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. This robust growth is primarily driven by the convergence of cutting-edge technological advancements and ongoing innovations such as 5G connectivity, edge computing, and the rising demand for real-time data analytics. These technologies are not only enhancing operational efficiency across diverse sectors but are also enabling the creation of smarter products and services that support a highly connected and data-driven lifestyle, opening substantial growth opportunities for the IoT devices industry.

The increasing adoption of smart devices is transforming everyday life. Consumer products like wearables, smart appliances, and home automation systems are forming interconnected ecosystems that provide greater convenience, efficiency, and control. In industrial and commercial sectors, IoT devices facilitate real-time data collection and analytics, allowing companies to optimize operations, improve resource management, and reduce operational costs.

Moreover, the rise of smart cities is significantly contributing to market growth. Governments and businesses are investing in IoT technologies for critical applications such as traffic management, energy distribution, public safety, and environmental monitoring. These investments aim to enhance urban living standards, streamline city operations, and support sustainable development. Overall, the integration of IoT devices across consumer, industrial, and urban infrastructure is expected to continue driving significant market expansion in the coming years.

Key Market Trends Insights:

• North America dominated the global IoT devices market, capturing a share of over 34% in 2024. The region’s leadership can be attributed to well-established technological infrastructure, high adoption of advanced digital solutions, and substantial investment in research and development. Strong government initiatives supporting smart city projects, industrial automation, and digital transformation further reinforce North America’s dominant position in the market.

• Within the region, the U.S. IoT devices industry held a dominant position in 2024, driven by the country’s advanced technological ecosystem, widespread adoption of connected devices, and strong presence of major IoT technology providers. The U.S. benefits from continuous innovation in IoT hardware and software, robust internet connectivity, and a high rate of digital adoption across both consumer and industrial sectors.

• By component, the sensors segment recorded the largest revenue share of over 32% in 2024. Sensors are critical for collecting real-time data and enabling smart devices to interact with their environment. Their widespread use across applications such as industrial automation, smart homes, healthcare, and wearable devices has driven their dominant share. Continuous advancements in sensor technology, including higher accuracy and miniaturization, are further supporting market growth in this segment.

• By end use, the Industrial IoT (IIoT) segment recorded the largest revenue share in 2024. Industrial applications rely heavily on IoT devices for monitoring, automation, predictive maintenance, and operational efficiency. The adoption of IIoT technologies in manufacturing, energy, logistics, and other industrial sectors enables real-time data analytics, process optimization, and cost reduction, which are key factors contributing to this segment’s leading position.

• By connectivity, the Wi-Fi segment recorded the largest revenue share in 2024. Wi-Fi remains the preferred connectivity standard due to its widespread availability, ease of integration, high data transfer rates, and compatibility with a wide range of IoT devices. Its extensive use in both consumer and industrial applications supports seamless communication between devices, facilitating efficient data exchange and networked operations across different IoT ecosystems.

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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:

Some of the key players operating in the global IoT devices market include Cisco Systems, Inc., Honeywell International, Inc., and Qualcomm Technologies, Inc. These companies maintain strong market positions through continuous innovation, strategic partnerships, and the development of advanced IoT solutions that address diverse industry needs. Their comprehensive portfolios and global presence enable them to cater to a wide array of sectors, driving adoption and market growth.

Cisco Systems, Inc. is a leading technology company specializing in networking hardware, software, and telecommunications equipment. The company is well-known for its innovative enterprise networking, security, and IoT solutions. Cisco serves multiple industry verticals, including smart cities and communities, manufacturing, smart buildings, education, mining, financial services, oil gas, healthcare, transportation, and retail. Its extensive experience in networking and connected solutions allows it to provide robust IoT platforms that enhance operational efficiency, security, and data management across industries.

Honeywell International Inc. is a multinational conglomerate that develops advanced technologies and solutions across building automation, energy and sustainability, industrial automation, and aerospace sectors. The company is recognized for its diversified technology-based products and services, catering to industries such as aerospace, commercial buildings, energy, healthcare, IT/hi-tech, life sciences, and manufacturing. Honeywell’s IoT solutions integrate hardware, software, and analytics to optimize processes, improve safety, and enable real-time monitoring and control in complex operational environments.

Among the emerging players in the IoT devices market are Sierra Wireless and Silicon Laboratories, Inc., which are contributing to the expansion and diversification of the market.

Sierra Wireless, a subsidiary of Semtech Corporation, provides IoT connectivity solutions, including cellular modules, rugged routers, and comprehensive global connectivity services. With nearly three decades of experience, Sierra Wireless leverages advanced 4G LTE and 5G technologies to deliver secure and reliable connections across industries such as utilities, healthcare, and logistics. Its solutions simplify IoT deployment and support scalable, end-to-end connectivity for enterprise and industrial applications.

Silicon Laboratories, Inc. is a global leader in wireless connectivity for IoT, offering an integrated hardware and software platform, intuitive development tools, and comprehensive ecosystem support. With nearly twenty years of expertise, the company focuses on high-performance, low-power solutions with advanced security and multi-protocol capabilities. Silicon Laboratories enables the development of innovative IoT applications across industrial, commercial, and home environments, providing reliable, secure, and efficient connectivity solutions.

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 global IoT devices market is experiencing significant growth, driven by technological advancements such as 5G connectivity, edge computing, and the increasing demand for real-time data analytics. These innovations 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. The adoption of smart devices is reshaping everyday life, with wearables, smart appliances, and home automation systems creating interconnected ecosystems that enhance convenience and efficiency. In industries, IoT devices are enabling real-time data collection and analytics, optimizing operations, and reducing costs.