Through September 2026, the Sensor subsector saw 62 deals or 23% of the total followed by the Control System subsector at 39 deals equal to 14% of M&A volumes in the IoT sector. The IT Services and Security subsectors also recorded significant activity, with 36 and 24 deals, accounting for 13% and 9% of total deal volume, respectively. Other noteworthy subsectors include Industry-specific Applications, Mobility, Enterprise Networking, Carrier infrastructure, Energy & Power, and Enterprise Resource Planning.