IoT Market Share and Size | Industry Trends & Growth Insights 2025

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Code: MTA10104

Publication Date: Oct 2025

What is the size of IoT Market?

According to 6Wresearch internal database and industry insights, the Global IoT Market was valued at USD 979.1 Billion in 2024 and is expected to reach USD 2647.3 Billion by 2031, growing at a compound annual growth rate of 18.30% during the forecast period (2025-2031).

The industry's growth is fuelled by the increasing interconnectivity of devices, smart infrastructure projects, and the adoption of automation in various industries. Within the connected technology ecosystem, the industry accounted for almost 25% of the market share in 2024.

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Growth Factors for IoT Industry

Increased deployment of smart sensors and connected devices (IoT) in industrial verticals.
Demand for automation and predictive analytics that facilitate manufacturing operations.
Growing investments in smart cities and smart transportation systems.
Expanding adoption for connected medical monitoring and telemedicine technology.
Development of low power wide area (LPWA) that will support IoT devices.

IoT Market Trends

The trends of the IoT Market highlight an accelerated move towards advanced analytics, enhanced edge computing & AI embedded across the connected ecosystem. Organisations are moving toward data-driven insights that enable real-time decision-making and optimisation of assets. Additionally, the rollout of 5G fuels IoT growth in smart home, logistics, and industrial automation applications. Lastly, cybersecurity and energy-efficient IoT devices influence how the IoT market evolves as vendors are driven by sustainability and compatibility factors.

Emerging Developments in the IoT Market

The IoT Market developments reveal innovations in device-to-cloud connectivity, enabling faster data exchange and seamless system integration. Companies are focusing on developing scalable IoT platforms supporting billions of endpoints. Enhanced AI-powered IoT solutions are enabling predictive maintenance and adaptive learning systems. The expansion of subscription-based IoT services and strategic collaborations among tech giants are driving adoption across industries, strengthening operational resilience and cost efficiency.