U.S. Internet of Things (IoT) Market Size, Share & COVID-19 Impact Analysis, By Component (Platform, Solution & Services), By End-use Industry (BFSI, Retail, Government, Healthcare, Manufacturing, Agriculture, Sustainable Energy, Transportation, IT & Telecom, and Others), and 2023-2030

The U.S. internet of things (IoT) market size was valued at USD 98.09 billion in 2022. The Internet of Things market size in the U.S. is projected to grow from USD 118.24 billion in 2023 to USD 553.92 billion by 2030, exhibiting a CAGR of 24.7% during the forecast period.

IoT has the potential to transform businesses and has an evolutionary impact on most enterprises due to its ability to create new opportunities and deliver enhanced services. These IoT solutions affect the competitive position of most enterprises regarding internal operations and innovative product developments. Hence, several key regional players are enhancing their offerings with collaborations, advancements, alliances, and innovations. For instance,

• In November 2022, SAP SE (NYSE: SAP) introduced a new offering, SAP Build, at the SAP TechEd conference in Las Vegas. SAP Build unleashes expertise to empower new enterprises and developers in the industry. SAP Build provides users with direct, secured, and end-to-end access to make improved decisions.

Moreover, the rising adoption of cloud-based services, network management, and device management contributes to the IoT market growth in the region. These advancements are estimated to generate more opportunities and facilitate new developments across various sectors in Internet of Things market.  

COVID-19 IMPACT

New Advancements and Innovations to Tackle the Virus Spread Increased the Demand for IoT Solutions

The U.S. was one of the most affected regions in the world due to the COVID-19 virus. Various states in the country were accumulating the resources at their fingertips and implementing state-of-the-art procedures to minimize the impact of COVID-19 and monitor citizens at risk. The Internet of things and other advanced technologies, such as cloud computing and artificial intelligence (AI), were extensively used during the crisis. For instance,

• In April 2020, GE Healthcare collaborated with Microsoft Corporation. The aim was to introduce cloud-based monitoring software for patients in COVID-19 wards. The solution collects information from various connected systems and devices and alerts at-risk and ventilated patients. Thus, healthcare staff can monitor patients' health remotely and efficiently without self-exposure to the infection.

Such advancements continually brought a difference among various industries, including healthcare systems, increasing the usage of IoT-powered devices contributing to the Internet of Things market share.

LATEST TRENDS

Advancements in Wearable IoT Technology to Generate New Opportunities in the Market

Proficiency in data processing with various IoT-enabled wearable devices, such as smart watches, smart clothes, and healthcare monitoring devices, is driving the usage of these devices among customers. Also, the pandemic has accelerated the use of smart wearable devices in the healthcare sector, as it streamlines monitoring and tracking applications.

With such advent features, the demand for wearable devices is increasing in the country. Also, the strong presence of key players such as Apple, Google, Samsung, and others has enhanced the progress of these technologies in the region. For instance,

• February 2023 - Samsung Electronics announced a partnership with Natural Cycles to develop a modernized temperature-based menstrual cycle feature in its Galaxy Watch 5 series. The alliance combines the sensor technology of Samsung with the fertility technology of Natural Cycles, thus providing better insights into consumers' menstrual cycles. These smartwatches will be available in over 32 countries across North America, Asia, and Europe. 


• February 2023 - Red Bull announced that its premium and high-tech clothing series, Alpha Tauri, is entering the U.S. market. These high-tech clothing collections will be available to consumers from the start of July 2023. 

These innovations and expansions are creating new opportunities contributing in the Internet of Things (IoT) market share.

DRIVING FACTORS

Elastic Repositories of Cloud Computing and Big Data to Propel the Demand for IoT solutions

Cloud computing efficiently and quickly processes the enormous amount of data generated by intelligent devices. It also offers volumes of space to store such data. To benefit from these features, several cloud-based platform-compliant applications are in progress. With its cost efficiency, even small and medium-sized enterprises are implementing cloud-based solutions in the region. For instance,

• The U.S. governing administration has also launched a plan, Cloud Smart, to boost the adoption of cloud-based solutions in the country. Cloud Smart enables agencies with actionable insights and recommendations from the country's most impactful private and public sector use cases.

Thus, cloud computing is acting as a driving factor for the increasing usage of these devices in industries.

RESTRAINING FACTORS

Lack of Data Security Associated with Connected Devices to Hinder the Market Growth

A security breach in any intelligent and connective device has direct consequences. Also, with a large number of people working remotely, numerous home and work devices are all linked through team charge management software.

As several IoT devices are autonomous, existing malware prevention mechanics struggle to find security breaches, and thus, data security is compromised. For instance,

• May 2022 - Rodrigo Chaves, president of Costa Rica, declared a nationwide emergency due to cyberattacks from a ransomware group named Conti on various government bodies.


• December 2020 - The U.S. presented cybersecurity regulations with IoT Cybersecurity Improvement Act to protect all prospective devices from hackers. The act has delivered robust infrastructure to create awareness and maintain the country's security.

Various data protection organizations are developing a variety of solutions. However, due to the market's structure and ecosystem difficulties, 100% data security is currently impossible.

SEGMENTATION

By Component Analysis

Increasing Demand for Proficient Connected Devices Platform to Boost Market Demand

Internet of Things (IoT) market consists of two components: platforms and solutions & services. Further, the platform is subdivided into the cloud platform, device management, and network management. The solution is classified into security, data management, real-time streaming analytics, remote monitoring, and network band management.

As per our analysis, the platform is predicted to grow with the highest CAGR during the forecast period. Worldwide enterprises rapidly adopted advanced Internet of things technologies and platforms during the COVID-19 pandemic due to the virtual shift in workflows.

However, solutions and services dominate the market in 2022 with increasing developments and upgrades in such solutions in the market. Several key players in the region are innovating new solutions to satisfy the growing demand in the market.

Moreover, data management accounts for the maximum revenue share for 2022, owing to the rising amount of Big data generated with connected devices and cloud services.

By End-use Industry Analysis

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Emerging IoT-based Advances in Healthcare to Augment the Market Growth

Various industries are implementing such solutions, including BFSI, transportation, retail, healthcare, agriculture, manufacturing, sustainable energy, IT & telecom, and others.

According to Fortune Business Insights, healthcare generated the highest revenue share in 2022. IoT-enabled remote monitoring of patients with the potential to deliver exceptional care and keep patients healthy and safe. With new upgrades in wearable devices specially designed for fitness and healthcare patients, the demand for these devices increased in the market. For instance,

• March 2022 - Rockley Photonics collaborated with Medtronic to develop a modernized healthcare monitoring system Bioptx, a biomarker sensing platform. The partnership involves designing and developing wearable devices for proactive and continuous monitoring of healthcare patients.

And BFSI is predicted to have the maximum growth rate over the study period. The rising adoption of blockchain technology in the BFSI industry is expected to drive market growth. As blockchain offers a scalable and decentralized ecosystem for connected devices, platforms, and applications, several banks and financial institutions, such as ING Group, HSBC, and Deutsche Bank, are conducting proof-of-concept (PoC) tests to validate blockchain technology.

KEY INDUSTRY PLAYERS

Established Players Invest in Core Technologies and Startups to Gain a Competitive Advantage

Prominent market players such as SAP, PTC, Cisco Systems, Inc., Amazon Web Services, Inc., Siemens AG, and PTC Inc., among others, are making substantial investments in high-tech technologies such as cloud computing, 5G, smart technologies, and others. Investments in innovative technologies have enabled these players to grow their businesses into various industries and gain a competitive edge.

LIST OF KEY COMPANIES PROFILED:

• SAP (U.S.)


• PTC (U.S.)


• Cisco (U.S.)


• IBM (U.S.)


• Microsoft (U.S.)


• Intel (U.S.)


• Siemens (Germany)


• AWS (U.S.)


• Oracle (U.S.)


• GE (U.S)

KEY INDUSTRY DEVELOPMENTS:

• February 2023 - Cisco added new hardware and software solutions to its IoT operations for better functioning of industrial IoT. The company upgraded its Dashboard of these Operations with Cisco Cyber Vision, software that automatically develops a comprehensive inventory of all identified vulnerabilities and OT (operational technology) devices.


• November 2022 - AWS introduced a new device loT location feature to AWS IoT Core to manage and track such devices with their location data, such as longitude and latitude coordinates. The new feature aids users in optimizing business processes and simplifies and automates tasks to explore new business cases.


• October 2022 - Cognizant announced its alliance with Qualcomm Technologies to expand digital transformation with a 5G experience centre in Atlanta. The alliance combines Cognizant's expertise in 5G, data analytics, cloud, and IoT with edge devices, 5G connectivity, and AI solutions of Qualcomm Technologies.


• August 2022 - GE and EY announced their collaboration to help enterprises augment their productivity with data-driven manufacturing solutions. The collaboration helps enterprises to enhance service quality with on-time delivery. It also includes expertise in technology implementation.


• April 2022 - PTC expanded its partnership with ITC Infotech to enhance digital transformation and SaaS for customer value realization. Both firms work together to offer Windchill in-flight application services for a broader range of present PTC customers.

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