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

Description

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
Customization Scope - Free report customization (equivalent to up to 8 analysts' working hours) with purchase. Addition or alteration to country, regional & segment scope*

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.

Chapter 1. Global IoT Technology Market Report Scope & Methodology

1.1. Research Objective
1.2. Research Methodology
- 1.2.1. Forecast Model
- 1.2.2. Desk Research
- 1.2.3. Top Down and Bottom-Up Approach
1.3. Research Attributes
1.4. Scope of the Study
- 1.4.1. Market Definition
- 1.4.2. Market Segmentation
1.5. Research Assumption
- 1.5.1. Inclusion & Exclusion
- 1.5.2. Limitations
- 1.5.3. Years Considered for the Study

Chapter 2. Executive Summary

2.1. CEO/CXO Standpoint
2.2. Strategic Insights
2.3. ESG Analysis
2.4. key Findings

Chapter 3. Global IoT Technology Market Forces Analysis

3.1. Market Forces Shaping The Global IoT Technology Market (2024-2035)
3.2. Drivers
- 3.2.1. Rising demand for connected solutions
- 3.2.2. Digital transformation strategies by enterprises
3.3. Restraints
- 3.3.1. Growing concerns over cybersecurity risks
- 3.3.2. Data privacy regulations, and integration complexities
3.4. Opportunities
- 3.4.1. Rapid deployment of 5G infrastructure
- 3.4.2. Advancements in AI-powered IoT platforms and increased investment in predictive analytics

Chapter 4. Global Spacer Fluid Industry Analysis

4.1. Porter's 5 Forces Model
- 4.1.1. Bargaining Power of Buyer
- 4.1.2. Bargaining Power of Supplier
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. Porter's 5 Force Forecast Model (2024-2035)
4.3. PESTEL Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
4.4. Top Investment Opportunities
4.5. Top Winning Strategies (2025)
4.6. Market Share Analysis (2024-2025)
4.7. Global Pricing Analysis And Trends 2025
4.8. Analyst Recommendation & Conclusion

Chapter 5. Global IoT Technology Market Size & Forecasts by Component 2025-2035

5.1. Market Overview
5.2. Global Growth Hormone Deficiency Market Performance - Potential Analysis (2025)
5.3. Hardware
- 5.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.3.2. Market size analysis, by region, 2025-2035
5.4. Software
- 5.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.4.2. Market size analysis, by region, 2025-2035
5.5. Services
- 5.5.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.5.2. Market size analysis, by region, 2025-2035

Chapter 6. Global IoT Technology Market Size & Forecasts by Industry Vertical 2025-2035

6.1. Market Overview
6.2. Global Growth Hormone Deficiency Market Performance - Potential Analysis (2025)
6.3. Manufacturing
- 6.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.3.2. Market size analysis, by region, 2025-2035
6.4. Healthcare
- 6.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.4.2. Market size analysis, by region, 2025-2035
6.5. Transportation and Logistics
- 6.5.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.5.2. Market size analysis, by region, 2025-2035
6.6. Energy and Utilities
- 6.6.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.6.2. Market size analysis, by region, 2025-2035
6.7. Agriculture
- 6.7.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.7.2. Market size analysis, by region, 2025-2035

Chapter 7. Global IoT Technology Market Size & Forecasts by Region 2025-2035

7.1. Growth IoT Technology Market, Regional Market Snapshot
7.2. Top Leading & Emerging Countries
7.3. North America IoT Technology Market
- 7.3.1. U.S. IoT Technology Market
  - 7.3.1.1. Component breakdown size & forecasts, 2025-2035
  - 7.3.1.2. Industry Vertical breakdown size & forecasts, 2025-2035
- 7.3.2. Canada IoT Technology Market
  - 7.3.2.1. Component breakdown size & forecasts, 2025-2035
  - 7.3.2.2. Industry Vertical breakdown size & forecasts, 2025-2035
7.4. Europe IoT Technology Market
- 7.4.1. UK IoT Technology Market
  - 7.4.1.1. Component breakdown size & forecasts, 2025-2035
  - 7.4.1.2. Industry Vertical breakdown size & forecasts, 2025-2035
- 7.4.2. Germany IoT Technology Market
  - 7.4.2.1. Component breakdown size & forecasts, 2025-2035
  - 7.4.2.2. Industry Vertical breakdown size & forecasts, 2025-2035
- 7.4.3. France IoT Technology Market
  - 7.4.3.1. Component breakdown size & forecasts, 2025-2035
  - 7.4.3.2. Industry Vertical breakdown size & forecasts, 2025-2035
- 7.4.4. Spain IoT Technology Market
  - 7.4.4.1. Component breakdown size & forecasts, 2025-2035
  - 7.4.4.2. Industry Vertical breakdown size & forecasts, 2025-2035
- 7.4.5. Italy IoT Technology Market
  - 7.4.5.1. Component breakdown size & forecasts, 2025-2035
  - 7.4.5.2. Industry Vertical breakdown size & forecasts, 2025-2035
- 7.4.6. Rest of Europe IoT Technology Market
  - 7.4.6.1. Component breakdown size & forecasts, 2025-2035
  - 7.4.6.2. Industry Vertical breakdown size & forecasts, 2025-2035
7.5. Asia Pacific IoT Technology Market
- 7.5.1. China IoT Technology Market
  - 7.5.1.1. Component breakdown size & forecasts, 2025-2035
  - 7.5.1.2. Industry Vertical breakdown size & forecasts, 2025-2035
- 7.5.2. India IoT Technology Market
  - 7.5.2.1. Component breakdown size & forecasts, 2025-2035
  - 7.5.2.2. Industry Vertical breakdown size & forecasts, 2025-2035
- 7.5.3. Japan IoT Technology Market
  - 7.5.3.1. Component breakdown size & forecasts, 2025-2035
  - 7.5.3.2. Industry Vertical breakdown size & forecasts, 2025-2035
- 7.5.4. Australia IoT Technology Market
  - 7.5.4.1. Component breakdown size & forecasts, 2025-2035
  - 7.5.4.2. Industry Vertical breakdown size & forecasts, 2025-2035
- 7.5.5. South Korea IoT Technology Market
  - 7.5.5.1. Component breakdown size & forecasts, 2025-2035
  - 7.5.5.2. Industry Vertical breakdown size & forecasts, 2025-2035
- 7.5.6. Rest of APAC IoT Technology Market
  - 7.5.6.1. Component breakdown size & forecasts, 2025-2035
  - 7.5.6.2. Industry Vertical breakdown size & forecasts, 2025-2035
7.6. Latin America IoT Technology Market
- 7.6.1. Brazil IoT Technology Market
  - 7.6.1.1. Component breakdown size & forecasts, 2025-2035
  - 7.6.1.2. Industry Vertical breakdown size & forecasts, 2025-2035
- 7.6.2. Mexico IoT Technology Market
  - 7.6.2.1. Component breakdown size & forecasts, 2025-2035
  - 7.6.2.2. Industry Vertical breakdown size & forecasts, 2025-2035
7.7. Middle East and Africa IoT Technology Market
- 7.7.1. UAE IoT Technology Market
  - 7.7.1.1. Component breakdown size & forecasts, 2025-2035
  - 7.7.1.2. Industry Vertical breakdown size & forecasts, 2025-2035
- 7.7.2. Saudi Arabia (KSA) IoT Technology Market
  - 7.7.2.1. Component breakdown size & forecasts, 2025-2035
  - 7.7.2.2. Industry Vertical breakdown size & forecasts, 2025-2035
- 7.7.3. South Africa IoT Technology Market
  - 7.7.3.1. Component breakdown size & forecasts, 2025-2035
  - 7.7.3.2. Industry Vertical breakdown size & forecasts, 2025-2035

Chapter 8. Competitive Intelligence

8.1. Top Market Strategies
8.2. Cisco Systems, Inc.
- 8.2.1. Company Overview
- 8.2.2. Key Executives
- 8.2.3. Company Snapshot
- 8.2.4. Financial Performance (Subject to Data Availability)
- 8.2.5. Product/Services Port
- 8.2.6. Recent Development
- 8.2.7. Market Strategies
- 8.2.8. SWOT Analysis
8.3. IBM Corporation
8.4. Microsoft Corporation
8.5. Amazon Web Services, Inc.
8.6. Intel Corporation
8.7. Oracle Corporation
8.8. Google LLC (Alphabet Inc.)
8.9. SAP SE
8.10. Siemens AG
8.11. Huawei Technologies Co., Ltd.
8.12. PTC Inc.
8.13. Ericsson AB
8.14. Dell Technologies Inc.
8.15. AT&T Inc.
8.16. Hewlett Packard Enterprise (HPE)