Lionel Sujay Vailshery
Research expert covering cloud computing and emerging tech industries
The Internet of Things (IoT) is not just a buzzword, it's a revolution in how we interact with our digital world. Imagine your refrigerator telling you when you're out of milk, or you’re navigating through traffic delays by choosing the best routes. This is the power of IoT, a network of devices that collect and share data, enabling them to react to real-time data. Sometimes known as connected things or smart devices, although subtle differences exist among these consumer electronics.
Over the last years, IoT has had a powerful development, boosting the so-called fourth industrial revolution. In 2023, the IoT market in Europe recorded a revenue of over 225 billion U.S. dollars and was expected to increase to 411 billion U.S. dollars by 2028. Companies in almost all industries are adopting and investing in IoT solutions in order to increase efficiency, productivity, and security across their business activities.
However, a successful IoT deployment strategy must take into consideration market impediments as much as benefits. The more devices a company adds to its business environment, the higher the number of different solutions required to connect everything and ensure a smooth data flow between all connected devices. This can be mitigated to some extent by deployment of 5G connectivity as a supporting infrastructure.
Therefore, it is not surprising that smart home and wearable device manufacturers and consumer IoT service and voice assistant providers perceived the cost of technology investment to be the most important barrier when entering or expanding the IoT market in Europe.
The IoT market in Europe promises to become omnipresent soon. Its development over the last years led to the emergence of smart cars, smart homes, as well as smart cities. Smart homes have become a common application of IoT in people’s everyday lives, with the market revenue in Europe forecast to double from 2020 to 2024. Revenues of various segments, such as smart security and home entertainment, are also expected to increase dramatically, with the smart home security market in Europe projected to equal as much as 5.3 billion U.S. dollars by 2025.
In the end, IoT is more than just connected devices, it's a vision of a smarter, more efficient future. And as this technology continues to evolve, we can expect even more exciting innovations that will reshape the way we live, work, and play.
Detailed statistics
Revenue of the internet of things industry in Europe 2019-2029
Detailed statistics
Number of IoT connections in Europe 2020-2025
Detailed statistics
Revenue from Internet of Things in Europe 2023, by segment
IoT annual revenue 2020-2033, by region
Internet of Things (IoT) annual revenue from 2020 to 2033, by region (in billion U.S. dollars)
Global licensed cellular IoT connections 2021-2030
Number of licensed cellular Internet of Things (IoT) connections worldwide from 2021 to 2030 (in billions)
Global licensed cellular IoT connections 2023, by region
Number of licensed cellular Internet of Things (IoT) connections in 2023, by region (in billions)
Number of IoT connected devices 2020-2033, by region
Number of Internet of Things (IoT) connected devices from 2020 to 2033 (in millions), by region
Number of IoT connected devices worldwide 2019-2033, by use case
Number of Internet of Things (IoT) connected devices worldwide from 2019 to 2033, by use case (in millions)
Revenue of the internet of things industry in Europe 2019-2029
Revenue of the internet of things market in Europe from 2019 to 2029 (in million U.S. dollars)
European consumer IoT market size 2020-2030, by country
Consumer IoT market size in Europe from 2020 to 2022, with a forecast up to 2030, by country (in billion U.S. dollars)
Revenue from Internet of Things in Europe 2023, by segment
Internet of Things market revenue in Europe in 2023, by segment (in million U.S. dollars)
IoT revenue in CEE 2024-2029, by country
Revenue of the Internet of Things (IoT) market in Central and Eastern Europe (CEE) in 2024 and 2029, by country (in billion U.S. dollars)
Active connections by industry sector in Europe 2021-2030
Number of active IoT connections by industry sector in Europe from 2021 to 2030 (in millions)
Funding of IoT companies in Europe 2024
Funding of Internet of Things (IoT) companies in Europe as of 2024
Revenue of the smart finance technologies industry in Europe 2019-2029
Revenue of the smart finance technologies market in Europe from 2019 to 2029 (in million U.S. dollars)
Share of households equipped with a smart meter in Europe 2022, by country
Share of household consumers equipped with a smart meter in Europe in 2022, by select country
Revenue of the smart home segment security in Europe 2019-2028
Revenue of the smart home segment security in Europe from 2019 to 2028 (in million U.S. dollars)
European smart plugs market size 2020-2030, by country
Smart plugs market size in Europe from 2020 to 2030, by country (in million U.S. dollars)
Revenue of the smart home segment home entertainment in Europe 2019-2028
Revenue of the smart home segment home entertainment in Europe from 2019 to 2028 (in million U.S. dollars)
European consumer IoT market size 2020-2030
Consumer IoT market size in Europe from 2020 to 2022, with a forecast up to 2030 (in billion U.S. dollars)
Smart Home revenue per segment forecast in Europe until 2028
Smart Home revenue forecast per segment in Europe from 2020 to 2028 (in million U.S. dollars)
Smart Home revenue forecast for selected European countries 2022
Smart Home revenue forecast for selected European countries 2022 (in million U.S. dollars)
Number of Smart Homes per segment forecast in Europe until 2028
Number of Smart Homes per segment forecast in Europe from 2020 to 2028 (in millions)
Europe online penetration rate 2024, by region
Internet penetration rate in Europe as of January 2024, by region
Revenue in the Internet of Things market France 2019-2029
Revenue in the Internet of Things market for different segments France from 2019 to 2029 (in million U.S. dollars)
Revenue in the Internet of Things market United Kingdom 2019-2029
Revenue in the Internet of Things market for different segments United Kingdom from 2019 to 2029 (in million U.S. dollars)
Revenue in the Internet of Things market Germany 2019-2029
Revenue in the Internet of Things market for different segments Germany from 2019 to 2029 (in million U.S. dollars)
Revenue from Internet of Things in Italy 2019-2029, by segment
Internet of Things (IoT) market revenue in Italy from 2019 to 2029, by segment (in million euros)
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)