IoT forecast: connections, revenue and technology trends 2021–2030

25 November 2021 | Research

Ibraheem Kasujee

Forecast report | PPTX and PDF (20 slides) | IoT Services

"The number of IoT connections will grow at a CAGR of 15% between 2020 and 2030, but revenue growth will be slower due to the sustained competitive pressure in the connectivity market."


The total number of IoT connections worldwide will increase from 1.8 billion at the end of 2020 to 6.2 billion in 2030. The COVID-19 pandemic disrupted the IoT market in 2020 and some sectors continued to be adversely affected in 2021, but the growth rate for the number of IoT connections worldwide will remain in the double digits throughout the forecast period.

This report provides:

  • 10-year forecasts for the number of IoT connections and revenue, split by sector
  • analysis of technology trends including the number of 2G, 3G/4G, 5G, NB-IoT, LTE-M and ‘other LPWA’ connections and connectivity service revenue worldwide by application
  • an overview of the key industry sectors for IoT and their share of IoT connections and revenue
  • discussion about the longer-term impacts of the COVID-19 pandemic and which sectors are affected
  • data on the IoT revenue generated worldwide from hardware, applications and connectivity services.

For more information, please see the associated article here.



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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