According to the report by Expert Market Research (EMR), the global IoT connectivity market size reached a value of around USD 286.14 billion in 2023. Aided by digital transformation across various sectors, the market is projected to grow at CAGR of 20.2% between 2024 and 2032 and to reach around USD 1499.24 billion by 2032.
IoT connectivity encompasses the network of interconnected devices that communicate and share data through the internet, which has become an integral part of modern technology landscapes in both consumer and industrial spaces. This connectivity enables devices to collect, exchange, and process data to enhance productivity, improve safety, and minimize human intervention in various processes.
Global IoT connectivity market growth is fuelled by increasing adoption of connected devices. The proliferation of connected devices, ranging from household appliances to industrial machinery, has significantly driven the demand for IoT connectivity solutions. As more devices become ‘smart’ and capable of communicating with each other, the need for reliable and scalable connectivity solutions has become crucial.
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As per the IoT connectivity market analysis, technological advancements in wireless communication technologies, such as 5G, LoRaWAN, and Wi-Fi 6, have enhanced the capabilities of IoT devices. These technologies offer higher speeds, reduced latency, and increased capacity, enabling more efficient and effective IoT applications.
The surge in the number of devices that are connected to the internet is one of the primary drivers for the IoT connectivity market. As per recent studies, there are expected to be over 75 billion IoT connected devices worldwide by 2025. This exponential growth is pushing the IoT connectivity market expansion.
Additionally, the integration of AI with IoT devices is anticipated to unlock new possibilities for the market, from smarter home systems to more sophisticated, autonomous industrial machines. This integration could redefine operational efficiencies across many sectors.
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The Industrial Internet of Things (IIoT) has been a significant driver IoT connectivity market share growth. Industries are increasingly implementing IoT solutions to optimize operations, reduce costs, and improve safety. IIoT connects machines, devices, and people to streamline various industrial processes, from manufacturing to logistics.
As cloud technology matures, its integration with IoT solutions has become more prevalent. Cloud platforms offer the necessary infrastructure to store, process, and manage the vast amounts of data generated by IoT devices, facilitating more scalable and flexible solutions.
As per the IoT connectivity market outlook, governments worldwide are implementing policies and initiatives to encourage the adoption of IoT technologies. These policies often focus on enhancing connectivity infrastructure and promoting smart city and smart grid projects, which require extensive IoT deployment.
The market continues to evolve, the focus will likely shift towards enhancing security measures, improving system integrations, and developing more advanced connectivity solutions to support the growing number of IoT deployments. The ongoing innovation in AI and machine learning will further enhance IoT capabilities, leading to more intelligent and autonomous systems that could redefine how industries operate.
In conclusion, the market is set to transform numerous aspects of daily life and industrial operations through enhanced connectivity solutions. Despite the challenges, the benefits of IoT in terms of efficiency, safety, and cost reduction make it a pivotal element of technological advancement in the coming years.
Market Segmentation
The market can be divided based on component, organisation, application, and region.
Market Breakup by Component
- Platform
- Services
Market Breakup by Organisation
- Large Enterprises
- Small and Medium-Sized Enterprises
Market Breakup by Application
- Smart Retail
- Smart Manufacturing
- Connected Health
- Building and Home Automation
- Smart Transportation
- Smart Grid and Utilities
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global IoT connectivity market. Some of the major players explored in the report by Expert Market Research are as follows:
- Jasper Technologies, Inc.
- Huawei Technologies Co., Ltd.
- AT&T Inc.
- Vodafone Group Plc
- Orange S.A.
- Hologram Inc.
- Telit
- Telefónica Global Solutions, S.L.U.
- Telefonaktiebolaget LM Ericsson
- Sierra Wireless
- Verizon Communications Inc.
- Particle Industries, Inc.
- Aeris Communications, Inc.
- UnaBiz Pte., Ltd
- EMnify GmbH
- Velos IoT Group
- Microsoft Corporation
- Tata Communications Limited
- Soracom, INC.
- Pelion IOT Limited
- Others
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