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 2024-2031

Report ID: SQMIG50B2025 | Region: Global | Published Date: April, 2024
Pages: 198 | Tables: 90 | Figures: 74

IoT Connectivity Market Insights

Global IoT Connectivity Market size was valued at USD 4.89 billion in 2022 and is poised to grow from USD 5.7 billion in 2023 to USD 19.34 billion by 2031, growing at a CAGR of 16.5% in the forecast period (2024-2031).

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.

IoT Connectivity Market Report Snapshots

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IoT Connectivity Market size was valued at USD 4.89 billion in 2022 and is poised to grow from USD 5.7 billion in 2023 to USD 19.34 billion by 2031, growing at a CAGR of 16.5% in the forecast period (2024-2031).

IoT connectivity providers should focus on mergers, collaborations, and acquisitions to boost their market share on a 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. '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'

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.

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.

North America is predicted to dominate the 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 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.

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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 2024-2031

IoT Connectivity Market Insights

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