IoT market update: assessing disruption and opportunities, forecasting connections to 2030
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IoT market update: assessing disruption and opportunities, forecasting connections to 2030
GSMA Intelligence has extended its IoT connections forecasts out to 2030. We forecast that total IoT connections will more than double between 2021 and 2030, reaching 37.4 billion, from 15.1 billion in 2021.
The forecasts now capture the longer term impact of some of the key trends shaping the IoT industry, such as the digitisation of enterprises across vertical sectors, supply chain challenges and the Covid-19 impact. These are outlined in detail in the PDF report.
The IoT connections forecasts (Excel download) include data for seven regions around the world, and splits for a number of verticals across the consumer and enterprise segments. The forecasts also show connections by type of connectivity (licensed cellular IoT and others).
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IoT market update: assessing disruption and opportunities, forecasting connections to 2030
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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.
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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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