In the first quarter of 2025, the Systems subsector saw 24 deals followed by the IT Services & Distribution subsector at 14 deals, representing 40% and 23% of total M&A volumes in the IoT sector, respectively. Significant activity also occurred in the Application Software space where there were 11 transactions, representing 18% of total deal volumes. Other noteworthy subsectors include Security, Enterprise Networking, Energy & Power and Mobility. 

The IoT sector saw a diverse range of top buyers.  Strategics included Hitachi, Sick, ABB, Nayax, Badge Meter, Assa Abloy and Motorola.  Financial buyers featured such companies as CBPE Capital, Goldman Sachs, CIVC Partners and Nedvest Capital.