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Global IoT connections to hit 29.4 billion in 2030

JUL 25, 2022
region: ALL vertical: ALL Internet of ThingsHyperconnectivity

The latest report from industry analyst firm Transforma Insights presents its annual snapshot of the status of the IoT market worldwide.

Transforma Insights has today published its report ‘Global IoT Forecast Report, 2021-2030’ which provides its annual snapshot of the status of the global Internet of Things market. The report draws on Transforma Insights’ extensive application-by-application analysis of the market contained within the IoT Forecast Database and associated reports.

The key highlights are:

  • At the end of 2021 there were 11.3 billion active IoT devices, a figure which will grow to 29.4 billion in 2030, a compound annual growth rate (CAGR) of 12%.
  • Short range technologies will dominate connections, accounting for 73% in 2030, a slight reduction compared to the 77% it accounts for today. Public networks, which are dominated by cellular networks, will grow from 1.35 billion connections in 2021 to 5.7 billion in 2030, growing market share from 12% to 19%. Private networks account for the balance of connections.
  • In revenue terms, the total IoT market (defined as including connectivity modules, value added connectivity, and core associated applications) in 2021 was worth USD213 billion, a figure which will rise to USD621 billion in 2030. Value Added Connectivity will account for 12% of spend in 2030, with the connectivity modules accounting for a further 4%.
  • In 2030 the consumer sector will account for 58% of all connections. Of the enterprise segment in 2030, 30% of devices will be accounted for by ‘cross-vertical’ use cases such as generic track-and-trace, office equipment and fleet vehicles, 29% by utilities, most prominently smart meters, 20% by retail/wholesale (predominantly payment processing devices), 7% by government, 4% by transport and logistics, and 2% for finance and insurance.
  • The single biggest use case is Consumer Internet & Media devices, accounting for 29% of all devices in 2030. The next largest is Smart Grid, including smart meters, representing 12% of connections.
  • In financial terms, the biggest vertical sector is Consumer, generating USD183 billion in revenue in 2030, or 29% of the total market value. Cross-vertical applications account for 20%. The remaining 51% is sector-specific applications across sectors such as energy, transport, retail and healthcare.
  • Geographically, China, North America, and Europe dominate, accounting for 30%, 22% and 20% respectively of the total value of the IoT market in 2030.

Commenting on the findings, Founding Partner Matt Hatton said: “The IoT market continues to develop largely as we expect, although with some interesting new use cases presenting themselves, and a constant need to revise our assumptions based on the arrival of new technologies, such as 5G RedCap, and the changing dynamics of things such as the switch off of 2G technologies or the likely trajectory for Thread. There are many moving parts to the IoT and we need to keep on top of all of them.

About the report

This report provides a snapshot of the state of the IoT market in 2021 and forecasts to 2030. It is compiled based on data extracted from the Transforma Insights IoT Forecast Database., specifically the IoT ‘Connected Things’ forecasts. The forecasts are constantly updated and cover 169 applications across 21 vertical sectors and 196 countries.

The report comprises analysis of connections and revenues including splits by geography, technology, vertical sector and use case/application. This includes analysis of cellular connections and generation splits (2G, 3G, 4G and 5G), LPWA connections, public vs private network splits and many more. It also includes tables containing high level data. For a full set of data, subscribers should go to the IoT Forecast Database.

The report also provides details of methodology, segmentation and definitions which will be useful to anyone using the forecasts.

If you have questions concerning the methodology, either general or specific to a particular application or vertical sector, don’t hesitate to contact our analysts via

About Transforma Insights

Transforma Insights is a leading research firm focused on the world of Digital Transformation (DX). Led by seasoned technology industry analysts we provide advice, recommendations and decision support tools for organisations seeking to understand how new technologies will change the markets in which they operate.

For more information about Transforma Insights, please see our website or contact us at Follow us on Twitter: @transformatweet.