In the first half of 2025, the Systems subsector saw 55 deals followed by the IT Services & Distribution subsector at 26 deals, representing 40% and 19% of total M&A volumes in the IoT sector, respectively. Significant activity also occurred in the Application Software space where there were 24 transactions, representing 18% of total deal volumes. Other noteworthy subsectors include Security, Mobility, Energy & Power, Enterprise Networking and Information Management. 

The top acquirer in the IoT space during the first half of 2025 was a Swedish lock systems provider ASSA ABLOY. Its targets were access control systems company Invue and TeleAlarm, an emergency call systems provider.   

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