IoT Market Set to Surge 47% and Hit $1.5 Trillion by 2029

As one of the key technologies powering Industry 4.0 besides artificial intelligence, Big Data, robotics, and automation, the Internet of Things (IoT) has become widely used across industries, connecting devices, processes, and people.  Despite headwinds and challenges, including the global semiconductor shortage, global demand for IoT solutions continues surging, helping the market to record highs.

According to data presented by Stocklytics.com, the global IoT market will hit over $1 trillion in value this year.  However, this figure is expected to surge by another 47% and reach $1.5 trillion by 2029.

Market to Grow by an Average of $130 Billion in the Next Five Years

Over the years, the Internet of Things (IoT) has changed how we live and work, connecting everything from homes to factories and bringing real-time insights and better efficiency.  With demand for IoT solutions surging across sectors, the market has experienced impressive growth, expected to continue in the years ahead.

According to a Statista survey, the global IoT industry has grown by a CAGR of 12% over the past five years, with revenues rising by roughly $100 billion annually.  With this pace of growth, IoT has hit a new massive milestone, becoming a trillion-dollar industry in 2025.  However, the market forecasts for the following years are also quite impressive.

The Statista projections show the IoT market will continue growing by a CAGR of 10.17% in the next four years, resulting in a market volume of $1.56 trillion by 2029.  Translated into U.S. dollars, the market will grow by an average of $130 billion per year by 2029.

To put that into perspective, that means IoT will grow faster than the cloud computing industry, which is expected to add around $120 billion annually.  Also, that is practically equal to the annual increase in global smartphone sales, which floats around $120 billion.

IoT`s growth is even more impressive when broken down into a smaller time scale.  Statistics show the market is growing by $15 million every hour, or $250,000 every minute, proving just how quickly connected devices are spreading worldwide.

Total Number of IoT Connections to Grow by 70% and Hit Nearly 40 Billion

IoT’s main goal is to create a network of smart devices that communicate with each other and users in real time.  This advanced technology has transformed automation, monitoring, control, and data analytics, making it a key part of Industry 4.0.  As these advances continue, the number of IoT devices will continue surging across industries.

Statistics show the number of IoT connections has skyrocketed by 150% over the past five years, rising from 9.2 billion in 2021 to a projected 23.1 billion in 2025.  Statista expects this figure to soar by another 70%, reaching nearly 40 billion by the end of the decade.