Global IoT Connectivity Market Report and Forecast 2024-2032

Global IoT Connectivity Market Outlook

The global IoT connectivity market size reached approximately USD 286.14 billion in 2023. The market is assessed to grow at a CAGR of 20.2% between 2024 and 2032 to attain a value of around USD 1499.24 billion by 2032.

Key Trends in the Market

IoT, variously known as the Internet of things, refers to the network of physical objects with internet connectivity. IoT connectivity refers to a process that connects IoT devices to the cloud and integration points like IoT getaways.

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• The increasing accessibility to 5G technology is one of the major IoT connectivity market trends. Due to high network speed and data transfer rates, 5G can facilitate instant communication and response between IoT devices, boosting their utilisation in different applications such as remote inspection, shipping and logistics, agriculture, and facility and building management, among others.

• The IoT connectivity market growth can be associated with the rising adoption of digital twin technology by businesses to enhance their agility, meet evolving customer demands, and improve operational efficiency and productivity. IoT devices play an integral role in connecting digital twins with the physical world, increasing the visibility into the product life cycle, and enhancing the visibility and operational efficiency of digital twin technology.

• The growing deployment of edge computing by businesses is expected to reduce communication latency between central IT networks and IoT devices and improve response time and operational efficiency while enhancing the effectiveness of IoT devices. Besides, in the forecast period, the IoT connectivity market demand is likely to be aided by advancements in chipset packaging technologies and computer architecture, among others, that can reduce data movement while enhancing the diversity of IoT applications.

IoT Connectivity Market Analysis

Based on component, the market is segmented into platform and services. On the basis of organisation, the market can be divided into large enterprises and small and medium-sized enterprises.

By application, the IoT connectivity market segmentation includes smart retail, smart manufacturing, connected health, building and home automation, smart transportation, and smart grid and utilities, among others. The major regional markets for IoT connectivity include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global IoT connectivity market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Jasper Technologies, Inc.

• Huawei Technologies Co., Ltd. 

• AT&T Inc. 

• Vodafone Group Plc 

• Orange S.A.

• Hologram Inc.

• Telit

• Telefónica Global Solutions, S.L.U.

• Telefonaktiebolaget LM Ericsson

• Sierra Wireless

• Verizon Communications Inc.

• Particle Industries, Inc.

• Aeris Communications, Inc.

• UnaBiz Pte., Ltd

• EMnify GmbH

• Velos IoT Group

• Microsoft Corporation

• Tata Communications Limited

• Soracom, INC.

• Pelion IOT Limited

• Others

IoT Connectivity Market Share by Application

As per the IoT connectivity market analysis, connected health represents a substantial market share. IoT connectivity facilitates remote monitoring, enhances the interaction of patients with healthcare professionals, reduces the cost of healthcare, and improves the overall outcome of treatment.

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In the forecast period, the demand for IoT devices in home automation and building is likely to surge due to the increasing usage of the internet to remotely operate various electronic devices and systems. With a surging focus on optimal building management, IoT is increasingly deployed to reduce energy use, lower waste amount, and create a seamless interaction between external and internal factors.

IoT Connectivity Market Share by Organisation

Large enterprises hold a considerable share of the IoT connectivity market share due to the growing focus of such organisations to improve their efficiency. Such businesses also use IoT solutions to reduce the requirement for labour, surge the productivity of staff, lower costs associated with business operations, and automate maintenance and operations, among others.

Meanwhile, small and medium-sized enterprises are increasingly deploying IoT devices to improve employee engagement, streamline various processes, and surge mobility and agility. IoT connectivity also plays an integral role in gathering insights to boost the return on investments of small and medium-sized businesses.

Competitive Landscape

Tata Communications Limited, headquartered in Maharashtra, India, is a leading provider of digital technologies that can support the digital economy and digital transformation of enterprises globally. It has footprints in more than 190 territories and companies and operates the most advanced subsea fibre network carrying 30% of the global internet routes. Its IoT network in India is also one of the largest networks in the world, spanning around 2,000 communities.

Orange S.A. is a prominent digital service provider and telecommunications operator based in France. The company has a wide portfolio in 26 countries and has emerged as a leading provider of telecommunication and IT services to multinational corporations. It also supports digital transformation by facilitating end-to-end digital infrastructure and developing customer-centric solutions.

Huawei Technologies Co., Ltd., established in 1987, is a prominent provider of smart devices and ICT technologies and services. With a presence in more than 170 countries and territories, the company serves more than 3 billion customers. It extensively invests in R&D activities to drive innovations and technological advancements.

Other IoT connectivity market players include Jasper Technologies, Inc., AT&T Inc., Vodafone Group Plc, Hologram Inc., Telit, Telefónica Global Solutions, S.L.U., Telefonaktiebolaget LM Ericsson, Sierra Wireless, Verizon Communications Inc., Particle Industries, Inc., Aeris Communications, Inc., UnaBiz Pte., Ltd, EMnify GmbH, Velos IoT Group, Microsoft Corporation, Soracom, INC., and Pelion IOT Limited, among others.

Key Highlights of the Report

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IoT Connectivity Market Report Snapshots

IoT Connectivity Market Size

IoT Connectivity Market Analysis

IoT Connectivity Companies