Connected IoT Devices Market Size

Connected IoT Devices Market size was valued at USD 12.6 billion in 2024 and is poised to cross USD 94.9 billion by the end of 2037, expanding at more than 16.8% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of connected IoT devices is evaluated at USD 14.7 billion.

The connected IoT devices market’s growth is owed to the large-scale proliferation of Internet of Things (IoT) devices. Additionally, the rapid expansion of 5G technology has led to faster data transmission and lower latency, benefiting the sector’s growth. The National Institute of Standards and Technology (NIST) stated that IoT-connected devices stand to revolutionize the U.S. economy. In September 2024, the NIST industrial wireless team published a report on the conditions required for Orthogonal Frequency-Division Multiple Access (OFDMA) uplink trigger frames sent by commercial access points (APs), and the OFDMA uplink activation stands to significantly reduce latency, boosting faster response time for IoT devices. Furthermore, the connected IoT devices market is set to find profitable opportunities from a growing number of smart homes, connected healthcare devices, and industrial automation.

The industry 4.0 initiatives globally to create an integrated digital ecosystem is projected to be a major driver for the market’s growth. Key players in the sector offering IoT hardware development solutions, cloud, and edge computing services are set to expand their revenue share owing to significant opportunities provided by industry 4.0 initiatives. The connected IoT devices market is poised to maintain its profitable growth curve by the end of the forecast period by leveraging multiple sectors embracing digitization, and new revenue streams emerging in middle-to-low-income countries.