According to Fortune Business Insights, the U.S. Internet of Things (IoT) market size was valued at USD 98.09 billion in 2022. The market was projected to grow from USD 118.24 billion in 2023 to USD 553.92 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 24.7% during the forecast period from 2023 to 2030. The increasing adoption of cloud computing, connected devices, data analytics, and smart technologies is supporting market expansion across the United States. Growing investments in device management, network management, remote monitoring, and connected healthcare are creating additional opportunities for IoT providers.

Market Overview

The U.S. IoT market encompasses platforms, solutions, and services that connect devices, manage networks, process data, and support intelligent applications. These technologies help businesses gather information from connected equipment and convert it into actionable insights.

Cloud computing plays an important role by providing storage and processing capabilities for the large volumes of data generated by IoT devices. Device management and network management platforms also help organizations monitor connected assets and maintain reliable operations.

According to Fortune Business Insights, solutions and services held a leading position in 2022, while platforms are expected to experience the highest CAGR during the forecast period. Data management accounted for the largest revenue share within the solution category in 2022.

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Market Trends

Several developments are shaping the U.S. Internet of Things market.

  • Wearable IoT technology: Smartwatches, connected clothing, and healthcare monitoring devices are expanding the use of IoT in fitness and personal health management.
  • Cloud-based IoT platforms: Cloud services enable businesses to store, process, and analyze data generated by connected devices.
  • Industrial IoT adoption: Manufacturers are using connected sensors and monitoring systems to improve operational visibility and equipment performance.
  • Advanced connectivity: Developments in 5G and edge computing support connected applications that require faster data transmission and processing.
  • Smart healthcare solutions: Connected medical devices enable remote patient monitoring and help healthcare professionals access information from multiple systems.

These trends are creating opportunities for technology providers to develop connected solutions for businesses and consumers.

Market Drivers

The growing availability of cloud computing and big data infrastructure is a major driver of the U.S. IoT market. Connected devices generate substantial volumes of information, requiring scalable systems for storage, processing, and analysis. Cloud-based platforms help organizations manage this information while supporting flexible deployment.

The increasing adoption of digital technologies across industries is another important growth factor. Businesses use IoT applications to monitor equipment, automate tasks, improve asset management, and enhance service delivery.

Healthcare is also contributing to market expansion through remote monitoring and connected medical devices. These applications allow healthcare professionals to collect patient information and monitor conditions without requiring continuous in-person observation.

Government initiatives supporting cloud adoption and investments in advanced technologies further encourage IoT deployment. However, cybersecurity vulnerabilities and data privacy concerns remain significant challenges for organizations implementing connected systems.

Market Segmentation

According to Fortune Business Insights, the U.S. Internet of Things market is segmented by component and end-use industry.

By Component

  • Platform: Includes cloud platforms, device management, and network management. Platforms help organizations connect devices, coordinate networks, and manage IoT infrastructure.
  • Solutions and Services: Includes security, data management, real-time streaming analytics, remote monitoring, network bandwidth management, and related services.

Solutions and services dominated the market in 2022, while platforms are expected to register the highest CAGR during the forecast period. Data management held the largest revenue share within the solution category that year.

By End-Use Industry

The market serves the following industries:

  • Banking, Financial Services, and Insurance (BFSI): Connected technologies support monitoring, automation, and data-driven financial services.
  • Retail: IoT helps businesses monitor inventory and improve operational visibility.
  • Government: Connected systems support public-sector operations and digital services.
  • Healthcare: Remote monitoring devices and connected medical systems support patient care.
  • Manufacturing: Industrial IoT helps monitor equipment and improve production processes.
  • Agriculture: Connected sensors support monitoring of crops and agricultural conditions.
  • Sustainable Energy: IoT enables monitoring of energy systems and resource utilization.
  • Transportation: Connected technologies support asset tracking and operational monitoring.
  • IT and Telecommunications: IoT platforms enable device connectivity, network management, and data processing.

Healthcare generated the highest industry revenue share in 2022, while BFSI is expected to record the fastest growth during the forecast period.

Key Players

The Fortune Business Insights report identifies the following major companies operating in the U.S. IoT market:

  • SAP
  • PTC
  • Cisco Systems
  • IBM
  • Microsoft
  • Intel
  • Siemens
  • Amazon Web Services
  • Oracle
  • GE

These companies invest in cloud computing, connectivity, industrial automation, analytics, and smart technologies to strengthen their IoT offerings.

Regional Analysis

This report focuses specifically on the United States rather than providing a comparative forecast for individual U.S. states.

The U.S. market benefits from established technology infrastructure, cloud computing capabilities, and the presence of major IoT providers. Adoption across healthcare, manufacturing, retail, transportation, agriculture, and financial services supports demand for connected devices and platforms.

Government initiatives promoting cloud-based services and continued investments in digital infrastructure also contribute to market development. However, organizations must address security vulnerabilities and data management challenges as connected networks expand.

Competitive Landscape

Competition in the U.S. IoT market centers on platform capabilities, connectivity, data analytics, security, and industry-specific applications. Established technology companies are investing in product innovation, partnerships, and infrastructure improvements to expand their market presence.

For example, Cisco introduced additional industrial IoT hardware and software capabilities in February 2023, including improvements to its IoT Operations Dashboard and Cyber Vision capabilities. In November 2022, Amazon Web Services introduced a device-location feature for AWS IoT Core to help users manage and track connected devices.

These developments demonstrate how companies are strengthening device visibility, industrial monitoring, and connected operations.

Future Outlook

The U.S. IoT market is positioned for substantial expansion as organizations increasingly integrate connected devices into business operations. Cloud computing, data analytics, industrial automation, wearable technologies, and connected healthcare are expected to remain important areas of opportunity.

Growing adoption of IoT platforms can help businesses manage complex device ecosystems and process increasing volumes of information. At the same time, cybersecurity, data privacy, and network reliability will remain critical considerations.

Companies that combine reliable connectivity with effective data management and strong security capabilities will be better positioned to address evolving market requirements.

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Conclusion

The U.S. Internet of Things market is transforming industries through connected devices, cloud platforms, and data-driven applications. Valued at USD 98.09 billion in 2022, the market was projected to reach USD 553.92 billion by 2030, with a CAGR of 24.7% from 2023 to 2030. Cloud adoption, connected healthcare, industrial automation, and technology innovation are key growth factors, while cybersecurity remains an important challenge.

Frequently Asked Questions (FAQs)

1. What was the size of the U.S. Internet of Things market in 2022?

According to Fortune Business Insights, the U.S. IoT market was valued at USD 98.09 billion in 2022.

2. What is the projected value of the U.S. IoT market by 2030?

The market was projected to reach USD 553.92 billion by 2030, growing from USD 118.24 billion in 2023.

3. What is the expected CAGR of the U.S. IoT market?

The market was projected to grow at a CAGR of 24.7% during the forecast period from 2023 to 2030.

4. Which industry dominated the U.S. IoT market in 2022?

Healthcare generated the highest revenue share in 2022, supported by connected medical devices and remote patient monitoring applications.

5. Who are the major players in the U.S. IoT market?

Major players include SAP, PTC, Cisco Systems, IBM, Microsoft, Intel, Siemens, Amazon Web Services, Oracle, and GE.

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