IoT forecast: connections, revenue and technology trends 2023–2032

03 April 2024 | Research

Ibraheem Kasujee | Mary Saunders

Forecast report | PPTX and PDF (17 slides); Excel | IoT Services

"China will drive the growth in the number of wireless IoT connections worldwide, which will pass 7 billion by 2032."


The total number of wireless IoT connections worldwide will increase from 2.9 billion at the end of 2022 to 7.3 billion in 2032. The worldwide growth rate (excluding China) will continue to be in the double digits throughout the forecast period, driven by increasing adoption in the automotive, utilities and smart buildings sectors.

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, split by application
  • an overview of the key industry sectors for IoT and their share of IoT connections and revenue
  • 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

Click below to take you to the latest dataset if you are logged in and it is part of your subscription. The DataHub interface will only show you the data to which you are subscribed.

Launch DataHub


Log in

Log in to check if this content is included in your content subscription.