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IoT forecast: connections, revenue and technology trends 2020–2029

18 January 2021 | Research

Ibraheem Kasujee Michele Mackenzie Hugues-Antoine Lacour

Forecast report | PPTX and PDF (22 slides) | IoT and M2M Services

"The total number of IoT connections worldwide will grow at a CAGR of 14% between 2019 and 2029, despite the negative effect of the COVID-19 pandemic in the early years of the forecast period."


The total number of IoT connections worldwide will increase from 1.5 billion at the end of 2019 to 5.8 billion in 2029. The COVID-19 pandemic will have an acute impact on the number of IoT connections in the early years of the forecast period, but this will fade over time. This report analyses future trends in the growth in the number of IoT connections and revenue, 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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