IoT Engineer Salary for 2024 [Freshers & Experienced]

"The Internet of Things has the potential to change the world, just as the Internet did, maybe even more so,” said by Kevin Ashton, a British technology pioneer and cofounder of the Auto-ID Center at the Massachusetts Institute of Technology (MIT). The IoT (Internet of Things) market is expanding. Hence, the demand for IoT engineers has also increased and will continue to grow. With the rising demand, the IoT engineer salary is also getting impressive. 

According to a report, the global IoT engineering services market expanded to $31.22 billion in 2024 from $25.24 billion at a CAGR (compounded annual growth rate) of 23.7%. The same is expected to reach $71.25 billion in 2027 at a CAGR of 22.9%.

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Who is an IoT Engineer?

An IoT engineer is a professional who designs and develops applications, systems, and solutions for the Internet of Things (IoT). They create, manage, and monitor IoT devices and networks that collect and transmit data from sensors and then use that data to automate processes and enable decision-making.

IoT Developers have versatile roles requiring proficiency in various fields, such as security, networking, systems engineering, cloud programming, and hardware device programming. Their jobs enable them to wear multiple hats at once and be flexible in their approach. Hence, an IoT engineer salary falls under an excellent range.

Some specific tasks that an IoT engineer might undertake include designing and testing hardware and software, troubleshooting issues with IoT devices, and integrating various systems into a cohesive whole.

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Usually, IoT developers collaborate with Data Science, Business Analytics, Design Teams, and Engineering to devise the best IoT solutions for real-world difficulties.

IoT engineers' job description includes working on three parameters-

• Selecting and managing the data
• Assembling data while utilizing appropriate technology
• Conducting research

Their work enables the creation of bright, connected environments that enhance people's lives.

If you are thinking of building a career in IoT, you should pursue IoT training and master the emerging technology and identify market opportunities and build innovative products.

What does IoT Engineer Do?

The responsibility of an IoT engineer is a broad umbrella. Hence, they perform an array of work that includes the following:

• Conduct research, develop, examine, and document advanced IoT solutions to incorporate electronics and firmware development.
• Utilize dynamic IoT, Computer Vision, and MEAN technology stack to develop solutions for complex real-world problems.
• Plan and develop tools to optimize support QA, deployment, and support services.
• Create innovative IoT services that communicate with server-side technologies and build MEAN stack solutions as necessary.
• Implement cutting-edge tools and techniques to demonstrate proficiency in rapid prototyping and structured implementation.
• Design and build platform solutions for cloud-to-edge IoT applications to configure and customize for various clients.
• Develop and design software for local IoT devices, including monitoring, execution, and self-healing processes.
• Establish an optimized backup program and offer comprehensive support services to all customers.
• Manage backup systems and establish self-healing processes for efficient and reliable operation.

IoT Engineer Salary in 2024

The IoT-embedded engineer salary depends on various factors including experience, skill, industry, location, certification, demand, etc. Here, we have covered IoT engineers' salaries for different locations, expertise, skills, and more.

1. Average IoT Engineer Salary

The table below describes the average IoT engineer salary on an hourly, monthly, and yearly basis:

2. IoT Engineer Salary: Based on Experience

The salary of IoT engineers varies based on experience, with beginners, intermediate, and advanced professionals earning different amounts.

Here is the average pay for IoT Engineers based on experience, according to data from Indeed.com:

• Beginner: IoT Engineer fresher salary with less than one year of experience can expect to earn an average salary of $56,000 per year.
• Intermediate: How much does an IoT engineer make as an expert with intermediate level of skills? IoT Engineers with 1-5 years of experience can expect to earn an average salary of $89,217 per year.
• Advanced: Engineers with 5+ years of experience can earn an average salary of $120,000 per year. Senior IoT engineer salary can go up to USD 200,000 with better skills and relevant certification.

3. IoT Engineer Salary: Based on Location

Here are the average salaries for IoT Engineers based on location in India, according to data from Glassdoor.com.

• India

India has the world's second-largest telecommunication industry, with over 1.2 billion subscribers and second-most internet and smartphone users worldwide. The nation offers various opportunities for IoT engineers and developers with varying salary packages in different locations. The average salary for an IOT Engineer is ₹4,08,000 per year in India

The table below mentions IoT software engineer salary offered by some top companies in the following cities:

• United States (USA)

According to Glassdoor.com, the average IoT software engineer salary is USD 106,519 per annum. Moreover, the USA is known to offer the highest salaries to IoT engineers worldwide.

However, the salary varies from one location to another. The table below mentions different salary packages of IoT engineers in the United States.

• United Kingdom (UK)

The national average salary for a IOT Engineer is £52,555 in the United Kingdom. The table mentions the average Internet of Things engineer salary of top 10 regions in the UK:

• Australia

The national average salary for a IOT Engineer is $94,000 in Australia. IoT software engineer salary in Australia for different regions are as follows:

• Canada

According to Indeed reports, the average annual salary of IoT engineers in Canada is CAD 114,285 or USD 83,868.05.

However, the actual pay of individuals varies depending on various factors, such as location, skill, experience level, etc. The table below describes different salaries for distinct locations in Canada:

• Singapore

Singapore is a global technology hub known for its innovative and forward-thinking approach to technology. Given the country's strong focus on innovation and technology, it is not surprising that the demand for IoT engineers is high in Singapore. Plus, the salaries for these professionals are generally competitive. the average annual salary of IoT engineers in Singapore is $6,165/month.

The table below mentions IoT software engineer salary for different locations in Singapore:

4. IoT Engineer Salary: Based on Industry

Salaries for IoT software engineers can vary based on the industry. Generally, highly technology-focused sectors, such as the IT (Information Technologies) and Aerospace & Defence tend to offer higher salaries for IoT engineers.

However, the demand for IoT engineers is increasing across various industries, making it an exciting and potentially lucrative field to work in.

*The information in the table is from the reports of Glassdoor.com.

5. IoT Engineer Salary: Based on Skills

IoT software engineer salary also depends on their skills. Advanced skills in data analytics, cloud computing, cybersecurity, and machine learning are in high demand and can lead to higher salaries. On the other hand, having basic or general skills may result in lower salaries. Advanced Web Development course will help you master technologies creating seamless websites and build essential web development skills.

Factors Affecting IoT Engineer Salary

Various factors influencing the salary of an IoT engineer are as follows:

1. Location: The location plays a significant role in determining an IoT software engineer salary. For example, in the United States, an IoT engineer in San Francisco can earn up to 35% more than their counterpart in Atlanta. In Singapore, an IoT engineer can expect to earn around USD 45,961.90 per year, whereas, in Canada, the average salary is around USD 83,868.05 per year.

2. Industry / Employer / Company: The IT and aviation industries tend to offer higher salaries than industries such as healthcare and manufacturing. Large companies generally offer higher salaries than small to medium-sized enterprises.

For instance, the IT industry pays an average annual salary of USD 111,842, while the healthcare industry pays USD 102,933.

3. Experience: IoT engineers with several years of experience can expect to earn more than entry-level professionals. In the United States, the average IoT engineer starting salary is around USD 67,000, while an IoT engineer with ten or more years of experience can earn over USD 140,000.

4. Demand and Supply: If the demand for IoT engineers is high, salaries are likely to be higher as well. Conversely, if there is an oversupply of IoT engineers, salaries may be lower.

5. Credentials / Certifications: Credentials and certifications can also impact an IoT engineer's salary. Having additional credentials such as a master's degree or certification in a specific technology can increase their marketability and earning potential.

6. Skills: Advanced skills in areas such as data analytics, cloud computing, cybersecurity, and machine learning are in high demand and can lead to higher salaries.

How to Improve IoT Engineer Salary?

To improve an IoT engineer's salary, one can take several steps to increase their skills, certifications, degrees, and experience.

• Skills: Engineers honing their skills in areas such as data analytics, cybersecurity, machine learning, and cloud computing can make IoT engineers more competitive in the job market and increase their earning potential.
• Certifications: Obtaining certifications in specific technologies or platforms can make an IoT engineer more attractive to potential employers, who often seek candidates with a deeper understanding of IoT technology.
• Degrees: Earning a higher degree, such as a master's degree, can also increase an IoT engineer's marketability and salary potential, especially when combined with relevant work experience.
• Experience: Gaining experience in the field by working on real-world IoT projects and building a strong work portfolio can significantly improve an IoT engineer's chances of earning a higher salary.

Why are IoT Engineers Paid So Much?

IoT engineers make good salaries, well because they have a specialized skill set that is in high demand due to the growing adoption of IoT technology across various industries. Below are some reasons why IoT engineer salaries are impressive:

• High Demand: The demand for IoT engineers is increasing as more and more companies adopt IoT technology to optimize their operations, reduce costs, and improve customer experiences.
• Specialized Skill Set: IoT engineers have a unique skill set that combines hardware and software expertise, making them valuable assets to companies developing IoT solutions.
• Cross-Functional Skills: IoT engineers often work on projects that require collaboration with professionals from other fields, such as data science, cybersecurity, and cloud computing. Their cross-functional skills make them an essential part of many teams. Therefore their salaries tend to be higher.
• Rapidly Evolving Field: The IoT industry is evolving fast, with new technologies and applications being developed continuously. This requires IoT engineers to stay up-to-date with the latest developments and trends, making their skills even more valuable and lucrative.

Conclusion

It is evident that the demand for IoT engineers is growing fast, and with it, the development in IoT engineer salary for freshers and experienced professionals. As more industries embrace the benefits of this technology, companies seek talented and skilled IoT engineers to drive innovation and optimize their operations. With the rapid evolution of the IoT industry, it is an exciting time to be an IoT engineer, and the future looks bright for those pursuing a career in this field. upGrad's Advanced Software Development Course will help you increase your value in the job market by learning multiple programming languages.

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