Global IoT Market Projected to Surpass $1.5 Trillion by 2029
The global market for Internet of Things (IoT) devices is forecast to exceed $1.5 trillion by 2029, nearly doubling from its $760.9 billion valuation in 2024, signaling a continued expansion of connected technologies across industries.
According to a new report, the IoT market is expected to grow at a compound annual growth rate (CAGR) of 15.05% through 2029. Manufacturing and government organizations currently lead in enterprise IoT adoption, driven by industrial automation and smart city initiatives, but agriculture and energy sectors are predicted to experience the fastest growth. This expansion is crucial as businesses increasingly rely on data-driven insights to improve efficiency and decision-making.
“IoT is now mature as a market in the sense that enterprises of all kinds both understand and use the technology in one way or another,” said John Marcus, senior principal analyst for enterprise technology and services. “And while technology investment trends around AI and digital transformation make all the headlines, so many of those cutting-edge use cases require connectivity at the machine, device, or edge – pulling IoT along with them in global enterprise efforts to monitor, analyse and optimise their operations.” The report analyzed 59 geographical markets, 27 verticals, and four key technology segments: hardware, software, services, and connectivity. Learn more about the Internet of Things from IoT For All.
The connectivity landscape is also evolving, with cellular (including 5G) currently dominating, but low power technologies and satellite connectivity gaining traction. Asia-Pacific has already surpassed North America as the largest regional market, with the US, China, Japan, and India representing the largest country-level opportunities. This shift highlights the growing importance of emerging markets in the global technology landscape; you can find further data on IoT market size worldwide on Statista.
Analysts predict that new developments in satellite, 5G, and embedded connectivity standards will continue to drive innovation and adoption, paving the way for further growth across all technology segments in the coming years.
