The North America IoT market is expected to grow from US$ 146.11 billion in 2022 to US$ 706.10 billion by 2028. It is estimated to grow at a CAGR of 30.0% from 2022 to 2028.
Progressive Deployment of 5G Networks is Anticipated to Create Lucrative Growth Opportunities for the North America IoT Market in the Coming Years
The rapid rollout of the 5G network by various telecom providers is expected to create lucrative opportunities for IoT players. In the past few years, 2G, 3G, and 4G communication technologies were mainly developed for mobile broadband and personal communication services and have proven extremely proficient in meeting the demands of IoT. However, the emergence of 5G has encouraged dedicated capabilities tailored for numerous IoT applications. There is an increase in investment in 5G infrastructure across developed and developing countries as 5G enables stable, faster, and secure connectivity that is helping in advancing IoT applications for self-driving vehicles, smart grids for renewable energy, and AI-enabled robots on factory floors. According to Qualcomm, an American multinational corporation, the global 5G value chain is anticipated to be US$ 3.5 trillion by 2035, which is greater than the entire mobile value chain as of 2021. Therefore, this growth of the 5G value chain is a major contributor to the expansion and deployment of the 5G network. Furthermore, the integration of the 5G network is projected to enable seamless and reliable connection of billions of IoT devices, and the ongoing trend of the 5G IoT ecosystem, as well as growth of the critical communication services industry, are anticipated to create lucrative growth opportunities for the North America IoT market in the coming years.North America Overview
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 (79%). Additionally, organizations are implementing AI to enable capabilities such as visual image recognition and interpretation, as well as natural language recognition and processing, and improve user experiences. Moreover, there is increased adoption of IoT-based software and services across several industry verticals in the region. For instance, the manufacturing & energy industries are operating on machine learning algorithms to predict and prevent equipment failures, using AI and IoT to make buildings more sustainable and improve worker's health & safety. Further, the mobility industry is combining AI and IoT to monitor driver's safety and optimize routes in real time. With the shift from AI, analytics, and business logic to devices at the edge, businesses are solving privacy and latency issues and enabling offline solutions, thereby becoming major trends in North America. As IoT devices are rapidly gaining traction, businesses across manufacturing, retail/wholesale, transportation, government, and healthcare industries continue to demand IoT solutions for smart homes, smart city, self-driven cars, IoT retail shops, farming, wearables, smart grids, and industrial internet. Moreover, combining the IoT technology with emerging technologies such as edge computing leads to new opportunities for the North America IoT market in the region.North AmericaIoT Market Revenue and Forecast to 2028 (US$ Billion)
North AmericaIoT Market Segmentation
The North AmericaIoT market is segmented into offering, end user, and country.- Based on offering, the North America IoT market is segmented into hardware, software, and, services. In 2022, the hardware segment registered the largest share in the North America IoT market. 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. In 2022, the industrial segment registered the largest share in the North America IoT market.
- Based on country, the North America IoT market is segmented into the US, Canada, and Mexico. In 2022, the US segment registered the largest share in the North America IoT market.
Table of Contents
1. Introduction1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
1.3.1 North America IoT Market - by Offering
1.3.2 North America IoT Market - by End User
1.3.3 North America IoT Market - by Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America IoT Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. North America IoT Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increase in Number of Smart City Projects
5.1.2 Reduction in Cost of Connected Devices and Increase in Investments in IoT
5.1.3 Rise in Implementation of IoT in Automotive Sector
5.2 Market Restraints
5.2.1 Data Security and Interoperability Issues
5.3 Market Opportunities
5.3.1 Progressive Deployment of 5G Networks
5.4 Future Trends
5.4.1 Massive Expansion of E-Commerce Industry
5.4.2 Increase in Digitalization Across Industries and Rise in Importance of Service Providers
5.5 Impact Analysis of Drivers and Restraints
6. IoT Market - North America Market Analysis
6.1 North America IoT Market Overview
6.2 North America IoT Market Revenue Forecast and Analysis
7. North America IoT Market - By Offering
7.1 Overview
7.2 North America IoT Market, by Offering (2021 and 2028)
7.3 Hardware
7.3.1 Overview
7.3.2 Hardware: North America IoT Market - Revenue and Forecast to 2028 (US$ Billion)
7.3.3 Processors
7.3.3.1 Overview
7.3.3.2 Processors: North America IoT Market - Revenue and Forecast to 2028 (US$ Billion)
7.3.4 Connectivity Modules
7.3.4.1 Overview
7.3.4.2 Connectivity Modules: North America IoT Market - Revenue and Forecast to 2028 (US$ Billion)
7.3.5 Sensors
7.3.5.1 Overview
7.3.5.2 Sensors: North America IoT Market - Revenue and Forecast to 2028 (US$ Billion)
7.3.6 Memory Devices
7.3.6.1 Overview
7.3.6.2 Memory Devices: North America IoT Market - Revenue and Forecast to 2028 (US$ Billion)
7.3.7 Others
7.3.7.1 Overview
7.3.7.2 Others: North America IoT Market - Revenue and Forecast to 2028 (US$ Billion)
7.4 Software
7.4.1 Overview
7.4.2 Software: North America IoT Market - Revenue and Forecast to 2028 (US$ Billion)
7.5 Services
7.5.1 Overview
7.5.2 Service: North America IoT Market - Revenue and Forecast to 2028 (US$ Billion)
8. North America IoT Market Analysis - by End User
8.1 Overview
8.2 North America IoT Market, by End User (2021 and 2028)
8.3 Industrial
8.3.1 Overview
8.3.2 Industrial: North America IoT Market - Revenue and Forecast to 2028 (US$ Billion)
8.4 Commercial
8.4.1 Overview
8.4.2 Commercial: North America IoT Market - Revenue and Forecast to 2028 (US$ Billion)
8.5 Residential
8.5.1 Overview
8.5.2 Residential: North America IoT Market - Revenue and Forecast to 2028 (US$ Billion)
9. North America IoT Market - Country Analysis
9.1.1 Overview
9.1.2 North America IoT Market, by Country
9.1.2.1 US IoT Market - Revenue and Forecast to 2028
9.1.2.1.1 US IoT Market, By Offering
9.1.2.1.2 US IoT Market, By Hardware
9.1.2.1.3 US IoT Market, By End User
9.1.2.2 Canada IoT Market - Revenue and Forecast to 2028
9.1.2.2.1 Canada IoT Market, By Offering
9.1.2.2.2 Canada IoT Market, By Hardware
9.1.2.2.3 Canada IoT Market, By End User
9.1.2.3 Mexico IoT Market - Revenue and Forecast to 2028
9.1.2.3.1 Mexico IoT Market, By Offering
9.1.2.3.2 Mexico IoT Market, By Hardware
9.1.2.3.3 Mexico IoT Market, By End User
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
10.3 Merger and Acquisition
10.4 New Development
11. Company Profiles
11.1 Microsoft Corporation
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Hewlett Packard Enterprise Development LP (HPE)
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 SAS Institute Inc.
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 VMware, Inc.
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Google LLC
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 Oracle Corporation
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 Cisco Systems, Inc.
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 SAP SE
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 IBM Corporation
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 QUALCOMM INCORPORATED
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
12. Appendix
12.1 About the Publisher
12.2 Word Index
List of Tables
Table 1. North America IoT Market Revenue and Forecast to 2028 (US$ Billion)
Table 2. North America IoT Market - Revenue and Forecast to 2028 - By Country (US$ Billion)
Table 3. US IoT Market - Revenue and Forecast to 2028 - By Offering (US$ Billion)
Table 4. US IoT Market - Revenue and Forecast to 2028 - By Hardware (US$ Billion)
Table 5. US IoT Market - Revenue and Forecast to 2028 - By End User (US$ Billion)
Table 6. Canada IoT Market - Revenue and Forecast to 2028 - By Offering (US$ Billion)
Table 7. Canada IoT Market - Revenue and Forecast to 2028 - By Hardware (US$ Billion)
Table 8. Canada IoT Market - Revenue and Forecast to 2028 - By End User (US$ Billion)
Table 9. Mexico IoT Market - Revenue and Forecast to 2028 - By Offering (US$ Billion)
Table 10. Mexico IoT Market - Revenue and Forecast to 2028 - By Hardware (US$ Billion)
Table 11. Mexico IoT Market - Revenue and Forecast to 2028 - By End User (US$ Billion)
Table 12. List of Abbreviation
List of Figures
Figure 1. North America IoT Market Segmentation
Figure 2. North America IoT Market Segmentation - By Country
Figure 3. North America IoT Market Overview
Figure 4. North America IoT Market, by Offering
Figure 5. North America IoT Market, by Hardware
Figure 6. North America IoT Market, by End User
Figure 7. North America IoT Market, by Country
Figure 8. North America - PEST Analysis
Figure 9. North America IoT Market- Ecosystem Analysis
Figure 10. Expert Opinion
Figure 11. North America IoT Market: Impact Analysis of Drivers and Restraints
Figure 12. North America IoT Market Revenue Forecast and Analysis (US$ Billion)
Figure 13. North America IoT Market Revenue Share, by Offering (2021 and 2028)
Figure 14. Hardware: North America IoT Market - Revenue and Forecast to 2028 (US$ Billion)
Figure 15. Processors: North America IoT Market - Revenue and Forecast to 2028 (US$ Billion)
Figure 16. Connectivity Modules: North America IoT Market - Revenue and Forecast to 2028 (US$ Billion)
Figure 17. Sensors: North America IoT Market - Revenue and Forecast to 2028 (US$ Billion)
Figure 18. Memory Devices: North America IoT Market - Revenue and Forecast to 2028 (US$ Billion)
Figure 19. Others: North America IoT Market - Revenue and Forecast to 2028 (US$ Billion)
Figure 20. Software: North America IoT Market - Revenue and Forecast to 2028 (US$ Billion)
Figure 21. Service: North America IoT Market - Revenue and Forecast to 2028 (US$ Billion)
Figure 22. North America IoT Market Revenue Share, by End User (2021 and 2028)
Figure 23. Industrial: North America IoT Market - Revenue and Forecast to 2028 (US$ Billion)
Figure 24. Commercial: North America IoT Market - Revenue and Forecast to 2028 (US$ Billion)
Figure 25. Residential: North America IoT Market - Revenue and Forecast to 2028 (US$ Billion)
Figure 26. North America IoT Market, by Country - Revenue (2021) (US$ Million)
Figure 27. North America IoT Market, by Country, 2021 & 2028 (%)
Figure 28. US IoT Market - Revenue and Forecast to 2028 (US$ Billion)
Figure 29. Canada IoT Market - Revenue and Forecast to 2028 (US$ Billion)
Figure 30. Mexico IoT Market - Revenue and Forecast to 2028 (US$ Billion)
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Cisco Systems, Inc.
- Google LLC
- Hewlett Packard Enterprise Development LP (HPE)
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- QUALCOMM INCORPORATED
- SAP SE
- SAS Institute Inc.
- VMware, Inc
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | January 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 146110.88 Million |
| Forecasted Market Value ( USD | $ 706102.09 Million |
| Compound Annual Growth Rate | 30.0% |
| Regions Covered | North America |
