Industry: IT and Telecommunication
Published Date: May-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 135
Report ID: PMRREP33472
The U.S. Internet of Things (IoT) market was valued at US$ 56.26 billion in 2023 and is expected to reach US$ 63.24 billion in 2024. During the assessment period (2024 to 2033), the market is projected to expand rapidly at a CAGR of 15.6% to climb to US$ 270.28 billion by the end of 2033.
The Internet of Things (IoT) is a network of mobile devices, computing devices, and other physical objects that are integrated with software, sensors, and network connectivity, enabling data collection and sharing between them and other systems over the Internet.
IoT pertains to the capability of everyday objects to establish internet connectivity and interact with other devices or systems. This connectivity empowers enhanced automation, data gathering, and decision-making processes. IoT gadgets include smart household appliances, wearable fitness trackers, industrial sensors, and self-driving automobiles.
In the United States, IoT is being utilized to increase efficiency, reduce costs, and improve customer experience in a variety of industries, including healthcare, agriculture, transportation, energy, and manufacturing. IoT is also driving smart cities, which use linked devices and sensors to improve urban infrastructure and services such as traffic control, trash management, and public safety.
| Attribute | Key Insights |
|---|---|
|
U.S. IoT Market Size (2024) |
US$ 63.24 Billion |
|
Projected Market Value (2033) |
US$ 270.28 Billion |
|
U.S. Market Growth Rate (2024 to 2033) |
15.6% CAGR |
|
Market Share of IoT Sensors (2023) |
11.7% |
|
Demand Growth from Small- & Mid-sized Organizations (2024 to 2033) |
9.1% CAGR |
“Increasing Focus of Businesses on Automation and Improved Process Efficiency”
IoT technology provides several advantages to businesses, including enhanced efficiency, automation, and improved decision-making capabilities. Businesses in the United States obtain important data and insights by connecting multiple devices, sensors, and equipment to optimize their operations and boost their bottom line.
As businesses attempt to automate their processes and lessen their reliance on human labor. The COVID-19 pandemic pushed many companies to incorporate IoT technologies into their systems. Demand for IoT devices and services is thus expected to grow further in the future.
Acceptance and implementation of IoT technologies by businesses in the United States are projected to increase demand for the country's IoT market. This trend is anticipated to continue in the coming years as businesses attempt to optimize their operations and boost their bottom line by leveraging the benefits of Internet of Things technology.
“High Security Risks Associated with IoT Solutions”
The IoT is a fast-expanding market in which numerous gadgets are linked to the internet to facilitate communication and exchange of data between them. The Internet of Things has several benefits, such as increased efficiency and convenience, but it also poses significant security risks.
A security breach in the IoT can have serious implications, ranging from data theft and privacy violations to physical damage and even death. Both consumers and organizations are becoming more conscious of the significance of IoT security.
To address these security problems, the IoT industry must prioritize security by developing comprehensive security mechanisms and standards across all devices and networks. Manufacturers must incorporate security features such as encryption, authentication, and secure communication protocols into IoT devices from the start.
Why Do IoT Sensors Occupy a Leading Share of the U.S. Market?
“Rising Adoption of Cloud Computing Technology and Need for Efficient Data Processing Systems”
Wide adoption of linked devices across a range of industries, including healthcare, retail, manufacturing, and transportation, has significantly increased the adoption of IoT in recent years.
IoT sensors are essential to the operation of IoT systems because they gather, store, and process the data produced by connected devices. Demand for high-performance IoT sensors is rising along with the number of connected devices.
It is anticipated that the use of cloud computing is anticipated to increase demand for IoT sensors in the United States. Businesses may scale their IoT systems in accordance with changing needs without having to make substantial financial investments thanks to cloud-based IoT solutions.
Requirement for quicker and more effective processing of IoT data as well as the adoption of cloud computing technology is likely to be the main drivers of the rising demand for IoT sensors in the U.S.
IoT sensors accounted for 11.7% of the U.S. market in 2023.
What is the Demand Outlook for IoT Solutions from Small- & Mid-sized Organizations?
“Wide Availability of Cost-effective IoT Solutions Boosting Their Demand from Small- and Mid-sized Businesses”
Affordability and cost-effectiveness are significant drivers for the rising demand for IoT solutions in small- and mid-sized businesses. In comparison to larger corporations, these organizations often operate with limited budgets and resources. They are aware of the costs associated with implementing new technologies. IoT suppliers who provide affordable solutions and show a positive return on investment are more likely to catch the attention of these organizations.
Small and mid-sized businesses can reap the benefits of linked devices and data analytics without straining their financial resources by delivering cost-effective IoT solutions. Through IoT adoption, they may optimize their operations, automate processes, increase efficiency, and minimize human labor. This cost-effectiveness translates into practical benefits like greater productivity, simpler workflows, lower operational expenses, and increased competitiveness. The U.S. IoT market is poised for growth as more small and mid-sized organizations recognize the value and affordability of adopting IoT solutions.
Demand for IoT solutions from small- & mid-sized organizations is anticipated to swell at a CAGR of 17.4% during the forecasted period.
To enhance their product portfolios and deliver more customized and advanced U.S. IoT Market services in the United States, companies are increasingly prioritizing acquisitions and partnerships with their competitors
Recent developments related to key players providing IoT market solutions in the U.S. have been tracked by analysts at Persistence Market Research, which will be accessible in the full report.
| Attributes | Details |
|---|---|
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Forecast Period |
2024 to 2033 |
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Historical Data Available for |
2019 to 2023 |
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Market Analysis |
US$ Billion for Value |
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Key Market Segments |
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Key Companies Profiled |
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Pricing |
Available upon Request |
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The United States IoT market was valued at US$ 56.26 billion in 2022.
The IoT market in the U.S. is predicted to swell at a 15.6% CAGR through 2033.
Revenue from IoT solutions in the U.S. is forecasted to climb to US$ 270.28 billion by 2033 end.
The IoT platforms/software segment is set to account for 52.6% share in 2023.
Industrial automation is expected to account for 29.1% market share in 2023.
