United States Internet of Things (IoT) Market Research Report Information By Component (Hardware, Software Solutions And Services), By Organization Size (Large Enterprises, SMES), By Focus Area (Smart Manufacturing, Smart Transportation/Mobility, Smart Energy and Utilities, Smart Retail, Connected Healthcare, Smart Agriculture, Smart Buildings And Other Applications (Smart Education and Connected Banks))– United States Market Forecast Till 2032

United States Internet of Things (IoT) Market Overview

United States Internet of Things (IoT) Market Size was valued at USD 128.2 Billion in 2022. The Internet of Things (IoT) Market industry is projected to grow from USD 147.6 Billion in 2023 to USD 458.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.20% during the forecast period (2024 - 2032). Increasing connectivity and advancements in sensor technology are the main market drivers anticipated to propel the Internet of Things (IoT) Market in the United States.

Figure 1: United States Internet of Things (IoT) Market Size, 2023-2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

United States Internet of Things (IoT) Market Trends

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  Access to low-cost, low-power sensor technology fuels market growth

  
  

Access to low-cost, low-power sensor technologies drives the market CAGR for the Internet of Things (IoT) in the United States. Sensors are the most crucial component in loT devices. They aid in gathering information about a physical event or state. Sensors may measure everything around them, including orientation, motion, light, sound, humidity, and temperature, as well as biometrics like blood pressure and heart rate. These sensors will help to make the loT more viable across industry verticals and for a variety of applications. Additionally, continuing progress in sensor technology is projected to broaden loT possibilities. Initially, the cost of sensors used in loT devices was rather high, resulting in limited industry adoption of the technology. However, the quick drop in the price of these sensors has resulted in a large increase in the adoption rate of loT across organizations. The cost of certain low-frequency passive categories of Radio Frequency Identification (RFID) tags and sensors has dropped dramatically during the last decade. Furthermore, the average cost of sensors has dropped from USD 1.30 per unit in 2004 to $0.38 per unit in 2020. As the loT industry in the United States evolves, extensively installed and low-cost sensors and devices are less likely to be considered technological achievements.

Another element driving market expansion is the rise in smart city projects. With increasing population and urbanization, several governments worldwide are launching smart city initiatives and using smart city technologies to manage resources in the United States. Connected devices, such as sensors, smart lights, and smart meters, contribute to the functionality and efficiency of infrastructure and related services. Industry 4.0, smart homes and buildings, smart manufacturing, and smart infrastructure projects are likely to alter businesses and drive the Internet of Things (loT) industry growth. Furthermore, customers are adopting smart city solutions such as smart transportation, smart utility meters, smart waste management, smart air quality controllers, and smart grids, which increases the United States market potential for linked devices. Thus, driving the United States Internet of Things (IoT)  market revenue.

United States Internet of Things (IoT) Market Segment Insights

Internet of Things (IoT) Components Insights

The United States Internet of Things (IoT) Market segmentation, based on components, includes Hardware, Software Solutions And Services. The software solution category dominated the Industrial IoT market in 2023, as solution providers focus on introducing novel information systems to various end-user industries. Solution providers are emphasizing the integration of sensors into equipment and machinery to obtain real-time data and improve operational efficiencies. Integration and deployment of these technologies across industries would aid in automating production processes.

Internet of Things (IoT) Organization Size Insights

The United States Internet of Things (IoT) Market segmentation, based on organization size, includes Large Enterprises and SMEs. In 2023, the large enterprise category led the global IoT industry, and this trend is likely to continue during the forecast period. This is attributable to a surge in the adoption of IoT technology by businesses seeking a strategic and competitive advantage over their competitors. Customers use IoT to gain fresh insights into large-scale diversified data sets, both historical and recent. This technology is appropriate for collecting data and executing algorithms and analyses on a huge dataset to discover significant links, entities, and insights.

Figure 2: United States Internet of Things (IOT) Market, By Organization Size, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Internet of Things (IoT) Focus Area Insights

The United States Internet of Things (IoT) Market segmentation, based on focus area, includes Smart Manufacturing, Smart Transportation/Mobility, Smart Energy and Utilities, Smart Retail, Connected Healthcare, Smart Agriculture, Smart Buildings and Other Applications (Smart Education and Connected Banks). The Smart manufacturing sector dominated the Industrial IoT market in 2023. This might be due to the growing use of IoT solutions and digital manufacturing technology in various production facilities.

United States Internet of Things (IoT) Country Insights

The United States dominated the Industrial IoT market in North America. This can be linked to increased IoT spending across the region. For example, the United States spent around USD 421 billion on IoT in 2023. Furthermore, the early adoption of IoT in the industrial segment in various nations in the region is likely to drive market growth during the forecast period. Furthermore, the existence of a significant number of established market participants in the region promotes segmental expansion. Furthermore, the increasing number of new emerging competitors offering industrial IoT solutions will create profitable prospects for market growth in the next years. For example, as of 2021, Canada had approximately 98 companies offering industrial IoT solutions.

United States Internet of Things (IoT) Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their Type lines, which will help the Internet of Things (IoT) Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new Type launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Internet of Things (IoT) industry must offer cost-effective items.

Major players in the Internet of Things (IoT) Market are attempting to increase market demand by investing in research and development operations includes Siemens (Germany), Microsoft (US), AWS (US), Oracle (US), Cisco (US), Qualcomm (UK), SAP (Germany), IBM (US), Google (US), Intel (US), Hitachi (Japan), GE Digital (US), PTC (US), ARM (UK), Software AG (Germany), Particle (US), HQ Software (Estonia), Telit (UK), ClearBlade (US), Ayla Networks (US), Hologram (US), Losant (US), Samsara (US), Litmus Automation (US), Confidex (Finland).

Key Companies in the Internet of Things (IoT) Market include

• Siemens (Germany)


• Microsoft (US)


• AWS (US)


• Oracle (US)


• Cisco (US)


• Qualcomm (UK)


• SAP (Germany)


• IBM (US)


• Google (US)


• Intel (US)


• Hitachi (Japan)


• GE Digital (US)


• PTC (US)


• ARM (UK)


• Software AG (Germany)


• Particle (US)


• HQ Software (Estonia)


• Telit (UK)


• ClearBlade (US)


• Ayla Networks (US)


• Hologram (US)


• Losant (US)


• Samsara (US)


• Litmus Automation (US)


• Confidex (Finland)

United States Internet of Things (IoT) Industry Developments

In October 2021, Siemens Smart Infrastructure acquired Wattsense, a French hardware and software business that provides innovative, plug-and-play IoT management systems for small and medium-sized buildings. This would broaden Siemens' construction product line.

 In June 2021, Microsoft acquired ReFirm Labs to improve firmware analysis and security capabilities throughout the intelligent edge, from servers to IoT.

 In December 2021, Oracle announced the acquisition of Cerner, a prominent provider of digital information systems used in hospitals and health systems, enabling medical professionals to provide better care to individual patients and communities.

United States Internet of Things (IoT) Market Segmentation

Internet of Things (IoT) Component Outlook

• Hardware


• Software Solutions


• Services

Internet of Things (IoT) Organization Size Outlook

• Large Enterprises


• SMES

Internet of Things (IoT) Focus Area Outlook

• Smart Manufacturing


• Smart Transportation/Mobility


• Smart Energy and Utilities


• Smart Retail


• Connected Healthcare


• Smart Agriculture


• Smart Buildings


• Other Applications (Smart Education and Connected Banks)