In 2025, the Control and Sensor Systems subsector saw 136 deals or 43% of the total followed by the Application Software subsector at 71 deals or 22% of M&A deal volumes in the IoT sector. Significant activity also occurred in the related IT Services space where there were 46 transactions, representing 14% of total deal volumes. Other noteworthy subsectors include Security, Mobility, Energy & Power, Enterprise Networking and Information Management.