Internet of Things (IoT) is a system consisting of interconnected computing devices, machines, etc., which have unique identifiers and can pass information or data over a network without needing human-to-human or computer-to-human communication.
As per the “US Internet of Things (IoT) Market By Component, By Communication Technology, By End-Use Industry, Competition Forecast & Opportunities, 2012 – 2022”, the market of IoT in the US is expected to increase at a CAGR of more than 14% over a span of 5 years (2017-2022).
One of the key reasons for the spur in the IoT market in the US is the hike in demand and adoption of an array of applications like smart cities and homes, consumer electronics such as smart TVs, utilities and energy like smart meters and grids, transportation apps that use GPS monitoring and smart traffic management. The major players in the IoT market are IBM, AT&T, Microsoft, Oracle, Intel, and Hitachi Data Systems.
Moreover, the backbone of IoT apps and solutions are devices. Many companies in the US are emphasizing on adopting IoT to develop and improve their operational efficiencies. The driving force of IoT is the fall in the cost of hardware components like RFID, RF & microwave ICs, sensors, etc.
Furthermore, the government is continuously striving to support the Internet of Things market in the US by promoting smart city projects, smart manufacturing, etc.
Also, simultaneously there has been an increase in focus on the Industrial Internet of Things (IIoT), which is further expected to fuel growth in the IoT market.
Thus, the growth of the IoT market in the US stems from the increasing number of connected devices, growing internet penetration, rising trend of Bring Your Own Devices (BYOD) concurrently with the adoption of IoT technology in various fields and incessant support from the government.