At 31.4% CAGR, the North America IoT Market is projected to be worth US$ 1,234.05 billion by 2030, says Business Market Insights

According to Business Market Insights’ research, the North America IoT market is expected to grow from US$ 182.08 billion in 2023 to US$ 1,234.05 billion by 2030, registering a CAGR of 31.4% from 2023 to 2030. Increase in number of smart city projects, low cost of connected devices and increase in investments in IoT and rise in implementation of IoT in automotive sector are the critical factors attributed to the North America IoT market expansion.             

The demand for IoT solutions has increased significantly as governments of various countries are taking initiatives for the development of smart city projects to promote economic development, digitally optimize public assets, and improve infrastructure & environment. A smart city project involves the installation of smart devices that collect and share information over a wide network to ease the lifestyle of citizens. Governments of various areas across the region are leveraging wireless technologies to increase infrastructure, efficacy, convenience, and standard quality of life for residents and visitors. In addition, several government initiatives help to increase the demand for smart devices. Thus, the growing number of smart city projects is driving the adoption of IoT solutions, which is driving the IoT software market growth. This is expected to drive the North America IoT market during the forecast period.

On the contrary, data security and interoperability Issues hurdles the growth of North America IoT market. 

Based on component, the North America IoT market is categorized into hardware, software, and services. The hardware segment held 56.6% market share in 2023, amassing US$ 103.12 billion. It is projected to garner US$ 692.74 billion by 2030 to expand at 31.3% CAGR during 2023–2030. Further, software segment is divided into device management, application management, data management, and network management.

Based on enterprise size, the North America IoT market is bifurcated into large enterprises and SMEs. The large enterprises segment held 73.6% market share in 2023, amassing US$ 133.94 billion. It is projected to garner US$ 866.25 billion by 2030 to expand at 30.6% CAGR during 2023–2030.

Based on application, the North America IoT market is categorized into building & automation, smart energy & utilities, smart manufacturing, connected logistics, banking & financial services, aerospace & defense, and others. The smart manufacturing segment held 19.4% share of North America IoT market in 2023, amassing US$ 35.28 billion. It is projected to garner US$ 297.92 billion by 2030 to expand at 35.6% CAGR during 2023–2030.

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 85.4% share of North America IoT market in 2023. It was assessed at US$ 155.40 billion in 2023 and is likely to hit US$ 1,079.54 billion by 2030, exhibiting a CAGR of 31.9% during the forecast period.            

Key players dominating the North America IoT market are Amazon Web Services Inc.; Cisco Systems Inc.; Google LLC; Software AG; International Business Machines Corp; Intel Corp; Microsoft Corp; Oracle Corp; Siemens AG; and SAP SE among others.

• In Jan 2023, AWS Expands Data and Location Services, Offering Opportunities for IoT Partners.
• In Feb 2023, Cisco Enhances IoT Operations Dashboard and Introduces New Industrial IoT Hardware.

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