The global IoT connectivity market attained a value of about USD 163.2 billion in 2020. The IoT connectivity market is further expected to grow in the forecast period of 2021-2026 at a CAGR of 20.9% to reach approximately USD 493 billion by 2026.

The IoT connectivity market is being driven by the rising demand for high-speed network connectivity.

Internet of Things (IoT) connectivity is defined as an eco-system which contains a network of interconnected devices, mechanical and digital machines, objects, animals, or people possessing unique identifiers (UID).

In other words, IoT connectivity is defined as different types of network solutions. These network solutions may contain sensors, gateways, routers, applications, platforms, and other systems. IoT connectivity finds application in smart retail, smart manufacturing, smart transportation, and smart grid and utilities, among others.

The IoT connectivity market is being driven by the growing adoption of IoT in medium and large enterprises, owing to the significant increase in investments in technology. This can be attributed to the ability of IoT to improve monitoring, enhance decision-making, bolster relationships with clients, and facilitate smooth operations in a company.

The technological advancements in the end-use industries of IoT connectivity, including smart manufacturing and smart retail, among others, is likely to augment market growth in the forecast period. In terms of region, North America accounts for a significant share in the market and is anticipated to witness steady growth in the forecast period.

The market in the region is being driven by the growing adoption of smartphones, laptops, tablets and computers, coupled with the easy availability of high-speed internet in the United States of America and Canada.

Some of the major players in the market are:

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