Mobile operators, telecoms firms and tech companies spent over $31bn (£21.9bn) on internet-of-things related acquisitions and investments between 2011 and 2015 as companies aimed to secure a share in what many suspect could be the next step of connected life.

According to tech research and advisory firm Ovum, there were 76 deals across eight sectors, including IT services, wearables and the connected car. Intel led the charge, with a £16.7bn acquisition of chipset maker Altera, while Google, Qualcomm and Verizon all made at least one acquisition worth over $1bn during the period.

The number of acquisitions grew over time, from four deals in 2011 to 19 in 2015, while investments peaked in 2013 as companies such as Fitbit attracted interest from the technology and telecoms sectors. The single biggest investment occurred in 2015, with a $115m funding round for ultra-narrowband network provider Sigfox.

“While telcos are growing more interested in IoT, the data shows that vendors like Intel and Qualcomm, and tech giants like Google, are still putting the most money into the sector,” said Francesco Radicati, senior analyst at Ovum. “Thanks to their corporate venture funds and their proximity to key innovation ecosystems, these firms have the expertise to identify up-and-coming IoT startups, as well as the funds needed to invest and acquire such companies.

“However, telcos are becoming more active themselves, by setting up their own venture funds and startup accelerators and by making acquisitions to support their existing strategies. Notable examples are Verizon’s 2012 purchase of Hughes Telematics and Vodafone’s 2015 acquisition of connected car service provider Cobra.”