The Internet of Things (IoT) has revolutionized industries by enabling automation and transforming traditional industries like smart cities, smart homes, smart factories, and connected vehicles. IoT, based on ICT, combines the physical and digital worlds, streamlining business processes and boosting productivity. The market is rapidly growing, with the number of IoT-connected devices expected to reach 29 billion by 2030. This growth has led to increased demand for cloud services and AI, prompting top tech companies to invest billions in IoT technologies. This post highlights the top 20 biggest IOT companies in the world by revenue in 2024.
What is the Internet of Things (IoT)?
The Internet of Things (IoT) is a network of interconnected devices that exchange data with each other and the cloud. These devices, embedded with sensors and software, can include mechanical and digital machines and consumer objects.
What is IoT used for?
IoT is increasingly used by organizations to improve efficiency, customer service, decision-making, and business value. Data transfer is done over a network without human-to-human or human-to-computer interactions. IoT devices can be natural or artificial objects with Internet Protocol addresses.
How does IoT work?
An IoT ecosystem consists of web-enabled smart devices that use embedded systems, such as processors, sensors, and communication hardware, to collect, send, and act on data they acquire from their environments.
Benefits of using IoT in Businesses
IoT offers many benefits to businesses, including decreased operating costs, new consumer insights, an improved customer experience, and opportunities to optimize business operations.
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Disadvantages of using IoT in businesses
IoT also has another side, apart from the benefits it confers on businesses. Some of them include:
- security and data privacy challenges
- hidden technology
- Power dependence and connectivity
Top 20 Biggest IoT Companies in the World in 2024
20. Sensata Technologies Holding plc ($4.029 billion)
Sensata Technologies Holding plc is an American company that sells sensors and controllers for position and thermal management sensors. It is a leading player in the heavy vehicle tire pressure sensing sensor market, expecting $100 million in revenue by 2027.
The company’s high-voltage junction boxes have won $250 million in business. The largest investor is Select Equity Group, which owns 9.9 million shares worth $409 million.
19. NXP Semiconductors N.V. ($13.21 billion)
NXP Semiconductors N.V. is a global semiconductor company that designs products like EdgeLock SE050 for IoT gadgets, ensuring data security over the internet. As a leader in processing and sensing solutions, they are driving a more innovative and connected world for the future. They develop solutions for secure connections, safer automobiles, and intelligence in everyday items.
Acquired by Freescale in 2015, NXP has the highest market share among microcontrollers and application processors, holding 19% of the total market. The company faces strong demand for semiconductors with older processes due to longer lead times. Israel Englander’s Millennium Management owns 2.4 million shares worth $368 million.
18. STMeletcronics ($16.13 billion)
STMicroelectronics is a world leader in providing semiconductor solutions that make a positive contribution to people’s lives, today and into the future.
Offering one of the industry’s broadest product portfolios, ST serves customers across the spectrum of electronics applications with innovative semiconductor solutions for Smart driving and the Internet of Things. By getting more from technology to get more from life, ST stands for life.augmented.
17. Texas Instruments, Inc. ($20.03 billion)
Texas Instruments (TI) is an American company that offers over 100,000 products, with its largest segment being analog semiconductors that convert real-world signals into digital data streams. The company sells these products to consumer electronics and industrial markets, and it also produces embedded processors for processing data from analog chips.
TI also produces digital light processing chips for high-definition projectors, custom semiconductors, and calculators. Its diverse silicon portfolio includes microcontrollers, processors, sensors, and power management chips for IoT gadgets like bulbs, wireless routers, pumps, and refrigerators.
With a 72% market share in analog devices and a 12% share in other products, TI is one of the largest players in an industry populated by over 30 firms.
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16. Johnson Controls International plc ($25.299 billion)
Johnson Controls is a company that focuses on making buildings smarter through its smart home products, including HVAC controls and electronic access control. With a 20% market share in the power solutions market and a 3% share in the building control market, the company faces strong demand for its products.
The company’s backlog has grown by 11% annually, reaching $11 billion by Q3 2022. D.E. Shaw is its largest shareholder, holding a $140 million stake.
15. ABB Ltd ($29.4 billion)
ABB Ltd, a Swiss automation and electrification company, is outperforming its closest rivals in sales growth across four segments: electrification, process automation, motion, and robotics. The firm’s latest growth figures are 22%, 6%, 23%, and 13%, outpacing the average peer group growth. ABB’s strong order backlog, which has grown by 35% in the latest quarter, indicates stable future revenues.
The company’s largest investor is Ken Fisher’s Fisher Asset Management, which owns 20 million shares worth $534 million. ABB is one of the world’s biggest IoT companies.
14. SAP ($32.526 billion)
SAP, a German multinational software company, specializes in managing customers and business operations through cloud engineering systems, database software, and ERP systems. With 107,415 employees, SAP anticipates the Internet of Things will significantly change the market.
The company’s Edge Gateway service collects and processes sensor readings, sending commands to the sensor network. SAP is the leading provider of enterprise resource planning software, integrating back-office functions like distribution, accounting, human resources, and manufacturing.
SAP’s Device Connectivity features enable data to be sent to SAP IoT directly or via the Edge Gateway service, supporting HTTP, MQTT, OPC, and UA ingestion protocols.
13. Honeywell ($35.466 billion)
Honeywell invents and manufactures technologies to address some of the world’s toughest challenges initiated by revolutionary macrotrends in science, technology and society.
They improves business performance for customers with automation and control solutions, equipment and services that enhance safety, reliability and efficiency. Year founded: 1906 Revenue: $40.3 billion (2014) NYSE: HON
12. Telefónica ($42.137 billion)
Telefónica is a company that is aware of the new challenges posed by today’s society. This is why we offer the means to facilitate communication between people, providing them with the most secure and state of the art technology in order for them to live better, and for them to achieve whatever they resolve.
An innovative and attentive spirit with an immense technological potential that multiplies the ability to choose of its more than 327 million clients in 21 countries. Telefónica is a 100% listed company with more than one and a half million shareholders, traded in several of the most important stock markets around the world.
11. QUALCOMM Inc. ($44.2 billion)
Qualcomm is the world leader in next-generation mobile technologies. Its ideas and inventions are driving wireless growth and helping to connect people to information, entertainment, and one another.
Qualcomm’s breakthrough technologies enable the convergence of mobile communications and consumer electronics, making wireless devices and services more personal, affordable, and accessible to people everywhere.
10. Cisco ($52.28 billion)
Cisco is a global leader in connecting people, things, and technologies to the Internet, with over 70,000 employees in over 400 offices worldwide. The company has expanded to new markets and expanded its core networking business to automate, orchestrate, integrate, and deliver an array of IT-based products and services.
Cisco Catalyst IW9167 is a state-of-the-art platform for mission-critical applications, offering wireless connectivity and easy-to-use network management tools. The platform helps control and simplify edge-to-multi-cloud data exchange by extracting, transforming, and sending data to connected applications.
It features Cisco Ultra-reliable Wireless Backhaul technology for faster connectivity in remote areas and Wi-Fi 6/6E for industries to connect devices. Cisco also has subsidiaries like Jasper, OpenDNS, and CloudLock.
9. IBM ($60.53 billion)
IBM is an American technology company that produces computer hardware, software, and middleware and offers consulting and hosting services in over 171 countries. Its cloud technologies help businesses grow by connecting them with IoT data, enabling faster data collection and analytics.
IBM’s Watson IoT platform allows businesses to create analytics apps to understand the nature of IoT data, such as consumer demographics. The IBM cloud can be linked with devices using HTTP or MQTT communication protocols, allowing businesses to manage assets and AI-driven robots for high-quality product manufacturing.
IBM is one of the largest software solutions providers in the global technology services market, holding a 33% market share and an 88% market share in the business services market. Arrowstreet Capital, owned by Peter Rathjens, Bruce Clarke, and John Campbell, owns 2.6 million shares worth $372 million.
8. Intel ($63.054 billion)
Intel is a leading global manufacturer of semiconductor chips, including microprocessors, motherboard chipsets, embedded sensors, flash memory, graphic chips, and network interface controllers. The company’s CPU processors are optimized for IoT with improved high-performance design, AI, long-term software support, expanded bandwidth, and DDR5 memory.
Intel’s edge computing and Mobileye revenue account for nearly 30% of its revenue in Q3 2022, and it holds an 18% market share in the automotive market and a 73% share in digital enterprise products. The company’s largest investor is David Blood and Al Gore’s Generation Investment Management.
Intel’s industrial Edge software helps Audi improve quality controls in its auto industries, reducing human error during vehicle manufacturing. The company has also collaborated with Accenture and the Sulubaai Environmental Foundation to launch an AI Corail robot for coral reef monitoring.
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7. Siemens ($77.25 billion)
Siemens is the largest engineering company in Europe. It is a multinational conglomerate technology company based in Munich, Germany. They manufacture consumer electronics, water treatment systems, industrial machines, home appliances, and telecommunication equipment.
Siemens also offers IoT, project engineering financing, and construction services. As of October 2022, Siemens had 303,000 employees. The company uses edge computing for fast processing and production, supporting cloud computing and edge computing for remote operation.
AI uses data from connected machines to improve manufacturing processes. Siemens also uses Simatic IoT gateways to collect data from different manufacturers, enabling businesses to improve production processes.
6. Bosch IoT ($78.74 billion)
Bosch, founded in 1886, is a German technology and engineering company specializing in software, hardware, household appliances, industrial technology, energy, and building technology. With 402,600 employees, the company offers the Bosch IoT Suite, which collects, processes, stores, and assesses IoT data to improve business and customer experiences.
Bosch operates through 440 subsidiaries in 60 countries and has connected over 15 million devices, machines, and sensors globally. The suite provides secure data storage and transfer, as well as an end-to-end service solution for data analytics and management.
5. Amazon web services ($80 billion)
Amazon Web Services has developed AWS IoT, a managed cloud platform that enables secure and easy interaction between connected devices and cloud applications. It can support billions of devices and trillions of messages, processing and routing them to AWS Endpoints and other devices reliably and securely.
AWS also provides various analytics solutions to meet data analysis needs.
4. Microsoft ($198.270 billion)
Microsoft, founded in 1975 by Bill Gates and Paul Alien, is a US multinational software company that produces personal computers, consumer electronics, and related services. Its Azure IoT cloud services connect, monitor, and control billions of IoT assets using Wi-Fi sensors.
Microsoft also offers an open-source Device SDK for mobile apps, accelerating the development of IoT solutions. These SDKs support HTTP, AMQP, and MQTT communication programs, allowing them to link to various devices.
3. Samsung Electronics ($234.08 billion)
Samsung, a South Korean multinational company, develops smartphones, batteries, display monitors, cameras, image sensors, and semiconductors. Its SmartThings app allows users to monitor and control smart devices or appliances from their phones, requiring internet connectivity.
Samsung IoT services require compatible devices. Samsung IoT services can integrate multiple devices at work or home with a smartphone. This makes it a convenient and efficient solution for home and work.
2. Google ($279.8 billion)
Google is among the biggest IoT companies in the world by revenue in 2022. It was founded in 1998 by Larry Page and Sergey Brin. It is a multinational technology company specializing in search engines, cloud computing, IoT, online advertising, computer software, consumer electronics, and artificial intelligence.
With 139,995 employees as of October 2022, Google Cloud offers software and hardware integrations, secure data transfer, and access to IoT services through Gmail accounts.
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1. Apple ($394.33 billion)
Apple, founded in 1976, tops the list of the biggest IoT companies globally, with 154,000 employees as of October 2022. The iPhone, launched in 2007, is considered the first IoT device, enabling companies like Uber and Foursquare to gather vast amounts of information. Apple was ranked as the most popular IoT brand in 2015 by ThroughTek.
Despite some industry experts arguing that Apple doesn’t produce as much IoT hardware as Google, Apple’s seamless integration across its entire product line including iPad, MacBook, Apple Watch, and iPhone gives it a competitive advantage that is nearly unbeatable.
Conclusion
The Internet of Things (IoT) is a rapidly growing technology industry with numerous potential use cases. With hundreds of IoT services and devices available, such as cars, refrigerators, thermostats, speakers, locks, and lighting systems, it connects devices to transmit data, providing businesses and consumers with access to previously unreachable data.
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