Global IoT Technology Market Size study & Forecast, by Component (Hardware, Software, Services) by Industry Vertical (Manufacturing, Healthcare, Transportation and Logistics, Energy and Utilities, Agriculture) and Regional Forecasts 2025-2035

The Global IoT Technology Market is valued approximately at USD 4.4 billion in 2024 and is anticipated to expand at a remarkable CAGR of more than 8.65% over the forecast period 2025-2035. IoT Technology, which seamlessly connects devices, sensors, and systems across digital ecosystems, has become a cornerstone of modern industrial and consumer applications. Through real-time data collection, automation, and intelligent decision-making, IoT technology is reshaping industries ranging from healthcare and manufacturing to agriculture and smart cities. Its adoption is being accelerated by the rising demand for connected solutions, ongoing digital transformation strategies by enterprises, and the rapid deployment of 5G infrastructure. Furthermore, the proliferation of edge computing and cloud integration is enabling organizations to streamline operations, reduce downtime, and maximize productivity.

The surge in smart device penetration, coupled with the necessity for efficient operational management, has amplified the demand for IoT solutions worldwide. Businesses are increasingly harnessing IoT-enabled insights to monitor equipment, manage supply chains, and create value-added services. According to industry reports, the number of IoT-connected devices worldwide surpassed 15 billion in 2023 and is expected to nearly double by 2030. Additionally, advancements in AI-powered IoT platforms and increased investment in predictive analytics have opened up lucrative opportunities for IoT providers. However, growing concerns over cybersecurity risks, data privacy regulations, and integration complexities continue to pose challenges that could somewhat impede market expansion over the forecast horizon.

The detailed segments and sub-segments included in the report are:

By Component:
• Hardware
• Software
• Services

By Industry Vertical:
• Manufacturing
• Healthcare
• Transportation and Logistics
• Energy and Utilities
• Agriculture

By Region:

North America
• U.S.
• Canada

Europe
• UK
• Germany
• France
• Spain
• Italy
• ROE

Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• RoAPAC

Latin America
• Brazil
• Mexico

Middle East & Africa
• UAE
• Saudi Arabia
• South Africa
• Rest of Middle East & Africa

Among the components, the hardware segment is projected to dominate the IoT technology market throughout the forecast period. Hardware forms the backbone of IoT ecosystems, encompassing sensors, processors, gateways, and connected devices that enable seamless communication. With organizations ramping up investments in advanced sensor technology, RFID modules, and edge computing devices, hardware continues to account for the lion’s share of deployments. Moreover, the expansion of industrial IoT and growing smart city initiatives have bolstered the reliance on robust hardware infrastructure that ensures real-time data capture and secure device connectivity.

On the revenue front, the services segment currently contributes the largest share. IoT services—including consulting, integration, managed services, and cloud-based monitoring—are witnessing soaring demand as enterprises struggle to implement and scale connected solutions without technical bottlenecks. The rising complexity of IoT deployments has prompted companies to rely heavily on managed services providers for system maintenance, cybersecurity, and platform optimization. While hardware remains indispensable, the service segment is leading in revenue contribution due to recurring revenue streams, customization offerings, and its critical role in ensuring operational continuity and compliance with data protection standards.

Regionally, North America is expected to hold the largest market share in 2025, buoyed by its advanced technological infrastructure, robust adoption of industrial automation, and a thriving ecosystem of IoT platform providers. Strong investments in smart manufacturing and healthcare IoT applications further reinforce the region’s dominance. Meanwhile, the Asia Pacific region is poised to register the fastest growth during 2025-2035, owing to rising urbanization, surging smartphone penetration, and government-backed initiatives for digital transformation in economies like China, India, and Japan. Europe also presents strong opportunities driven by stringent energy efficiency mandates and the adoption of IoT for sustainable smart city projects. Latin America and the Middle East & Africa are gradually embracing IoT solutions, particularly in energy, utilities, and agriculture, thereby broadening the market’s global footprint.

Major market players included in this report are:
• Cisco Systems, Inc.
• IBM Corporation
• Microsoft Corporation
• Amazon Web Services, Inc.
• Intel Corporation
• Oracle Corporation
• Google LLC (Alphabet Inc.)
• SAP SE
• Siemens AG
• Huawei Technologies Co., Ltd.
• PTC Inc.
• Ericsson AB
• Dell Technologies Inc.
• AT&T Inc.
• Hewlett Packard Enterprise (HPE)

Global IoT Technology Market Report Scope:
• Historical Data – 2023, 2024
• Base Year for Estimation – 2024
• Forecast period - 2025-2035
• Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
• Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study. The report also provides detailed information about crucial aspects, such as driving factors and challenges, which will define the future growth of the market. Additionally, it incorporates potential opportunities in micro-markets for stakeholders to invest, along with a detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segments of the market are explained below:

Key Takeaways:
• Market Estimates & Forecast for 10 years from 2025 to 2035.
• Annualized revenues and regional-level analysis for each market segment.
• Detailed analysis of the geographical landscape with country-level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of the competitive structure of the market.
• Demand side and supply side analysis of the market.

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