The number of connected devices worldwide is set to almost double between 2023 and 2029. This growth is expected to be driven by an increase in short-range IoT (internet of things) devices, with more than ** billion such devices forecast before the end of the decade. Connected devices include items such as wearables, connected cars and smart sensors.

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.

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.

As of the third quarter of 2024, over *** million devices were connected to Xiaomi's IoT platform worldwide. This was an increase from the previous quarter, when Xiaomi's IoT platform counted roughly *** million devices.

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.

As of February 2025, short-range IoT devices, such as smart home assistants and wearable fitness trackers, were the most internet-connected devices worldwide, reaching 17.4 billion users. Mobile phones followed, with 8.65 billion connections, which highlights its widespread adoption. Wide-area IoT devices, such as connected vehicles and remote monitoring systems, accounted for 4.93 billion connections.

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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 (IoT) market

The total installed base of Internet of Things (IoT) connected devices worldwide is projected to amount to **** billion units by 2025, a sharp jump from the **** billion units that are expected in 2021. IoT vs non-IoT Examples of IoT connections include connected cars, smart home devices, and connected industrial equipment. In comparison, non-IoT connections include smartphones, laptops, and computers, with connections of these types of devices set to amount to just over ** billion units by 2025 – three times fewer than IoT device connections. As a result, revenue from the global IoT market is set to grow considerably in the coming years. 5G and IoT The development of faster and more reliable networks, especially with the extensive rollout of 5G, accelerates the pace with which IoT deployment occurs. Due to this development, many vehicles are becoming increasingly connected, a trend that is forecast to continue both in the commercial and consumer connected car markets.

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.

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 ...

IoT Analytics Market Outlook

According to our latest research, the global IoT Analytics market size reached USD 32.4 billion in 2024, reflecting robust growth driven by the rapid proliferation of connected devices and the increasing adoption of advanced analytics across industries. The market is expected to expand at a CAGR of 22.1% from 2025 to 2033, projecting the market to reach USD 237.9 billion by 2033. The primary growth factor fueling this expansion is the surging demand for actionable insights from IoT-generated data, which is transforming operational efficiency and driving digital transformation initiatives worldwide.

The accelerated adoption of IoT analytics is being propelled by the exponential growth in the number of connected devices and sensors across a multitude of industries. As organizations seek to extract meaningful intelligence from the massive volumes of data generated by IoT devices, the need for sophisticated analytics solutions has become more pronounced. Key growth drivers include the integration of IoT analytics with artificial intelligence and machine learning, which enhances predictive capabilities and enables real-time decision-making. Additionally, the emphasis on automation and the shift towards Industry 4.0 in manufacturing, smart healthcare systems, and intelligent transportation networks are generating new opportunities for IoT analytics providers.

Another significant factor contributing to the marketÂ’s expansion is the increasing focus on improving operational efficiency and reducing costs. IoT analytics platforms empower organizations to monitor assets, optimize resource utilization, and anticipate equipment failures through predictive maintenance. This not only minimizes downtime but also extends the lifespan of critical infrastructure. Furthermore, the growing need for compliance with stringent regulatory frameworks and the rising concerns around data security are compelling enterprises to adopt advanced analytics solutions that ensure data integrity and transparency. The convergence of IoT analytics with cloud computing and edge analytics is further accelerating market growth by facilitating scalable and flexible data processing capabilities.

The IoT analytics market is also benefiting from the growing investments in smart city initiatives and the digital transformation of traditional sectors such as energy, utilities, and retail. Governments and enterprises are leveraging IoT analytics to enhance urban infrastructure, improve energy efficiency, and deliver personalized customer experiences. The emergence of 5G networks is expected to further boost the adoption of IoT analytics by enabling faster data transmission and supporting real-time analytics at the edge. However, challenges related to data privacy, interoperability, and the complexity of integrating diverse IoT ecosystems continue to pose hurdles that stakeholders must address to unlock the full potential of IoT analytics.

Regionally, North America remains the dominant market, accounting for a significant share of global IoT analytics revenue in 2024, followed by Europe and the Asia Pacific. The regionÂ’s leadership is attributed to the presence of major technology players, early adoption of advanced analytics, and substantial investments in IoT infrastructure. Meanwhile, Asia Pacific is witnessing the fastest growth, fuelled by rapid industrialization, the expansion of smart city projects, and a burgeoning base of connected devices. Latin America and the Middle East & Africa are also emerging as promising markets, driven by digitalization initiatives and rising demand for data-driven decision-making in various sectors.

Industrial Analytics is becoming a cornerstone in the advancement of IoT analytics, particularly as industries strive to harness the power of data to enhance operational efficiency and drive innovation. By integrating IoT analytics with industrial processes, organizations can gain unprecedented insights into their operations, enabling them to optimize production, reduce waste, and improve quality control. This integration is particularly beneficial in sectors such as manufacturing, where real-time data from connected devices can be analyzed to monitor equipment performance, predict maintenance needs, and ensure seamless production flows. The ability to leverage Industrial Analytics to transform raw data into actionable intelligence is e

According to Cognitive Market Research, the global home networking devices market size will be USD 21451.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 8.00% 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 8580.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 6435.36 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 4933.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 1072.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.4% 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 429.02 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031.
The telecommunication held the highest home networking devices market revenue share in 2024.

Market Dynamics of Home Networking Devices Market

Key Drivers for Home Networking Devices Market

Increasing Demand for home networking gear to Increase the Demand Globally

The development of remote work has greatly increased demand for home networking gear. As more employees work from home, dependable and quick internet access has become critical. This transition has resulted in increased sales of routers, Wi-Fi extenders, and mesh networks to provide uninterrupted connectivity for video conferences, file sharing, and cloud-based services. The demand for safe, consistent connections has sparked increased interest in network security equipment. Furthermore, the expansion of online education and remote healthcare has strengthened the industry, making home networking equipment a crucial component of the modern home office.

Internet of Things IoT contribute to the expansion

The growth of the Internet of Things (IoT) is a key driver of the home networking equipment industry. As the number of IoT devices grows, from smart appliances to security systems, so does the demand for reliable, high-speed home networks. Consumers want dependable routers, extenders, and mesh networks to accommodate the expanding number of connected devices. This boom in IoT use increases the demand for advanced networking solutions that provide seamless connectivity, minimal latency, and increased security. As a result, the market for home networking devices is rising, driven by the demand to meet the changing needs of smart homes.

Restraint Factor for the Home Networking Devices Market

High Costs of Advanced Devices Will Restrict the market growth

The high cost of modern home networking devices is a significant market barrier. These gadgets frequently have cutting-edge technology, such as high-speed CPUs, improved security features, and extended signal range, which contributes to their higher cost. Many consumers find the initial expenditure required for these high-end products prohibitively expensive, which limits their adoption. Furthermore, the ongoing growth of technology might result in rapid obsolescence, discouraging investment. This financial barrier can impede widespread market growth, particularly among price-sensitive clients or those with restricted budgets for home networking improvements.

Impact of Covid-19 on the Home Networking Devices Market

The COVID-19 pandemic had a tremendous impact on the home networking device market, causing a boom in demand as remote work and online education grew more widespread. Lockdowns and social distancing techniques increased the reliance on home networks for both professional and personal purposes. This increased demand resulted in supply chain disruptions and shortages, hurting both production and delivery. Despite these limitations, the market expanded rapidly, with increased expenditures in network infrastructure and technological improvements to meet the boom in connection demands. Introduction of the Home Networking Devices Market

Home networking devices are necessary for establishing and operating a network in a residential setting. Routers direct internet traffic and connect multiple devices; modems t...

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...

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.

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LTE IoT Market Size 2024-2028

The LTE IoT market size is forecast to increase by USD 16.22 billion at a CAGR of 28.8% between 2023 and 2028. The market is experiencing significant growth due to global LTE rollouts and the increasing integration of IoT devices in various industries, particularly in industrial automation and healthcare. Orthogonal Frequency Division Multiplexing (OFDM) technology, the backbone of LTE networks, enables efficient bandwidth utilization for data exchange between IoT sensors and the cloud. However, challenges persist, including the need for reliable connections and addressing connectivity issues and infrastructure limitations. As 5G networks emerge, they are expected to offer even greater bandwidth and lower latency, potentially disrupting the market. In the market, the trend towards smart cities and the Internet of Things is driving demand for LTE connectivity to support the data exchange needs of an increasing number of IoT devices. Companies in this space must stay abreast of these trends and challenges to remain competitive.

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

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IoT Wireless communication has been a game-changer in various industries, enabling seamless data transmission and revolutionizing the way businesses operate. Among the different generations of mobile technologies, Long-Term Evolution (LTE) has emerged as a key player in the Internet of Things (IoT) market. LTE, a cellular technology, represents the fourth generation of wireless communication, following 1G, 2G, and 3G. Its primary focus is on providing high-speed data transmission and reliable connections, making it an ideal choice for IoT devices. The global LTE rollouts have been instrumental in enabling the widespread adoption of IoT.

Furthermore, LTE's spectrally efficient design and its ability to support a large number of connected devices have made it a preferred choice for various applications, including health monitoring gadgets, home security systems, and commercial security solutions. Data exchange between IoT devices and the cloud is a crucial aspect of IoT applications. LTE's reliable connection ensures that data is transmitted efficiently and in real-time, enabling businesses to make informed decisions based on the data received. LTE networks offer different categories, such as Cat M and NB-IoT, designed specifically for IoT applications. These categories offer lower power consumption and extended battery life, making them suitable for devices that require long-lasting connectivity.

Moreover, orthogonal Frequency Division Multiplexing (OFDM) technology, used in LTE, enables efficient use of the available spectrum. This technology is essential for IoT applications, as it allows for a large number of devices to operate in the same frequency band without interfering with each other. As the world prepares for the next generation of wireless communication, 5G and LTE continue to play a significant role in the IoT market. Its ability to support a large number of connected devices and provide reliable, high-speed data transmission makes it an essential technology for various IoT applications. In conclusion, LTE's role in the IoT market is undeniable.

Market Segmentation

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.

Technology

  NB-IoT
  LTE-M


Geography

  Europe

    Germany
    UK
    France


  North America

    US


  APAC

    China


  Middle East and Africa



  South America

By Technology Insights

The NB-IoT segment is estimated to witness significant growth during the forecast period.NB-IoT, a low-power wide area network technology, is revolutionizing the Internet of Things (IoT) market by enabling the deployment of cost-effective and energy-efficient IoT devices and services. Built on LTE Cat-M1 technology, NB-IoT is a 3GPP standard that offers longer battery life and reduced deployment costs compared to other LPWAN technologies. This technology significantly enhances user device power consumption, system capacity, and spectral efficiency, particularly in deep coverage areas. NB-IoT is capable of supporting up to 50,000 devices per NB-IoT network cell while minimizing power consumption and reaching locations where traditional cellular technology is unavailable. NB-IoT's applications span across various industries, including smart meter reading, agriculture, logistics, and smart city solutions, among others.

Furthermore, its ability to connect a vast number of devices while conserving energy and resources makes it an ideal choice for IoT deployments. With the ongoing global LTE rollouts, the demand for NB-IoT technology is expected to rise, driven by the need for reliable data

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Wi-Fi Chipset Market Size 2024-2028

The Wi-Fi chipset market size is forecast to increase by USD 6.59 billion at a CAGR of 5.24% between 2023 and 2028. The market is experiencing significant growth due to the increasing digitalization of businesses and the rising demand for smart devices, including smartwatches and Internet of Things (IoT) devices. With the proliferation of connected home devices and the shift to remote work, high-speed Wi-Fi connectivity has become essential. This has led to an increasing demand for low-power chipsets that can support dual-band technology and handle the growing data traffic. However, the market also faces challenges, such as the need for enhanced security features to mitigate the rising security threats associated with Wi-Fi-enabled devices. As consumer electronics continue to evolve, the market is expected to grow, driven by the need for reliable, high-speed, and secure Wi-Fi connectivity.

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The market is experiencing significant growth due to the increasing adoption of smart devices and the Internet of Things (IoT). With the proliferation of Wi-Fi connectivity in consumer electronics, high-speed communication is essential to support data traffic from smartphones, laptops, tablets, and other devices. Low-power chipsets are becoming increasingly popular for connected home devices, enabling energy efficiency and longer battery life. The market is also driven by the need for dual-band technology in smart home ecosystems, remote work, and virtual reality applications. The integration of 5G technology is expected to further enhance network connectivity, providing low latency and bandwidth communications for IoT devices and smart industries.

Data utilization and security concerns are critical factors in the market. Energy efficiency is also a significant consideration, as manufacturing efficiency and wireless standards continue to evolve. The market is poised for continued growth, as the demand for enhanced network connectivity and bandwidth communications increases across various industries and applications.

Market Segmentation

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

Type

  Dual band
  Tri band
  Single band


Application

  Consumer devices
  Smart home devices
  Gaming devices
  Drones
  Others


Geography

  APAC

    China
    Japan
    South Korea


  North America

    US


  Europe

    Germany


  South America



  Middle East and Africa

By Type Insights

The dual band segment is estimated to witness significant growth during the forecast period.Dual-band Wi-Fi chipsets have gained significant traction in the Wi-Fi market due to their ability to support two wireless frequency bands, specifically the 2.4 GHz and 5 GHz bands. This dual-band feature offers numerous advantages over single band chipsets, making it a preferred choice for various Wi-Fi-enabled devices. The 2.4 GHz band delivers better coverage and penetrates obstacles more effectively, making it suitable for larger areas or environments with walls and barriers. In contrast, the 5 GHz band provides faster data transfer rates and experiences less interference, making it ideal for high-bandwidth applications such as HD video streaming, online gaming, and large file transfers.

Moreover, the increasing adoption of Wi-Fi technology in various industries, including IoT devices, smart industries, and digital healthcare, is driving the demand for advanced Wi-Fi chipsets. According to market research, The market is projected to grow at a steady revenue rate over the forecast period. The market growth can be attributed to the increasing number of Wi-Fi-enabled devices, the growing popularity of public Wi-Fi networks, and the increasing adoption of Wi-Fi technology in various industries. In terms of device types, smartphones are expected to dominate the market due to their widespread usage and the growing trend of mobile internet connectivity. Overall, the market is poised for significant growth in the coming years, driven by the increasing demand for high-speed and reliable Wi-Fi connectivity across various applications and industries.

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The dual band segment accounted for USD 9.85 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

APAC is estimated to contribute 43% 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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The market is expected to experience substantial growth in the c

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Cellular IoT Market Size 2024-2028

The cellular IoT market size is forecast to increase by USD 16.45 billion at a CAGR of 32.14% between 2023 and 2028.

The market is experiencing significant growth due to the implementation of cellular IoT modules in various sectors, including smart city infrastructure and building automation. The increasing adoption of these technologies in vehicle telematics and fleet management applications is also driving market expansion. However, the market faces challenges from the rising number of cyber attacks, which pose a threat to data security and privacy.
To mitigate these risks, market participants are investing in advanced security solutions and protocols. Additionally, the development of low-power, cost-effective cellular IoT technologies is expected to further fuel market growth In the coming years. Overall, the market holds immense potential for innovation and growth, particularly In the areas of connectivity, security, and energy efficiency.

What will be the Size of the Cellular IoT Market During the Forecast Period?

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The market in the US is experiencing significant growth due to the increasing adoption of IoT technologies in various industries. Key sectors driving this trend include smart city infrastructure, building automation, agricultural automation, environmental monitoring, medical wearables, and fleet management. These applications require real-time monitoring, data-driven decisions, and energy-efficient connectivity, which are provided by LPWAN technologies such as NB-IoT (Narrowband IoT) and LTE-M. Chipsets and wearables are essential components of the Cellular IoT ecosystem, enabling the development of connected healthcare devices, vehicle telematics, and consumer electronics. Real-time communication is a critical feature of Cellular IoT, facilitating industrial automation, smart grids, and LTE networks.
Moreover, the integration of Cellular IoT with LPWAN technologies is enabling vehicle-to-everything (V2X) communication, including vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and vehicle-to-pedestrian (V2P), revolutionizing transportation systems. The upcoming 5G networks are expected to further accelerate the growth of the market by providing faster connectivity and lower latency.

How is this Cellular IoT Industry segmented and which is the largest segment?

The cellular 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.

Component

  Hardware
  Software


Type

  3G
  2G
  4G
  Others


Geography

  North America

    US


  APAC

    China
    Japan


  Europe

    Germany
    UK


  South America



  Middle East and Africa

By Component Insights

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

The market is witnessing notable expansion In the hardware sector, driven by the increasing demand for devices such as sensors, actuators, gadgets, appliances, and machines that can transmit data over the Internet or other networks. This interconnected system facilitates real-time data generation through M2M communication, enhancing hardware devices' reliability and effectiveness. Key applications include urban infrastructure management, traffic control, waste management, energy efficiency, and more. Government programs, Industry 4.0 initiatives, and smart city projects are fueling the adoption of cellular IoT technology. Data integrity, battery life, security, network coverage, connectivity, regulatory compliance, data protection, spectrum usage, and urban infrastructure development are critical considerations.

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The hardware segment was valued at USD 1.63 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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The North American the market is experiencing significant growth, driven primarily by the industrial, automotive, and healthcare sectors. The adoption of IoT solutions In these industries is aimed at enhancing operational efficiency and gaining competitive advantages. Cellular IoT solutions offer advantages such as low power consumption and faster data transfer speeds, making them increasingly popular for various IoT devices. The US is a major contributor to the expansion of the market in North America. Factors fueling this growth include rap

The 5G connected device market is experiencing explosive growth, driven by the proliferation of smartphones, the expansion of 5G network infrastructure, and increasing demand for high-bandwidth applications. The market's Compound Annual Growth Rate (CAGR) of 61.76% from 2019-2024 indicates a significant upward trajectory, projected to continue in the forecast period (2025-2033). Key drivers include the rising adoption of IoT devices, the need for faster data speeds and lower latency in various sectors (automotive, healthcare, industrial automation), and continuous advancements in 5G technology, including the deployment of mmWave frequencies. The market segmentation reveals a diverse landscape, with smartphones currently dominating, followed by modules and CPE devices (indoor and outdoor). However, substantial growth is expected in other segments, such as industrial-grade CPE/routers/gateways and 5G hotspots, catering to the burgeoning industrial IoT and enterprise markets. Competition is intense, with major players like Samsung, BBK Electronics, and Huawei vying for market share alongside established networking giants like Cisco and Nokia. Regional growth will be uneven, with Asia Pacific expected to lead due to its large population and rapidly expanding digital infrastructure, followed by North America and Europe. The restraints on market growth primarily relate to the initial high cost of 5G devices and infrastructure, the need for wider 5G network coverage, and potential security and privacy concerns associated with the increased connectivity. Addressing these challenges through government incentives, technological innovation (reducing device costs), and robust cybersecurity measures will be crucial for sustained market expansion. The integration of 5G with other technologies, such as AI and edge computing, will further unlock new opportunities and applications, broadening the market's scope and pushing the growth even further. The strategic partnerships and mergers & acquisitions observed in the industry signal the competitive landscape and the quest for a larger market share by industry participants. Recent developments include: September 2022 - Nokia and Telia Finland launched one of the first commercial 5G standalone (SA) networks with network slicing for Fixed Wireless Access (FWA) services. Telia would introduce 5G SA to its 5G Fixed Wireless Access (FWA) home broadband services and be able to start offering a range of broadband deals with guaranteed service levels to its customers in Finland. The solutions would enable Telia to build on its existing position, delivering enhanced connectivity and capacity benefits to its customers through ongoing deployment., September 2022 - ZTE Corporation and the Fujian Branch of China Mobile jointly launched the first trial of the 5G industrial comprehensive emulator and analyzer product in Fuzhou, Fujian Province, to use 5G for the digital transformation of the industry verticals., July 2022 - Samsung launched the Galaxy M13 5G, one of India's cheapest 5G smartphones. The company launched the phone in two variants: 4GB RAM with 64GB storage and 6GB RAM with 128GB storage, priced at INR 13,999 and INR 15,999, respectively. The smartphones supported 11 5G bands in India.. Key drivers for this market are: Sustained Increase in Number of Devices and Endpoints Worldwide, Technological Innovations at a Component and Device Level to Aid Adoption; Increasing use of Smart Phones and rising Technological advancement in the smart phones is expected to drive market.. Potential restraints include: Regulatory and Standardization Delays, Design and Operational Challenges. Notable trends are: Smartphone Segment is Expected to Witness the Highest Growth.

AI in IoT Market Outlook

According to our latest research, the global AI in IoT market size reached USD 9.2 billion in 2024, reflecting robust adoption across diverse industries. The market is experiencing a strong growth trajectory with a CAGR of 26.1% from 2025 to 2033. By the end of 2033, the global AI in IoT market is forecasted to achieve a valuation of USD 86.5 billion. This expansion is propelled by increasing digital transformation initiatives, rising adoption of connected devices, and the demand for intelligent automation across sectors such as manufacturing, healthcare, and smart homes.

One of the primary growth drivers for the AI in IoT market is the convergence of artificial intelligence and the Internet of Things, which enables advanced analytics, automation, and real-time decision-making. Organizations are leveraging AI-powered IoT solutions to extract actionable insights from massive volumes of sensor data, enhancing operational efficiency and reducing downtime. The proliferation of edge computing further accelerates this trend, allowing AI algorithms to process data closer to the source and deliver immediate responses. This synergy between AI and IoT is particularly transformative for sectors such as manufacturing and logistics, where predictive maintenance and asset optimization lead to significant cost savings and improved productivity.

Another key factor fueling the growth of the AI in IoT market is the rapid expansion of smart city and smart infrastructure projects worldwide. Governments and municipalities are investing heavily in IoT-enabled systems for energy management, public safety, traffic monitoring, and environmental monitoring. By integrating AI, these IoT networks can autonomously detect anomalies, optimize resource consumption, and enhance citizen experiences. Furthermore, advancements in AI technologies such as machine learning, natural language processing, and computer vision are enabling more sophisticated use cases, including intelligent surveillance, automated supply chain management, and personalized healthcare solutions.

The increasing emphasis on security and surveillance is also contributing to the market’s expansion. AI-powered IoT devices are being deployed for real-time threat detection, anomaly identification, and automated response mechanisms. This is particularly critical as the number of connected devices grows, creating new vulnerabilities and attack surfaces. AI enhances the capability of IoT systems to adaptively respond to evolving cyber threats, ensuring data integrity and system reliability. The integration of AI-driven security protocols is now a top priority for enterprises and service providers, further boosting market demand.

From a regional perspective, North America continues to dominate the AI in IoT market, driven by early technology adoption, robust digital infrastructure, and significant investments in research and development. The Asia Pacific region is emerging as the fastest-growing market, supported by large-scale industrialization, smart city initiatives, and the proliferation of connected devices in countries like China, Japan, and India. Europe also plays a significant role, with strong regulatory frameworks and a focus on sustainability driving the adoption of AI-powered IoT solutions in energy and utilities, transportation, and healthcare. Latin America and the Middle East & Africa are witnessing steady growth, albeit from a smaller base, as organizations in these regions increasingly recognize the value of AI-enabled IoT applications.

Component Analysis

The AI in IoT market by component is segmented into Platform, Software, and Services. The platform segment is vital as it provides the foundational infrastructure for integrating AI algorithms with IoT devices, enabling seamless data collection, processing, and management. Leading vendors are investing in advanced AI-enabled IoT platforms that support edge analytics, device management, and interoperability with existing enterprise systems. These platforms are becoming increasingly sophisticated, incorporating features such as automated provisioning, real-time data visualization, and predictive analytics. The growing need for scalable and flexible platforms is driving organizations to invest in comprehensive solutions that can support diverse IoT ecosystems and enable rapid deployment of AI-powered applications.

The

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IoT Platform Market Size 2024-2028

The iot platform market size is forecast to increase by USD 20.72 billion, at a CAGR of 26.06% between 2023 and 2028.

The Internet of Things (IoT) platform market is experiencing significant growth, driven by the large-scale benefits of using IoT devices in various industries. The integration of IoT technology is revolutionizing business operations, enabling real-time data collection, analysis, and automation. This leads to increased efficiency, cost savings, and improved customer experiences. However, the market faces challenges as well. The development of open Wi-Fi networks, while beneficial for connectivity, also poses security risks. Ensuring data privacy and security is becoming increasingly important as more devices become connected.
Additionally, the complexity of managing and integrating multiple IoT devices and platforms can be a significant challenge for organizations. Addressing these challenges requires a strategic approach, including robust security measures and effective device management solutions. Companies seeking to capitalize on the opportunities presented by the market must focus on delivering secure, user-friendly, and scalable solutions to meet the evolving needs of their customers.

What will be the Size of the IoT Platform Market during the forecast period?

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The Internet of Things (IoT) platform market continues to evolve, driven by the increasing deployment of wireless sensors and the adoption of open-source platforms. The integration of application programming interfaces (APIs) and system architecture designs into the software development lifecycle facilitates seamless network bandwidth optimization and real-time data streaming. Proprietary platform solutions offer advanced features, while low-power wide-area networks ensure power consumption metrics are maintained. Data storage infrastructure and data analytics pipelines are crucial components, requiring data aggregation protocols and cross-platform compatibility for effective data integration strategies. Cloud platform integration and IoT device authentication are essential for secure data handling.

Predictive maintenance models and firmware updates processes rely on data visualization dashboards and machine learning algorithms for efficient analysis. Network latency reduction and sensor network topology optimization are ongoing efforts to enhance system performance. Hardware compatibility issues persist, necessitating edge computing gateways and device provisioning processes. Security protocols implementation and data governance frameworks are crucial for safeguarding sensitive information. Remote device management and monitoring systems enable real-time system scalability testing and data encryption techniques for enhanced security. APIs and network connectivity standards continue to evolve, ensuring continuous integration and improvement in the IoT ecosystem. The market's dynamics remain fluid, with ongoing innovation and development shaping its future applications across various sectors.

How is this IoT Platform Industry segmented?

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

End-user

  Manufacturing
  Retail
  Healthcare
  ICT
  Others


Deployment

  Public cloud
  Private cloud
  Hybrid


Geography

  North America

    US


  Europe

    Germany
    UK


  APAC

    China
    Japan


  Rest of World (ROW)

By End-user Insights

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

In the IoT market, device interoperability and cross-platform compatibility are crucial for seamless integration of various machines and devices into the Internet of Things ecosystem. Data storage infrastructure and analytics pipelines enable businesses to derive valuable insights from the massive data generated by these connected devices. Power consumption metrics and firmware updates are essential considerations for managing the energy efficiency and maintenance of IoT devices. Predictive maintenance models and real-time data streaming help optimize operations and improve productivity. Manufacturing segments are increasingly adopting IoT technology for inventory management and performance optimization. However, challenges such as heavy investments, security concerns, lack of standardization, and interoperability issues persist.

Open-source platform adoption and API connectivity standards facilitate collaboration and ease of integration. Data visualization dashboards and edge computing gateways provide actionable insights