Connected IoT devices reached 18.5 billion at the end of 2024 and will hit 21.1 billion by close of 2025, according to IoT Analytics. The global IoT market sits between $864 billion and $1.33 trillion in 2025, with the spread driven by how each research firm counts hardware, platform software, and connectivity services. This post covers device counts, market size by firm, segment shares, regional breakdowns, and connectivity data from primary research published in 2024 and 2025.
IoT Market Statistics 2026 – TLDR
- IoT Analytics reports 18.5 billion connected IoT devices in 2024 and forecasts 21.1 billion by the end of 2025.
- Fortune Business Insights values the 2025 global IoT market at $864.32 billion, rising to $1.055 trillion in 2026.
- North America holds 32.40% of the 2025 IoT market at $279.73 billion, while Asia Pacific is the fastest-growing region.
- Cloud deployment will hold 78.38% of IoT market share by 2026, growing at a 26.40% CAGR through 2032.
- Cellular IoT chipsets grew 19% year-over-year to $4.07 billion in 2024, and 5G IoT chipsets will reach $9.31 billion by 2030.
How Big Is the Global IoT Market in 2025?
Six research firms put the 2025 global IoT market between $864 billion and $1.33 trillion. The 54% spread reflects scope, not measurement error. Firms that include hardware shipments, platform software, connectivity services, and industrial automation produce larger totals than firms tracking only software and services.
ABI Research’s narrower $277 billion estimate covers IoT software and services revenue alone, which removes roughly three-quarters of the total when hardware comes out. Fortune Business Insights projects the market will reach $5.55 trillion by 2034 at a 23.10% CAGR. Companies like Cisco Systems and Huawei sell across most of these revenue layers, which complicates clean segmentation.
| Research Firm | 2024 Value | 2025 Value | Forecast (End Year) | CAGR |
|---|---|---|---|---|
| Fortune Business Insights | — | $864.32 B | $5,552.48 B (2034) | 23.10% |
| Straits Research | $1,179.42 B | $1,334.99 B | $3,597.01 B (2033) | 13.19% |
| SkyQuest | $1,005.80 B | $1,243.17 B | $6,771.39 B (2033) | 23.60% |
| Market Research Future | $158.16 B | $193.22 B | $1,430.22 B (2035) | 22.16% |
| ABI Research (software/services only) | $277.00 B | — | $606.00 B (2030) | — |
Source: Fortune Business Insights, Straits Research, SkyQuest, Market Research Future, ABI Research
How Many Connected IoT Devices Are There?
IoT Analytics tracks 18.5 billion connected devices for 2024, a 12% increase over 2023. The October 2025 forecast puts the 2025 total at 21.1 billion, growing 14% year-on-year. The firm revised its earlier 2025 forecast down by about 300 million devices, citing capex deferrals and softer demand in China.
Long-range forecasts call for 39 billion connected IoT devices by 2030 and more than 50 billion by 2035. Smart speakers in households alone will jump from 131.4 million in 2022 to 335.3 million by 2027, based on World Economic Forum projections. Amazon and Samsung Electronics sit among the largest device suppliers in that consumer category.
| Year | Connected IoT Devices | Year-on-Year Growth |
|---|---|---|
| 2023 | 16.5 billion | — |
| 2024 | 18.5 billion | +12% |
| 2025 (forecast) | 21.1 billion | +14% |
| 2030 (forecast) | 39.0 billion | 13.2% CAGR |
| 2035 (forecast) | 50.0+ billion | — |
Source: IoT Analytics, October 2025
IoT Market Statistics By Segment
Solutions and services took 72.20% of the IoT component mix in 2024, per Fortune Business Insights. The platform and network management sub-segment held 54.10% of market share in 2025. Cloud platforms grow at a 29.50% CAGR through 2032, the fastest sub-segment within IoT components.
Cloud deployment will account for 78.38% of IoT spend by 2026, leaving on-premises at roughly 22%. Large enterprises hold 64.36% of the buyer mix, but small and medium businesses grow fastest at a 27.00% CAGR. Healthcare leads industry verticals at 20.10% share, while sustainable energy posts the highest CAGR at 30.40%.
| Segment | Share or Value | CAGR |
|---|---|---|
| Solutions and services (component) | 72.20% (2024) | 24.70% |
| Cloud deployment | 78.38% (2026) | 26.40% |
| Large enterprises | 64.36% (2026) | — |
| SMEs (fastest end user) | ~36% | 27.00% |
| Healthcare vertical | 20.10% (2026) | — |
| Sustainable energy (fastest vertical) | — | 30.40% |
| Hardware (Grand View Research) | 57.40% of total IoT (2023) | — |
| OEM telematics and fleet management | 51% of software/service revenue by 2030 | — |
Source: Fortune Business Insights, ABI Research
IoT Market Statistics By Region
North America held 32.40% of the 2025 global IoT market at $279.73 billion, growing to $338.85 billion in 2026, per Fortune Business Insights. The United States alone will reach $183.24 billion in 2026. Asia Pacific posted $302.28 billion in 2025 and grows fastest of any region. Straits Research and SkyQuest list Asia Pacific as the single largest region, which conflicts with the Fortune Business Insights ranking and reflects scope differences.
Europe sits at $197.79 billion for 2025, with the United Kingdom ($56.91 billion), Germany ($52.03 billion), and France ($44.56 billion) leading country totals for 2026. China will hit $113.38 billion in 2026 and holds 19% of global IoT software and services revenue, rising to 20% by 2030, per ABI Research. The US holds 23% of the same metric. Microsoft and Equinix are among the firms with measurable revenue exposure across both leading regions.
| Region | 2025 Value | 2026 Value | 2025 Share |
|---|---|---|---|
| North America | $279.73 B | $338.85 B | 32.40% |
| Asia Pacific | $302.28 B | $384.74 B | 27.70% |
| Europe | $197.79 B | $233.88 B | 22.90% |
| Middle East and Africa | $114.86 B | $143.22 B | 10.80% |
| Latin America | $65.14 B | $78.99 B | 6.30% |
Source: Fortune Business Insights
IoT Connectivity Statistics
Wi-Fi handled 32% of all IoT connections in 2025, the largest single connectivity type, per IoT Analytics. Cellular IoT held 22% but grew 16% year-on-year in 2024, faster than the overall 12% IoT connection growth. The cellular IoT chipset market hit $4.07 billion in 2024, up 19%, and will reach $14.08 billion by 2030 at a 23% CAGR.
5G IoT chipsets are the fastest-growing sub-segment, projected to reach $9.31 billion by 2030 at a 34% CAGR. GSMA Intelligence forecasts 535 million North American cellular IoT connections by 2030, with the US holding more than 90% of that total. Nokia supplies a meaningful share of the underlying network infrastructure.
| Connectivity Metric | 2024 / 2025 Figure | Forecast |
|---|---|---|
| Wi-Fi share of IoT connections | 32% (2025) | — |
| Cellular IoT share of connections | 22% (2025) | — |
| Cellular IoT chipset market | $4.07 B (2024) | $14.08 B by 2030 (23% CAGR) |
| 5G IoT chipset market | — | $9.31 B by 2030 (34% CAGR) |
| North American cellular IoT connections | — | 535 M by 2030 |
Source: IoT Analytics, October 2025; GSMA Intelligence
FAQs
How many connected IoT devices are there in 2025?
IoT Analytics forecasts 21.1 billion connected IoT devices globally by the end of 2025, a 14% increase over the 18.5 billion devices counted in 2024. The firm projects 39 billion devices by 2030 and more than 50 billion by 2035.
How big is the global IoT market in 2025?
Estimates range from $864.32 billion (Fortune Business Insights) to $1.33 trillion (Straits Research) for 2025. ABI Research, which tracks only IoT software and services, puts the supply-side total at $277 billion. Scope choices on hardware and connectivity drive the spread.
Which region has the largest IoT market?
Fortune Business Insights ranks North America first at 32.40% share and $279.73 billion in 2025. Straits Research and SkyQuest rank Asia Pacific as the largest region. Asia Pacific is the fastest-growing region across all sources.
What is the fastest-growing IoT segment?
Sustainable energy posts the highest vertical CAGR at 30.40% through 2032, per Fortune Business Insights. Cloud platforms grow at 29.50% CAGR. Small and medium businesses outpace large enterprises at a 27.00% CAGR.
How fast is cellular IoT growing?
Cellular IoT connections grew 16% year-on-year in 2024, faster than the overall 12% IoT growth. The cellular IoT chipset market reached $4.07 billion in 2024 and will hit $14.08 billion by 2030. 5G IoT chipsets grow fastest at a 34% CAGR.
