IoT Connectivity Market Size

Global IoT Connectivity Market size was valued at USD 8.4 billion in 2023 and is poised to grow from USD 10.22 billion in 2024 to USD 49.19 billion by 2032, growing at a CAGR of 21.7% during the forecast period (2025-2032).

Surging adoption of IoT (Internet of Things) devices and technologies around the world is projected to bolster the demand for IoT connectivity over the coming years. Advancements in communication technologies around the world are also slated to bolster IoT connectivity market growth across the forecast period. IoT connectivity is essential for the complete IoT ecosystem that comprises applications, sensors, and other components. Increasing demand for miniaturization of electronics and the rising proliferation of IoT devices in different industry verticals are forecasted to augment the demand for IoT connectivity in the future. The advent of edge computing and artificial intelligence technologies is projected to create new opportunities for IoT connectivity companies in the long run. However, security concerns and lack of standardization are slated to hamper IoT connectivity market development going forward.