Global IoT Enterprise Spending (Q2/2024 Update)

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- 100+ countries from seven world regions
- 10 types of technology stack elements
- 11 vertical IoT segments
- 75+ industries (based on International Standard Industrial Classification Revision 4)
- 100+ vendors (revenue and market share)
- 40+ use cases (incl. operations use cases, connected product use cases, city & infrastructure use cases, supply chain use cases)
- Export data option
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About the product
The IoT Analytics IoT Enterprise Spending Dashboard and Tracker comprises the end-user spending of IoT markets worldwide and offers a holistic view with over 800 thousand data points and detailed drill-down options per tech stack, vertical, and region/country. This product is updated every six months with the most recent data.
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IoT enterprise spending
In 2023, spending in the IoT enterprise sector reached a significant $269 billion, marking a 15% growth year-over-year. However, the growth rate is expected to slow down to 12% in 2024, bringing the total market size to an estimated $301 billion.
Data also shows that hardware spending is slowing down the overall growth rate, with hardware likely to have the lowest growth rate in 2024 at 5%. Despite this, signs of recovery are evident starting in 2025, with a compound annual growth rate (CAGR) of 15% projected until 2030.
On a regional level, companies in China, India, and the US are expected to lead in spending growth, with increases of 17%, 14%, and 13% in 2024, respectively.
The integration of IoT with other emerging technologies, such as AI and machine learning, offers advanced features like predictive analytics, real-time monitoring, and AI-driven insights. These are driving the increase in IoT enterprise spending.
The use cases expected to see the highest growth are IoT-based process automation and asset/plant/operations performance optimization. These investments usually pay off, with only 2% of end-users who invest in an IoT-based process automation reporting a negative/zero ROI.
Despite economic challenges, the Global IoT Enterprise Spending dashboard shows growth is around the corner in 2025. Senior enterprise IT decision-makers recently ranked IoT as 5th in tech prioritization for 2024 and 2025, a climb of one over 2023. This data is a clear indication of the growing importance and impact of IoT in the enterprise sector.
Methodology
Enterprise IoT spending refers to spending of enterprises (not consumers) on external solutions that are classified as IoT or portions thereof. Internal spending (e.g., personnel) is not included. The following is a hypothetical example highlight of what is included in the data and what is not included.
Included data
- 100+ countries from seven world regions
- 10 types of technology stack elements
- 11 vertical IoT segments
- 75+ industries (based on International Standard Industrial Classification Revision 4)
- 100+ vendors (revenue and market share)
- 40+ use cases (incl. operations use cases, connected product use cases, city & infrastructure use cases, supply chain use cases)
- Export data option
Related reading
A research article based on insights from this tracker: IoT market update: Enterprise IoT market size reached $269 billion in 2023, with growth deceleration in 2024
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