Global Internet of Things (IoT) Market Reaches $59.5 Billion in 2024, Projected to Grow at a 24.5% CAGR

Global Internet of Things (IoT) market was valued at $59.5 billion in 2024 and is growing at a CAGR of 24.5% during the forecast period (2025-2035). Enhanced 5G networks improve latency, reliability, and bandwidth, essential for real-time IoT applications, thus fostering market growth in smart manufacturing, autonomous systems, and connected healthcare. As per the 5G Americans Org., in April 2025,

Browse the full report description of “Internet of Things (IoT) Market Size, Share & Trends Analysis Report by Component (Hardware, Software, and Services) by Connectivity Technology (Cellular (4G/LTE, 5G), Wi-Fi, Bluetooth, Zigbee, LoRaWAN, NFC, Satellite Communication, and Ethernet) by Deployment Mode (On-Premise, and Cloud-Based), By Organization Size (Small and Medium-sized Enterprises (SMEs), and Large Enterprises) and by End User (BFSI, IT & Telecom, Manufacturing, Transportation, Healthcare, Retail, Energy& Utilities, Residential, Government & Defense, and Others) Forecast Period (2026-2035)” at https://www.omrglobal.com/industry-reports/internet-of-things-iot-market

Advances in 5G Connectivity Highlighted in the 5G Americas Report

• Rapid Global 5G Adoption & Scale

As of April 2025, there were over 2.25 billion 5G connections worldwide, with adoption growing about four times faster than 4G did at a similar stage. This reflects strong global investment in next-generation wireless infrastructure.

• Deployment Across Spectrum Bands

Operators, particularly in North America, have deployed 5G networks using low-, mid, and high-band spectrum, enabling broad coverage and capacity improvements across both urban and rural areas.

• Expansion Beyond Basic Mobile Broadband

Initial 5G rollouts focused on smartphones and mobile broadband. Now, additional use cases, such as Fixed Wireless Access (FWA), are expanding connectivity to homes and businesses where traditional broadband is less feasible, contributing to the closing of digital divide gaps.

Leading Companies Shaping the Internet of Things (IoT) Landscape

Major participants in the Internet of Things (IoT) market include Amazon Web Services, Inc., Cisco Systems, Inc., IBM Corp., Microsoft Corp., Siemens AG, among others. These organizations contribute to the development and deployment of IoT-enabled platforms and solutions across multiple sectors, including healthcare. Their technologies support applications such as telemedicine, electronic health records, remote patient monitoring, and AI-enabled clinical systems, playing a significant role in the ongoing evolution of healthcare delivery globally.

• In January 2025, Türkiye's Plan-S has launched four new Connecta IoT satellites through SpaceX's Twilight mission, increasing its active constellation to 16. The Türkiye-based startup managed the entire launch process in-house, including design, testing, and production. This expansion aims to enhance its satellite-based IoT services under the Connecta brand and improve competitiveness in the global market.
• In August 2025, Wireless Logic acquired Zipit Wireless, a provider of multi-carrier IoT connectivity and subscription billing solutions. This marks Wireless Logic's first acquisition of a US-based company, enhancing its North American presence and supporting its strategy to expand globally while increasing local expertise in key markets.
• In January 2025, SmartSense introduced SmartSense ONE, a modular and scalable solution integrating SmartSense and Jolt's platforms to improve monitoring, operations, safety, and quality through a unified data model. This launch follows Digi's acquisition of Jolt and aims to help grocers, convenience stores, restaurants, and healthcare organizations enhance compliance and operational efficiency. The platform includes seven interconnected modules, such as Monitor (real-time analytics), Operate (task management), Guard (food safety), Assure (digital audits), Service (maintenance), Label (compliance automation), and Schedule (labor management). Customers can choose modules individually, but collective use maximizes advantages.

Market Coverage

• The market number available for – 2024-2035
• Base year- 2024
• Forecast period- 2025-2035
• Segment Covered-
  • By Component
  • By Connectivity Technology
  • By Deployment Mode
  • By Organization Size
  • By End User
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape - Amazon Web Services, Inc., Cisco Systems, Inc., IBM Corp., Microsoft Corp., Siemens AG, among others.

Key questions addressed by the report.

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Internet of Things (IoT) Market Report Segment

By Component

• Hardware
• Software
• Services

By Connectivity Technology

• Cellular (4G/LTE, 5G)
• Wi-Fi
• Bluetooth
• Zigbee
• LoRaWAN
• NFC
• Satellite Communication
• Ethernet

By Deployment Mode

• On-Premise
• Cloud-Based

By Organization Size

• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises

By End User

• BFSI
• IT & Telecom
• Manufacturing
• Transportation
• Healthcare
• Retail
• Energy& Utilities
• Residential
• Government & Defense
• Others

Global Internet of Things (IoT) Market Report Segment by Region

North America

• United States
• Canada

Europe

• UK
• Germany
• Italy
• Spain
• France
• Russia
• Rest of Europe

Asia-Pacific

• China
• India
• Japan
• South Korea
• Australia and New Zealand
• ASEAN Economies
• Rest of Asia-Pacific

Rest of the World

• Latin America
• Middle East & Africa

To learn more about this report request a sample copy @ https://www.omrglobal.com/request-sample/internet-of-things-iot-market