North America Internet of Things Devices Market Expected to Reach $88.07 Billion by 2030

According to a new report published by Allied Market Research, titled, “North America Internet of Things Devices Market by Component, Connectivity Technology, and End Use: Global Opportunity Analysis and Industry Forecast, 2020–2030.” The Internet of Things devices market size was valued at $22.78 billion in 2020, and is projected to reach at $88.07 billion by 2030, growing at a CAGR of 14.86% from 2021 to 2030.

Internet of Things devices is an enhanced hardware solution equipped with advanced artificial intelligence and machine learning solution to bring intelligence and autonomy to systems and processors, such as industrial smart manufacturing, medical equipment, autonomous driving, and home automation. Further, Internet of Things hardware, such as sensors, actuators, gadgets, appliances, or machines is programmed for specific applications to transmit data over the internet. In addition, IoT devices can be integrated into mobile devices, industrial machinery, environmental sensors, medical devices, and other devices.

The growth of the North America Internet of Things devices market size is majorly driven by the availability of high-speed connectivity paired with rise in connected devices to drive the growth of IoT. Further, unleashing a massive 5G Internet of Things ecosystem and critical communication services is anticipated to drive the growth of the market. However, lack of standardization in Internet of Things protocols acts as a prime restraint of the market. On the contrary, surge in demand for smart infrastructure solutions is anticipated to provide lucrative opportunities for the North America Internet of Things devices market growth during the forecast period.

According to North America Internet of Things devices market analysis, the sensors segment was the highest contributor to the market in 2020. The consumer electronics and logistics segments collectively accounted for around 46.7% market share in 2020. Surge in adoption of IoT sensors has led to the growth of the consumer electronics and automotive segments; thereby, enhancing the market growth.

The outbreak of COVID-19 has significantly impacted the growth of the North America Internet of Things devices industry, owing to significant impact on the prime market players. Conversely, rise in demand for Internet of Things solution in the consumer electronics sector is anticipated to drive the market growth post pandemic. However, lack of availability of a professional workforce due to partial and complete lockdown implemented by governments restrained the growth of the Internet of Things devices market. On the contrary, emerging economies significantly witness the need for smart infrastructure solutions that is expected to boost the North America Internet of Things devices market.

Region-wise, the U.S. holds a significant share in the North America Internet of Things devices market, owing to the presence of prime players in this region. The adoption of next generation touch screen multi-display solutions across industrial and consumer electronics sectors is expected to propel the growth of the Internet of Things devices market in this region. Moreover, surge in demand for industrial automation solutions in U.S. is anticipated to drive the North America Internet of Things devices market trends in this region.

Key Findings of the Study

• In 2020, the sensors segment accounted for maximum revenue, and is projected to grow at a notable CAGR of 14.2% during the forecast period.
• The consumer electronics and logistics segments together accounted for around 46.7% of the North America Internet of Things devices market share in 2020.
• The connectivity IC segment is projected to growth at a CAGR of 17.4% during the North America Internet of Things devices market forecast period.
• The U.S. contributed for the major share in the market, accounting for more than 36.6% share in 2020.

The key players profiled in the report include, 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. Market players have adopted various strategies, such as product launch, collaboration& partnership, joint venture, and acquisition, to expand their foothold in the market.