IoT technology market projected to reach USD 1.1 trillion by 2030

The global Internet of Things (IoT) technology market is experiencing significant growth, driven by the integration of 5G networks, edge computing, and artificial intelligence. According to MarketsandMarkets, the market is valued at USD 959.30 billion in 2025 and is projected to reach USD 1,148.62 billion by 2030, representing a compound annual growth rate (CAGR) of 3.7%.

This expansion is supported by increasing internet penetration, smart-home deployments, and Industry 4.0 initiatives. The convergence of connectivity and intelligence allows devices to process data locally through edge computing, enabling real-time analytics across sectors such as manufacturing, healthcare, transportation, and agriculture.

In New Zealand, the IoT sector is demonstrating increasing maturity through real-world deployments and sensing solutions used by local councils. Discussions regarding the future of the industry also highlight the rise of ‘Physical AI,’ which focuses on moving intelligence beyond screens and into practical, real-world applications through connected devices and trusted infrastructure.