Internet of Things (IoT) Connected Devices Market Size, Share, Growth, and Industry Analysis, By Type (Smart Home Devices, Wearables, Industrial IoT Devices, Healthcare IoT Devices, Smart Appliances), By Application (Consumer Electronics, Healthcare, Industrial Automation, Smart Cities, Agriculture), Regional Insights and Forecast to 2033

Internet of Things (IoT) Connected Devices Market Overview

The Internet of Things (IoT) Connected Devices Market size was valued at USD 51.08 million in 2024 and is expected to reach USD 125.87 million by 2033, growing at a CAGR of 10.54% from 2025 to 2033.

The Internet of Things (IoT) connected devices market is experiencing unprecedented growth, with projections indicating that the number of IoT devices worldwide will reach approximately 30.9 billion by 2025. This surge is driven by advancements in technology, increased adoption across various sectors, and the integration of IoT solutions into everyday life. Notably, the consumer segment accounts for around 60% of all IoT devices, highlighting the significant role of consumer electronics in this expansion.

Key Findings

Top Driver Reason: The primary driver of the IoT connected devices market is the escalating demand for smart home devices, which is expected to reach over 1.6 billion units by 2022.

Top Country/Region: China leads the global IoT market, with over 5 billion connected devices, accounting for 18% of global IoT traffic.

Top Segment: The industrial IoT (IIoT) segment is the most significant, with manufacturing alone accounting for approximately 25% of all IoT deployments.

Internet of Things (IoT) Connected Devices Market Trends

The global IoT connected devices market has seen the number of active devices rise from 15.9 billion at the end of 2023 to around 18.8 billion by end‑2024, recording a YoY increase of 13%. Cellular IoT connections make up approximately 21% of total links, with Wi‑Fi and Bluetooth accounting for nearly 80% overall. Asia‑Pacific remains the most significant regional player, while North America maintains a strong lead in market value—North America held 35.7% share of the global IoT sensors market in 2023. Investment in LPWAN and 5G-based IoT networks is surging: Ericsson projects massive IoT connections reaching 200 million, with 40% of cellular IoT expected to use 4G by 2027. Smart cities represent a major use case, as 81% of people believe IoT is essential to urban development.

Internet of Things (IoT) Connected Devices Market Dynamics

DRIVER

Rising demand for smart home devices is a key catalyst. In 2025, IoT Analytics forecasts approximately 20.1 billion connected devices worldwide. Smart speakers and displays made up 24.5% of the market share in 2024, while wearables grew rapidly, accounting for 22.7% of device shipment growth. Industry automation is driving deployment: North American IoT sensors made up 35.7% of global sensor shipments in 2023.

RESTRAINT

Security and interoperability remain critical challenges: many IoT ecosystems struggle with compatibility, affecting full-scale deployment. 60% of enterprise-grade IoT devices exhibit vulnerabilities, and issues with integration protocols persist. Additionally, semiconductor shortages in 2024 delayed new device rollouts, disrupting supply chains and inflating deployment timelines.

OPPORTUNITY

Industrial and healthcare IoT devices offer significant upside. Remote asset monitoring became the most-used enterprise IoT case (34% of adopters). The medical segment (MIoT) alone is estimated at $93 billion in 2025, introducing connected implants, ventilators, and remote diagnostics. Furthermore, Middle East & Africa IoT sensors already recorded $491 million in sales in 2023, signaling room for expansion.

CHALLENGE

Standardization remains an obstacle: with standards fragmented across LPWAN—NB‑IoT, LTE‑M, LoRaWAN, Sigfox—and proprietary protocols, cross‑platform compatibility is limited. Cybersecurity threats are rising: increased connectivity has led to more attack surfaces, demanding extensive cybersecurity investments and compliance readiness.

Internet of Things (IoT) Connected Devices Market Segmentation

The IoT connected device universe is organized both by type and application.

By Type

• Consumer Electronics: Over 40 % of devices in 2024 fell within this segment, driven by wearable adoption, which jumped from 13.8 billion devices in 2022 to 15.9 billion in 2023.
• Healthcare: The MIoT ecosystem reached approximately $93 billion in 2025, introducing smart implants and remote monitoring systems.
• Industrial Automation: Industrial IoT sensors in North America claimed 35.7 % global share in 2023, while remote asset monitoring accounts for 34 % of enterprise use cases.
• Smart Cities: 9.3 million devices are already connected via NB‑IoT in Spain alone thanks to Vodafone, supporting traffic lights, water meters, and emergency response systems.
• Agriculture: Though smaller, agriculture IoT sensors in MEA reached $491 million in 2023, with temperature sensors leading growth.

By Application

• Smart Home Devices: In 2024, smart speakers/displays held 24.5 % of device market share.
• Wearables: Representing the fastest-growing device category in 2024, with 22.7 % annual unit growth.
• Industrial IoT Devices: Industrial sensors and edge routers drove 35.7 % of sensor revenues in North America in 2023.
• Healthcare IoT Devices: 34 % of enterprise IoT usage is in remote health monitoring.
• Smart Appliances: Continued strong adoption is driven by the adoption of Matter standard, enabling unified use across platforms.

Internet of Things (IoT) Connected Devices Market Regional Outlook

The Internet of Things (IoT) Connected Devices Market shows strong regional variation in growth, device adoption, and infrastructure readiness. Each region contributes uniquely to the global IoT ecosystem, driven by factors such as technological maturity, government initiatives, industrial needs, and consumer behavior.

• North America

North America remains one of the largest contributors to the IoT market in terms of market value and technological advancement. In 2023, the region accounted for approximately 35.7% of the global IoT sensor market, supported by aggressive investments in industrial automation, smart homes, healthcare, and connected vehicles. The United States is the leading country within this region, with over 5.2 billion IoT connections projected by 2025. The widespread deployment of 5G infrastructure by carriers like AT&T and Verizon is fueling real-time data transmission across IoT devices, especially in smart factories and logistics. In addition, more than 62% of American households now own at least one smart home device such as a smart thermostat, voice assistant, or connected appliance.

• Europe

Europe demonstrates robust growth in IoT adoption, particularly in smart city and industrial automation applications. In 2024, the region surpassed 6.2 billion IoT connections, led by countries like Germany, the United Kingdom, France, and Spain. European governments are supporting IoT growth through initiatives like “Horizon Europe” and “Digital Europe.” In Spain alone, Vodafone has deployed 9.3 million IoT connections, integrating over 1 million smart water meters and 270,000 connected emergency lighting units across public infrastructure. Germany's “Industry 4.0” initiative continues to drive high demand for industrial IoT sensors, while France and the UK are expanding into smart mobility and healthcare IoT segments.

• Asia-Pacific

Asia-Pacific dominates the global IoT landscape by device volume and growth momentum. The region represented more than 45% of the total IoT connected devices in 2024, with projections indicating that device numbers could exceed 10 billion by 2025. China leads the region with over 5.3 billion connected devices, making it the single largest national IoT ecosystem. South Korea and Japan are prominent players in the consumer electronics and healthcare segments, while India has accelerated growth through the ""Digital India"" and ""Smart Cities Mission"" programs. Southeast Asian countries are also investing in IoT infrastructure for transportation and agriculture, with more than 300 smart city projects underway across Asia-Pacific as of 2024. Rapid deployment of AI-powered edge computing, wearables, and 5G-enabled devices continues to support innovation in the region.

• Middle East & Africa

Middle East & Africa (MEA) is currently the fastest-growing region in the IoT space by relative percentage, albeit from a smaller base. In 2023, the IoT sensors market in MEA was valued at $491 million, reflecting significant uptake in countries such as the United Arab Emirates, Saudi Arabia, and South Africa. The UAE’s Smart Dubai project and Saudi Arabia’s NEOM mega-city are flagship examples of IoT-centric urban planning, incorporating real-time analytics for transport, energy, and public services. MEA is also experiencing notable growth in agricultural IoT, where connected irrigation systems and climate sensors are increasingly used to manage arid and semi-arid farmland. The region is deploying NB-IoT and LoRaWAN networks for smart metering and logistics tracking, while the industrial sector sees increased demand for sensor-based safety and efficiency tools in oil and gas operations.

List of Top Internet of Things (IoT) Connected Devices Market Companies

The competitive landscape of the IoT connected devices market is shaped by global technology leaders offering hardware, software, cloud, and platform services. Below is a comprehensive list of the key companies active in this domain, with the two dominant players profiled in greater detail.

• Samsung Electronics (South Korea): Samsung leads the IoT connected devices market with its extensive SmartThings ecosystem. As of 2024, the company supports over 32 million active smart home installations globally, including smart TVs, appliances, lighting, and home security devices. Samsung is also a key contributor to the Matter standard, enhancing interoperability across devices and brands. Its hardware innovation and seamless platform integration across smartphones and connected appliances have positioned it as the global front-runner in consumer IoT.
• Huawei Technologies Co., Ltd. (China): Huawei ranks as the second-largest player in the global IoT landscape, especially dominant in Asia-Pacific. The company powers more than 1 billion IoT device connections, supported by its cloud platform, chipset production, and carrier-level infrastructure. Huawei's integrated approach supports deployments across smart cities, logistics, agriculture, and industrial systems. The company plays a leading role in over 200 municipal IoT deployments in China, with its NB-IoT modules widely adopted across traffic control, energy monitoring, and public safety.
• Cisco Systems, Inc. (USA): Cisco is a major force in enterprise IoT, providing edge routers, gateways, and network management solutions for industrial, utility, and city-scale deployments. The company focuses on integrating AI and machine learning into its IoT services for predictive maintenance and cybersecurity.
• Intel Corporation (USA): Intel supplies high-performance processors and edge computing chips used in millions of IoT devices. Its Atom and Xeon chips are commonly embedded in smart factory equipment, autonomous vehicles, and healthcare diagnostics platforms.
• Qualcomm Incorporated (USA): Qualcomm provides low-power chipsets that power billions of connected consumer devices, including wearables, automotive systems, and smart appliances. The company is heavily invested in enabling 5G-based IoT modules for enhanced connectivity.
• LG Electronics Inc. (South Korea): LG’s ThinQ ecosystem supports smart home appliances like refrigerators, washers, and air conditioners with IoT functionality. LG has focused on expanding its platform to support AI-driven diagnostics and voice control.
• Bosch Sensortec GmbH (Germany): A specialist in MEMS sensors, Bosch shipped over 1 billion IoT sensors in 2023, catering to consumer electronics, automotive, and industrial sectors. The company is known for sensors used in wearables, smartphones, and fitness devices.
• Texas Instruments Inc. (USA): Texas Instruments develops embedded processors, microcontrollers, and wireless connectivity chips for industrial IoT, home automation, and smart meters. The company's ultra-low-power designs are optimized for long-term deployments in harsh environments.
• STMicroelectronics N.V. (Switzerland): STMicroelectronics offers integrated circuits and system-on-chip solutions that support smart grid, medical devices, and industrial automation. The company partners with global OEMs to deliver customized chipsets for connected systems.
• Sony Corporation (Japan): Sony's contributions to the IoT market include image sensors, AI platforms, and connected security solutions. Its high-resolution camera modules are widely used in smart surveillance and industrial automation systems.

Investment Analysis and Opportunities

Global private investment in IoT startups surpassed $25 billion in 2022. As of mid‑2024, more than 51% of enterprise adopters planned to increase their IoT budget—with 22% expecting an increase of 10% or more. Telecom operators and infrastructure players are actively deploying NB‑IoT and LTE‑M networks: for example, Spain’s Vodafone reports 270,421 new IoT lines in just May–June 2025. In smart buildings and city infrastructure, over 1 million water meter connections and 250,000 connected emergency lights have been deployed in Spain alone. Globally, MIoT solutions reached $93 billion in 2025, and integration into healthcare represents a major investment frontier. Industrial IoT gateway and node hardware in Middle East & Africa was $175 million in 2022, pointing toward rising demand. Investment opportunities also lie in standardizing platforms like Matter and enhancing edge analytics for device interoperability.

New Product Development

IoT product innovation continues to accelerate. Network hardware vendors are releasing advanced edge gateways with multi‑connectivity: Digi International launched XBee modules and cellular routers supporting LTE‑M, NB‑IoT, and 5G with remote management tools in 2024‑25. Smart home ecosystems are integrating across brands: Matter now simplifies device onboarding across platforms, boosting compatibility and encouraging adoption. In healthcare, connected implants and smart ventilators are entering clinical use—Zimmer Biomet and Impedimed have introduced knee‑replacement implants and lymphedema‑monitoring devices, respectively. Industrial sensors are becoming more energy‑efficient, with temperature sensors leading global growth in MEA. Telecoms continue rolling out network components—Vodafone’s network upgrades enable over 100,000 devices per base station, while chipmakers shift to ultra‑low‑power multi‑sourced MCUs to meet demand despite shortages.

Five Recent Developments

• Vodafone's IoT Platform: Vodafone España plans to launch its own IoT platform by the end of July 2025, aiming to develop new smart services for businesses and public administrations.
• OnePlus Manufacturing in India: OnePlus has partnered with Optiemus Electronics to locally manufacture premium IoT devices in India, strengthening its market presence.
• HP Acquires Humane's Assets: HP acquired Humane's assets, including patents and its Cosmos operating system, to integrate AI technologies into its products.
• Smart Home Innovations at CES 2024: CES 2024 showcased significant advancements in smart home technology, with companies like Samsung and LG focusing on digital services and smart appliance integration.
• Advancements in Smart Locks: The smart home market in 2024 saw significant advancements in smart door locks, with major companies introducing new models featuring facial recognition and integration with security systems.

Report Coverage of Internet of Things (IoT) Connected Devices Market

The report provides a detailed overview of the IoT connected devices landscape, including: Global device counts rising from 15.9 billion (2023) to 18.8 billion (2024), with forecasts near 20.1 billion in 2025. North America holds ~35–36% of IoT sensor revenues; Asia‑Pacific leads device volume and growth; MEA reached $491 million sensor revenues in 2023. Wearables and smart speakers held ~24–25% share in 2024; healthcare IoT reached ~$93 billion; industrial and smart home applications dominate. Samsung with 32 million SmartThings devices; Huawei powering 16% of APAC platforms. Telecom NB‑IoT and LTE‑M, LPWAN, gateways, edge solutions from vendors like Digi; smart city, healthcare, industrial deployments. Over $25 billion in startup funding; strong telecom and enterprise IoT budgets; growth in healthcare and industrial use cases. Risks and challenges: data security and standardization remain barriers; many ecosystems vulnerable at scale. The report is structured to inform stakeholders—from device manufacturers and telcos to enterprise users and investors—on adoption patterns, technology pivots, regional growth hotspots, and product innovation in the evolving IoT ecosystem.

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