DIGITAL & TRENDS

Internet of Things (IoT)

 Table of Contents

01 Overview 04 Cellular IoT

IoT global annual revenue 2020-2030 03 Global licensed cellular IoT connections 2021-2030 22
Internet of Things (IoT) spending worldwide 2023 04 Global 5G IoT installed base 2020-2023, by segment 23
Revenue in the internet of things market Worldwide 2018-2028 05 Global cellular IoT module shipments share 2023 24
Revenue change in the IoT market worldwide 2019-2028 06 Enterprise private network customer share of IoT service requests 2023 25
Number of IoT connected devices worldwide 2019-2030, by vertical 07
Global revenue share of IoT solutions 2023, by layer 08 05 Smart home
Number of users of smart homes worldwide 2019-2028 27
02 Segments Penetration rate of smart homes worldwide 2019-2028 28
Industrial IoT - market size worldwide 2020-2030 10 Revenue of the smart home industry worldwide 2019-2028 29
Smart city revenue worldwide 2020-2028 11 Number of users of the smart home segment security worldwide 2019-2028 30
IoT sensors market revenues worldwide 2018-2025 12
Revenue from the Automotive IoT segment worldwide 2018-2028 13
Application of IoT in agriculture by segment 2020-2026 14

03 Consumption
Investment in IoT (Internet of Things) 2018-2022 16
Global shipment forecast for smart home devices 2018-2027, by category 17
Quarterly wearables shipments worldwide 2014-2023, by vendor 18
IoT connections globally 2022-2030, by application 19
Wide-area and short-range IoT device installed base worldwide 2014-2027 20

1
CHAPTER 01

Overview
 Internet of Things (IoT) total annual revenue worldwide from 2020 to 2030
(in billion U.S. dollars)
IoT global annual revenue 2020-2030

700
621.6
600 570.6
520.6
Revenue in billion U.S. dollars

500 472.3
425.4

400 380.1
336
293.2
300
251.6
213.1
200 181.5

100

0
2020 2021 2022* 2023* 2024* 2025* 2026* 2027* 2028* 2029* 2030*

3 Description: 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. Read more
Note(s): Worldwide; 2020 to 2022; *Forecast Read more
Source(s): Transforma Insights
 Prognosis of worldwide spending on the Internet of Things (IoT) from 2018
to 2023 (in billion U.S. dollars)
Internet of Things (IoT) spending worldwide 2023

900
805.7
800 749
720.3
686
700
Expenditure in billion U.S. dollars

646

600

500

400

300

200

100

0
2018 2019 2020 2022 2023

4 Description: As of 2023, 805 billion U.S. dollars were spent on the Internet of Things (IoT) technology worldwide. Despite being an increase from the year before, the 2023 spending grew less than originally forecast, due to the global coronavirus pandemic. The
prognosis for worldwide spending on IoT by 2023 was 1.1 trillion U.S. dollars, as estimated in 2019. Region-wise, the Asia Pacific region held the largest share of the IoT market. North America came in second, followed by Europe, Middle East and [...] Read more
Note(s): Worldwide; 2018 to 2023; * Forecast. For 2022 the source states the following "Worldwide IoT spending is forecast to pass the $1 trillion mark in 2022". Data for 2021 unavailable Read more
Source(s): IDC; Various sources
 Revenue in the internet of things market Worldwide from 2018 to 2028 (in
billion U.S. dollars)
Revenue in the internet of things market Worldwide 2018-2028

2,500

2,000
In billion U.S. dollars

1,500

1,000

500

0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

5 Description: The global revenue in the internet of things market was forecast to continuously increase between 2024 and 2028 by in total 839.2 billion U.S. dollars (+60.49 percent). After the tenth consecutive increasing year, the indicator is estimated to reach 2.2
trillion U.S. dollars and therefore a new peak in 2028. Notably, the revenue of the internet of things market was continuously increasing over the past years. Read more
Note(s): Worldwide; 2018 to 2028
Source(s): Statista; Statista Market Insights
 Revenue change in the internet of things (IoT) market worldwide from
2019 to 2028
Revenue change in the IoT market worldwide 2019-2028

45

39.34
40

35

30
27.24
In percent

25
21.35
20 17.84
15.08
15 13.1
11.7
9.77 10.39
10
5.7
5

0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

6 Description: The revenue change in the internet of things market was forecast to continuously decrease between 2024 and 2028 by 7.5 percentage points. According to this forecast in 2028, revenue will have decreased for the seventh consecutive year to 10.39
percent. Read more
Note(s): Worldwide
Source(s): Statista
 Number of Internet of Things (IoT) connected devices worldwide from
2019 to 2030, by vertical (in millions)
Number of IoT connected devices worldwide 2019-2030, by vertical

Agriculture, Forestry & Fishing Mining & Quarrying Manufacturing

Electricity, Gas, Steam & A/C Water Supply & Waste Management Construction
Retail & Wholesale Transportation & Storage Accommodation & Food Service
Information & Communication Finance & Insurance Professional, Scientific & Technical
Administrative Government Health & Social Care
Arts & Entertainment Other Services Consumer
Cross-vertical Education
35,000
Connected devices in millions

30,000
25,000
20,000
15,000
10,000
5,000
0
2019 2020 2021 2022 2023* 2024* 2025* 2026* 2027* 2028* 2029* 2030*

7 Description: The consumer sector is anticipated to dominate in terms of number of Internet of Things (IoT) connected devices in 2030, with 17 billion connected devices worldwide. This number of connected devices within the consumer sector is forecast to more than
triple compared to 2019. Read more
Note(s): Worldwide; 2019 to 2022; *Forecast Read more
Source(s): Transforma Insights
 Share of revenue of Internet of Things (IoT) solutions worldwide in 2023,
by layer
Global revenue share of IoT solutions 2023, by layer

45%
40%
40%

35%
30%
30%
Share of revenue

25%

20%
15%
15%
10%
10%
5%
5%

0%
Connectivity Devices/hardware Application enablement Professional services Others

8 Description: Application enablement resulted in being the layer with the highest share of revenue in terms of Internet of Things (IoT) solutions in 2023, with 40 percent of the total revenue, followed by professional services with about 30 percent. Read more
Note(s): Worldwide; 2023
Source(s): GSMA
CHAPTER 02

Segments
 Industrial Internet of Things (IIoT) market size worldwide from 2020 to
2030 (in billion U.S. dollars)
Industrial IoT - market size worldwide 2020-2030

4,000

3,500 3,352.97
Market value in billion U.S. dollars

3,000
2,759.99

2,500
2,188.73

2,000
1,735.71

1,500 1,376.46
1,091.56
1,000 865.63
686.46
544.38
500 263.52
216.13

0
2020 2021 2022 2023* 2024* 2025* 2026* 2027* 2028* 2029* 2030*

10 Description: The global market for industrial Internet of Things (IIoT) was sized at over 544 billion U.S. dollars in 2022. The market is expected to grow in size in the coming years, reaching some 3.3 trillion U.S. dollars by 2030. Read more
Note(s): Worldwide; 2022; * Forecast For the Statista estimate an exponential development of the values between 2023 and 2030 was assumed to estimate the annual values. The values for 2022 and 2030 were provided by the source. Read more
Source(s): GlobeNewswire; Statista
 Projected revenue generated by companies in the global smart city from
2020 to 2028* (in billion U.S. dollars)
Smart city revenue worldwide 2020-2028

180
165.8
160 150.5

140 135.3
Revenue in billion U.S. dollars

120
120
104.8
100 89.49

80 74.24

58.98
60
43.72
40

20

0
2020 2021 2022 2023 2024 2025 2026 2027 2028

11 Description: The projected global revenue for smart city technologies, products, and services is forecast to reach 89 billion U.S. dollars in 2023. This revenue includes all revenue that companies generate by offering technologies and products that use information and
data technologies to create more value within the public city environment. This includes companies that provide the necessary infrastructure (e.g. cloud computing and connectivity technologies) for cities to be able to use these technologies. [...] Read more
Note(s): Worldwide; 2023; *Forecast from 2023-2028 Read more
Source(s): Statista
 Size of the Internet of Things (IoT) sensors market worldwide from 2018 to
2025 (in billion U.S. dollars)
IoT sensors market revenues worldwide 2018-2025

45 42.67

40

35
Market size in billion U.S. dollars

30 27.4

25 23.82
21.8

20

15
11.91

10
5.28
5

0
2018 2019 2021 2022 2024 2025

12 Description: The revenues from the IoT sensors market amounted to over 27 billion U.S. dollars worldwide in 2022, with forecasts predicting that this number will increase to about 43 billion by 2025. Read more
Note(s): Worldwide; 2022
Source(s): MarketWatch
 Revenue of the Automotive IoT segment markets worldwide from 2018 to
2028 (in billion U.S. dollars)
Revenue from the Automotive IoT segment worldwide 2018-2028

1,000

881.97
900
785.02
800
688.07
700
In billion U.S. dollars

591.12
600
494.17
500
397.22
400
300.27
300
203.32
200
116.75 105.98 106.37
100

0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

13 Description: The global revenue in the Automotive IoT segment of the internet of things market was forecast to continuously increase between 2024 and 2028 by in total 387.8 billion U.S. dollars (+78.48 percent). After the ninth consecutive increasing year, the
indicator is estimated to reach 881.97 billion U.S. dollars and therefore a new peak in 2028. Read more
Note(s): Worldwide
Source(s): Statista
 Application of IoT in agriculture Market worldwide from 2020 to 2026, by
segment (in million U.S. dollars)
Application of IoT in agriculture by segment 2020-2026

Precision crop farming Livestock monitoring and management Indoor farming Aquaculture Others
40,000

35,000
1,818.7
Application in million U.S. dollars

30,000 4,016

25,000 6,086.9

20,000 1,285.1
1,152.5 2,327.2
8,797.6
2,011.1 3,707.4
15,000
3,234.1
5,503.3
10,000 4,834.1
13,134
5,000
7,285.3 8,280.6

0
2020 2021 2026*

14 Description: Over the past few years, the application of IoT in agriculture has enabled smart farming. The deployment of such technology has resulted in increased efficiency in activities such as planting, growing, harvesting, checking crops, and others. In 2020, the
global application of IoT in precision crop farming amounted to 7.28 billion U.S. dollars and is expected to reach more than 13 billion U.S. dollars in 2026. Read more
Note(s): Worldwide; 2020 to 2021; *Forecast Read more
Source(s): BIS Research
CHAPTER 03

Consumption
 Total global investment in the Internet of Things (IoT) sector from 2018 to
2022 (in million U.S. dollars)
Investment in IoT (Internet of Things) 2018-2022

80
71
70

60
54
52
Million U.S. dollars

50

40
34

30

20

10

0
2018 2019 2021 2022

16 Description: The amount of investment in the Internet of Things (IoT) sector has fluctuated over the years, having peaked in 2018 at about 71 million U.S. dollars and then decreased to 35 million U.S. dollars in 2022. Read more
Note(s): Worldwide
Source(s): Verdict
 Smart home devices unit shipments worldwide from 2018 to 2027, by
category (in millions)
Global shipment forecast for smart home devices 2018-2027, by category

Video Entertainment Home Monitoring/Security Lighting Smart Speaker Thermostat Others

1,600

1,400

1,200
Shipments in millions

1,000

800

600

400

200

0
2018 2019 2020 2021 2022 2023 2024* (Sep. 2025* (Mar. 2026* (Oct. 2027* (Jun.
2020) 2021) 2022) 2023)

17 Description: The global shipment total for smart home devices reached around 857 million units in 2023, with 278 million of those coming from the video entertainment category alone. Of the specifically described types of devices, lighting is the section that is
expected to grow the most between 2023 and 2027 at a CAGR of 13.6 percent. Read more
Note(s): Worldwide; 2018 to 2022; * Forecast. Read more
Source(s): IDC
 Wearables unit shipments worldwide by vendor from 1st quarter 2014 to
3rd quarter 2023 (in millions)
Quarterly wearables shipments worldwide 2014-2023, by vendor

Apple Xiaomi Huawei Samsung Fitbit BoAt Garmin Jawbone BBK Lifesense Fossil Imagine marketing Other
180

160

140
Unit shipments in millions

120

100

80

60

40

20

0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q3' Q4 Q3
'14 '14 '14 '14 '15 '15 '15 '15 '16 '16 '16 '16 '17 '17 '17 '17 '18 '18 '18 '18 '19 '19 '19 '19 '20 '20 '20 '20 '21 '21 '21 '21 '22 22 '22 '23

18 Description: Apple is the leading vendor in terms of worldwide wearables unit shipments, with a total unit shipment of almost 30 million units in the third quarter of 2023. Read more
Note(s): Worldwide; Q1 2014 to Q3 2023
Source(s): IDC
 Worldwide Internet of Things (IoT) connections from 2022 to 2030, by
application (in billions)
IoT connections globally 2022-2030, by application

Consumer IoT Enterprise IoT

30

25 24

21
Number of connections

20 19
16.5

15 14 13.5 14
13 12.5 13
12
10.5 11 11
9 9.5
10 8.5
7.5 8 7.5 8
5.5
5

0
2020 2021 2022 2023* 2024* 2025* 2026* 2027* 2028* 2029* 2030*

19 Description: The global number of Internet of Things (IoT) connections is expected to almost linearly grow through the period from 2020 to 2030, with an expected number of about 24 billion enterprise IoT connections in 2030. Read more
Note(s): Worldwide; * Forecast Read more
Source(s): GSMA
 Number of wide-area and short-range IoT devices worldwide from 2014 to
2027 (in millions)
Wide-area and short-range IoT device installed base worldwide 2014-2027

Short-Range IoT Wide-Area IoT

35,000
Number of IoT connected devices in millions

30,000
5,423
25,000
4,882

20,000 4,336

3,825
15,000
3,319
25,150
1,886 2,862
10,000 21,559
1,589 2,290 17,967
1,156 14,900
793 12,393
5,000 580 10,745 10,295
324 9,149 8,546
6,196 7,475
245 4,962
2,728 3,884
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023* 2024* 2025* 2026* 2027*

20 Description: In 2022, the number of short-range internet of things (IoT) devices reached 10.3 billion worldwide. That number is forecast to increase to 25 billion by 2027. The wide-area IoT devices amounted to 2.9 billion in 2021 and are predicted to reach 5.4 billion by
2027. Read more
Note(s): Worldwide; 2023; *Forecast Read more
Source(s): Ericsson
CHAPTER 04

Cellular IoT
 Number of licensed cellular Internet of Things (IoT) connections worldwide
from 2021 to 2030 (in billions)
Global licensed cellular IoT connections 2021-2030

5.2 5.3
5
5 4.8
4.4
4.1
Number of connections

4
3.5
3.1
3
2.6

2.1
2

0
2021 2022 2023* 2024* 2025* 2026* 2027* 2028* 2029* 2030*

22 Description: The licensed cellular Internet of Things (IoT) market is expected to double from 2022 to 2030. As of 2022, the number of licensed cellular IoT connections was 2.6 billion, which is expected to reach 5.3 billion by 2030. Read more
Note(s): Worldwide; 2023; * Forecast Read more
Source(s): GSMA
 The 5G Internet of Things (IoT) installed base worldwide in 2020 and 2023,
by segment (in millions)
Global 5G IoT installed base 2020-2023, by segment

2020 2023*
25

20 19.09
Installed base in millions

15.76
15

10

5.86
5.15
5
2.48
1.55 1.18
0.39 0.14 0.05 0.06 0.4
0
Connected cars - Outdoor surveillance Fleet telematics devices In-vehicle toll devices Emergency services Others
embedded (consumer cameras
and Commercial)

23 Description: The global 5G Internet of Things (IoT) endpoint market is forecast to have a large growth in the connected cars segment, from 0.4 million in 2020 to 19.1 million units in 2023. The overall 5G IoT installed base has been forecast to grow to around 49 million
in 2023. Read more
Note(s): Worldwide; 2022; * Forecast Read more
Source(s): Appinventiv
 Share of global cellular IoT module shipments by vendor from 2017 to
2023
Global cellular IoT module shipments share 2023

Quectel Wireless Fibocom China Mobile Sunsea MEIG

Telit Thales neoway Rolling Wireless LG
SIMCom Wireless Sierra Wireless Gemalto u-blox Other
120%

100%
Share of module shipments

25.7% 22.4%
80% 35% 38% 35.6% 35.1%
41.8% 2.3%
1.8%
2.3% 3%
2.8% 3.2%
4.1% 4%
60% 5% 4% 4.4% 4.3% 8.2%
5% 6.9% 4.3%
9% 7.1% 5.4% 5.3% 5.6%
9% 6.6% 6.1%
6.7% 5.2% 5.9%
17% 12% 6.7% 6.2% 7.5%
40% 6.6% 8%
6.8% 9.6%
9.8%
15%
20% 23%
9% 33.4% 38.5% 37.2%
28.1% 31.6%
11% 12%
0%
1H 2017 2018 Q1 2020 Q4 2020 Q3 2021 Q4 2022 Q1 2023

24 Description: Quectel was the leading vendor for IoT modules worldwide in the first quarter of 2023. The company accounted for 37 percent of IoT module shipments. Other companies with at least five percent market share at that time are Fibocom, China Mobile, and
Sunsea. Read more
Note(s): Worldwide; 2017 to 2023
Source(s): Counterpoint Research
 Share of IoT service requests by enterprise private network (4G/5G)
customers 2023
Enterprise private network customer share of IoT service requests 2023

60%

52%
50%

40%
Share of respondents

30%
26%

19%
20%

10%
3%

0%
Occasionally Rarely Very frequently Don't know

25 Description: According to a survey conducted in 2023 by GSMA, about 52 percent of enterprise customers requested IoT services while purchasing private wireless networks (4G/5G). However, about 19 percent of enterprise customers requested IoT services very
frequently. Read more
Note(s): Worldwide; 2023
Source(s): GSMA
CHAPTER 05

Smart home
 Number of users of smart homes worldwide from 2019 to 2028 (in
millions)
Number of users of smart homes worldwide 2019-2028

900

785.16
800

672.5
Number of households in million

700

576.22
600

493.55
500
422.19

400 360.68
307.82
300 262.71
224.18
191.38
200

100
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

27 Description: The global indicator 'Smart Homes by Segment' in the smart home market was forecast to continuously increase between 2023 and 2028 by in total 424.5 million users (+117.69 percent). After the ninth consecutive increasing year, the indicator is
estimated to reach 785.16 million users and therefore a new peak in 2028. Notably, the indicator 'Smart Homes by Segment' of the smart home market was continuously increasing over the past years. Read more
Note(s): Worldwide; 2019 to 2028
Source(s): Statista
 Penetration rate of the smart homes market worldwide from 2019 to 2028
Penetration rate of smart homes worldwide 2019-2028

35 33.2

30 28.84
Household penetration rate in percent

25.06
25
21.77

20 18.89

16.38
14.19
15
12.31
10.68
9.27
10

5
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

28 Description: The global indicator 'Household Penetration Rate by Segment' in the smart home market was forecast to continuously increase between 2023 and 2028 by in total 16.8 percentage points. After the ninth consecutive increasing year, the indicator is
estimated to reach 33.2 percent and therefore a new peak in 2028. Notably, the indicator 'Household Penetration Rate by Segment' of the smart home market was continuously increasing over the past years. Read more
Note(s): Worldwide; 2019 to 2028
Source(s): Statista
 Revenue of the smart home market worldwide from 2019 to 2028 (in
million U.S. dollars)
Revenue of the smart home industry worldwide 2019-2028

250,000

200,000
Revenue in million U.S. dollars

150,000

100,000

50,000

0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

29 Description: The global revenue in the smart home market was forecast to continuously increase between 2023 and 2028 by in total 96.7 billion U.S. dollars (+71.74 percent). After the ninth consecutive increasing year, the indicator is estimated to reach 231.6 billion
U.S. dollars and therefore a new peak in 2028. Notably, the revenue of the smart home market was continuously increasing over the past years. Read more
Note(s): Worldwide; 2019 to 2028
Source(s): Statista
 Number of users of the smart home segment security worldwide from
2019 to 2028 (in millions)
Number of users of the smart home segment security worldwide 2019-2028

700
630.51

600
Number of households in million

487.65
500

400 377.88

293.31
300
227.91

200 177.27
137.95
107.38
83.52
100 64.92

0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

30 Description: The global indicator 'Smart Homes' in the 'Security' segment of the smart home market was forecast to continuously increase between 2023 and 2028 by in total 453.2 million users (+255.66 percent). After the ninth consecutive increasing year, the
indicator is estimated to reach 630.51 million users and therefore a new peak in 2028. Notably, the indicator 'Smart Homes' of the 'Security' segment of the smart home market was continuously increasing over the past years. Read more
Note(s): Worldwide; 2019 to 2028
Source(s): Statista
 Sources

Appinventiv
BIS Research
Counterpoint Research
Ericsson
GlobeNewswire
GSMA
IDC
MarketWatch
Statista
Statista Market Insights
Transforma Insights
Various sources
Verdict

31