The global IoT technology market size is expected to reach USD 2004.62 billion by 2034, according to a new study by Polaris Market Research. The report "IoT Technology Market Size, Share, Trends, Industry Analysis Report, By Platform, Services, Software Solution, Node Component, End-use Application (Industrial and Consumer) and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Market Forecast, 2025 - 2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The IoT technology market is experiencing rapid growth due to the increasing adoption of IoT solutions across various industries, including manufacturing, healthcare, automotive, and agriculture. These sectors are leveraging IoT technologies to enhance operational efficiency and innovate new services and products. In manufacturing, IoT enables predictive maintenance, real-time monitoring, and automation, significantly boosting productivity and reducing downtime. Similarly, the healthcare sector benefits from IoT through remote patient monitoring, telemedicine, and smart medical devices, which improve patient outcomes and streamline healthcare delivery.
Due to the proliferation of connected devices, the number of IoT devices is growing exponentially, fueled by advancements in sensor technology and increased consumer demand for smart devices. This surge in connected devices enhances the data collection capabilities and analytics potential of IoT systems, providing businesses with deeper insights and improved decision-making processes. Additionally, the deployment of advanced wireless technologies, particularly 5G, is accelerating IoT adoption. 5G offers faster data transfer speeds, lower latency, and higher connectivity reliability, essential for data processing and communication in IoT applications.
Government initiatives and supportive policies also play a crucial role in driving IoT market growth. Various governments are investing in smart city projects, industrial IoT, and other IoT applications to enhance infrastructure, improve public services, and boost economic growth.
IoT Technology Market Report Highlights
In 2024, the industrial segment accounted for the largest revenue share in the IoT technology market due to the industrial sector adopting IoT solutions rapidly to enhance operational efficiency, productivity, and safety.
The device management segment is growing at the highest CAGR. Device management solutions are versatile and support a wide range of IoT applications across different industries, including healthcare and others.
In 2024, North America accounted for the largest market share in the IoT technology market due to its well-established technological infrastructure, including extensive high-speed internet coverage, advanced data centers, and early adoption of 5G networks.
Asia Pacific is expected to grow at a significant CAGR during the forecast period due to extensive investments in smart city projects across countries such as China, India, and Singapore, which are driving the adoption of IoT technologies for efficient infrastructure and services.
The global key market players include Amazon Web Services; Cisco Systems, Inc.; Hewlett Packard Enterprise; IBM; Intel Corporation; Microsoft; PTC Inc.; Qualcomm; Siemens AG; STMicroelectronics; and Texas Instruments Incorporated.
Polaris Market Research has segmented the IoT technology market report based on platform, services, software solution, node component, end-use application, and region:
By Platform Outlook (Revenue - USD Billion, 2020 - 2034)
Device Management
Application Management
Network Management
By Services Outlook (Revenue - USD Billion, 2020 - 2034)
Professional Services
Managed Services
By Software Solution Outlook (Revenue - USD Billion, 2020 - 2034)
Data Management
Real-Time Streaming Analytics
Network Bandwidth Management
Remote Monitoring
Security Solution
By Node Component Outlook (Revenue - USD Billion, 2020 - 2034)
Processor
Connectivity IC
Sensor
Memory Device
Logic Device
By End-use Application Outlook (Revenue - USD Billion, 2020 - 2034)
Industrial
Consumer
By Regional Outlook (Revenue - USD Billion, 2020 - 2034)
North America
US
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Australia
Vietnam
Rest of Asia Pacific
Latin America
Argentina
Brazil
Mexico
Rest of Latin America
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Rest of Middle East & Africa
Table of Contents
1. Introduction
1.1. Report Description
1.1.1. Objectives of the Study
1.1.2. Market Scope
1.1.3. Assumptions
1.2. Stakeholders
2. Executive Summary
2.1. Market Highlights
3. Research Methodology
3.1. Overview
3.1.1. Data Mining
3.2. Data Sources
3.2.1. Primary Sources
3.2.2. Secondary Sources
4. Global IoT Technology Market Insights
4.1. IoT Technology Market - Application Snapshot
4.2. IoT Technology Market Dynamics
4.2.1. Drivers and Opportunities
4.2.1.1. The Increasing Urbanization and Adoption of Smart Cities is Driving Market Growth
4.2.1.2. The Increasing Manufacturing Sector Drives the Market Outlook
4.2.2. Restraints and Challenges
4.2.2.1. Security and Privacy Concerns
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining Power of Suppliers (Moderate)
4.3.2. Threats of New Entrants: (Low)
4.3.3. Bargaining Power of Buyers (Moderate)
4.3.4. Threat of Substitute (Moderate)
4.3.5. Rivalry among existing firms (High)
4.4. PESTEL Analysis
4.5. IoT Technology Market Application Trends
4.6. Value Chain Analysis
4.7. COVID-19 Impact Analysis
5. Global IoT Technology Market, by Platform
5.1. Key Findings
5.2. Introduction
5.2.1. Global IoT Technology Market, by Platform, 2020-2034 (USD Billion)
5.3. Device Management
5.3.1. Global IoT Technology Market, by Device Management, by Region, 2020-2034 (USD Billion)
5.4. Application Management
5.4.1. Global IoT Technology Market, by Application Management, by Region, 2020-2034 (USD Billion)
5.5. Network Management
5.5.1. Global IoT Technology Market, by Network Management, by Region, 2020-2034 (USD Billion)
6. Global IoT Technology Market, by Services
6.1. Key Findings
6.2. Introduction
6.2.1. Global IoT Technology Market, by Services, 2020-2034 (USD Billion)
6.3. Professional Services
6.3.1. Global IoT Technology Market, by Professional Services, by Region, 2020-2034 (USD Billion)
6.4. Managed Services
6.4.1. Global IoT Technology Market, by Managed Services, by Region, 2020-2034 (USD Billion)
7. Global IoT Technology Market, by Software Solution
7.1. Key Findings
7.2. Introduction
7.2.1. Global IoT Technology Market, by Software Solution, 2020-2034 (USD Billion)
7.3. Data Management
7.3.1. Global IoT Technology Market, by Data Management, by Region, 2020-2034 (USD Billion)
7.4. Real-Time Streaming Analytics
7.4.1. Global IoT Technology Market, by Real-Time Streaming Analytics, by Region, 2020-2034 (USD Billion)
7.5. Network Bandwidth Management
7.5.1. Global IoT Technology Market, by Network Bandwidth Management, by Region, 2020-2034 (USD Billion)
7.6. Remote Monitoring
7.6.1. Global IoT Technology Market, by Remote Monitoring, by Region, 2020-2034 (USD Billion)
7.7. Security Solution
7.7.1. Global IoT Technology Market, by Security Solution , by Region, 2020-2034 (USD Billion)
8. Global IoT Technology Market, by Node Component
8.1. Key Findings
8.2. Introduction
8.2.1. Global IoT Technology Market, by Node Component, 2020-2034 (USD Billion)
8.3. Processor
8.3.1. Global IoT Technology Market, by Processor, by Region, 2020-2034 (USD Billion)
8.4. Connectivity IC
8.4.1. Global IoT Technology Market, by Connectivity IC, by Region, 2020-2034 (USD Billion)
8.5. Sensor
8.5.1. Global IoT Technology Market, by Sensor, by Region, 2020-2034 (USD Billion)
8.6. Memory Device
8.6.1. Global IoT Technology Market, by Memory Device, by Region, 2020-2034 (USD Billion)
8.7. Logic Device
8.7.1. Global IoT Technology Market, by Logic Device, by Region, 2020-2034 (USD Billion)
9. Global IoT Technology Market, by End-use Application
9.1. Key Findings
9.2. Introduction
9.2.1. Global IoT Technology Market, by End-use Application, 2020-2034 (USD Billion)
9.3. Industrial
9.3.1. Global IoT Technology Market, by Industrial, by Region, 2020-2034 (USD Billion)
9.4. Consumer
9.4.1. Global IoT Technology Market, by Consumer, by Region, 2020-2034 (USD Billion)
10. Global IoT Technology Market, by Geography
10.1. Key Findings
10.2. Introduction
10.2.1. IoT Technology Market Assessment, By Geography, 2020-2034 (USD Billion)
10.3. IoT Technology Market - North America
10.3.1. North America: IoT Technology Market, by Platform, 2020-2034 (USD Billion)
10.3.2. North America: IoT Technology Market, by Services, 2020-2034 (USD Billion)
10.3.3. North America: IoT Technology Market, by Software Solution, 2020-2034 (USD Billion)
10.3.4. North America: IoT Technology Market, by Node Component, 2020-2034 (USD Billion)
10.3.5. North America: IoT Technology Market, by End-use Application, 2020-2034 (USD Billion)
10.3.7. IoT Technology Market - U.S.
10.3.7.1. U.S.: IoT Technology Market, by Platform, 2020-2034 (USD Billion)
10.3.7.2. U.S.: IoT Technology Market, by Services, 2020-2034 (USD Billion)