• Investing
  • Stock
  • Economy
  • Editor’s Pick
Portfolio Performance Today
Editor's Pick

Global IoT connections forecast to rise above 40 billion in 2034

by June 11, 2025
by June 11, 2025

Global IoT connections forecast to rise above 40 billion in 2034

Global IoT connections forecast to rise above 40 billion in 2034

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, 2024-2034 which provides the industry benchmark of the status of the global Internet of Things market.

The key highlights are:

  • At the end of 2024 there were 17.7 billion active IoT devices, a figure which will grow to 40.6 billion in 2034, a compound annual growth rate (CAGR) of 9%. Annual device sales will grow from 4.3 billion in 2024 to 9.0 billion (a CAGR of 8%).
  • Short range technologies will dominate connections, accounting for 76% in 2034, a slight reduction compared to the 79% they account for today.
  • Cellular connections will grow from 2.1 billion at end 2024 to 6.7 billion at end 2034. By 2034 total ‘5G’ including mMTC will be 4.9 billion, but just 1.2 billion will be ‘full’ 5G New Radio (NR). The remainder will be mMTC technologies such as NB-IoT and LTE-M. Substantially the biggest 5G non-mMTC use case is vehicle head units, accounting for 48% of connected in 2034.
  • Other Low Power Wide Area technologies such as LoRaWAN will collectively grow from 439 million in 2024 to approaching 1.8 billion in 2034.
  • In revenue terms, the total IoT market (defined as including connectivity modules, value added connectivity, and core associated applications) in 2024 was worth USD369 billion, a figure which will rise to USD908 billion in 2034. Value Added Connectivity will account for 8% of spend in 2034, with the connectivity modules accounting for a further 4%.
  • In 2034 the consumer sector will account for 65% of all device shipments. Of the enterprise segment in 2034, 33% of shipments will be accounted for by ‘cross-vertical’ use cases such as generic track-and-trace, office equipment and fleet vehicles, 17% by utilities, most prominently smart meters, 15% by retail/wholesale (predominantly payment processing devices and electronic shelf labels), 7% by transport and logistics, and 6% by government.
  • Geographically, China, Europe, and North America dominate, accounting for 31%, 21% and 20% respectively of total IoT connections in 2034.

Commenting on the findings, Principal Analyst Matt Arnott said: “Despite the rising trade tensions and inconsistent consumer sentiment that have characterised the year so far, the IoT market continues to grow at the steady pace we expected. As always, the consistent growth of the IoT market obscures the erratic movements of the thousands of micro-markets that it encompasses. Over the past year, rising sales of cellular devices in India have transformed it from a market with potential into a major demand centre. Similarly, the looming arrival of non-terrestrial cellular networks has created greater potential in the most remote parts of the world, and for the most underrepresented use cases. In order to forecast the future of the IoT, it is crucial to understand how these small components build the greater whole.”

Jim Morrish, Founding Partner at Transforma Insights noted: “Transforma Insights analysts have been forecasting the Internet of Things market opportunity for over 15 years. Today our team continues to provide the most detailed, extensive and deeply researched forecasts of the IoT, making ours the benchmark against which all predictions of IoT market growth should be compared. As a company, we continue to enhance our forecast databases having recently published forecasts for converged AIoT propositions with the same level of granularity as for our IoT forecasts.”

global IoT connections forecast, 2024-34

The report provides a summary of the data within Transforma Insights’ ultra-granular IoT Forecast Database and associated Forecast Insight reports, which together provide application-by-application analysis of the market.

The post Global IoT connections forecast to rise above 40 billion in 2034 appeared first on IoT Business News.

0 comment
0
FacebookTwitterPinterestEmail

previous post
Xi Jinping Braces For Struggle 
next post
Trump administration prevails as appeals court pauses lower court decision blocking contested tariffs

Related Posts

Wireless Module Market to Reach $ 13.47 Billion...

July 25, 2025

Comcast’s MachineQ Launches New Device to Digitize Lab...

July 25, 2025

Sequans Launches Iris: Next-Gen RF Integrated Transceivers for...

July 25, 2025

Why Digital Strategy is Becoming Essential for Tech-Driven...

July 24, 2025

DB Cargo Adopts G+D’s Solar Tracking Solution for...

July 24, 2025

Apiary Master Gets Beekeepers Buzzing with Quectel EG21-Powered...

July 24, 2025

3G Shutdown in Asia: Are Businesses Really Ready?

July 22, 2025

Bridge Alliance and Aeris extend partnership to offer...

July 18, 2025

Thales Reinforces its Leadership in eSIM and IoT...

July 10, 2025

Soracom IoT Platform Achieves SOC 2 Type 2...

July 10, 2025

Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.

By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

Recent Posts

  • GO Residential REIT drops on debut after oversubscribed $410M IPO

    July 26, 2025
  • Meta to halt political ads in EU from October 2025 amid legal uncertainty

    July 26, 2025
  • Here’s why the Coursera stock price has surged and its next target

    July 26, 2025
  • What is Lip-Bu Tan doing for Intel stock that’s different from Pat Gelsinger?

    July 26, 2025
  • LIDR stock skyrockets 150% after Nvidia deal, but analysts are still cautious: here’s why

    July 26, 2025
  • London’s heat-stricken underground commute threatens its appeal

    July 26, 2025

Editors’ Picks

  • 1

    Meta executives eligible for 200% salary bonus under new pay structure

    February 21, 2025
  • 2

    Walmart earnings preview: What to expect before Thursday’s opening bell

    February 20, 2025
  • 3

    New FBI leader Kash Patel tapped to run ATF as acting director

    February 23, 2025
  • 4

    Anthropic’s newly released Claude 3.7 Sonnet can ‘think’ as long as the user wants before giving an answer

    February 25, 2025
  • 5

    Nvidia’s investment in SoundHound wasn’t all that significant after all

    March 1, 2025
  • 6

    Cramer reveals a sub-sector of technology that can withstand Trump tariffs

    March 1, 2025
  • 7

    Elon Musk says federal employees must fill out productivity reports or resign

    February 23, 2025

Categories

  • Economy (1,964)
  • Editor's Pick (192)
  • Investing (185)
  • Stock (1,307)
  • About us
  • Contact us
  • Privacy Policy
  • Terms & Conditions

Copyright © 2025 Portfolioperformancetoday.com All Rights Reserved.

Portfolio Performance Today
  • Investing
  • Stock
  • Economy
  • Editor’s Pick
Portfolio Performance Today
  • Investing
  • Stock
  • Economy
  • Editor’s Pick
Copyright © 2025 Portfolioperformancetoday.com All Rights Reserved.

Read alsox

Heltec Automation Partners with Morse Micro to...

June 12, 2025

Securing the Internet of Things: Strategies to...

April 23, 2025

DB Cargo Adopts G+D’s Solar Tracking Solution...

July 24, 2025