United States Internet of Things Market Assessment, By Component (Hardware, Software, Services), By Application (Smart Home, Smart Cities, Smart Wearables, Smart Agriculture, Smart Vehicles, Smart Healthcare, Smart Enterprise Solutions, Others), By Distri

United States Internet of Things Market Assessment, By Component (Hardware, Software, Services), By Application (Smart Home, Smart Cities, Smart Wearables, Smart Agriculture, Smart Vehicles, Smart Healthcare, Smart Enterprise Solutions, Others), By Distribution Channel (Online, Offline), By End-user (IT & Telecom, Automotive & Transportation, BFSI, Retail, Healthcare, Government, Energy & Utilities, Others), By Region, Opportunities and Forecast, 2016-2030

United States Internet of Things (IoT) Market size was valued at USD 70.8 billion in 2022 which is expected to reach USD 218.09 billion in 2030 with a CAGR of 15.10% for the forecast period between 2023 and 2030. For the IoT market to expand, the nation has enormous potential. In the entire world, the United States has the largest economy. The country's economic system laid the IoT market's expansion and other essential reasons, including increasing internet usage, widespread adoption of advanced network technologies, and smartphones. Additionally, IoT solutions have been used as a component of national infrastructure which has sped up the industry's development.

IoT is used in the United States to boost productivity, cut costs, and enhance customer experience across various sectors, including healthcare, agriculture, transportation, energy, and manufacturing. IoT is also advancing smart cities, which use networked gadgets and sensors to enhance urban services and infrastructure including traffic management, waste disposal, and public safety.

Increasing Adoption of Enterprise IoT Solutions in United States

The United States Internet of Things market is driven by the growing adoption of enterprise IoT in new technologies like AI, ML, and big data. With the help of these technologies, companies can analyze vast volumes of data produced by IoT devices and make informed decisions. Market expansion is being driven by the rising demand for enterprise IoT in several sectors, including agricultural and energy management. During the projection period, it is also projected that government programmes and legislation encouraging energy-efficient equipment will accelerate IoT adoption.

For instance, in July 2022, iotSymphony Inc. launched cloud-based IoT software Ensemble as enterprise IoT solution. Business users can orchestrate IoT data using Ensemble from edge devices to automated operations in operational systems like ERP, CRM, and Order Entry. IoT ecosystem orchestration is made possible by Ensemble, all inside a single, user-friendly interface. Ensemble transforms IoT data into useful results that benefit the company or municipality by leveraging data capture, business rules, AI/ML, decision science, and automation of activities.

Consumer IoT to Propel Market Demand

Consumers are becoming more interested in smart home appliances like thermostats, security cameras, and speakers in the United States. The need for IoT devices is rising as the number of items connected to the internet is increasing. These devices can be integrated into comprehensive smart home ecosystems, allowing consumers to remotely control and manage their homes through their smartphones or voice commands.

For instance, in July 2023, the local administration introduced The U.S. Cyber Trust Mark to provide consumers with more details about the connected items' cybersecurity. The Federal Communications Commission (FCC) will administer the program, which will be based on standards created and upheld by the National Institute of Standards and Technology and shaped by suggestions CTA made during the previous five years. It will rely on a flexible, voluntary product certification program that mandates particular security measures from manufacturers. Consumers and companies will benefit from this certification by knowing what to expect when they purchase new connected items.

Healthcare Sector Contributing Major Growth

The integration of IoT technology in the healthcare industry in the United States has opened up numerous opportunities to improve patient care, streamline operations, and enhance medical outcomes contributing to the overall growth of the IoT market in the US. IoT devices, such as wearables and remote sensors, enable healthcare providers to remotely monitor patients' vital signs and health conditions. This real-time data transmission allows for continuous monitoring and early detection of potential health issues, leading to better patient outcomes and reduced hospital readmissions. IoT has enabled the development of smart medical devices that provide valuable data and insights. Connected devices such as smart infusion pumps, glucometers, and cardiac monitors improve accuracy, reduce errors, and streamline healthcare workflows.

For instance, in January 2021, Palo Alto Networks has unveiled the most comprehensive Internet of Things (IoT) security solution for the medical industry. Through ML-powered visibility, prevention, and enforcement, Palo Alto Networks IoT Security simplifies protecting the Internet of Medical Things (IoMT) while providing in-depth insights on healthcare-specific devices and vulnerabilities. This satisfies the demands of both the IT and clinical engineering teams while enhancing patient safety and data security. Healthcare Delivery Organizations (HDOs) can benefit from IoT for patient care while maintaining security due to Palo Alto Networks IoT Security.

Government Initiative

There needs to be a comprehensive set of standards or a national IoT cybersecurity regulatory framework that exists in the US. The IoT Cybersecurity Improvement Act was introduced in March 2019 by members of the US House of Representatives and Senate (H.R. 1668). The law that was passed on December 4, 2020 established minimal security requirements for connected devices used by the federal government. The National Institute of Standards and Technology (NIST) had been given the power to monitor IoT cybersecurity threats for equipment purchased by the federal government under the bill's terms. The legislation requires explicitly NIST to publish standards for IoT product security development, identity management, upgrades, and configuration management.

Impact of COVID-19

COVID-19 has resulted in changes in consumer and business behavior. As more people worked from home, the demand for smart home devices and IoT solutions for remote monitoring and management increased. On the other hand, specific industries, such as hospitality and retail, which were heavily impacted by the pandemic, might have reduced their IoT investments. The pandemic highlighted the importance of healthcare IoT solutions, such as remote patient monitoring, telemedicine, and contactless medical devices. Post-COVID-19, the United States Internet of Things market has witnessed a greater emphasis on cybersecurity measures, including device authentication, encryption, and security analytics, to influence IoT deployments nationwide.

Impact of Russia-Ukraine War

The conflict between Russia-Ukraine caused disruptions in the global supply chain, including the production and distribution of IoT components and devices. This led to delays or shortages of IoT products in the United States Internet of Things market. Geopolitical tensions and uncertainties affected investor confidence and overall economic conditions. As a result, the global economic slowdown reduced investments in technology, including IoT projects in the country. US governments also reviewed and adjusted their trade policies related to advanced IoT devices in response to geopolitical tensions. Changes in import/export regulations affected the flow of IoT products and components into United States market.

Key Players Landscape and Outlook

The United States Internet of Things Market is exceptionally competitive and remains highly concentrated in the current scenario. Market participants in the IoT market are attempting to increase their market share through various business methods such as collaborations, agreements, and acquisitions, and mergers of multiple players across the value chain. Additionally, companies are paying close attention to device quality and efficient service, and they are constantly developing new products to meet client demand.

For example, in June 2022, Qualcomm Technologies, Inc. announced two modem chipsets with satellite capability- the Qualcomm 212S Modem & the Qualcomm 9205S Modem. The new Qualcomm modem chipsets power off-grid industrial use cases that need a standalone non-terrestrial network (NTN) connectivity or hybrid connectivity alongside terrestrial networks, and they enable IoT enterprises, developers, ODMs, and OEMs to harness real-time information and insights to manage business projects.