IoT Devices Market 2030: Chipset Advances Fuel Growth

The global IoT devices market size was valued at USD 70.3 billion in 2024 and is projected to reach USD 181.17 billion by 2030, expanding at a CAGR of 16.8% from 2025 to 2030. This strong market growth is primarily driven by rapid technological advancements and innovations such as 5G connectivity, edge computing, and the growing need for real-time data analytics.

These technologies are significantly enhancing operational efficiency across multiple sectors, including healthcare and manufacturing. They are also facilitating the development of smarter products and services that support an increasingly connected lifestyle, creating substantial opportunities for the Internet of Things (IoT) devices industry in the years ahead.

Growing adoption of smart devices—such as wearables, smart appliances, and home automation systems—is reshaping consumer habits by forming interconnected ecosystems that offer greater convenience and efficiency. In industrial environments, IoT devices enable real-time data monitoring, process optimization, and cost reduction. Additionally, the expansion of smart city initiatives is accelerating IoT deployment in areas including traffic control, energy management, and environmental monitoring.

The rise of Industrial IoT (IIoT) is a key growth catalyst, particularly within manufacturing. IoT devices are increasingly used to improve production efficiency, reduce resource usage, and enable predictive maintenance. These advancements are transforming traditional factories into smart, data-driven facilities. The automotive industry is also adopting IoT technologies for connected vehicles, supporting features such as real-time diagnostics, integration with electric vehicle charging networks, and advanced payment systems.

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Key Market Trends & Insights

• North America dominated the IoT devices market with over 34% share in 2024.
• The U.S. maintained a leading position within the region in 2024.
• By component, the sensors segment accounted for over 32% of revenue in 2024.
• By end-use, Industrial IoT (IIoT) held the largest revenue share in 2024.
• By connectivity, Wi-Fi recorded the highest revenue contribution in 2024.

Market Size & Forecast

• 2024 Market Size: USD 70.3 Billion
• 2030 Projected Market Size: USD 181.17 Billion
• CAGR (2025–2030): 16.8%
• Largest Regional Market (2024): North America

Key IoT Devices Company Insights

Major players in the market include Cisco Systems, Inc., Honeywell International, Inc., and Qualcomm Technologies, Inc.

• Cisco Systems, Inc. specializes in networking hardware, telecommunications equipment, enterprise networking, security, and IoT solutions. The company serves a wide variety of industries including smart buildings, manufacturing, healthcare, mining, financial services, and communities.
• Honeywell International Inc. develops advanced technologies for building automation, energy efficiency, sustainability, industrial automation, and aerospace. Its extensive portfolio caters to industries such as aerospace, healthcare, manufacturing, life sciences, and commercial buildings.

Emerging players gaining traction include Sierra Wireless and Silicon Laboratories, Inc.

• Sierra Wireless, part of Semtech Corporation, focuses on IoT connectivity solutions including cellular modules, rugged routers, and global connectivity services. With nearly 30 years of experience, it offers advanced 4G LTE and 5G technologies across sectors such as utilities, healthcare, and logistics.
• Silicon Laboratories, Inc. is recognized for its wireless connectivity solutions for IoT applications. With nearly two decades of expertise, the company provides high-performance, low-power hardware and software with strong security features and multi-protocol capabilities for industrial, commercial, and smart home environments.

Key IoT Devices Companies

• ABB Group
• Cisco Systems, Inc.
• Honeywell International Inc.
• Huawei Technologies Co., Ltd.
• Intel Corporation
• NXP Semiconductors NV
• PTC Inc.
• Qualcomm Technologies, Inc.
• Robert Bosch GmbH
• Samsung Electronics Co., Ltd.
• Siemens AG
• Sierra Wireless
• Silicon Laboratories, Inc.
• STMicroelectronics NV
• Texas Instruments Incorporated

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Conclusion

The IoT devices market is set for robust expansion through 2030, supported by rapid technological advancements and increasing demand for real-time intelligence across industries. Growing adoption of smart consumer devices, rising investments in smart city infrastructure, and the accelerating development of Industrial IoT are all contributing to sustained market momentum. As companies continue to prioritize efficiency, automation, and data-driven operations, IoT devices will play an increasingly central role, positioning the market for substantial long-term growth.