Through September 2025, the control and sensor systems subsector saw 101 deals or 43% followed by the Application Software subsector at 48 deals or 20% of total M&A volumes in the IoT sector. Significant activity also occurred in the related IT Services 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.