How many devices are connected to the IoT?

Research highlights: Internet of Things growth by connected devices is projected to reach 40.6 billion by 2034, nearly tripling from 13.8 billion in 2022.

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Internet of Things (IoT) growth over the years

• As of 2025, there are 19.8 billion Internet of Things connected devices globally

• Connected IoT devices are projected to reach 40.6 billion by 2034, nearly tripling from 13.8 billion in 2022

• Between 2022 and 2027, IoT devices will grow by 10.4 billion, from 13.8 billion to 24.2 billion, marking a 75% increase in just five years

• Annual increases remain consistently strong, averaging about 2.1–2.4 billion devices added each year from 2023 onward

• The growth rate slows slightly over time for connected IoT devices: between 2022 and 2023, the number of connected devices increased by 1.9 billion, while the jump from 2033 to 2034 is 2.4 billion despite a much larger base

• The decade from 2024 to 2034 will add 22.9 billion connected IoT devices, more than the total installed base in 2022

Internet of Things growth by revenue

• IoT revenue is projected to more than quadruple from $181.5 billion in 2020 to $908 billion in 2034

• Annual revenue growth for Internet of Things devices remains strong, averaging around $50–65 billion in absolute terms per year after 2025

• IoT revenue growth will outpace early years significantly: between 2020 and 2021, revenue increased by $31.6 billion, but between 2030 and 2031, the increase is projected to be more than double at $55.5 billion

• From 2023 to 2028, revenue is set to grow by $240.5 billion, from $334.7 billion to $575.2 billion, representing a 72% increase in just five years

Worldwide spending on IoT

• Worldwide IoT spending rose steadily from $646 billion in 2018 to $749 billion in 2020, an increase of $103 billion in just two years

• After a dip to $720.3 billion in 2022, spending rebounded sharply to $805.7 billion in 2023, surpassing the 2020 peak by $56.7 billion

• The drop from $805.7 billion in 2023 to $260 billion in 2024 represents a dramatic decline of $545.7 billion (68%), suggesting a major market contraction 

• Spending grew by 20% between 2018 ($646B) and 2023 ($805.7B), but the 2024 figure is 60% lower than even the earliest data point, breaking the upward trend observed in prior years

Sources

• IoT connections worldwide 2034

• Worldwide IoT revenue 2034

• Internet of Things (IoT) spending worldwide 2024

• IoT connected devices by region 2034

• IoT connected devices by vertical 2034