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Report Overview
The global IoT market size attained a value of about USD 2.18 trillion in 2024. The market is further expected to grow in the forecast period of 2025-2034 at a CAGR of 15.9% to reach nearly USD 8.20 trillion by 2034.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
IoT Market Regional Analysis
North America holds a sizeable share, driven by the advanced technology infrastructure
North America, particularly the United States, is a leading region in IoT adoption, driven by advanced technologies, high investment in research and development, and a strong presence of leading IoT companies. The market is expanding in areas like smart homes, healthcare, and industrial automation.
IoT in healthcare has seen significant growth in the region, especially accelerated by the COVID-19 pandemic. Wearables, remote monitoring devices, and telemedicine solutions are becoming increasingly popular.
Europe to witness further growth, aided by favourable government initiatives
Europe's IoT market is growing with a focus on smart city initiatives, energy management, and industrial automation. The European Union's regulations and policies, such as GDPR, also impact how IoT solutions are developed and implemented, emphasising data security and privacy.
IoT Market Report Snapshots
*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 2024, the market attained a value of nearly USD 2.18 trillion.
The market is projected to grow at a CAGR of 15.9% in the forecast period of 2025-2034.
The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach about USD 8.20 trillion by 2034.
The major market drivers include technological innovations and the growing adoption of cloud data management.
The growing applications of IoT in retail management and the rising demand for cost reduction and eliminating human error in retail processes are the key trends guiding the market growth.
The major regional markets for IoT are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.
Devices, connectivity, IT services, and platforms are the major components of IoT in the market.
The significant application segments of IoT are consumer electronics, retail, manufacturing, healthcare, and transportation, among others.
The major players in the market are Accenture, Amazon Web Services Inc, Cisco Systems Inc., Huawei technologies Co., Ltd, Alphabet Inc, IBM corporation, and Hewlett Packard Enterprise Development LP, among others.
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