Global internet of things market to pass $1.5trn by 2029

Core Insights - The global IoT market is projected to reach $1.53 trillion by 2029, nearly doubling from $760.9 billion in 2024, with a compound annual growth rate (CAGR) of 15.05% [1][2] Market Segmentation - Manufacturing and government sectors are the largest verticals for enterprise IoT, with industrial automation and smart city initiatives driving long-term opportunities [2] - Agriculture and energy are expected to be the fastest-growing verticals within the IoT market [2] Technology Segments - The IoT forecast covers four technology segments: hardware, software, services, and connectivity, across 59 geographical markets and 27 verticals [4] - Hardware and software together account for over half of the addressable market, while services and connectivity are key areas for innovation [5] Connectivity Trends - Emerging technologies such as satellite integration, 5G advancements, and embedded connectivity are expected to enhance customer experience and facilitate IoT adoption [6] - In 2024, cellular technologies (including 5G) represented about two-thirds of monetized connectivity, but this share is expected to decrease to around half by 2029 due to the rapid growth of low power technologies and satellite [6] Regional Insights - Asia-Pacific has surpassed North America as the largest regional market for IoT in 2024, with an 18% CAGR through 2029, outpacing all other regions except South & Central America [7] - The United States remains the largest individual market, followed by China, Japan, and India [7]