The North America industrial IoT market size is expected to grow from USD 24.6 billion in 2023 to USD 55.6 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 17.6% during the forecast period.
The U.S. industrial IoT market accounted for the largest share of over 70% in North America in 2023, owing to the high adoption of advanced technologies, such as AI, machine learning, and cloud computing, in the manufacturing sector.
The North America industrial IoT market is expected to reach $55.6 billion by 2028, driven by the increasing adoption of industrial automation and the need for predictive maintenance, according to a new report by MarketsandMarkets.
The industrial IoT market in North America is driven by the growing demand for industrial automation, remote monitoring, and predictive maintenance, with the U.S. and Canada being the major contributors to the market growth.
The North America industrial IoT market is segmented by country (U.S., Canada, and Mexico), component (hardware, software, and services), and industry (manufacturing, energy and utilities, and transportation).
In 2023, the U.S. industrial IoT market revenue was estimated to be around $21.4 billion, followed by Canada with around $2.5 billion, and Mexico with around $1.2 billion.
The North America industrial IoT market is expected to drive economic growth, create new job opportunities, and improve the overall competitiveness of the region, according to a report by the U.S. Department of Commerce.
The North America industrial IoT market is expected to grow at a CAGR of 17.6% from 2023 to 2028, driven by the increasing adoption of industrial automation, AI, and machine learning, with the U.S. being the largest market, followed by Canada and Mexico.