IoT Market Size Report & Industry Overview 2022-2030

IoT Market Forecast to 2030 - Global Analysis by Component [Hardware, Software (Device Management, Application Management, Data Management, and Network Management), and Services], Enterprise Size (Large Enterprises and SMEs), and Application (Building & Automation, Smart Energy & Utilities, Smart Manufacturing, Connected Logistics, Banking & Financial Services, Aerospace & Defense, and Others)

Publication Month : Jul 2023

  • Report Code : TIPTE100000128
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 250
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[Research Report] The IoT market size is expected to grow from US$ 611.00 billion in 2023 to US$ 3,967.99 billion by 2030; the market is estimated to register a CAGR of 30.6% from 2023 to 2030.


Analyst Perspective:

An increasing number of smart city projects, a growing number of online and offline IoT product distributors, and escalating demand for IoT technologies in the automotive sector are the major factors driving the global IoT market. The e-commerce industry is rapidly growing with the increasing penetration of smartphones and the growing consumer preference for buying products online due to the ease of shopping. However, with the increasing number of IoT-connected devices, security issues are also evolving at endpoints. They are potential target points for hackers; therefore, the increase in data security concerns has become one of the major factors hampering the IoT market growth. On the contrary, the growing need for data analysis, and integration of analytics and developments in the mass rollout of 5G networks are anticipated to create lucrative growth opportunities for the IoT market over the forecast period. In July 2020, IBM, an American multinational technology corporation, collaborated with Verizon Business, a division of Verizon Communications. The collaboration aimed to work together on 5G and edge computing innovation to help enable the future of Industry 4.0. Thus, all the above factors are fueling the growth of the IoT market in the forecasted period.

Market Overview:

The Internet of Things (IoT) extends Internet connectivity to physical objects and devices. It provides greater control over lights, appliances, and door locks; offers insights into resource consumption habits; streamlines business processes; and enables connectivity between people and systems. Moreover, communications between IoT devices can be established over the Internet or directly via a wireless protocol. Thus, these devices can also be monitored and controlled remotely. The smart home products, such as lighting fixtures, thermostats, home appliances, cameras, and home security systems are a few IoT devices which are gaining traction in the consumer market, further fueling the growth of IoT market in the forecasted period. IoT technology helps connect various smart devices to ease business operations; the connected smart devices collect and share data, which can be further utilized to enhance customer experience, thus, propelling the IoT market growth.

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IoT Market: Strategic Insights

Market Size Value inUS$ 611.00 billion in 2023
Market Size Value byUS$ 3,967.99 billion by 2030
Growth rateCAGR of 30.6% from 2023 to 2030
Forecast Period2023-2030
Base Year2023
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Market Driver:

Rise in Implementation of IoT in Automotive Sector to Drive Growth of IoT Market

Automotive is one of the largest sectors in terms of IoT implementation that supports various applications such as self-driving cars, security features, data analytics, in-vehicle infotainment, predictive maintenance, real-time monitoring, and dashboard. Moreover, the high level of competition in the global automotive sector is propelling companies to adopt IoT, AI, and other advanced technologies, which is fueling the growth of the IoT market. Audi, BMW, General Motors, and Mercedes-Benz are a few major automakers offering advanced infotainment systems for cars integrated with various technologies. Moreover, the growing demand for connected vehicles and rising investments in autonomous cars boost the adoption of IoT and efficient communication technologies, such as 4G and 5G. For instance, in April 2021, Vodafone Idea announced the launch of its integrated IoT solution for the automotive sector. With this product launch, the company further strengthened its product portfolio, thus propelling the growth of the IoT market. Automotive systems that can be enhanced with IoT include logistics management, fleet management, telematics, sensor sharing, advanced driver assistance systems, infotainment, and autonomous driving. Furthermore, due to the increasing demand for dynamic messaging, parking sensors, real-time occupancy data of parking spots, and vehicle parking spots, several government agencies are promoting smart city programs and implementing smart parking to ensure smooth traffic in the city. Therefore, the rise in the implementation of IoT in the automotive sector is driving the IoT market.

Segmental Analysis:

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Based on enterprise size, the IoT market is segmented into large enterprises and SMEs. The large enterprises segment in IoT market is expected to account for a larger share in 2023. With extensive resources and infrastructure, large enterprises play a crucial role in driving IoT adoption. These enterprises can implement complex IoT solutions on a larger scale, integrating diverse systems and data sources. IoT benefits large enterprises by offering deeper insights into their operations, enhancing supply chain management, optimizing asset utilization, and improving customer engagement, which is further fueling the growth of the IoT market.

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Regional Analysis:

Based on geography, the IoT market size is primarily segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). APAC is expected to register the highest CAGR of 33.1% in the IoT market from 2023 to 2030.

In APAC, the ongoing deployment and expansion of 5G is accelerating the connectivity in the region which will further help in the development of smart cities, environmental and sustainability monitoring, transportation infrastructure, energy, and resources, which are expected to flourish the IoT market growth in APAC during the forecast period. According to the Groupe Speciale Mobile Association (GSMA), the 5G adoption in the Asia Pacific (except China) reached 4% in 2022 and is expected to rise to 41% by 2030. Thus, the growing 5G penetration will create an opportunity for the growth of the APAC IoT market during the forecast period.

Key Player Analysis:

The IoT Market consists of the players such as Microsoft Corporation; Hewlett Packard Enterprise Development LP; SAS Institute Inc.; VMware, Inc.; Google, LLC; Oracle Corporation; Cisco Systems, Inc.; SAP SE; IBM Corporation; and Qualcomm Technologies, Inc. Among the players in the IoT market, SAP SE and Microsoft Corporation are the top two players owing to the diversified product portfolio offered.

Recent Developments:


Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the IoT Market. A few recent key market developments are listed below:

  • In February 2023, Cisco introduced enhancements to its IoT portfolio, specifically targeting the needs of massive-scale IoT deployments. The Cisco IoT Control Center updates aim to simplify connectivity management for low-cost, stationary devices such as utility meters and medical devices. The platform supports a range of IoT use cases, allowing service providers to address different complexity levels and capitalize on new market opportunities. By providing a single platform for diverse enterprise needs, Cisco aims to make IoT more valuable and user-friendly for its customers.
  • In January 2023, Amazon Web Services (AWS) launched several new data and location service capabilities in late 2022, providing significant opportunities for partners in the Internet of Things (IoT) space. Yasser Alsaied, AWS' IoT leader, believes these new services will enable partners to enhance their offerings and provide customers with advanced data and cybersecurity solutions. The cloud is ideal for securely and reliably managing IoT connectivity and data.
  • In January 2023, IoT Connectivity as-a-Service provider KORE chose Amazon Web Services (AWS) to support its Massive IoT solutions, addressing the security challenges associated with large-scale IoT deployments. KORE's OmniSIM SAFE solution, powered by AWS IoT Core, leverages eSIM technology to enhance IoT security by providing unique credentials and secure data communications. The partnership aims to streamline operations and ensure end-to-end security for the anticipated exponential growth of IoT devices in the coming years.
  • In Dec 2022, KORE formed a strategic alliance with Google Cloud to deliver comprehensive IoT solutions to businesses worldwide. The collaboration will leverage Google Cloud's infrastructure and analytics capabilities and KORE's expertise in simplifying IoT deployment. The partnership aims to provide customers with reliable, value-added IoT services and open new opportunities for industries like healthcare, fleet management, and industrial IoT. KORE will become a Google Cloud partner in IoT, bringing its innovative platform and industry-specific solutions to the collaboration.
  • In Oct 2021, SAP was named a Leader in the IDC MarketScape report for Worldwide Industrial IoT Platforms and Applications in Manufacturing 2021. The recognition highlights SAP's comprehensive business applications built on IoT platforms, its ability to integrate IoT data with enterprise systems, and its analytics, machine learning, and edge deployment capabilities offerings. SAP's flexibility and broad portfolio of IoT-enabled solutions position it as a leader in driving Industry 4.0 transformations and supporting productivity, resilience, and sustainability across the supply chain.
  • In September 2021, Intel introduced the 11th Gen Intel Core processors for IoT, the Intel Atom x6000E series, and Intel Pentium and Celeron N and J series processors. These enhanced processors aim to address the evolving needs of the IoT industry, offering features such as high-speed processing, computer vision, and low-latency deterministic computing. With advancements in AI and real-time capabilities, Intel aims to cater to edge customers and tap into the US$ 65 billion edge silicon market opportunity by 2024.  
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Component, Enterprise Size, and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Malaysia, Mexico, Netherlands, Russian Federation, Saudi Arabia, Singapore, South Africa, South Korea, Sweden, Switzerland, Thailand, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

What is the estimated global market size for the global IoT market in 2023?

The global IoT market was estimated to be US$ 611.00 billion in 2023 and is expected to grow at a CAGR of 30.6 %, during the forecast period 2023 - 2030.

What are the driving factors impacting the global IoT Market?

The demand for IoT solutions has increased significantly as governments of various countries are taking initiatives for the development of smart city projects to promote economic development, digitally optimize public assets, and improve infrastructure & environment.

Which are the key players holding the major market share of global IoT Market?

The key players, holding majority shares, in the IoT software market includes SAP SE, Microsoft Corporation, IBM Corporation, Google LLC, and Amazon Web Services Inc.

What will be the global market size for global IoT Market by 2030?

The global IoT Market is expected to reach US$ 3,967.99 billion by 2030.

What is the incremental growth of the global IoT Market during the forecast period?

The incremental growth, expected to be recorded for the global IoT Market during the forecast period, is US$ 3356.99 billion.

What are the future trends of the global IoT Market?

The growing transition from traditional to digital ecosystems across industries creates a tremendous need for connected ecosystems, which is increasing the demand for IoT-based solutions. Thus, an increase in digitalization across different sectors is expected to fuel the IoT software market during the forecast period.

The List of Companies - IoT Market

  1. Amazon Web Services Inc
  2. Cisco Systems Inc
  3. Google LLC
  4. Software AG
  5. International Business Machines Corp
  6. Intel Corp
  7. Microsoft Corp
  8. Oracle Corp
  9. Siemens AG
  10. SAP SE

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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