North America Internet of Things Devices Market

North America Internet of Things Devices Market Outlook – 2030

The North America Internet of Things devices market size was valued at $22.78 billion in 2020, and is projected to reach $88.07 billion by 2030, registering a CAGR of 14.86% from 2021 to 2030. 

The outbreak of COVID-19 has significantly impacted the growth of the Internet of Things devices solution in 2020, owing to significant impact on prime players operating in the supply chain. However, rise in demand for smart home automation solution, such as smart locks, digital thermostat, and other solutions across prime sectors is one of the major factors that propels the market growth during the COVID-19 pandemic. On the contrary, the market was primarily hit by several obstacles amid the COVID-19 pandemic, such as lack of skilled workforce availability and delay or cancellation of projects due to partial or complete lock-down. Furthermore, surge in demand for Internet of Things-based smart home automation solution is expected to strengthen the Internet of Things devices market growth, post COVID-19.

Internet of Things devices are connected with the Internet and equipped with sensors to transmit data with other devices. The Internet of Things devices include computer devices, wireless sensors, software, actuators, and more.
Further, IoT sensor can range from simple household cooking appliances to complex industrial tools. Each IoT component has a unique identifier (UID) and can transmit data without the need for human intervention.

In addition, IoT devices consists sensors to collect critical data, which is then transformed into valuable insights to increase the efficiency of manufacturing operations. Rise in demand for consumer electronics, such as smartphones, laptops, tablets, and others creates significant growth opportunities for the North America Internet of Things devices industry.   

The North America Internet of Things devices market is expected to witness notable growth during the forecast period, owing to rise in penetration of smart devices and increase in spending on IoT technologies by end user. Furthermore, increase in adoption of 5G technologies, especially in developed countries has driven the North America Internet of Things devices market growth. Moreover, availability of advanced telecom infrastructure is expected to propel the North America Internet of Things devices market growth during the forecast period.

However, lack of standardization in North America Internet of Things protocols is acting as one of the prime factors that restrain the Internet of Things devices market growth. On the contrary, surge in demand for smart infrastructure solutions across end user verticals is expected to provide lucrative opportunities for the growth of North America Internet of Things devices market during the forecast period.

COVID-19 Impact Analysis

The outbreak of COVID-19 has significantly impacted the growth of the Internet of Things devices solution in 2020, owing to significant impact on prime players operating in the supply chain. However, rise in demand for smart home automation solution, such as smart locks, digital thermostat, and other solutions across prime sectors is one of the major factors that propels the market growth during the COVID-19 pandemic. On the contrary, the market was primarily hit by several obstacles amid the COVID-19 pandemic, such as lack of skilled workforce availability and delay or cancelation of projects due to partial or complete lockdown. Furthermore, surge in demand for Internet of Things-based smart home automation solution is expected to strengthen the Internet of Things devices market growth, post COVID-19. 

Segment Review

The North America Internet of Things devices market share is segmented on the basis of component, connectivity technology, and end use. On the basis of component, the market is divided into processor, connectivity IC, sensors, and other. The sensorssegment dominated the market, in terms of revenue, in 2020, and is expected to follow the same trend during the forecast period. By connectivity technology, the market is fragmented into Wi-Fi, Bluetooth, Zigbee, Cellular, NFC, RFID, and others. The cellular segment dominated the market in 2020, and is expected to dominate the market in coming years. By end use, the market is bifurcated into consumer electronics, retail, enterprise, building monitoring, logistics, and others. The consumer electronics segment acquired the largest share in 2020, and the BFSI segment is expected to grow at a high CAGR from 2021 to 2030.

Top Impacting Factors

Significant factors that impact the growth of the North America Internet of Things devices market include rise in connected devices to drive the growth of IoT coupled with unleashing a massive 5G Internet of Things ecosystem and critical communication services. Moreover, availability of high-speed connectivity is expected to drive the market opportunity. However, lack of standardization in Internet of Things protocols is acting as a prime barrier for early adoption, which hampers the growth of the market. On the contrary, surge in demand for smart infrastructure solutions is expected to offer North America Internet of Things devices market opportunity during the forecast period.

Competitive Analysis

Competitive analysis and profiles of the major North America Internet of Things devices market outlook players that have been provided in the report include, such as Cisco, Cypress Semiconductor Corporation, Intel Corporation, MediaTek Inc., Microchip Technology Inc., Microsoft Corporation, NXP Semiconductors N.V., Qualcomm, Renesas Electronics Corporation, and Texas Instruments Inc.

Key Benefits for Stakeholders

• This study comprises analytical depiction of the North America Internet of Things devices market size along with the current trends and future estimations to depict the imminent investment pockets.
• The overall North America Internet of Things devices market analysis is determined to understand the profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
• The current North America Internet of Things devices market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
• The report includes the market share of key vendors and North America Internet of Things devices market trends.

 North America Internet of Things Devices Market Report Highlights