Internet Of Things (IoT) Market Size, Share, Growth Analysis, By Component(Hardware, Software (Smart Surveillance, Data Management, Device Management), By Focus Area(Smart Manufacturing (Asset Tracking & Remote Management, Production Optimization, Workforce Management), Smart Transportation/Mobility (Traffic Management), By End Use Verticals(Industrial, Commercial, Residential), By Organization Size(Large Enterprises, SMEs), By Region - Industry Forecast 2024-2031

North America has emerged as the largest market region in 2023. Within the global IoT market, North America holds approximately 42% market share. The presence of major technology providers has resulted in North America being a dominant force in the IoT market. The market entry of technological behemoths such as Cisco, Google Inc., and Samsung have resulted in the development of innovative connectivity solutions across a wide range of applications and devices. Government Initiatives and supports further propels the IoT market in the region. For instance, in 2023, US Government launched Internet of Things (IoT) cybersecurity labelling program to help Americans ensure they are buying internet-connected devices that include strong cybersecurity protections against cyberattacks. 

On the other hand, the Asia Pacific region accounted for more than 29% of global revenue and is expected to grow at a substantial CAGR at 16.2% during the forecast period 2024-2031. Increased penetration of high-speed internet services in the region, as well as a declining average selling price for sensors and modules, are expected to drive industry growth over the forecast period. Smart City initiatives by Governments further drive the IoT market in the region. China, India, and Japan are the countries continuously promoting the development of smart cities and urban digital transformation to make urban management smarter.