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IoT connections forecast: the impact of Covid-19
In light of the Covid-19 pandemic, GSMA Intelligence has updated its forecast dataset outlining IoT connections growth for the period 2010-2025.
GSMA Intelligence forecasts that total IoT connections will double between 2019 and 2025, reaching 24 billion. We forecast growth at a slower rate compared to our December 2019 forecast. In the short term, the economic uncertainty could constrain demand and funding for IoT projects. However, every crisis leaves a long-lasting legacy in terms of faster innovation and a new 'normal'. It is reasonable to assume that Covid-19 will lead to faster adoption among companies of IoT, AI/ML and 5G among other technologies to drive digital transformation
To accompany our detailed forecasts in Excel, the report outlines our key assumptions.
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IoT connections forecast: the impact of Covid-19
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Learn moreRelated research
IoT market outlook to 2035: trends and drivers shaping connections growth
Updated in March 2026, this report presents the latest forecasts and views on the evolution of the IoT market, the key changes between the new and previous forecasts, and forecasts up to 2035. The global IoT market will reach 40.8 billion connections by 2030 and 52.9 billion by 2035. Enterprise applications are the primary growth driver, expanding from 65% of total connections in 2030 to 69% by 2035, led by smart buildings, manufacturing, and utilities.
IoT market forecast to 2035: connections by region and vertical
The global IoT market will reach 40.8 billion connections by 2030, growing at 8% CAGR during 2023-2030, and is forecast to expand further to 52.9 billion connections by 2035 at a moderated CAGR of 5% during 2030–2035. Enterprise IoT will drive the market, with the share of enterprise IoT connections expanding from 65% in 2030 to 69% by 2035, led by smart buildings (15% CAGR to 2030), smart manufacturing (12%) and smart utilities (10%). The forecast includes annual connections data through to 2035, with regional and vertical breakdowns.
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