The global iot devices market size was estimated at USD 70.3 billion in 2024 and is projected to reach USD 181.17 billion by 2030, growing at a CAGR of 16.8% from 2025 to 2030.  The market's expansion is being primarily driven by the convergence of cutting-edge technological advancements and continuous innovations, including the rollout of 5G connectivity, the rise of edge computing, and the increasing emphasis on real-time data analytics.

These evolving technologies are transforming how businesses and consumers operate by significantly enhancing operational efficiency across multiple sectors, such as healthcare, manufacturing, logistics, and retail. They are also contributing to the development of more intelligent and responsive products and services, aligning with the growing global trend toward a highly connected and digitally integrated lifestyle. As a result, the IoT devices industry is expected to benefit from a wide range of lucrative opportunities in the years ahead.

The widespread adoption of smart devices is playing a pivotal role in reshaping modern living. From wearable technology and intelligent household appliances to fully integrated home automation systems, these devices are creating interconnected ecosystems that offer users enhanced convenience, energy efficiency, and functionality.

In the industrial landscape, IoT devices are increasingly being deployed to enable real-time data collection and analysis. This allows businesses to optimize workflows, improve productivity, reduce operational costs, and make data-driven decisions with greater accuracy and speed. Furthermore, the development of smart cities is emerging as a powerful growth catalyst for the IoT devices market. Governments and private sector entities around the world are investing heavily in smart infrastructure technologies aimed at improving urban living. These include solutions for efficient traffic management, smart energy grids, environmental monitoring, public safety, and waste management, all of which rely on interconnected IoT devices to function effectively.

Key Market Trends & Insights:

• In 2024, North America led the global Internet of Things (IoT) devices market, capturing a market share of over 34%, underscoring the region’s strong technological infrastructure, early adoption of connected technologies, and high consumer and industrial demand for smart solutions.

• Within North America, the United States emerged as the dominant force in the IoT devices industry, largely driven by its well-established ecosystem of tech companies, robust investment in innovation, and a strong focus on digital transformation across both consumer and industrial sectors.

• When analyzed by component, the sensors segment held the largest revenue share, accounting for over 32% in 2024. Sensors serve as a fundamental building block of IoT systems, enabling devices to collect and transmit real-time data. Their widespread application across industries such as healthcare, automotive, manufacturing, and smart homes contributed significantly to this segment’s leading position.

• In terms of end use, the industrial IoT (IIoT) segment recorded the highest revenue share in 2024. IIoT applications, including smart manufacturing, predictive maintenance, and supply chain optimization, are increasingly being adopted to improve operational efficiency, reduce downtime, and enhance productivity in industrial settings.

• Based on connectivity, the Wi-Fi segment led the market with the largest revenue share in 2024. Wi-Fi remains a widely used and accessible connectivity option for a vast range of IoT devices, especially in residential, commercial, and small-scale industrial environments, making it a preferred choice for seamless and cost-effective wireless communication.

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Market Size & Forecast:

• 2024 Market Size: USD 70.3 Billion

• 2030 Projected Market Size: USD 181.17 Billion

• CAGR (2025-2030): 16.8%

• North America: Largest market in 2024

Key Companies & Market Share Insights:

Several key players are actively operating in the IoT devices market, including industry giants such as Cisco Systems, Inc., Honeywell International, Inc., and Qualcomm Technologies, Inc.

Cisco Systems, Inc. is a globally recognized technology company specializing in networking hardware, software, and telecommunications equipment. The company is widely known for its cutting-edge enterprise networking, cybersecurity, and IoT solutions. Cisco serves a broad range of industries and verticals, including smart cities and communities, manufacturing, smart buildings, education, mining, financial services, oil & gas, healthcare, transportation, retail, and more. Its diversified portfolio enables organizations to enhance connectivity, operational efficiency, and security across multiple sectors.

Honeywell International Inc. is a multinational conglomerate renowned for developing advanced technologies and solutions focused on building automation, energy management, industrial automation, and aerospace. Honeywell’s innovative product and service offerings span across various industries such as aerospace, commercial buildings, energy, healthcare, IT/hi-tech, life sciences, and manufacturing. The company’s broad expertise allows it to deliver diversified and technology-driven solutions aimed at improving operational performance and sustainability in complex environments.

Among the emerging players in the IoT devices market are Sierra Wireless and Silicon Laboratories, Inc.

Sierra Wireless, a subsidiary of Semtech Corporation, is a prominent provider of IoT connectivity solutions. The company specializes in cellular modules, rugged routers, and comprehensive global connectivity services. Drawing on nearly 30 years of industry experience, Sierra Wireless simplifies the IoT ecosystem by offering an extensive portfolio that includes advanced 4G LTE and 5G technologies. These solutions enable secure, reliable connections across various applications in industries such as utilities, healthcare, and logistics.

Silicon Laboratories, Inc. is a global leader in wireless connectivity solutions for the Internet of Things, providing an integrated hardware and software platform, user-friendly development tools, and extensive ecosystem support. With close to two decades of expertise, Silicon Labs focuses on delivering high-performance, low-power solutions that incorporate advanced security features and support for multiple protocols. This enables the company to facilitate the creation of innovative applications spanning industrial, commercial, and residential sectors.

Key Players

• ABB Group

• Cisco Systems, Inc.

• Honeywell International Inc.

• Huawei Technologies Co., Ltd.

• Intel Corporation

• NXP Semiconductors NV

• PTC Inc.

• Qualcomm Technologies, Inc.

• Robert Bosch GmbH

• Samsung Electronics Co., Ltd.

• Siemens AG

• Sierra Wireless

• Silicon Laboratories, Inc.

• STMicroelectronics NV

• Texas Instruments Incorporated

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Conclusion:

The Internet of Things (IoT) devices market is experiencing robust growth, driven by advancements in connectivity, edge computing, and real-time data analytics. These technologies are enhancing operational efficiencies across various sectors, including healthcare and manufacturing, and enabling the development of smarter products and services that cater to a more connected lifestyle. This dynamic environment is expected to present lucrative opportunities for the IoT devices industry in the coming years.