IoT technology market projected to reach USD 1.15 trillion by 2030

The global Internet of Things (IoT) technology market is undergoing significant evolution, driven by the integration of artificial intelligence and the increasing complexity of device ecosystems. According to MarketsandMarkets, the market was 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%.

Growth is being fueled by Industry 4.0 initiatives, 5G networks, edge computing, and the adoption of smart devices across sectors such as manufacturing, healthcare, and smart infrastructure. However, the industry faces challenges including cybersecurity concerns, interoperability issues, and a shortage of skilled professionals.

As IoT deployments expand, there is a shifting demand for Connectivity Management Platforms (CMPs). While traditional platforms focused on device provisioning and SIM lifecycle management, next-generation platforms are moving toward AI-enabled capabilities. These advanced systems aim to automate workflows, interpret telemetry data, and transform connectivity into actionable intelligence to help enterprises scale intelligent use cases with reduced technical complexity.