IoT Analytics counted 18.5 billion connected IoT devices at the end of 2024 and forecast 21.1 billion for 2025, but published 2026 estimates from different firms range from roughly 19 billion to 27 billion. That spread is not measurement error, it is definitional: sources disagree on whether phones, laptops, and wearables belong in the count. Underneath the headline, short-range connectivity dominates, with Wi-Fi at 32% and Bluetooth at 24% against cellular’s 22%, and five carriers control 83% of all cellular IoT connections. The figures below come from IoT Analytics research published in October 2025.
TL;DR
- 18.5 billion connected IoT devices at the end of 2024, up 12% (IoT Analytics)
- 21.1 billion forecast for the end of 2025, up 14% (IoT Analytics)
- 39 billion devices projected by 2030 (IoT Analytics)
- More than 50 billion projected by 2035 (IoT Analytics)
- The 2025 to 2030 compound annual growth rate is 13.2% (IoT Analytics)
- The 2025 forecast came in roughly 300 million below the prior projection (IoT Analytics)
- Capex deferrals and softer China demand were cited (IoT Analytics)
- Wi-Fi accounts for 32% of all connections (IoT Analytics)
- Bluetooth accounts for 24% (IoT Analytics)
- Cellular accounts for 22% across all generations (IoT Analytics)
- Five operators manage 83% of global cellular IoT connections (IoT Analytics)
- The cellular IoT chipset market was USD 4.07 billion in 2024, up 19% (IoT Analytics)
- That is projected to reach USD 14.08 billion by 2030 (IoT Analytics)
1. How Many Devices Actually Exist
The device count is the most-quoted and least-standardised figure in this field. IoT Analytics counted 18.5 billion connected IoT devices at the end of 2024, growing 12%, and forecast 21.1 billion for the end of 2025 at 14% growth. Published 2026 figures elsewhere range from roughly 19 billion to 27 billion, a spread of eight billion that reflects definitional disagreement rather than uncertainty about the world.
| Metric | Value | Source |
|---|---|---|
| Connected IoT devices, end of 2024 | 18.5 billion | IoT Analytics |
| Year-over-year growth, 2024 | 12% | IoT Analytics |
| Forecast for end of 2025 | 21.1 billion | IoT Analytics |
| Year-over-year growth, 2025 | 14% | IoT Analytics |
| Projected devices, 2030 | 39 billion | IoT Analytics |
| Projected devices, 2035 | more than 50 billion | IoT Analytics |
| Compound annual growth rate, 2025 to 2030 | 13.2% | IoT Analytics |
| Range of published 2026 estimates elsewhere | roughly 19 to 27 billion | Multiple firms |
| Publication date of this analysis | October 28, 2025 | IoT Analytics |
The eight-billion spread across sources is the single most useful thing to know about IoT device statistics: it means citing one number without its definition communicates almost nothing.
The disagreement is not sloppiness, it is a genuine boundary problem. A smart thermostat is uncontroversially an IoT device. A smartphone has sensors, a network connection, and remote management, and some methodologies count it while others treat it as a general-purpose computer. Connected cars can be counted as one device or as dozens of separately addressable modules. Industrial equipment behind a gateway may register as a single connection upstream while representing hundreds of endpoints downstream. Each of those choices is defensible, and each moves the global total by billions. Anyone building a market model on a device count should therefore read the inclusion rules before the number, because the rules determine the number far more than the underlying reality does. Source: IoT Analytics, number of connected IoT devices.
2. The Forecast Came Down
For most of the past decade, IoT device forecasts were revised upward. That pattern broke. IoT Analytics’ 2025 forecast landed roughly 300 million connections below its own prior-year projection, attributed to capital expenditure deferrals and softer than expected demand in China. In percentage terms the revision is small, at well under 2%, but the direction is what matters.
| Metric | Value | Source |
|---|---|---|
| Size of the downward revision | approx. 300 million connections | IoT Analytics |
| Revision as a share of the forecast | under 2% | Derived from IoT Analytics figures |
| Reasons cited | capex deferrals, softer China demand | IoT Analytics |
| Direction versus prior forecasting pattern | downward, breaking the trend | IoT Analytics |
| Revised 2025 forecast | 21.1 billion | IoT Analytics |
| Growth rate despite the revision | 14% | IoT Analytics |
| 2030 projection | 39 billion | IoT Analytics |
| Implied absolute growth, 2025 to 2030 | approx. 17.9 billion devices | Derived from IoT Analytics figures |
A downward revision alongside a 14% growth rate describes a market still expanding quickly but no longer beating its own expectations. Network context sits in our global internet usage statistics. Source: IoT Analytics, number of connected IoT devices.
3. Short-Range Connectivity Dominates
Industry attention concentrates on cellular IoT while the connections concentrate somewhere else. Wi-Fi accounts for 32% of all IoT connections and Bluetooth for 24%, against 22% for cellular across every generation from 2G through 5G, LTE-M, and NB-IoT combined. Short-range technologies therefore carry more than half of all IoT connectivity.
| Metric | Value | Source |
|---|---|---|
| Wi-Fi share of IoT connections | 32% | IoT Analytics |
| Bluetooth share | 24% | IoT Analytics |
| Cellular share, all generations combined | 22% | IoT Analytics |
| Technologies inside the cellular figure | 2G, 3G, 4G, 5G, LTE-M, NB-IoT | IoT Analytics |
| Combined Wi-Fi and Bluetooth share | 56% | Derived from IoT Analytics figures |
| Remaining share across other technologies | 22% | Derived from IoT Analytics figures |
| Reference year for the mix | 2025 | IoT Analytics |
| Total devices behind the mix | 21.1 billion | IoT Analytics |
The gap between where the connections are and where the coverage is matters commercially: most IoT devices never touch a carrier network or generate carrier revenue. Cellular detail sits in our 5G adoption statistics. Source: IoT Analytics, number of connected IoT devices.
4. Cellular IoT Is Extraordinarily Concentrated
Within the cellular slice, the operator picture is close to an oligopoly. Five carriers manage 83% of global cellular IoT connections: China Mobile, China Telecom, China Unicom, Vodafone, and AT&T. The revenue ranking is different, with China Mobile, Verizon, AT&T, China Unicom, and Vodafone accounting for 59% of operator IoT revenue, which reveals that Chinese carriers hold far more connections than revenue per connection.
| Metric | Value | Source |
|---|---|---|
| Share of global cellular IoT held by top 5 operators | 83% | IoT Analytics |
| Top 5 by connections | China Mobile, China Telecom, China Unicom, Vodafone, AT&T | IoT Analytics |
| Share of operator IoT revenue held by top 5 | 59% | IoT Analytics |
| Top 5 by revenue | China Mobile, Verizon, AT&T, China Unicom, Vodafone | IoT Analytics |
| Gap between connection and revenue concentration | 24 points | Derived from IoT Analytics figures |
| Reference year | 2024 | IoT Analytics |
| Cellular share of all IoT connections | 22% | IoT Analytics |
| Implication of the two rankings | Chinese carriers monetise connections less | Derived |
Verizon appearing in the revenue top five but not the connections top five is the cleanest illustration: high-value cellular IoT and high-volume cellular IoT are different businesses. Source: IoT Analytics on the state of enterprise IoT.
5. The Chipset Market
Silicon is the leading indicator for cellular IoT, and it is growing faster than the connection count. The cellular IoT chipset market reached USD 4.07 billion in 2024, up 19%, and is projected to hit USD 14.08 billion by 2030 at a 23% compound annual rate. The 5G portion alone is forecast at USD 9.31 billion by 2030, growing 34% annually, meaning 5G becomes the majority of the chipset market.
| Metric | Value | Source |
|---|---|---|
| Cellular IoT chipset market, 2024 | USD 4.07 billion | IoT Analytics |
| Year-over-year growth | 19% | IoT Analytics |
| Projected market, 2030 | USD 14.08 billion | IoT Analytics |
| Compound annual growth rate to 2030 | 23% | IoT Analytics |
| 5G chipset segment, 2030 | USD 9.31 billion | IoT Analytics |
| 5G chipset growth rate | 34% annually | IoT Analytics |
| 5G share of the 2030 chipset market | approx. 66% | Derived from IoT Analytics figures |
| Device count growth rate for comparison | 13.2% CAGR | IoT Analytics |
Chipset revenue growing at 23% against device count at 13.2% means value per connection is rising, which is the opposite of the commoditisation pattern most connectivity markets follow. Silicon supply context sits in our semiconductor industry statistics and infrastructure demand in our data center statistics. Source: IoT Analytics on the state of enterprise IoT.
Summary: IoT by the Numbers
| Metric | Value | Source |
|---|---|---|
| Connected IoT devices, end of 2024 | 18.5 billion | IoT Analytics |
| Growth in 2024 | 12% | IoT Analytics |
| Forecast for end of 2025 | 21.1 billion | IoT Analytics |
| Growth in 2025 | 14% | IoT Analytics |
| Projected devices, 2030 | 39 billion | IoT Analytics |
| Projected devices, 2035 | more than 50 billion | IoT Analytics |
| CAGR, 2025 to 2030 | 13.2% | IoT Analytics |
| Downward revision to the 2025 forecast | approx. 300 million | IoT Analytics |
| Reasons for the revision | capex deferrals, softer China demand | IoT Analytics |
| Wi-Fi share of connections | 32% | IoT Analytics |
| Bluetooth share | 24% | IoT Analytics |
| Cellular share | 22% | IoT Analytics |
| Combined short-range share | 56% | Derived |
| Top 5 operator share of cellular IoT connections | 83% | IoT Analytics |
| Top 5 operator share of IoT revenue | 59% | IoT Analytics |
| Cellular IoT chipset market, 2024 | USD 4.07 billion | IoT Analytics |
| Chipset market growth, 2024 | 19% | IoT Analytics |
| Projected chipset market, 2030 | USD 14.08 billion | IoT Analytics |
| 5G chipset segment, 2030 | USD 9.31 billion | IoT Analytics |
| Range of published 2026 device estimates | roughly 19 to 27 billion | Multiple firms |
Methodology and Sources
- Device counts, growth rates, long-range forecasts, the forecast revision, connectivity mix, operator concentration, and chipset market figures all come from IoT Analytics research published October 28, 2025 (number of connected IoT devices, state of enterprise IoT).
- The range of competing 2026 estimates was compiled by comparing published figures across market research firms and aggregators, which is why this roundup reports the range rather than selecting one number (Statista IoT connections forecast).
- Data watch: this roundup leans heavily on a single research firm because IoT Analytics is the only source publishing a consistent, methodologically disclosed device series, and mixing its numbers with other firms’ would produce a false trend. That single-source dependence is a real limitation, not a strength. There is no industry-standard definition of an IoT device, and published 2026 estimates span roughly 19 to 27 billion depending on whether smartphones, tablets, laptops, and consumer wearables are included; none of the figures here should be compared against a number from another firm without checking both definitions. The 2025 device count is a forecast rather than a completed measurement, and IoT Analytics revised it downward by roughly 300 million from its own prior projection. Everything for 2030 and 2035 is projection. Rows marked as derived are arithmetic on published figures.
- Last updated: August 2, 2026. We update this roundup quarterly as IoT Analytics publishes new device and chipset data.