Market Insights Technology Internet of Things

Other IoT - United States

United States

The projected revenue in the Other IoT market for the United States is expected to reach US$5.27bn in 2024.
This represents a significant amount of revenue in this market segment.
Looking ahead, it is anticipated that the revenue will continue to grow at an annual growth rate of 11.86% between 2024 and 2028.
This growth rate is quite promising and is likely to result in a market volume of US$8.25bn by 2028.
When compared to other countries globally, in China is expected to generate the highest revenue in the Other IoT market, with US$5.27bn in 2024.
This places in China in a leading position within this market segment.
The United States is witnessing a surge in demand for IoT solutions in industries such as agriculture, healthcare, and transportation.

Key regions: Canada, South Korea, United Kingdom, Germany, France

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Currency

Analyst Opinion

The list of Internet of Things (IoT) application is constantly developing, and new use cases are emerging. The benefits seen in other industries and sectors such as automotive or finance is inspiring others to find and develop other use cases.

One of the examples that’s becoming a norm in professional sports industry is embedding the sports equipment with IoT sensors in order to provide real-time performance data, including speed, acceleration and other metrics, helping athletes optimize their training and performance, and judges to keep a track of the competition results.

In education sector, IoT is being used to provide personalized learning by collecting data on student behavior and learning preferences, while making the students more engaged. Example of such are the interactive whiteboards which provide more collaborative and interactive learning environment.

Methodology

Data coverage

The data encompasses B2B, B2C and B2G revenues. The revenue only refers to the spending share of the Internet of Things components.

Modeling approach/ Market size:

The market size is determined through a combination of top-down and bottom-up approaches. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and current and historical developments. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarily exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.