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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global IoT Connectivity Market Size
The global IoT connectivity market 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.
- 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 Report Snapshots
IoT Connectivity Market Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market attained a value of nearly USD 286.14 billion.
The market is assessed to grow at a CAGR of 20.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 1499.24 billion by 2032.
The major market drivers are the growing deployment of edge computing by businesses and the surging accessibility to the 5G network.
The key trends aiding the market growth are the growing focus by organisations to improve their efficiency and the rising adoption of digital twin technology by businesses.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major components of IoT connectivity are platform and services.
The major players in the market are 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., and Pelion IOT Limited, among others.
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+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124