The North America IoT Technology Market would witness market growth of 10.7% CAGR during the forecast period (2024-2031).
The US market dominated the North America IoT Technology Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $461,715.8 million by 2031. The Canada market is experiencing a CAGR of 13.1% during (2024 - 2031). Additionally, The Mexico market would witness a CAGR of 12.1% during (2024 - 2031).
The emergence of the Internet of Things (IoT) as act a disruptive force is reshaping industries, societies, and economies worldwide. At its essence, IoT embodies the concept of interconnectedness, where a vast array of devices, sensors, and systems communicate and collaborate seamlessly over the internet, facilitating data exchange and enabling a spectrum of applications including anything from industrial automation to consumer electronics. The IoT technology market, fuelled by a convergence of technological advancements, economic imperatives, and societal demands, has grown exponentially in the last few years, driving it into the forefront of innovation and investment.
This meteoric rise can be attributed to several key drivers, including the proliferation of high-speed internet connectivity, the miniaturization of hardware components, the advent the development of artificial intelligence (AI) with cloud computing and machine learning (ML) algorithms. These foundational pillars have collectively laid the groundwork for the proliferation of IoT solutions across diverse sectors, including healthcare, agriculture, transportation, manufacturing, energy, and smart cities.
The ICT sector in North America is a hotbed of innovation, with leading technology companies continually pushing the boundaries of what's possible with IoT. Research and development efforts focus on improving IoT devices, sensors, connectivity protocols, and data analytics capabilities. This innovation drives market growth by introducing new IoT applications, enhancing existing solutions, and reducing the cost of IoT deployment, making it more accessible to businesses of all sizes. Canada has a very strong homegrown technology sector.
According to International Trade Administration (ITA), in 2023, there are over 43,200 companies in the Canadian ICT sector. The large majority are in the software and computer services industries. The Government of Canada is the single largest purchaser of ICT goods and services in Canada at around $5 billion per year. Thus, the expansion of the ICT sector and growing internet usage is significantly increasing the IoT technology market in North America.
Free Valuable Insights: The IoT Technology Market is Predict to reach USD 1,754 Billion by 2031, at a CAGR of 11.4%
Based on End Use, the market is segmented into Industrial, and Consumer. Based on Component, the market is segmented into Software Solution (Data Management, Real-Time Streaming Analytics, Remote Monitoring, Network Bandwidth Management, and Security Solution), Platform (Device Management, Application Management, and Network Management), and Services (Professional Services, and Managed Services). Based on Node Component, the market is segmented into Processor, Logic Device, Memory Device, Sensor, and Connectivity IC. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By End Use
By Component
By Node Component
By Country
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