In 2023, the global IoT market was worth $596 billion and is expected to grow at a 24.3% CAGR through 2032 to reach over $4.06 trillion. The number of households using smart speakers is forecasted to reach 335.3 million by 2027, up from 131.4 million in 2022, while the number of households using smart appliances is projected to rise to 177.6 million by 2027, up from 73.1 million in 2022.  

Demand for companies providing IoT solutions is strong from strategic and financial acquirers. Growth in the number of connected devices is driving up interest in offerings that enable IoT operations. There are six trends driving M&A activity in the IoT sector in 2024 including security, smart cities, AI, healthcare applications, edge computing and 5G.