Connected IoT Devices Market Share

North America Market Forecast

By the end of 2037, North America connected IoT devices market is predicted to dominate around 47.8% revenue share. The market is driven by the advanced infrastructure and widespread adoption of automation and AI in the region. The presence of leading IoT technology providers in the region acts as a key catalyst in the region’s growth. With rising investments in IoT to improve public services in the region, the sector is expected to maintain its profitable growth. For instance, in November 2024, Opsys collaborated with Curiosity Lab and the city of Peachtree Corners to launch solid-state LiDAR technology marking the company’s first deployment in the U.S.

The U.S. accounts for the lion’s share of revenue in the connected IoT devices market of North America. The rapid IoT adoption in the country is intertwined with the country’s goal of industrial automation. Investments in smart factories and IoT-integrated supply chains are beneficial to the sector’s growth in the U.S. Furthermore, the rising demand for IoT-enabled services in smart homes is poised to fuel the market’s continued growth while reshaping consumer preferences.

With strong collaboration between businesses, academic institutions, and government bodies, the sector is poised to witness advancements in IoT. For instance, in February 2024, Medical Guardian and KORE collaborated to launch the first eSIM-powered medical alert device, and the technology is projected to overcome cell signal challenges and fulfil healthcare access disparities.

Canada is poised to increase its revenue share in the connected IoT devices market of North America. The robust telecommunications sector and expanding 5G networks are key drivers of the adoption of IoT devices. Furthermore, government programs such as the Pan-Canadian Artificial Intelligence Strategy to drive the adoption of AI across the economy and society of Canada incentivize market players to forward innovative IoT devices catering to various industries. For instance, in September 2024, TELUS launched SmartEnergy to enable customers to reduce their environmental footprint and save money on their energy bills by connecting compatible smart devices like thermostats and plugs to the TELUS intuitive SmartHome+ app.

APAC Market Forecast

The connected IoT devices market in APAC is estimated to register the fastest revenue growth during the forecast period. The growth of the market in APAC is due to extensive digital transformation efforts across multiple countries. China, India, Japan, South Korea, and Australia are leading the market share in APAC. Furthermore, APAC has positioned itself as a hub for manufacturing in the global supply chain bolstering the adoption of IoT devices, and robust growth in the consumer electronics sector is poised to drive demand for IoT-enabled wearable devices. For instance, in July 2024, mCare Digital and KORE launched a smartwatch, i.e., mCareWatch 241, for virtual patient monitoring.

China holds a dominant share in the connected IoT devices market in APAC. The country has made major strides in integrating IoT across various industries while the presence of major players such as Alibaba and Tencent, are at the forefront of developing IoT ecosystems in China. For instance, in September 2024, the Ministry of Industry and Information Technology launched a plan to boost the development of IoT with mobile IoT terminal connections expected to exceed 3.6 billion by 2027.

India is projected to increase its revenue share in the connected IoT devices market in APAC owing to a surging push by the government to promote digitization across the countries and large-scale proliferation of the 5G network. Furthermore, the integration of IoT devices for public services has boosted service delivery. The Digital India initiative is positioned to create profitable opportunities in the domestic market during the forecast period. In May 2024, Mindgrove launched the first indigenously designed commercial high-performance SoC (system on chip) and is poised to benefit domestic players by offering a cost-effective solution.