IoT forecast: connections, revenue and technology trends 2022–2031

06 February 2023 | Research

Ibraheem Kasujee

Forecast report | PPTX and PDF (18 slides) | IoT Services

"The expected growth rate in the number of IoT connections worldwide is lower than in our previous forecast because chipset shortages and supply-chain issues continued in 2022."


The total number of IoT connections worldwide will increase from 2.2 billion at the end of 2021 to 7.0 billion in 2031. The knock-on effects of the COVID-19 pandemic continue to disrupt the IoT market, but connections growth will continue to be in the double digits for most of 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.



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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