Connected IoT Devices Market Analysis

Deployment (Public, Private)

In connected IoT devices market, public segment is set to account for revenue share of more than 64.9% by the end of 2037. The segment’s growth is attributed to large-scale investments by developed countries in building public cloud infrastructure. Rising investments in smart city development and intelligent traffic monitoring systems position the segment for rapid growth. Furthermore, public sector IoT deployment offers revenue streams in disaster management and water resource monitoring by creating opportunities for technology service providers and the government to collaborate. For instance, in October 2024, Actelis Network announced a new order from a major municipality in Germany for the modernization of secure critical IoT infrastructure through the expansion of its hybrid-fiber networking technology.

The private segment of the connected IoT devices market is emerging during the forecast period and is estimated to increase its revenue share. Rising adoption across retail, logistics, and healthcare is a major driver for the segment’s growth. IoT-enabled wearables and automation devices are reshaping consumer lifestyles and demands, creating profitable opportunities for industry stakeholders. Additionally, the proliferation of data-driven decision-making is expected to create steady revenue streams in the market.

Component (Solution, Service)

The solution segment of the connected IoT devices market by component is poised to hold a significant revenue share during the forecast period. Industry-specific solutions catering to verticals such as agriculture, manufacturing, healthcare, etc., boost end use of solutions. Growing reliance on cloud and edge computing provides opportunities for hybrid platform solutions. Additionally, rising security threats create opportunities to provide end-to-end security services. For instance, in August 2024, Nozomi Networks collaborated with Mandiant to provide security solutions for IoT threat detection & response via the Nozomi TI expansion pack.

Our in-depth analysis of the global connected IoT devices market includes the following segments:

Deployment

Public

Personal

Component

Solution
Service

Application

Smart Homes
Smart Manufacturing
Smart Utilities
Smart Retail
Connected Health
Connected Logistics

Frequently Asked Questions (FAQ)

The connected IoT devices market was valued at USD 12.6 billion in 2024 and is poised to expand at a CAGR of 16.8% during the forecast period of 2025-2037.

The connected IoT devices market size was registered at USD 12.6 billion and is expected to reach USD 94.9 billion at a CAGR of 16.8% during the forecast period of 2025-2037. The market is poised to expand at a CAGR of 16.8%.

The major players in the market are Oracle Corporation, Cisco, Johnson Controls, PTC Inc., LG Corporation, KORE, Apple Inc., Samsara, IBM, GE Digital, Telit, Softeq Development Corporation, HTC Corporation, and others.

The public segment of the connected IoT devices market is estimated to hold a revenue share of 64.9% during the forecast period, i.e., 2025-2037. Growing investments in developing robust public cloud infrastructure to deploy IoT-enabled services is a key driver of the segment.

North America is estimated to be poised to hold a revenue share of 47.8% in the global market due to rising investments in IoT solutions for public services in the region.

Connected IoT Devices Market Analysis