How Has the IoT Market Size Evolved in Recent Years?
The iot market has seen considerable growth due to a variety of factors.
• In recent times, the IoT market has seen a surge in its scale. An increase from $535.97 billion in 2024 to $629.5 billion in 2025 with a CAGR of 17.5% is expected. This growth during the historical period is primarily due to the widespread use of interconnected devices, analysis and understanding of data, industrial automation, initiatives for intelligent urbanisation, and evolution in healthcare.
What Is The Projected Growth And Market Size For The IoT
The iot market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipations show a significant expansion in the IoT market in the coming years, with the market predicted to reach $1520.12 billion in 2029 at a compounded annual growth rate (CAGR) of 24.7%.
The forthcoming period's growth is believed to be influenced by factors like the implementation of the 5g network, the increasing acceptance of edge computing, the amplified use of industrial IoT (iIoT), smart homes and consumer IoT, and a central focus on sustainability and energy efficiency. Notable trends in the projected period encompass blockchain for ensuring data integrity, setting interoperability standards, integrating edge ai and inference, a shift towards sustainable IoT solutions, and the progression of IoT in healthcare.
Which Key Drivers Are Propelling Th IoT Market's Growth?
The use of Internet of Things (IoT) in various sectors like the automotive industry is propelling the expansion of the IoT market. The incorporation of IoT into the automotive field has paved the way for unprecedented opportunities for automobile manufacturers and users across the globe. IoT has established itself as a popular hub for diverse multi-functional operations within the auto industry. IoT facilitates improved communication, control, and data distribution at every point of transportation. Major firms such as Mercedes-Benz, Volkswagen, Volvo, Toyota, and Google Inc. are progressively investing to create smart cars with robust features that provide healthier, more comfortable, and more enjoyable driving experiences. As per UBS, by 2030, autonomous taxi fleets will account for 12% of all car sales, with an estimated 26 million driverless taxis operating globally.
What Are The Main Segments Of The Global IoT Market?
The IoT market covered in this report is segmented –
1) By Platform: Device Management, Application Management, Network Management
2) By Application: Building And Home Automation, Smart Energy And Utilities, Smart Manufacturing, Connected Logistics, Smart Retail, Smart Mobility And Transportation, Other Applications
3) By End Use Industry: Banking, Financial Services, And Insurance (BFSI), Retail, Government, Healthcare, Manufacturing, Transportation, IT And Telecom, Other End-User Industries
Subsegments:
1) By Device Management: Device Provisioning, Device Configuration, Device Monitoring, Firmware Management
2) By Application Development: Application Development Platforms, Application Deployment, Application Integration, Application Analytics
3) By Network Management: Connectivity Management, Network Monitoring, Network Security, Data Management And Analytics
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What Emerging Trends Are Influencing The Growth Of The IoT Market?
Significant players in the green buildings segment of the multifamily housing sector are pioneering advanced solutions such as green transformation (GX) which enhances sustainability, energy effectiveness, and ecological performance in residential complexes. GX refers to the implementation of sustainable systems, cutting-edge technology, and eco-friendly innovations to minimize the environmental footprint whilst promoting energy savings. For example, in September 2024, the multinational conglomerate from Japan, Hitachi Ltd., introduced a new BuilMirai Building IoT solution model. This model is a holistic platform designed to boost both management and operational efficiency across small to medium-sized buildings. It particularly promotes green construction practices, aligning with the global shifts towards construction and management sustainability. Hitachi Ltd. will make these solutions conveniently available to customers through monthly subscription plans so they can select the services they need, thereby reducing their capital expenditures while accelerating both green transformation (GX) and digital transformation (DX) for small to medium-structured buildings. BuilMirai links various building services and systems together, thus enabling enhanced management and operational efficiency.
Who Are the Key Players in the IoT Market?
Major companies operating in the IoT market include:
• Google Inc.
• Microsoft Corporation
• AT&T Inc.
• Dell Inc.
• Huawei Technologies Co. Ltd.
• Hitachi DataSystems Corporation
• Amazon WebServices Inc.
• General Electric Company
• Intel Corporation
• International Business Machine Corporation
• CiscoSystems Inc.
• Oracle Corporation
• SAP SE
• Fujitsu Ltd.
• Hewlett-Packard Enterprise Company
• Bosch Software Innovation GmbH
• Accenture plc
• PTC Inc.
• Davra Networks Limited
• Cumulocity GmbH
• BlackBerry Limited
• C3 IoT Inc.
• Exosite LLC
• Device Insight GmbH
• Concirrus Limited
• EVRYTHNG Limited
• Bright Wolf LLC
• Connio Inc
What Is The Most Dominant Region In The IoT Market?
Asia-Pacific was the largest region in the IoT market in 2024. North America was the second largest region in the global IoT market share. The regions covered in the IoT market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
