IoT market to exceed $1.1 trillion by 2030
The global Internet of Things (IoT) technology market is poised to grow steadily, reaching USD $1,148.62 billion by 2030, up from USD $959.30 billion in 2025, according to a new report from MarketsandMarkets. The report highlights a CAGR of 3.7%, with expansion fueled by connected devices, advanced connectivity, and large-scale automation.
For eeNews Europe readers, the report offers insights into the technologies and segments driving IoT adoption, especially across processors, wearables, and industrial applications. These trends directly impact component suppliers, OEMs, and engineers developing solutions in connected systems.
Key Market Drivers
The MarketsandMarkets report points to several forces underpinning IoT’s steady growth. The proliferation of connected devices across consumer and industrial environments is a primary driver, enabling real-time monitoring, data-driven services, and automation. In addition, emerging technologies such as 5G networks, cloud computing, and artificial intelligence are further enhancing IoT capabilities.
Government-backed initiatives for digital infrastructure and smart cities are accelerating deployment globally. Applications include smart homes, wearables, industrial automation, and healthcare, all of which are driving demand for scalable IoT solutions.
Processors Are Key
Within the node component segment, processors are expected to hold the largest market share over the forecast period. This includes microcontrollers, application processors, and digital signal processors (DSP). Processing hardware must balance power efficiency with performance, depending on use case.
The report indicates that manufacturers are adopting two strategies: delivering high-performance products at a premium or producing low-power, cost-effective chips suited to mass deployment. For example, processors for wearables or smart thermostats emphasize small form factor and power savings, while those in automotive or industrial IoT solutions prioritize higher performance.
Wearables and Regional Growth
On the consumer side, wearable devices are projected to experience the highest CAGR. Solutions such as smart watches, glasses, and body-worn monitors continue to evolve with advanced features, from health tracking to multimedia and communications capabilities.
The Asia Pacific region is expected to log the highest growth rate through 2030. The report cites rapid digital transformation, government investment in 5G and smart cities, and a large base of tech-savvy consumers as key growth enablers. China, India, Japan, and South Korea seem to have strong markets.
IoT Industry Landscape
Some big names comprise the list of leading players in the IoT technology market: Intel, Qualcomm, Texas Instruments, Cisco, STMicroelectronics, PTC, and Amazon Web Services. Their collective investment in hardware, software, and cloud platforms continues to shape the competitive landscape and accelerate innovation.
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