Global IoT devices to exceed 20 billion in 2024, led by China

The number of connected Internet of Things (IoT) devices worldwide is projected to grow 13.2% annually to reach 39 billion by 2030, according to new research from IoT Analytics.

The latest analysis, based on IoT Analytics' Wireless IoT Connectivity Chipset Market Report 2025-2030 and Global Cellular IoT Connectivity Tracker and Forecast, indicates that the number of active IoT connections is set to grow 14% in 2025 alone, reaching 21.1 billion devices, up from 18.5 billion in 2024.

Growth trajectory

According to the updated forecast, the global IoT device base is expected to surpass 20 billion this year and exceed 50 billion by 2035. The 2025 projection represents a slight downward revision compared to previous estimates, a change that the research attributes to ongoing capital expenditure deferrals and softer-than-anticipated demand in China.

The report highlights that three key connectivity technologies-Wi-Fi, Bluetooth, and Cellular IoT-currently account for nearly 80% of all IoT connections globally. Specifically, Wi-Fi holds a 32% market share, Bluetooth accounts for 24%, and Cellular IoT represents 22% of connections.

Cellular IoT landscape

Cellular IoT continues to be a significant segment within the overall IoT ecosystem. In 2024, cellular IoT connections grew by 16%. The sector remains highly concentrated, with China Mobile, China Telecom, and China Unicom managing a combined 74% of global cellular IoT connections. This concentration increased to 83% of all cellular IoT connections globally in 2024, reflecting China's continuing dominance in this market.

The global IoT market is set to surpass 20 billion connected devices this year and is on track to exceed 50 billion by 2035. Our data shows that 2025 marks a renewed acceleration in IoT device growth, driven by Wi-Fi, Bluetooth, and cellular technologies. As billions more devices come online, their data will increasingly fuel artificial intelligence and become the foundation for more intelligent systems across industries.

Technology trends

The research also analyses trends within the cellular IoT sector, noting a split into two distinct tracks. Commenting on this, Satyajit Sinha, Principal Analyst at IoT Analytics, said, "Cellular IoT is splitting into two tracks. Cat-1 and Cat-1 bis take the volume as 2G and 3G shut down, driven by low cost and broad coverage. Revenue is dominated by high-bandwidth 5G. RedCap is positioned to replace LTE Cat-4. It offers similar throughput with lower complexity and power consumption, making it suitable for cameras, wearables, and video telemetry. NB-IoT and LTE-M face competition from Cat-1 bis. NB-IoT is entering maturity as some operators retreat, potentially slowing growth without new anchor deployments. The open question is how eRedCap's target use cases will fit within multi-connectivity cellular strategies."

This segmentation illustrates the evolving landscape of cellular IoT, with Cat-1 and Cat-1 bis addressing the volume segment as older 2G and 3G networks are phased out, while revenue growth shifts towards high-bandwidth 5G services for data-intensive applications. The report also highlights the potential for newer technologies, such as RedCap, to replace existing LTE-based solutions.

Regional dynamics

The revision of the 2025 forecast, attributed in part to reduced capital expenditures and tempered demand in China, underscores regional differences in IoT device adoption. Despite this, China's main mobile operators continue to lead the global cellular IoT market, reinforcing the country's significant role within the sector.

Overall, the findings suggest ongoing growth and transformation across the IoT landscape, with both connectivity technologies and regional dynamics influencing the speed and direction of market expansion.