Rising Adoption of Cloud Computing Driving Demand for IoT Solutions in the United States
New York, May 24, 2023 (GLOBE NEWSWIRE) — According to this new study by Persistence Market Research, The U.S. Internet of Things (IoT) market was valued at US$ 56.26 billion in 2022. Demand for IoT solutions in the U.S. is forecasted to surge at a CAGR of 15.6% and reach a market value of US$ 270.23 billion by the end of 2033.
In the recent past, IoT technology adoption was more common among large enterprises due to higher costs and complexities. As IoT solutions become more affordable, scalable, and easier to implement, smaller organizations are increasingly leveraging this technology to improve their operational efficiency, enhance customer experience, and gain a competitive edge in the market.
The cost of IoT hardware, sensors, and connectivity has been declining over the years, making it more accessible to smaller organizations with limited budgets. Cloud computing and software-as-a-service (SaaS) models have reduced the need for extensive infrastructure investments, enabling small and mid-sized businesses to implement IoT solutions more cost-effectively.
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Key Takeaways from Market Study
- The U.S. IoT market is valued at US$ 63.24 billion in 2023.
- By solution, IoT sensors are expected to dominate the market with 11.7% share in terms of revenue in 2023.
- By application, the smart transportation segment is projected to expand at a high-value CAGR of 18.1% over the forecast period.
- By organization size, demand from small- & mid-sized organizations is projected to rise at a substantial CAGR of 17.4% over the forecast period.
“The manufacturing industry in the United States has witnessed a significant surge in demand in recent years, primarily driven by increasing digitization and widespread adoption of the Internet of Things (IoT). Companies across the country are undertaking business transformation to capitalize on the benefits offered by IoT implementation in the manufacturing and industrial sectors,” says a Persistence Market Research analyst.
Rising Focus of Government on Initiatives to Promote Adoption of IoT Devices across Industries in the U.S.
One of the driving forces for the growth of the U.S. IoT market is the government’s initiatives to promote the adoption of IoT devices across various industries. The government has recognized the potential benefits of IoT devices and has taken initiatives to encourage their use.
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Important Key Players for U.S. IoT Market are
IBM, Amazon Web Services, Inc., Microsoft Azure, Google Cloud, Cisco, Intel, Qualcomm, Siemens, Verizon, Dell and more
The United States government has established projects to encourage the use of IoT devices in other industries, such as healthcare and agriculture.
- The Precision Agriculture Initiative, for example, aims to employ IoT devices to boost crop yields, lower costs, and increase efficiency in the agriculture industry.
- The government has also developed efforts to promote the use of IoT devices in healthcare, such as the Advancing Precision Medicine Initiative, which aims to collect and analyze health-related data using IoT devices.
More Valuable Insights on Offer
Persistence Market Research’s report on the U.S. IoT industry is segmented into three sections:
- Solution (hardware [IoT sensors, IoT gateways, IoT controllers, others], IoT platforms/software (cloud-based, on-premise),
- Services (professional services, technology consulting, integration & deployment, support & maintenance), organization size (small- & mid-sized organizations, large organizations),
- Industry (industrial automation, connected healthcare, smart transportation, smart retail, smart building automation & security, others).
For additional information on how the U.S. IoT market will shape up in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
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About the Electronics, Semiconductors, and ICT Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations—the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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