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IoT Market to Reach $5,332.3 Billion, Globally, by 2032 at 21.3% CAGR: Allied Market Research

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The global IoT market is growing due to several factors such as the development of wireless networking technologies, the increase in cloud platform adoption, and the advent of advanced data analytics & data processing. 

PORTLAND, Ore., Sept. 5, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “IoT Market by Component (Solution and Services), Deployment Mode (On-premise and Cloud), Organization Size (Large Enterprises and Small and Medium-sized Enterprises), Platform (Device Management, Application Management and Network Management), Technology (Radiofrequency Identification, Pressure Sensors, Network Communications, Data Processing and Near-field Communications), and Industry Vertical (Retail, E-commerce & Consumer Electronics, Energy & Utility, Healthcare, Transportation & Logistics, IT & Telecom, Manufacturing and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the IoT market was valued at $956.0 billion in 2023, and is estimated to reach $5,332.3 billion by 2032, growing at a CAGR of 21.3% from 2024 to 2032.

Prime determinants of growth 

The global IoT market has grown due to several factors such as the development of wireless networking technologies, the increase in cloud platform adoption, and the advent of advanced data analytics & data processing. However, the privacy and security concerns act as a restraint for the IoT market expansion. In addition, the emergence of mobile devices is projected to provide many opportunities for market growth during the forecast period. 

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Report coverage & details: 

Report Coverage 

Details 

Forecast Period 

2024–2032 

Base Year 

2023

Market Size in 2023 

$956.00 Billion 

Market Size in 2032 

$5,332.3 Billion 

CAGR 

21.3 %

No. of Pages in Report 

350

Segments Covered 

Component, Deployment Mode, Organization Size, Platform, Technology, Industry Vertical, and Region. 

Drivers 

Development of wireless networking technologies 

The increase in cloud platform adoption 

The advent of advanced data analytics & data processing 

Opportunity 

The emergence of mobile devices 

Restraint 

The privacy and security concerns 

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The solution segment held the highest market share in 2023.

By component, the solution segment held the highest market share in 2023 due to the growing need for solutions that support the functioning of IoT devices. The service providers deliver end-to-end software development solutions for consumer IoT, from project planning and testing to deployment. This is in turn expected to propel the growth of this segment in the global market. 

The on-premise segment held the highest market share in 2023.

By deployment mode, the on-premise segment held the highest market share in 2023. This is attributed to numerous advantages offered by on-premise deployment such as a high level of data security and safety. 

The large enterprises segment held the highest market share in 2023.

By organization size, the large enterprises segment held the highest market share in 2023. This is attributed to an increase in the adoption of IoT technology by businesses to gain a strategic and competitive advantage over their competitors. Customers use IoT to discover new insights on large-scale diverse data, including historical and recent data. This technology is suitable for the collection of data and running algorithms and analysis across a large set of data to find relevant relationships, entities, and insights. 

The device management segment held the highest market share in 2023.

By platform, the device management segment held the highest market share in 2023. As it enables the efficient provisioning of devices, ensuring they are correctly configured and ready for use. These platforms support large-scale deployments, which is essential for industries with vast numbers of connected devices. 

The network communication segment held the highest market share in 2023.

By technology, the network communication segment held the highest market share in 2023. Network communication technologies are widely used in public and private networks, supported by a growing ecosystem of devices and applications. 

The IT & telecom segment held the highest market share in 2023.

By industry vertical, the IT & telecom segment held the highest market share in 2023. IT & telecom companies provide robust platforms for device management, including provisioning, monitoring, and updating IoT devices. IT & telecom companies provide the essential connectivity backbone for IoT devices. 

North America held the highest market share in 2023.

By region, North America held the highest market share in terms of revenue in 2023 and is expected to lead the market in terms of revenue throughout the forecast period. This demand is attributed to the rising need for internet services to address the increasing adoption of digital technologies in several sectors. Individuals are choosing digital services to improve their knowledge and skills. 

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Major Industry Players: – 

Google LLC Hewlett Packard Enterprise Cisco Systems, Inc. International Business Machine Corporation (IBM) SAP SE Microsoft Corporation Amazon Web ServiceOracle Corporation Intel Corporation Bosch Software Innovation GMBH  

The report provides a detailed analysis of these key players in the global internet of things market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario. 

Recent Industry Development: 

In April 2024, ByteSnap released an IoT standards and protocols guide, with the proliferation of IoT devices, protocols and standards ensure that the devices function correctly and communicate smoothly with each other. In May 2023, NOVUS expanded its vision for modular technology and brought the simplicity of IoT to the N20K48 controller. With the new Wi-Fi micromodule, it is easy to integrate legacy devices. The integration is efficient and makes communication between devices an affordable and simple process. In June 2023, Qualcomm Technologies, Inc. launched two modem chipsets with satellite capability: the Qualcomm 212S Modem and the Qualcomm 9205S Modem. The new Qualcomm modem chipsets power off-grid industrial use cases that require standalone non-terrestrial network (NTN) connectivity or hybrid connectivity alongside terrestrial networks. 

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Kontron Launches Two New KBox F-Series Industrial Computers To Bring Greater Flexibility and Scalability to Industrial Edge Computing

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October 21, 2026

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TAIPEI, Oct. 21, 2026 /PRNewswire/ — Kontron, a leading global provider of IoT/Embedded Computing Technology (ECT), expands its KBox F-Series with the KBox F-203-RPS and KBox F-204-RPS, two compact industrial computers designed to address diverse requirements in intelligent Industry 4.0, edge computing and industrial IoT applications.

Both systems are powered by 12th, 13th or 14th Gen Intel® Core™ i9/i7/i5/i3 S-Series socket-type processors with a TDP of up to 65 W and support up to 96 GB DDR5 memory, providing a scalable computing foundation for demanding industrial applications requiring flexible performance configuration and long-term deployment.

The KBox F-203-RPS offers two LAN configurations with either two or four GbE ports, allowing customers to select the connectivity level that best fits their applications. The dual-LAN configuration provides an efficient solution for general industrial computing, equipment control and edge applications, while the four-LAN configuration offers additional network connectivity for applications involving multiple devices or network segments, such as machine vision, industrial automation and IoT gateways.

For applications requiring greater system expandability, the KBox F-204-RPS provides one PCIe x16 or two PCIe x8 expansion slots, offering the flexibility to integrate graphics, networking, AI acceleration or other add-on cards according to specific application requirements. With support for up to four 2.5-inch SATA HDDs/SSDs, it also provides extensive storage scalability for data-intensive workloads. These capabilities make the KBox F-204-RPS particularly suitable for industrial edge computing, machine vision, video processing and applications requiring additional functionality or large local data storage.

Together, the KBox F-203-RPS and KBox F-204-RPS enable customers to select the configuration that best matches their requirements, from a slimmer, network-focused industrial computer to a highly expandable edge computing platform.

To learn more about KBox F-203-RPS and KBox F-204-RPS, refer to https://www.kontron.com/en/products/kbox-f-203-rps/p301099 and https://www.kontron.com/en/products/kbox-f-204-rps/p311867.

About Kontron

At Kontron, we champion IoT and Industry 4.0, by creating secure, state-of-the-art solutions that span hardware, software and services. Our approach speeds market entry, reduces the cost of ownership, and offers longevity, ensuring our role as your trusted partner in the integration of smart technologies. For more information, please visit www.kontron.com, dial +886-2-2799-2789 or email SalesAsia@kontron.com.

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Mouser Electronics Brings Smart Sensing Solutions to PSECE 2026

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October 21, 2026

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MANILA, Philippines, Oct. 21, 2026 /PRNewswire/ — Mouser Electronics, Inc., the authorized global distributor with the newest electronic components and industrial automation products, announces its participation in the 21st Philippine Semiconductor and Electronics Convention and Exhibition (PSECE 2026) from October 26 to 28 at the SMX Convention Center Manila, Philippines. This event underscores Mouser’s commitment to supporting the region’s growing electronics design community with immediate access to cutting-edge technologies.

Visitors are invited to meet the Mouser team at Booth #110-111 to explore new products and practical design resources. The booth features a live demonstration of Würth Elektronik’s smart sensing and visual indication solutions, integrating environmental and motion sensing with programmable visual feedback and wireless connectivity. This interactive display illustrates how modern devices can detect physical conditions and translate them into clear, immediate visual data, addressing the critical need for reliable intelligence in connected systems.

“As we advance into an era of interconnected intelligence, Mouser remains committed to bridging the gap between cutting-edge components and real-world application,” said Daphne Tien, Vice President of Marketing and Business Development at Mouser APAC. “Our presence at PSECE 2026 underscores our dedication to empowering engineers with the tools they need to innovate. We look forward to fostering a vibrant ecosystem where technology translates into tangible progress for the Philippines and beyond.”

Mouser’s participation highlights its strategic objective to strengthen ties with local partners and accelerate the adoption of advanced semiconductor technologies. By providing a platform for knowledge exchange, the company aims to help design communities turn promising prototypes into practical applications.

Attendees will have the opportunity to gather invaluable insights, learn industry best practices, and connect with professionals from across the region. The booth also features interactive activities where visitors can win premium gadgets and engineering tools, making innovative technology more approachable for everyone.

To learn more about Mouser’s presence at PSECE 2026, visit https://www.mouser.ph/psece-seipi/. 

For more Mouser news and our latest new product introductions, visit https://www.mouser.com/newsroom/.

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Workato Launches Self-Serve Platform in Singapore, Opening Enterprise AI to a Broader Community of Builders

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October 21, 2026

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New offering gives developers, students, and customers access to the full power of Workato’s enterprise-grade engine to build AI agents and MCP servers

SINGAPORE, Oct. 21, 2026 /PRNewswire/ — Workato®, the leading Control and Execution Platform for Enterprise AI, today announced the launch of a new self-service offering that gives customers, developers, and students across Asia access to the Workato platform to govern and scale their AI initiatives, including building and productionizing AI agents and MCP servers.

Making AI accessible has been at the heart of Workato’s mission the past several years. Through the AI Institute Alliance, unveiled in September 2025, Workato partnered with leading institutes of higher learning across Singapore, including Nanyang Polytechnic, Republic Polytechnic, Temasek Polytechnic, Singapore Polytechnic, Ngee Ann Polytechnic, the Singapore University of Social Sciences, and the National University of Singapore. The initiative equipped students and educators with automation and AI skills.

The AI Lab, which opened a year later, extended that commitment further into the public sector through its partnership with EDB, and into inclusive hiring through SG Enable.

The newly launched self-serve platform will provide users access to:

A free account to start building immediately, with the option to upgrade to a paid plan, no contract required, as projects growThe ability to build recipes, Agents/Genies, and MCP servers directly on the platformThe same governed, enterprise-grade engine that powers Workato’s largest deploymentsA path built for independent developers, students, and small teams, as well as large enterprises

Since launching in 2026 in North America, Workato has seen rapid growth in the builder community. The platform is enterprise grade, but free to get started. As builders solve problems for their business, they can grow by upgrading to a paid plan. With this launch in Singapore, Workato is making an investment in the local builder community.

“The next era of AI won’t be defined by who has access to intelligence, but by who can turn it into action. We’re putting the same enterprise-grade power trusted by the world’s largest companies into the hands of every builder. We want everyone to be able to transform how their business operates,” said Rishi Mallik, Chief Growth Officer, Workato. 

Workato showcased its self-serve platform and broader community initiatives at World of Workato (WOW) 2026 in Singapore.

Builders can sign up now at https://app.trial.workato.com/users/sign_up_trial?utm_content=sg_wow2026.

About Workato

Workato is the leading Control and Execution Platform for Enterprise AI — the neutral platform enterprises trust to put AI to work across their business. Workato unifies data, applications, and processes into a single platform so AI can reliably orchestrate business processes in production at enterprise scale. Built on more than a decade of running mission-critical processes for over half the Fortune 500 — including Nasdaq, Cisco, Vodafone, Atlassian, and Lucid Motors — Workato turns over 17,000 enterprise systems AI needs to act on into one governed execution layer. For more information, visit workato.com.

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