What is the size of the Global Internet of Things Market?

The Internet of Things (IoT) Market was valued at USD 308.97 billion in 2024 and is projected to reach a market size of USD 996.90 billion by 2030. Over the forecast period of 2025-2030, the market is expected to grow at a CAGR of 26.4%.

What are the primary drivers of the IoT market growth?

The primary drivers include widespread digital transformation initiatives, expanding 5G and connectivity infrastructure, decreasing sensor costs, and the integration of advanced analytics and AI with IoT systems.

Which segment dominates the IoT market by component type?

Hardware components dominate the IoT market landscape, accounting for approximately 42.3% of market share in 2022, including sensors, processors, and connectivity modules.

Which region leads the Global IoT Market?

North America currently dominates the global IoT market with approximately 36.8% revenue share, with the United States alone accounting for nearly 22.4% of global IoT spending.

Which region is growing fastest in the IoT market?

The Asia-Pacific region is anticipated to grow at the fastest CAGR of 31.2% during the forecast period, driven by rapid industrialization, urban development, and significant government investments in digital infrastructure.