IoT connections outlook
Broadband IoT makes up more than 50 percent of all cellular IoT connections
Key findings
By the end of 2030, around 60 percent of cellular IoT connections are forecast to be Broadband IoT.
Total cellular IoT connections was around 4 billion at the end of 2024.
5G RedCap has been launched by six service providers in four different global markets.
The total number of cellular IoT connections approached 4 billion at the end of 2024, and is forecast to have a CAGR of around 11 percent through to 2030, surpassing 7 billion by that time. The Massive IoT technologies NB-IoT and Cat-M – supporting wide-area use cases involving large numbers of low-complexity, low-cost devices with long battery lives and low-to-medium throughput – continue to be rolled out around the world. Globally, 133 service providers have deployed or commercially launched NB-IoT networks and 61 had launched Cat-M by the end of 2024.[1] 5G RedCap has been commercially launched by six service providers in four different markets. More than 20 leading service providers worldwide are currently performing tests and trials, with many more exploring the technology.[2]
IoT connections (billion)
| IoT | 2024 | 2030 | CAGR 2024-2030 |
|---|---|---|---|
| Wide-area IoT | 4.4 | 8.0 | 11% |
| Cellular IoT | 3.9 | 7.2 | 11% |
| Short-range IoT | 14.4 | 35.0 | 16% |
| Total | 18.8 | 43.0 | 15% |
Note: Based on rounded figures. Cellular IoT figures are also included in the figures for wide-area IoT.
The number of Broadband and Critical IoT (4G/5G) connections surpassed 2 billion by the end of 2024 and are expected to continue to connect the largest share of cellular IoT devices through 2030. This segment mainly includes wide-area use cases that require higher throughput, lower latency and larger data volumes than can be supported by Massive IoT devices. LTE Cat-1 devices, which support 10 Mbps downlink and 5 Mbps uplink speeds, are increasingly being used for a variety of use cases. This rise is fueled by growing demand for new use cases and the need to shift away from legacy technologies.
2G and 3G networks continue to be shut down around the world to refarm spectrum for use with 4G and 5G. In many markets, the phase-out of 3G networks is expected to occur more rapidly than that of 2G in the upcoming years, as sunsetting 3G networks enables the reuse of spectrum to strengthen 4G and 5G user experiences. 2G networks, with their minimal use of spectrum, will continue to be utilized for voice and legacy IoT services for a longer duration.
The growth of Massive IoT technologies is enhanced by added capabilities in the networks, enabling Massive IoT to co-exist with 4G and 5G in frequency division duplex (FDD) bands, via spectrum sharing.
By the end of 2030, around 60 percent of cellular IoT connections are forecast to be Broadband IoT, with 4G connecting the majority. As 5G NR is being introduced in old and new spectrum, throughput data rates will increase substantially for this segment. Northeast Asia is the leading region in terms of the number of cellular IoT connections with around 70 percent share of all connections by the end of 2024.
Cellular IoT connections by segment and technology
