IoT Market Report 2026

IoT Market Overview

• IoT market size has reached to $599.39 billion in 2025 • Expected to grow to $1304.85 billion in 2030 at a compound annual growth rate (CAGR) of 16.9% • Growth Driver: The Rise In Cloud Computing Driving The Growth Of The Market Due To Cost Efficiency And Scalable Support • Market Trend: Hitachi Launches BuilMirAI IoT Solution to Drive Green Transformation in Multifamily Housing Sector • Asia-Pacific was the largest region and fastest growing region.

What Is Covered Under IoT Market?

Internet of Things (IoT) is a physical object network that contains integrated technologies that allow it to connect, sense, and interact with internal or external environments. It is a collection of end-to-end services where companies contract with external vendors to design, build, install, and operate IoT solutions, including consulting advice for IoT planning. The main platform of Internet of Things (IoT) are device management, application management and device management. The process of managing the implementation, operation, and maintenance of a physical and/or virtual device is known as device management The various application include building and home automation, smart energy and utilities, smart manufacturing, connected logistics, smart retail, smart mobility and transportation, others that are used by BFSI, retail, government, healthcare, manufacturing, transportation, IT and telecom, among other end user industries.

What Is The IoT Market Growth Forecast?

The iot market size is expected to see rapid growth in the next few years. It will grow to $1304.85 billion in 2030 at a compound annual growth rate (CAGR) of 16.9%. The growth in the forecast period can be attributed to 5G enabled iot expansion, AI powered data analytics growth, large scale smart infrastructure projects, increasing enterprise iot investments, demand for real time operational insights. Major trends in the forecast period include end to end iot platform adoption, industrial iot deployment, cloud based iot management, edge computing integration, cross industry iot solutions.

Global IoT Market Segmentation

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

What Is The Driver Of The IoT Market?

The increasing use of cloud computing is expected to propel the growth of the IoT market going forward. Cloud computing refers to the delivery of computing services, including servers, storage, databases, networking, software, and analytics, over the internet to offer faster innovation, flexible resources, and economies of scale. The increasing adoption of cloud computing is primarily driven by its cost efficiency, as it allows businesses to reduce capital expenditures on physical infrastructure while paying only for the computing resources they actually use. Cloud computing supports IoT by providing scalable storage, real-time data processing, and seamless connectivity that enable IoT devices to efficiently collect, analyze, and share information across networks. For instance, in April 2025, according to the American Bar Association, a U.S.-based professional organization, approximately 75% of attorneys reported using cloud computing for work-related tasks, up from 69% in 2023 and about 70% in 2022. Therefore, the increased use of cloud computing drives the growth of the IoT industry.

Key Players In The Global IoT Market

Major companies operating in the iot market are 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

Global IoT Market Trends and Insights

Major companies operating in the multifamily housing green buildings sector are innovating advanced technologies, such as green transformation (GX), to enhance sustainability, energy efficiency, and environmental performance in residential developments. Green transformation (GX) refers to the process of adopting sustainable practices, technologies, and innovations to minimize environmental impact and promote energy efficiency. For instance, in September 2024, Hitachi Ltd., a Japan-based multinational conglomerate company launched a new model BuilMirAI Building IoT solution. The BuilMirAI Building IoT solution is a comprehensive platform aimed at enhancing the management and operational efficiency of small and medium-sized buildings. The solution emphasizes green building practices, aligning with global trends toward sustainability in construction and management. The company will provide these solutions through monthly subscription plans, allowing customers to choose services as needed, which lowers their investment costs and promotes green transformation (GX) and digital transformation (DX) for small and medium-sized buildings. BuilMirAI connects various building facilities and systems, facilitating improved management and operational efficiency.

What Are Latest Mergers And Acquisitions In The IoT Market?

In January 2023, Semtech Corporation, a US-based provider of analog and mixed-signal semiconductors, acquired Sierra Wireless, Inc. for approximately $1.2 billion. Through this acquisition, Semtech aims to strengthen its end-to-end Internet of Things (IoT) platform by integrating Sierra Wireless’s cellular IoT expertise with its own low-power connectivity technology, enhancing its device-to-cloud capabilities and accelerating growth across global IoT markets. Sierra Wireless Inc. is a Canada-based company that provides cellular IoT modules, gateways, and cloud-based device management services.

Regional Insights

Asia-Pacific was the largest region in the IoT market in 2025. North America was the second largest region in the global IoT market share. The regions covered in this market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in this market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain

What Defines the IoT Market?

The Internet of Things iot market includes revenues earned by entities by offering IoT solutions used in building and home automation, smart energy and utilities, connected logistics, smart retail, smart mobility, and transportation. The internet of things, or IoT, is a collection of interconnected smart devices, mechanical and digital machines, objects, animals or people supplied with unique identifiers (UIDs) and the ability to transmit data across a network without needing human-to-human or human-to-computer interaction. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.

How is Market Value Defined and Measured?

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

What Key Data and Analysis Are Included in the IoT Market Report 2026?

The iot market research report is one of a series of new reports from The Business Research Company that provides market statistics, including industry global market size, regional shares, competitors with the market share, detailed market segments, market trends and opportunities, and any further data you may need to thrive in the iot industry. The market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.