IoT's Meteoric Rise Across Global Markets

The Internet of Things (IoT) continues to revolutionize industries, with the IoT managed services market projected to soar from $88.38 billion in 2024 to $263.01 billion by 2029, driven by sectors like automotive and telecom. Key players such as Cisco and IBM lead this wave of growth, with services spanning infrastructure and security management.

The IoT telecom services market is similarly poised for a rapid ascent, forecasted to grow at a 33.2% CAGR, fueled by smart city initiatives and 5G deployment. Meanwhile, the EMEA IoT market is expected to escalate significantly, despite challenges such as a skills shortage.

Concurrently, the IoT security market is set for substantial expansion, increasing from $18.7 billion in 2024 to $56 billion by 2032. Additionally, the operational technology market is experiencing robust growth, driven by IoT and cybersecurity needs.

North America currently leads in IoT adoption, while Asia-Pacific emerges as the fastest-growing region. This expansive growth across sectors underscores IoT's transformative impact, reshaping industries and driving technological advancements worldwide.