IoT Devices Market to Reach USD 534.71 Billion by 2031, Driven by Industrial IoT Expansion and Connected Ecosystem Growth

Mordor Intelligence has published a new report on the IoT devices market, offering a comprehensive analysis of trends, growth drivers, and future projections 

IoT Devices Market Introduction 

According to Mordor Intelligence, the global IoT devices market size is projected to grow from USD 230.42 billion in 2025 to USD 273.63 billion in 2026 and reach USD 534.71 billion by 2031, registering a CAGR of 14.34% during the forecast period. This market growth reflects rising deployment across homes, hospitals, factories, transportation systems, and public infrastructure. 

Organizations are increasingly adopting large fleets of interoperable devices that combine edge intelligence, cloud coordination, and low-power connectivity. Regulatory support for remote patient monitoring is encouraging medical device adoption, while vehicle connectivity requirements across major economies are embedding communication modules into new automobiles. Data-residency policies are also pushing processing capabilities onto devices themselves, increasing demand for advanced microcontrollers and specialized chips. At the same time, alignment of low-power wide-area network standards is reducing cross-border connectivity barriers for logistics operators, enabling real-time asset tracking across regions. Together, these factors are shaping a strong IoT devices market forecast with widespread deployment across consumer, enterprise, and public sectors. 

Key IoT Devices Market Insights 

Enterprise deployment at scale 

Large organizations are deploying interconnected device ecosystems to monitor equipment, automate processes, and gather operational insights. Industrial IoT installations are becoming standard across manufacturing, energy, and utilities, strengthening the overall IoT devices industry. 

Remote healthcare and medical monitoring demand 

Connected medical devices are seeing rising adoption as healthcare providers shift toward continuous patient monitoring outside clinical settings. Wearable sensors, home diagnostic tools, and connected treatment devices are contributing to IoT devices market share expansion within the healthcare segment. 

Connected transportation systems 

Vehicle connectivity technologies are enabling communication between vehicles, infrastructure, and cloud platforms. This supports navigation safety, predictive maintenance, and traffic optimization, reinforcing IoT devices market growth in the automotive sector. 

Smart home ecosystem expansion 

Consumers continue to adopt connected home products such as smart speakers, appliances, cameras, and energy systems. Convenience, security, and energy management benefits are supporting steady demand within the consumer market. These trends demonstrate how the IoT devices industry is shifting from isolated deployments toward integrated platforms that support data-driven decision-making across sectors. 

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IoT Devices Market Segmentation 

By Application 

• Connected and Smart Home 

• Medical IoT 

• Connected Car 

• Smart Cities 

• Industrial IoT 

• Personal IoT 

• Smart Agriculture 

• Other Applications 

By Device Category 

• Smart Speakers and Displays 

• Wearables (Watches, Bands, Hearables) 

• Connected Consumer Appliances 

• Smart Energy and Utility Devices (Meters, Thermostats) 

• Industrial Sensors and Actuators 

• Connected Cameras and Security Devices 

• Micro-mobility Trackers 

• Self-powered Environmental Sensors 

By Connectivity Technology 

• WPAN (Bluetooth, Zigbee, Z-Wave) 

• WLAN (Wi-Fi variants) 

• LPWAN (NB-IoT, LTE-M, LoRa, Sigfox) 

• Cellular (4G, 5G, C-V2X) 

• Satellite IoT 

• Hybrid Multi-band Modules 

By Power Source 

• Battery-powered 

• Energy-harvested 

• Mains-powered 

By Geography 

• North America 

• South America 

• Europe 

• Asia Pacific 

• Middle East 

• Africa 

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Key Players in the IoT Devices Industry 

• Apple Inc. 

• Cisco Systems Inc 

• Google Inc. (Alphabet) 

• Samsung Electronics Co. Limited 

• Huawei Technologies Co. Ltd. 

Conclusion 

The future of the IoT devices market share appears robust as connected technology becomes embedded in everyday life and business operations. From smart homes and wearable health monitors to industrial automation and intelligent transportation, IoT devices are enabling real-time insights and remote control capabilities that improve efficiency, safety, and convenience. Public infrastructure initiatives and digital transformation programs are expected to sustain long-term demand. Smart city projects, energy management systems, environmental monitoring, and connected agriculture solutions are expanding the scope of the industry beyond traditional consumer applications. At the same time, improvements in connectivity coverage and device power efficiency are making deployments feasible in remote and previously underserved locations. 

Security, interoperability, and data governance will remain key priorities as device numbers grow. Organizations are increasingly seeking solutions that integrate seamlessly with existing systems while protecting sensitive information. Vendors that address these requirements while maintaining affordability are likely to capture greater IoT devices market share. Overall, the market forecast indicates sustained expansion driven by digital infrastructure development, regulatory support in key sectors, and rising demand for intelligent, connected environments. As industries continue to prioritize automation and data-driven operations, the market growth trajectory is expected to remain strong, positioning connected hardware as a foundational layer of the global digital economy. 

Industry Related Reports: 

IoT Analytics Market  

The IoT analytics market is estimated to grow from USD 49.36 billion in 2026 to USD 131.12 billion by 2031, at a CAGR of 21.58% over the forecast period. Rapid device proliferation, edge–AI convergence, and enterprise digital-transformation programs are driving analytic workloads closer to connected assets, cutting latency and bandwidth costs while sharpening operational decisions.  

Europe IoT Security Market Analysis 

The Europe IoT Security market is estimated at USD 9.26 billion in 2026 and is forecast to reach USD 23.83 billion by 2031, at a CAGR of 20.84% over the forecast period. Rising cyber-attacks on connected devices, stringent regulatory mandates, and fast-growing Industrie 4.0 adoption in manufacturing are accelerating spending on specialized security platforms. 

IoT Gateway Market Growth 

The IoT gateway market reached USD 2.49 billion in 2026 and is projected to climb to USD 4.51 billion by 2031, at a CAGR of 12.61% over the forecast period. Gateways are being redesigned to run containerized AI workloads at the network edge — trimming latency for industrial automation and clinical monitoring — while early 5G standalone roll-outs, Wi-Fi 7 backhaul, and neural processing units. 

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With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics. 

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