IoT technology market projected to reach USD 1.1 trillion by 2030

The Internet of Things (IoT) market is undergoing significant expansion, driven by the integration of connected technologies into various sectors such as smart manufacturing, healthcare, and intelligent buildings. According to a report by MarketsandMarkets, the global IoT technology market is projected to grow from USD 959.30 billion in 2025 to USD 1,148.62 billion by 2030, representing a compound annual growth rate (CAGR) of 3.7%.

In the commercial building sector, IoT advancements are enhancing performance through improved visibility for operators. Technologies such as LoRa enable wireless sensors to operate with longer battery lives, allowing for remote monitoring of energy consumption, environmental reporting, and predictive maintenance. By collecting data from various points and transmitting it to edge computers or cloud platforms, facilities teams can identify equipment issues before they escalate into significant problems.

Key drivers for this market growth include the adoption of 5G connectivity, artificial intelligence, edge computing, and real-time analytics. These technologies facilitate the transition from traditional automation to intelligent, data-driven operations within the framework of Industry 4.0.