The North American market is one of the largest in the world, and U.S. based companies such as Google, Cisco, and IBM are some of the leading names in the field. In 2018, the North American IoT market was valued at around 95 billion U.S. dollars in 2018 and is forecast to grow to 340 billion U.S. dollars by 2024. The ability of the North American IoT market to double in value over the course of just a few years comes down to the wide range of applications and industries that can benefit from this increased connectivity of devices. Since the first IoT device, a "smart" vending machine on the Carnegie Mellon University campus, the phenomenon has spread in scope from basic smart devices to smart homes, smart buildings, and even smart cities.
As the revenue figures grow so do the number of individual IoT compatible devices; as of 2018 there were an estimated 2.3 billion IoT connections in North America alone, and this number is expected to grow to nearly 6 billion by 2025. Smartphones, fitness trackers, portable wireless speakers, and internet-enabled TVs are some of the most popular individual smart devices, with each accumulating tens of millions of shipments each year. In the past few years, smart home systems have also exploded in popularity as Amazon’s Alexa and Google Assistant have proved themselves to be valuable additions to American households.
The popularity of IoT devices isn’t limited to just households; business across the United States are also taking advantage of the ability of IoT based technologies to streamline processes and increase efficiency. Around 29 percent of organizations in North America and Europe currently use IoT technology within their business operations, and another 16 percent plan to integrate IoT technology within the next year.