Lionel Sujay Vailshery
Research expert covering cloud computing and emerging tech industries
Get in touch with us nowThe global Internet of Things (IoT) market is forecast to be worth around 445.3 billion U.S. dollars in 2025, and rise to more than 934 billion U.S. dollars in 2033, tripling its revenue in ten years. Not only this, but the number of IoT connected devices worldwide is forecast to triple during this span in time.
All types of industry verticals and consumer markets use IoT devices, with the retail an wholesale segment accounting for the largest share of the IoT devices market with approximately 28 percent of the total IoT device market in 2023. This share is projected to grow over the next five years to around 38 percent. Smartphones are the most commonly used devices in the IoT consumer internet and media devices segment, acting as connectors between many smart devices. Connected vehicles, payment terminals, smart grid, building automation, CCTV, and security and fire alarms are other IoT use cases where global revenue is projected to reach, and in many cases surpass, the mark of 50 billion U.S. dollars.
The region with the largest share of the IoT market is China, with North America and Europe coming in at a distant second and third in 2023. Over the next ten years, the market is forecast to lose some footing in the Greater China area, with both North America and Europe closing the gap in terms of revenue revenues.
* For commercial use only
Basic Account
Starter Account
Professional Account
1 All prices do not include sales tax. The account requires an annual contract and will renew after one year to the regular list price.
Overview
Segments
Consumption
Cellular IoT
Smart home
Further related statistics
* For commercial use only
Basic Account
Starter Account
Professional Account
1 All prices do not include sales tax. The account requires an annual contract and will renew after one year to the regular list price.