of networks. The market for connected home devices, including smart appliances, security systems, and energy management solutions, is expanding rapidly. Moreover, the convergence of IoT with artificial intelligence, known as AIoT, is driving innovation in smart homes and beyond. AIoT enables devices to not only connect and communicate but also to learn and adapt, offering enhanced convenience, efficiency, and personalization for consumers. However, a survey conducted in Japan reveals that many companies lack personnel to lead AI implementation, while others are skeptical about the potential merits or results relative to the costs.

According to Cognitive Market Research, the global Internet of Things (IoT) Operating Systems market will be USD 8479.38 million in 2024 and expand at a compound annual growth rate (CAGR) of 40.4% from 2024 to 2031. Market Dynamics of Internet of Things (IoT) Operating Systems Market

Key Drivers for Internet of Things (IoT) Operating Systems Market

Expansion of information technology across all industry verticals- The Internet of Things (IoT) operating systems market is experiencing rapid growth due to the expansion of information technology across all industry verticals. As industries such as healthcare, manufacturing, automotive, and smart cities increasingly integrate IoT solutions, the demand for robust, secure, and efficient operating systems to manage these interconnected devices rises. IoT operating systems enable real-time data processing, seamless connectivity, and enhanced security, which are critical for the effective functioning of IoT ecosystems. This expansion is fueled by advancements in cloud computing, artificial intelligence, and 5G technology, which further drive the adoption of IoT. The need for improved operational efficiency, cost reduction, and innovative business models is pushing organizations to invest in IoT operating systems.
Wide adoption of cloud-based services to drive the Internet of Things (IoT) Operating Systems market's expansion in the years ahead.

Key Restraints for Internet of Things (IoT) Operating Systems Market

The scalability of IoT systems and applications poses a serious threat to the Internet of Things (IoT) Operating Systems industry.
The market also faces significant difficulties related to Licensing and infringements.
There is no uniformity or agreement on the rules that allow different devices to connect and work together

One of the major challenges in Internet of Things (IoT) testing is the inconsistency of standards for interconnectivity and interoperability. IoT devices tend to depend on communication across multiple protocols, networks, and platforms. Yet, there is no standard approach to how these devices should communicate with each other, resulting in market fragmentation. Various manufacturers, geographies, and industries use different protocols (e.g., Zigbee, Bluetooth, Wi-Fi, LoRaWAN) and communication standards, that prevent easy communication among different vendors' devices. This variability makes testing challenging because it involves making devices interoperate with a number of different devices, even if they have differing communication protocols, data formats, and network configurations.

Additionally, the fact that there are no standardized testing models or approaches only aggravates the issue. Without shared standards, testers have to create tailor-made test cases for every device, something which can be time-consuming, expensive, and prone to errors. This inconsistency is also problematic in terms of scalability because devices that are able to successfully communicate with each other in a small-scale environment might fail if connected to a larger or more heterogeneous ecosystem. Furthermore, emerging technology and frequent updates to hardware and software elements add to the complexity. Equipment can be in a state of constant revalidation as vendors release new versions or patches, which adds to the complexity of interoperability testing. Therefore, inconsistency in standards makes it a big hurdle in making IoT ecosystems reliable, secure, and scalable.

Opportunities for the Internet of Things (IoT) Testing

Testing by creating virtual versions of services or systems instead of using real ones.

Service virtualization offers a great benefit for IoT testing through the ability to simulate different components within an IoT environment, including devices, sensors, servers, and cloud services. Because IoT environments typically involve many interdependent devices and services, it may be unrealistic to test each and every element in real time, particularly when some components are not available, not complete, or expensive to access during testing. Service virtualization overcomes this difficulty by designing virtual representations of such components so that testers can mimic interactions and behaviors that otherwise need to be tested with actual devices or services. One of the major advantages of service virtualization in IoT testing is that it speeds up the test process. By virtue...

[404 pages Report] The global Internet of Things (IoT) Security Product market is estimated to grow from USD 12 Billion in 2017 to USD 48 Billion by 2027, expanding at a CAGR of 14.9% from 2017 to 2027.

The global IoT sensors market is forecast to register 25.70% CAGR & is expected to hit USD 98.2 billion from forecast period 2025 to 2034 | Data analysis by PMR

IoT device management market reaching a substantial size of USD 45 billion by 2033, at CAGR of 32.0% during the forecast period 2024-2033.

The IoT security market size is projected to grow from USD 20.08 billion in the current year to USD 277.47 billion by 2035, representing a CAGR of 26.96%, during the forecast period till 2035.

Iot Sensor Market is Segmented by Sensor Type (Pressure Sensors, Temperature Sensors, and More), Technology (MEMS, Optical, and More), Connectivity (Wired, Wireless – Wi‑Fi, and More), Power Source (Battery‑Powered, Energy‑harvesting, and More), End User (Automotive and Transportation, Healthcare, and More), Application, and Geography. The Market Forecasts are Provided in Terms of Value (USD).

This statistic shows the size of the Internet of Things (IoT) security market worldwide from 2016 to 2025. In 2018, revenue from the IoT sensors market is expected to amount to nearly ** billion U.S. dollars worldwide.