The number of IoT-based devices that share data by connecting wirelessly to a network is growing tremendously. Also, sensor technology embedded in IoT devices is budget-friendly, advanced, and widely available in the market. The easy availability and cost-effectiveness of devices create possibilities for new sensor applications, including large-scale monitoring and detection. Moreover, mobile connectivity has improved with the advent of 5G, further accelerating investments in IoT-based solutions. Large enterprises continue to invest their resources in IoT, as they are increasingly utilizing the technology as part of their business plans by rapidly revamping their IoT plans and executing long-term IoT deals. For instance, in January 2023, Godrej & Boyce announced its plan to invest in IoT-based systems to improve customer experience and increase their global footprint as well as market share. The company's material handling business division planned to double its investment in technology to support various operations, including sales, manufacturing, and sustainability across its value chain. Also, businesses are investing in connected device sensors, from tools and equipment to vehicles and buildings, and leveraging various layers of analytics to create actionable data sources that derive enhanced business insights. The shift toward IoT adoption is increasing in the IoT industry as several businesses collect and analyze information for better decision-making and increased transparency. The implementation of IoT enables innovation and revenue streams, provides better customer experiences and asset utilization, improves employee productivity, and increases efficiency in supply chain and logistics operations. Therefore, the benefits of employing IoT are a key factor boosting the investment in the cloud, data centers, global networks, and big data analytics, which is driving the North America IoT market growth.
The US, Canada, and Mexico are among the major economies in North America. According to the Microsoft 2021 IoT Signals report, 81% of businesses in the US combine AI with IoT, which is slightly more than the global average, i.e., 79%. Organizations are implementing AI to acquire capabilities such as visual image recognition and interpretation, and natural language recognition and processing, which allows them to offer improved user experience. The adoption of IoT-based software and services has increased across several industry verticals in the region. Manufacturing and energy industries are employing the synergistic abilities of machine learning algorithms, AI, and IoT to foresee and prevent equipment failures to increase the sustainability of their operations and improve the safety of their workforces. Further, the mobility industry combines AI and IoT to monitor driver safety and optimize routes in real time.
With the continuous shift from AI, analytics, and business logic to devices at the edge, businesses are solving issues related to privacy and latency, and enabling offline solutions, which have become a major trend in North America.
North America IoT Market Segmentation
The North America IoT market is segmented based on component, enterprise size, application, and country. Based on component, the North America IoT market is segmented into hardware, software, and services. The hardware segment held the largest market share in 2023. Furthermore, software is segmented 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 a larger market share in 2023.
Based on application, the North America IoT market is segmented into building & automation, smart energy & utilities, smart manufacturing, connected logistics, banking & financial services, aerospace & defense, and others. The smart manufacturing segment held the largest market share in 2023.
Based on country, the North America IoT market is segmented into the US, Canada, and Mexico. The US dominated the North America IoT market share in 2023.
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 are the leading companies operating in the North America IoT market.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 182.08 Billion |
| Market Size by 2030 | US$ 1,234.05 Billion |
| CAGR (2023 - 2030) | 31.4% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2030 |
| Segments Covered |
By Component
|
|
Regions and Countries Covered
|
|
| North America | US, Canada, Mexico |
| Market leaders and key company profiles |
|
The North America IoT Market is valued at US$ 182.08 Billion in 2023, it is projected to reach US$ 1,234.05 Billion by 2030.
As per our report North America IoT Market, the market size is valued at US$ 182.08 Billion in 2023, projecting it to reach US$ 1,234.05 Billion by 2030. This translates to a CAGR of approximately 31.4% during the forecast period.
The North America IoT Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America IoT Market report:
The North America IoT Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America IoT Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America IoT Market value chain can benefit from the information contained in a comprehensive market report.
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