The North America Cellular IoT Market would witness market growth of 24.9% CAGR during the forecast period (2024-2031).
The US market dominated the North America Cellular IoT Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $7,260.6 million by 2031. The Canada market is experiencing a CAGR of 27.4% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 26.5% during (2024 - 2031).
The cellular IoT rapidly transforms industries and societies by enabling billions of devices and objects to communicate through cellular networks, such as 4G, 5G, and beyond. As a subset of the broader IoT ecosystem, cellular IoT is uniquely positioned to provide reliable, scalable, and secure connections across diverse applications, from smart cities to healthcare.
The growth of this market is fuelled by its wide-ranging applications across various industries, growing adoption rates, and continuous technological innovations. This transformation reshapes how businesses and governments manage resources, improve efficiency, and enhance customer experiences. As these technologies evolve, they open up new frontiers in automation, remote monitoring, real-time analytics, and intelligent decision-making.
In Canada, the computer and electronic manufacturing sector saw an 8.1% revenue increase in 2021, reaching $15.5 billion, while total industry revenues also grew by 8.1% from $16.3 billion in 2020 to $17.9 billion. The growth in this sector directly impacts this market, as advancements in electronics manufacturing create opportunities for the development of IoT devices and connected solutions. Moreover, the retail sector in Mexico is valued at approximately USD 76 billion, with more than 47,000 retail stores nationwide. A dominant player like Walmart de Mexico accounts for a substantial share of supermarket sales. This growing retail market presents a significant opportunity for these solutions, as retail businesses increasingly rely on connected devices to manage inventory, track shipments, optimize supply chains, and enhance customer experiences. Therefore, both countries’ growing sectors—Canada’s electronics manufacturing and Mexico’s retail industry—are laying the groundwork for increased cellular IoT adoption.
Free Valuable Insights: The Cellular IoT Market is Predict to reach USD 32.56 Billion by 2031, at a CAGR of 25.1%
Based on End Use, the market is segmented into Automotive & Transportation, Healthcare, Agriculture, Consumer Electronics, Energy, Smart Cities, Environment Monitoring, Retail, and Other End Use. Based on Component, the market is segmented into Hardware and Software. Based on Technology, the market is segmented into 4G, 5G, 3G, and 2G. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By End Use
By Component
By Technology
By Country
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