Through September 2025, the Systems subsector saw 101 deals followed by the Application Software subsector at 48 deals, representing 43% and 20% of total M&A volumes in the IoT sector, respectively. Significant activity also occurred in the IT Services & Distribution space where there were 37 transactions, representing 16% of total deal volumes. Other noteworthy subsectors include Security, Mobility, Energy & Power, Enterprise Networking and Information Management.