IoT market overview

IoT market overview

The IoT market in the United States is one of the largest and most developed in the world (Why IoT is important). According to recent estimates of Statista, the IoT market in the US is expected to reach a market volume of over $7.37 billion by 2027.

There is a growing demand for IoT devices and solutions in various industries such as healthcare, utilities, manufacturing, consumer electronics, retail, logistics, and transportation. For example, in healthcare, IoT devices are being used to monitor patients remotely and improve patient outcomes. In the manufacturing industry, IoT is being used to increase efficiency and optimize production processes.

In the consumer sector, the popularity of smart home devices such as smart thermostats, smart lights, and smart security systems is driving growth. The increased adoption of wearable devices and connected cars is also contributing to the growth of the IoT market in the US.

IoT market numbers by sector

 

One of the markets that is presenting a high increase in competitiveness and new developments is IoT healthcare. The global market for this sector in IoT had a size of 74.31 billion dollars in 2022, and it is expected to grow to 135.87 billion dollars by 2025.

Another sector that is experiencing big changes thanks to AI, machine learning, virtual reality, big data, and IoT is the smart retail. This market is expected to grow to 62.5 billion dollars by 2025.

Imagine all possibilities that could be developed by startups and companies in this sector. 

IIoT sector is also presenting a high development nowadays. Grandview Research says, “The global industrial internet of things market size was valued at USD 321.81 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 23.2% from 2023 to 2030.”

Now that you know even more about the Internet of Things market size in the US and the world, let’s see some IoT trends you can consider for your company or startup, if you are planning to develop an IoT product for the market. (Get IoT product design and development consultants)

Marketing opportunities in IoT


The IoT trends nowadays are heading to integrating more technologies to the IoT devices.
Which additions are we talking about?

Companies understand the big importance of analytics, and IoT devices that can provide interesting insights to consumers are going to be really attractive in the market.

Of course, the more data that is collected, the more difficult it gets to analyze all that information. But thanks to data science, and AI, it gets easier to process and evaluate big sets of data.

Another trend in the IoT market is the integration of different devices. Many startups and companies are developing new hardware for the same markets, but sometimes, they make it hard to integrate with each other. Instead, they launch their own platforms that make it complicated to connect more devices and get useful information in the same place. The recommendation here is, try to think in the benefit of your consumers, that is, how your device can integrate with ease with other platforms, and guarantee that the connectivity and automation processes work without obstacles.

More IoT definitions you may want to check


What is IIoT?
IoT data science
IoT and blockchain
Internet of Things privacy
IoT embedded systems
IoT protocols
IoT and cloud computing
IoT analytics

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