The North America IoT Chips Market would witness market growth of 10.5% CAGR during the forecast period (2024-2031).
The US market dominated the North America IoT Chips Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $259,077 million by 2031. The Canada market is experiencing a CAGR of 13% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 12% during (2024 - 2031).
IoT chips power smart home devices such as thermostats, lighting systems, security cameras, door locks, and appliances. These chips enable remote monitoring and control of home devices through smartphones or voice assistants, enhancing convenience, energy efficiency, and security for homeowners. In manufacturing and industrial settings, these chips are used in machinery, equipment, and sensors to collect data on machine performance, production efficiency, and supply chain logistics. IIoT applications enable predictive maintenance, real-time monitoring, and optimization of industrial processes, leading to cost savings and improved productivity.
IoT chips are crucial in wearable health devices, remote patient monitoring systems, and medical implants. These chips collect and transmit vital signs, biometric data, and patient health information to healthcare providers, facilitating personalized care, early disease detection, and chronic condition management. These chips are utilized in precision agriculture systems, crop monitoring sensors, and livestock tracking devices. These chips gather data on soil moisture, temperature, humidity, crop growth, and animal behavior, enabling farmers to make data-driven decisions, optimize resource usage, and improve crop yields.
Mexico has a well-established manufacturing ecosystem with expertise in automotive, electronics, aerospace, and other industries. Mexico is experiencing increasing demand for IoT solutions across various industries, like automotive, healthcare, agriculture, and smart cities. Mexican manufacturers increasingly adopt Industry 4.0 principles and digital transformation initiatives to enhance competitiveness and productivity. Mexico has a growing start-up ecosystem focused on technology innovation and entrepreneurship. Start-ups and technology companies in Mexico are developing IoT solutions tailored to market needs, including smart agriculture, e-commerce, logistics, and healthcare. Hence, the factors mentioned above will drive the regional market growth.
Free Valuable Insights: The IoT Chips Market is Predict to reach USD 1088.6 billion by 2031, at a CAGR of 11.1%
Based on Hardware, the market is segmented into Processor, Sensor, Connectivity IC, Memory Device, Logic Device and Others. Based on Vertical, the market is segmented into Industrial, Consumer Electronics, Automotive, Healthcare, Retail, BFSI and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
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