IoT Technology Market Projected to Hit USD 2004.62 Billion by 2034, Growing at a CAGR of 7.8%

Market Overview:

IoT technology is a system of connected devices that communicate and share data over the Internet. These gadgets, equipped with sensors, software, and various other technologies, can gather, send, and receive data, allowing for automation and remote supervision. IoT is utilized across different sectors, such as healthcare, smart homes, agriculture, and manufacturing, to boost productivity, cut expenses, and elevate decision-making through the delivery of immediate data analysis.

Global IoT technology market size was valued at USD 945.90 billion in 2024. The market is projected to grow from USD 1018.83 billion in 2025 to USD 2004.62 billion by 2034, exhibiting a CAGR of 7.8% during the forecast period.

Major Players:

As the market expands, competition is expected to increase with the involvement of numerous businesses. The report has covered the major players operating in the IoT technology market:

Amazon Web Services
Cisco Systems, Inc.
Hewlett Packard Enterprise
IBM
Intel Corporation
Microsoft
PTC Inc.
Qualcomm
Siemens AG
STMicroelectronics
Texas Instruments Incorporated

Growth Drivers:

With the rapid pace of urbanization worldwide, countries are increasingly embracing smart city projects and implementing sophisticated smart city technology to improve resource management and operational effectiveness. Furthermore, the manufacturing industry is experiencing substantial global growth as businesses look to increase their operational size and enter new markets. Emerging markets are witnessing a growth in industrialization, while established economies are focusing on upgrading their facilities.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:

IoT Technology Market, Regional Outlook (Revenue, USD Billion, 2020-2034)

North America
- Platform Outlook
  - Device Management
  - Application Management
  - Network Management
- Services Outlook
  - Professional Services
  - Managed Services
- Software Solution Outlook
  - Data Management
  - Real-Time Streaming Analytics
  - Network Bandwidth Management
  - Remote Monitoring
  - Security Solution
- Node Component Outlook
  - Processor
  - Connectivity IC
  - Sensor
  - Memory Device
  - Logic Device
- End Use Outlook
  - Industrial
  - Consumer
Europe
- Platform Outlook
  - Device Management
  - Application Management
  - Network Management
- Services Outlook
  - Professional Services
  - Managed Services
- Software Solution Outlook
  - Data Management
  - Real-Time Streaming Analytics
  - Network Bandwidth Management
  - Remote Monitoring
  - Security Solution
- Node Component Outlook
  - Processor
  - Connectivity IC
  - Sensor
  - Memory Device
  - Logic Device
- End Use Outlook
  - Industrial
  - Consume

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐓𝐡𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐞𝐫𝐞:

https://www.polarismarketresearch.com/industry-analysis/iot-technology-market/analysis-type

This section of the research report provides an analysis of the geographic landscape of the IoT Technology Market. It covers several aspects like industry share, gross margin and growth rate for all the major regions of the industry. By going through the regional analysis section, businesses can better understand the needs and wants of their target market. Also, it enables companies to make informed decisions about the products or services they’re providing. Furthermore, the research report provides an in-depth analysis of all the major sub-regions for a comprehensive understanding of the market.

The IoT technology market is experiencing rapid growth due to the increasing adoption of IoT solutions across various industries, including manufacturing, healthcare, automotive, and agriculture. These sectors are leveraging IoT technologies to enhance operational efficiency and innovate new services and products. In manufacturing, IoT enables predictive maintenance, real-time monitoring, and automation, significantly boosting productivity and reducing downtime. Similarly, the healthcare sector benefits from IoT through remote patient monitoring, telemedicine, and smart medical devices, which improve patient outcomes and streamline healthcare delivery.

IoT Technology Industry Developments

Qualcomm’s New Wi-Fi Technologies (April 2024)
Qualcomm introduced advanced Wi-Fi solutions and IoT enhancements designed specifically for industrial applications. These technologies integrate on-device AI capabilities, significantly improving IoT connectivity and enabling smarter, more efficient industrial operations.
AWS and Siemens Partnership Extension (November 2023)
Amazon Web Services (AWS) and Siemens expanded their collaboration to better integrate physical devices with cloud infrastructure. As part of this enhanced partnership, the AWS IoT SiteWise Edge software is now directly available through Siemens’ Industrial Edge Marketplace, streamlining IoT deployment and management for industrial users.
PTC and Rockwell Automation Partnership (June 2023)
PTC and Rockwell Automation extended their partnership to advance IoT and augmented reality (AR) solutions in manufacturing. Rockwell Automation continues to resell PTC’s Digital Performance Management solution and the ThingWorx IoT platform, along with the Vuforia AR software, enabling improved efficiency and innovation in manufacturing processes.