Report : North America IoT Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – Offering [Hardware (Processors, Connectivity Modules, Sensors, Memory Devices, and Others), Software, and Services) and End User (Industrial, Commercial, and Residential)
At 30.0% CAGR, the North America IoT Market is speculated to be worth US$ 706.10 billion by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America IoT market was valued at US$ 146.11 billion in 2022 and is expected to reach US$ 706.10 billion by 2028, registering a CAGR of 30.0% from 2022 to 2028. Increase in number of smart city projects and progressive deployment of 5G networks are the critical factors attributed to the North America IoT market expansion.
Demand for smart city IoT solutions has increased significantly, as several governments are taking initiatives for smart city projects to promote economic development, digitally optimize public assets, and improve infrastructure & environment. Moreover, a smart city project involves billions of smart devices that collect and share information over a wide network spread across a city. In addition, these smart devices share data and coordinate accordingly to ease the lifestyle of the citizens. Furthermore, IoT has boosted various city operations in terms of data acquisition and processing with the help of various sensory devices. Several governments are leveraging wireless technologies to connect and improve infrastructure, efficiency, convenience, and quality of life for residents and visitors. Thus, the growing number of smart city projects is driving the adoption of IoT solutions.
On the contrary, data security and interoperability issues hurdles the growth of North America IoT market.
Based on offering, the North America IoT market is segmented into hardware, software, and services. The hardware segment held 47.0% share of North America IoT market in 2022, amassing US$ 68.74 billion. It is projected to garner US$ 317.94 billion by 2028 to expand at 29.1% CAGR during 2022–2028. The hardware segment is further subsegmented into processors, connectivity modules, sensors, memory devices, and others.
Based on end user, the North America IoT market is segmented into industrial, commercial, and residential. The industrial segment held 46.5% share of North America IoT market in 2022, amassing US$ 67.99 billion. It is projected to garner US$ 325.83 billion by 2028 to expand at 29.8% CAGR during 2022–2028.
Based on country, the North America IoT market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 86.1% share of North America IoT market in 2022. It was assessed at US$ 125.74 billion in 2022 and is likely to hit US$ 617.70 billion by 2028, exhibiting a CAGR of 30.4% during the forecast period.
Key players profiles in the North America IoT market report are Cisco Systems, Inc.; Google LLC; Hewlett Packard Enterprise Development LP (HPE); IBM Corporation; Microsoft Corporation; Oracle Corporation; QUALCOMM INCORPORATED; SAP SE; SAS Institute Inc.; and VMware, Inc. among others.
- Mar-2022, Microsoft Corp announced the completion of its acquisition of Nuance Communications Inc., a pioneer in conversational AI and ambient intelligence in areas such as healthcare, financial services, retail, and telecommunications.
- July 2020, Verizon and Microsoft entered into a partnership for the development of IoT applications. Verizon’s IoT developer platform, ThingSpace, as well as the carrier’s 5G LTE network connectivity, have been integrated with Microsoft Azure’s IoT Central.
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