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IoT forecast: connections, revenue and technology trends 2019–2028

22 January 2020 | Research

Michele Mackenzie Ibraheem Kasujee William Nagy

Forecast report | PPTX and PDF (25 slides) | IoT and M2M Services

"Connectivity revenue accounts for only 8% of the total IoT revenue opportunity; operators should therefore evaluate their strategies for capturing revenue from other areas of the value chain."

The total number of IoT connections worldwide will grow at a CAGR of 22% between the end of 2018 and 2028, and will reach 5.3 billion in 2028. China will dominate in terms of the number of active IoT connections throughout the forecast period. The first 5G IoT connections will emerge in 2020 and their number will grow to 149 million by 2028. The total value chain revenue will grow to USD211.5 billion by 2028, but connectivity revenue will only account for 8% of this. This report analyses the future trends in the growth of IoT revenue and the number of IoT connections, the impact of emerging IoT technologies and the sectors driving growth.

This report includes the analysis of:

  • technology trends including the number of 2G, 3G/4G, 5G, NB-IoT, LTE-M and ‘other LPWA’ connections worldwide
  • key industry sectors and the share of connections and revenue that they contribute
  • the revenue generated worldwide from hardware, applications and connectivity services.


Geographical coverage

Key metrics

Regions modelled

  • Central and Eastern Europe (CEE)
  • China
  • Developed Asia–Pacific (DVAP)
  • Emerging Asia–Pacific excluding China (EMAP)
  • Latin America (LATAM)
  • Middle East and North Africa (MENA)
  • North America (NA)
  • Sub-Saharan Africa (SSA)
  • Western Europe (WE)


Full country level coverage of the forecasts is included in Analysys Mason's DataHub.

  • Revenue for the following value chain elements:
    • applications
    • connectivity services
    • IoT hardware.
  • IoT connections worldwide and by region, by technology type:
    • 2G
    • 3G/4G
    • 5G
    • NB-IoT
    • LTE-M
    • 'other LPWA'.
  • Connections and revenue, by sector:
    • automotive
    • finance
    • health
    • industries
    • smart cities
    • retail
    • smart buildings
    • utilities
    • agriculture
    • tracking.


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