The global Internet of Things (IoT) market is forecast to be worth around 336 billion U.S. dollars in 2024, and rise to more than 621 billion U.S. dollars in 2030, tripling its revenue in ten years. Not only this, but the number of IoT connected devices worldwide is forecast to triple during this span in time.
Major verticals and use cases
All types of industry verticals and consumer markets use IoT devices, with the retail an wholesale segment accounting for the largest share of the IoT devices market with approximately 28 percent of the total IoT device market in 2023. This share is projected to grow over the next five years to around 38 percent. Smartphones are the most commonly used devices in the IoT consumer internet and media devices segment, acting as connectors between many smart devices. Connected vehicles, payment terminals, smart grid, building automation, CCTV, and security and fire alarms are other IoT use cases where global revenue is projected to reach, and in many cases surpass, the mark of 50 billion U.S. dollars.
IoT revenue by region
The region with the largest share of the IoT market is China, with North America and Europe coming in at a distant second and third in 2023. Over the next ten years, the market is forecast to lose some footing in the Greater China area, with both North America and Europe closing the gap in terms of revenue revenues.
Internet of Things (IoT) total annual revenue worldwide from 2020 to 2030
(in billion U.S. dollars)
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Transforma Insights. (July 1, 2023). Internet of Things (IoT) total annual revenue worldwide from 2020 to 2030 (in billion U.S. dollars) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1194709/iot-revenue-worldwide/
Transforma Insights. "Internet of Things (IoT) total annual revenue worldwide from 2020 to 2030 (in billion U.S. dollars)." Chart. July 1, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1194709/iot-revenue-worldwide/
Transforma Insights. (2023). Internet of Things (IoT) total annual revenue worldwide from 2020 to 2030 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1194709/iot-revenue-worldwide/
Transforma Insights. "Internet of Things (Iot) Total Annual Revenue Worldwide from 2020 to 2030 (in Billion U.S. Dollars)." Statista, Statista Inc., 1 Jul 2023, https://www.statista.com/statistics/1194709/iot-revenue-worldwide/
Transforma Insights, Internet of Things (IoT) total annual revenue worldwide from 2020 to 2030 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1194709/iot-revenue-worldwide/ (last visited July 22, 2024)
Internet of Things (IoT) total annual revenue worldwide from 2020 to 2030 (in billion U.S. dollars) [Graph], Transforma Insights, July 1, 2023. [Online]. Available: https://www.statista.com/statistics/1194709/iot-revenue-worldwide/