USD 4.89 billion
IoT Connectivity Market Size, Share, Growth Analysis, By Component(Platform, Services), By Organization Size(Large Enterprises, SMEs), By Application(Building & Home Automation, Smart Energy & Utility, Smart Manufacturing, Smart Transportation), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG50B2025 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|Tables:
90
|Figures:
74
IoT Connectivity Market Insights
IoT Connectivity Market size was valued at USD 5.7 Billion in 2023 and is poised to grow from USD 6.64 Billion in 2024 to USD 22.53 Billion by 2032, growing at a CAGR of 16.5% during the forecast period (2025-2032).
Surging adoption of IoT (Internet of Things) devices and technologies around the world is projected to bolster the demand for IoT connectivity over the coming years. Advancements in communication technologies around the world are also slated to bolster IoT connectivity market growth across the forecast period. IoT connectivity is essential for the complete IoT ecosystem that comprises applications, sensors, and other components. Increasing demand for miniaturization of electronics and the rising proliferation of IoT devices in different industry verticals are forecasted to augment the demand for IoT connectivity in the future. The advent of edge computing and artificial intelligence technologies is projected to create new opportunities for IoT connectivity companies in the long run. However, security concerns and lack of standardization are slated to hamper IoT connectivity market development going forward.
Market snapshot - (2024-2031)
Global Market Size
Largest Segment
Platforms
Fastest Growth
Services
Growth Rate
16.5% CAGR
Global IoT Connectivity Market ($ Bn)
Country Share for North America Region (%)
To get more reports on the above market click here to Buy The Report
IoT Connectivity Market Segmental Analysis
The global IoT connectivity market is segmented based on component, organization size, application, and region. In terms of component, the market is segmented into platform and services. On the basis of organization size, the market is bifurcated into large enterprises and SMEs. Based on application, the market is divided into building & home automation, smart energy & utility, smart manufacturing, smart transportation, and others. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Organization Size
Large enterprises are estimated to account for a dominant share of the global IoT connectivity market. High spending potential of these organizations allows them to opt for advanced technologies such and IoT and this is why this segment holds sway over others. Early adoption of novel connectivity technologies also creates new opportunities for market growth in this segment.
Meanwhile, the demand for IoT connectivity is slated to increase at a rapid pace in SMEs across the forecast period and beyond. Increasing inclination of SMEs towards operation optimization has led to increased adoption of advanced technologies and this is why this segment will expand at a robust CAGR through 2031.
Analysis by Component
Platforms for IoT connectivity are estimated to hold a major share of the global IoT connectivity market across the forecast period. Increasing dependence of different IoT components on platforms is a key factor that is slated to help this segment maintain its dominance going forward. Development and launch of multifunctional IoT connectivity platforms that are capable of managing and monitoring devices will help platform segment maintain its dominance in the global marketplace.
Rapid surge in IoT adoption around the world is slated to create new opportunities for IoT connectivity service providers and this is what makes the service segment the fastest-growing one. Increasing use of IoT devices will also spawn the demand for maintenance and other types of services, which is estimated to benefit the growth of this segment in the future.
Global IoT Connectivity Market By Component
To get detailed analysis on other segments, Request For Free Sample Report
IoT Connectivity Market Regional Insights
North America is predicted to dominate the global IoT connectivity demand outlook across the forecast period. Early adoption of IoT technologies in this region and growing acceptance of IoT devices are key factors allowing this region to dominate the global market growth. The United States and Canada are projected to top the charts when it comes to IoT connectivity demand in the North American region.
The Asia Pacific region is slated to emerge as the fastest-growing regional market for IoT connectivity companies in the world. Increasing digitization and growing adoption of advanced technologies by businesses in this region to streamline operations are slated to bolster the demand for IoT connectivity over the coming years. China, Japan, and India are estimated to spearhead IoT connectivity demand in the Asia Pacific region on the back of growing number of SMEs in these countries.
Global IoT Connectivity Market By Region
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
IoT Connectivity Market Dynamics
Drivers
Advancements in Communication Technology
- Communications technology has come a long way in recent years and is still advancing rapidly on the back of growing investments in tech R&D. These advancements in communication technology could also foster innovation in the IoT space and boost IoT connectivity market growth as well.
Expanding Application Scope of IoT Devices
- IoT devices are no longer a novel innovation but are becoming a mainstay in a multitude of applications across several industry verticals and this is projected to drive market development.
Restraints
Interoperability Concerns
- Not all IoT connectivity solutions work with all types of IoT devices and systems. This is a major issue of interoperability that hampers the adoption of IoT technology and thereby slows down IoT connectivity market development as well.
Data Security
- IoT connectivity solutions are responsible for transmitting private and confidential data, which is why their security needs to be highly effective. Absence of effective data security solutions could impede IoT connectivity market growth in the future.
Request Free Customization of this report to help us to meet your business objectives.
IoT Connectivity Market Competitive Landscape
IoT connectivity providers should focus on mergers, collaborations, and acquisitions to boost their market share on a global level. Companies can work closely with telecommunication providers to adopt advanced technologies and apply it at an IoT level. IoT connectivity market players should also focus on integration of advanced technologies such as artificial intelligence and edge computing in the future.
Top Player’s Company Profiles
- Huawei
- Ericsson
- Vodafone
- Telefónica
- Sigfox
- Sierra Wireless
- Verizon
- Softdel
- Arm Limited
- Multi-Tech Systems Inc.
- Moeco
- Hologram
- Orange Business Services
- Cisco Systems Inc.
- Telit
- Particle
- Aeris
- Lantronix
Recent Developments
- In March 2024, Sateliot, a leading provider of LEO satellites based in Spain, announced its plans to launch 4 satellites that could facilitate connectivity for around 7 million IoT devices as the company tries to reach a revenue target of USD 1 billion by 2030-end.
- In February 2024, Vodafone and Idea’s business arm named Vi Business, announced the launch of a new IoT connectivity and device management platform
IoT Connectivity Key Market Trends
- Adoption of AI and Edge Computing: IoT connectivity providers can leverage advanced technologies such as artificial intelligence and edge computing to improve their product efficacy and allow IoT devices to perform a diverse set of functions that were not possible before. Investments in R&D will be crucial in augmenting the future of IoT connectivity market through advanced technology integration.
IoT Connectivity Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, rapid digitization and increasing proliferation of IoT technology around the world are projected to bolster the demand for IoT connectivity over the coming years. Data security concerns and lack of interoperability are estimated to trouble IoT connectivity market players across the forecast period and beyond. North America is estimated to maintain its dominant stance in the global IoT connectivity market throughout the forecast period owing to rapid adoption of IoT technology. IoT connectivity companies can boost revenue generation by integration of advanced technologies such as AI and edge computing.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.89 billion |
| Market size value in 2031 | USD 19.34 billion |
| Growth Rate | 16.5% |
| Base year | 2023 |
| Forecast period | (2024-2031) |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on IoT Connectivity Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on IoT Connectivity Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the IoT Connectivity Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the IoT Connectivity Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the IoT Connectivity Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the IoT Connectivity Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
