Global IOT in Manufacturing Market

IOT in Manufacturing Market Size, Share, Growth Analysis, By Component(Solution, Services, and Platform), By End-use(Metal & Mining, Chemical, Manufacturing, Energy & Power), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45A2121 | Region: Global | Published Date: March, 2024
Pages: 197 |Tables: 69 |Figures: 75

IOT in Manufacturing Market Insights

Global IOT in Manufacturing Market size was valued at USD 321 Billion in 2022 and is expected to grow from USD 395.79 Billion in 2023 to reach USD 2114.33 Billion by 2031, at a CAGR of 23.30% during the forecast period (2024-2031).

The purpose of the IoT in the manufacturing market is to leverage the power of connectivity and data analytics to optimize various aspects of the manufacturing value chain. A key driving factor for the growth of the IoT in the manufacturing market is the increasing demand for process optimization and automation. Manufacturers are adopting IoT technologies to improve operational efficiency, reduce downtime, and enhance productivity. IoT-enabled sensors, devices, and networks facilitate the collection and analysis of real-time data, enabling manufacturers to make data-driven decisions, optimize resource utilization, and implement predictive maintenance strategies. The IoT in the manufacturing market presents immense opportunities for manufacturers. It allows for the creation of smart factories and connected supply chains, enabling real-time monitoring, control, and optimization of manufacturing operations. IoT-driven automation and predictive analytics help manufacturers optimize production, reduce costs, and improve overall product quality. The IoT in manufacturing market aims to revolutionize the manufacturing industry by leveraging connectivity, data analytics, and automation. The purpose is to optimize operations, improve productivity, and enable data-driven decision-making. While driving factors include process optimization and automation, challenges such as data security and interoperability need to be addressed. Nevertheless, the IoT in the manufacturing market offers significant opportunities for manufacturers to transform their operations, enhance competitiveness, and drive innovation in the evolving digital era.

Market Snapshot - 2024-2031

Global Market Size

USD 321 Billion

Largest Segment

Solution

Fastest Growth

Solution

Growth Rate

23.30% CAGR

Global IOT in Manufacturing Market ($ Bn)
Country Share for North America Region (%)

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IOT in Manufacturing Market Segmental Analysis

The global IOT in Manufacturing Market is segmented on the basis of component, end-use, and region. Based on component, the market is segmented into solution, services, platform. In terms of end-use, the market is segmented into metal & mining, chemical, manufacturing, energy & power, oil & gas, healthcare, logistics & transport, agriculture, and others. Regionwise, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

IOT in Manufacturing Market Analysis by Component

In 2022, the solution segment emerged as the dominant revenue contributor, accounting for over 52% of the global IoT in manufacturing market. Market leaders in this segment are focusing on introducing innovative information systems tailored to various sectors and industrial verticals to bolster their market share. Notably, in February 2022, Ericsson AB, a multinational networking and telecommunications company, unveiled IoT Accelerator Connect. This solution aims to simplify IoT connectivity by providing plug-and-play access to cellular IoT connectivity. The introduction of such solutions streamlines device onboarding and connection, facilitating the successful implementation of enterprise IoT projects. This initiative is expected to drive the growth of the solution

The service segment is projected to exhibit the highest compound annual growth rate (CAGR) of over 24% from 2023 to 2030. This growth can be attributed to the exponential increase in connected devices, which generate vast amounts of data. Industrial Internet of Things (IIoT) applications heavily rely on centralized cloud services for efficient data management and streamlined processes. Furthermore, the advent of edge computing is set to revolutionize the industry by providing real-time analytical solutions and decentralized storage and transactions across networks. The integration of edge computing into the service offerings is anticipated to unlock new opportunities and drive the growth of the service segment in the IoT in manufacturing market.

IOT in Manufacturing Market Analysis by End-use

In 2022, the manufacturing segment emerged as the largest market share holder, accounting for over 18%, and is expected to continue leading the market in the forecast period. The rise of Industry 4.0 has contributed to the increasing adoption of Industrial Internet of Things (IIoT) in both discrete and process manufacturing. IIoT offers a wide range of possibilities to optimize manufacturing operations, reduce downtime, improve efficiency, and enable data-driven decision-making, leading to higher profit margins and cost savings. Manufacturing industries are rapidly embracing digital manufacturing technologies, and the implementation of IoT plays a pivotal role in driving the adoption of these advanced technologies, thereby propelling market growth.

The logistics and transport segment are projected to witness the highest compound annual growth rate (CAGR) of over 26% during the forecast period. This growth can be attributed to the strong emphasis placed by transportation companies on enhancing asset management. The implementation of IoT solutions in the logistics and transport industry facilitates the adoption of smart transportation practices. Emerging technologies such as Bluetooth Low Energy (BLE) tags are gaining popularity in this sector. These technologies enable efficient tracking of data in smaller, confined regions and enhance operational management, leading to improved efficiency and effectiveness. The growing focus on asset management and the adoption of IoT-based tracking solutions are expected to drive the market growth in the logistics and transport segment.

Global IOT in Manufacturing Market By Component, 2023 (%)

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IOT in Manufacturing Market Regional Insights

In 2022, North America emerged as the leading market for industrial IoT, capturing a significant market share of over 32%. The region's dominance can be attributed to its early adoption and implementation of industrial IoT technology. North America has witnessed strong government support for promoting digitalization in the industrial sector, which has spurred the adoption of industrial IoT devices. Furthermore, the increasing utilization of cutting-edge technologies like cloud computing and AI has further contributed to the growth of the industrial IoT market in the region. These factors are expected to continue driving market growth in North America throughout the forecast period.

Asia Pacific is anticipated to exhibit the highest compound annual growth rate (CAGR) of over 26% during the forecast period. This growth is primarily driven by the rising popularity of advanced factory automation systems, particularly in countries like China and Japan. The manufacturing industries in the Asia Pacific region are increasingly recognizing the benefits of incorporating robot arm technology into their operations. Additionally, prominent countries in the region are making substantial investments in Industry 4.0 initiatives with the aim of achieving greater self-sufficiency in production and manufacturing. These investments and initiatives are expected to fuel the growth of the industrial internet of things market in the Asia Pacific region.

Global IOT in Manufacturing Market By Geography, 2024-2031
  • Largest
  • Fastest

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IOT in Manufacturing Market Dynamics

IOT in Manufacturing Market Drivers

Industry 4.0 Adoption

  • The adoption of Industry 4.0 principles and technologies, such as IoT, is a significant driver for the IoT in the manufacturing market. Industry 4.0 aims to create intelligent and interconnected manufacturing environments, enabling real-time data analytics, automation, and smart decision-making. This adoption is driven by the need for increased productivity, efficiency, and flexibility in manufacturing processes.

Demand for Operational Efficiency

  • Manufacturers across various industries are seeking ways to enhance operational efficiency and reduce costs. IoT solutions offer real-time monitoring, predictive maintenance, and supply chain optimization, enabling manufacturers to streamline processes, reduce downtime, and improve overall productivity. The demand for operational efficiency is a key driver propelling the adoption of IoT in manufacturing.

IOT in Manufacturing Market Restraints

Data Security and Privacy Concerns

  • With the proliferation of IoT devices and the collection of large volumes of data, ensuring data security and privacy becomes a significant challenge. Manufacturers need to address concerns related to data breaches, unauthorized access, and data privacy regulations. These concerns pose a restraint to the widespread adoption of IoT in manufacturing.

Interoperability and Standardization

  • IoT devices and platforms from different manufacturers often lack interoperability and standardization. The absence of common protocols and frameworks makes it challenging to integrate diverse IoT devices and systems seamlessly. This lack of interoperability hinders the scalability and integration of IoT solutions in manufacturing environments.

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IOT in Manufacturing Market Competitive Landscape

The global IOT in manufacturing market is a highly competitive landscape with the presence of several prominent players striving to gain a competitive edge. These companies are actively engaged in product development, partnerships, collaborations, and acquisitions to expand their market presence and offer innovative solutions to manufacturing industries. The competitive landscape of the IoT in the manufacturing market is characterized by the presence of established players with strong technological capabilities. The market is dynamic, with ongoing developments and advancements in IoT technologies driving the competition. As the demand for IoT in manufacturing continues to grow, companies in this space will continue to focus on differentiation, partnerships, and technological advancements to maintain their market position and cater to the evolving needs of the manufacturing industry.

IOT in Manufacturing Market Top Player’s Company Profiles

  • Cisco Systems Inc. (US)
  • General Electric Company (US)
  • Rockwell Automation Inc. (US)
  • ABB Ltd. (Switzerland)
  • Honeywell International Inc. (US)
  • Bosch Rexroth AG (Germany)
  • Schneider Electric SE (France)
  • Intel Corporation (US)
  • SAP SE (Germany)
  • Oracle Corporation (US)
  • Amazon Web Services Inc. (US)
  • Hewlett Packard Enterprise Development LP (US)
  • PTC Inc. (US)
  • Hitachi Ltd. (Japan)
  • Siemens Digital Industries Software (US)
  • Accenture plc (Ireland)
  • Fujitsu Limited (Japan)

IOT in Manufacturing Market Recent Developments

  • In June 2022, Rockwell Automation Inc. announced a partnership with Microsoft Corporation to develop a cloud-based IoT platform for industrial customers. The collaboration aims to combine Rockwell Automation's expertise in industrial automation and control systems with Microsoft's Azure cloud services to enable seamless connectivity, data analytics, and AI capabilities for improved productivity and operational performance in manufacturing.
  • In February 2022, Microsoft Corporation introduced Azure Percept, an end-to-end platform that combines hardware and software to simplify the deployment of AI-powered IoT solutions in manufacturing. Azure Percept provides manufacturers with the tools and services to build and deploy AI models for real-time insights and predictive analytics, enhancing operational efficiency and driving innovation.
  • In January 2022, Siemens AG announced a collaboration with Google Cloud to integrate Google Cloud's data cloud and artificial intelligence/machine learning (AI/ML) technologies with Siemens' industrial IoT platform, MindSphere. The collaboration aims to enable manufacturers to leverage advanced analytics and AI capabilities to optimize operations and drive digital transformation in their manufacturing processes.

IOT in Manufacturing Key Market Trends

  • Edge Computing in Manufacturing: Edge computing, which involves processing data near the edge of the network instead of relying on cloud-based systems, is gaining traction in manufacturing. With the increasing volume of data generated by IoT devices, edge computing enables real-time analytics, reduced latency, and improved decision-making capabilities on the factory floor.
  • AI and Machine Learning Integration: The integration of artificial intelligence (AI) and machine learning (ML) technologies with IoT in manufacturing is a significant trend. AI and ML algorithms can analyze vast amounts of IoT-generated data, uncover patterns, and provide valuable insights for predictive maintenance, quality control, and optimization of manufacturing processes. This integration enhances the intelligence and autonomy of IoT systems in manufacturing.

IOT in Manufacturing Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global IOT manufacturing market analysis, IoT technology is being widely adopted by the manufacturing sector, to enhance operational efficiency, streamline processes, and enable data-driven decision-making. The IoT in manufacturing market is witnessing rapid growth as manufacturers recognize the value of IoT technology in improving efficiency, reducing costs, and driving innovation. While there are challenges to overcome, the opportunities presented by IoT in manufacturing are vast, paving the way for a more connected and intelligent manufacturing ecosystem.

Report Metric Details
Market size value in 2023 USD 321 Billion
Market size value in 2031 USD 2114.33 Billion
Growth Rate 23.30%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Component
    • Solution, Services, and Platform
  • End-use
    • Metal & Mining, Chemical, Manufacturing, Energy & Power, Oil & Gas, Healthcare, Logistics & Transport, Agriculture, and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Cisco Systems Inc. (US)
  • General Electric Company (US)
  • Rockwell Automation Inc. (US)
  • ABB Ltd. (Switzerland)
  • Honeywell International Inc. (US)
  • Bosch Rexroth AG (Germany)
  • Schneider Electric SE (France)
  • Intel Corporation (US)
  • SAP SE (Germany)
  • Oracle Corporation (US)
  • Amazon Web Services Inc. (US)
  • Hewlett Packard Enterprise Development LP (US)
  • PTC Inc. (US)
  • Hitachi Ltd. (Japan)
  • Siemens Digital Industries Software (US)
  • Accenture plc (Ireland)
  • Fujitsu Limited (Japan)
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on IOT in Manufacturing Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on IOT in Manufacturing Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the IOT in Manufacturing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the IOT in Manufacturing Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the IOT in Manufacturing Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the IOT in Manufacturing Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

IOT in Manufacturing Market size was valued at USD 321 Billion in 2022 and is expected to grow from USD 395.79 Billion in 2023 to reach USD 2114.33 Billion by 2031, at a CAGR of 23.30% during the forecast period (2024-2031).

The IOT in manufacturing market is a highly competitive landscape with the presence of several prominent players striving to gain a competitive edge. These companies are actively engaged in product development, partnerships, collaborations, and acquisitions to expand their market presence and offer innovative solutions to manufacturing industries. The competitive landscape of the IoT in the manufacturing market is characterized by the presence of established players with strong technological capabilities. The market is dynamic, with ongoing developments and advancements in IoT technologies driving the competition. As the demand for IoT in manufacturing continues to grow, companies in this space will continue to focus on differentiation, partnerships, and technological advancements to maintain their market position and cater to the evolving needs of the manufacturing industry. 'Siemens AG (Germany)', 'IBM Corporation (US)', 'Microsoft Corporation (US)', 'Cisco Systems Inc. (US)', 'General Electric Company (US)', 'Rockwell Automation Inc. (US)', 'ABB Ltd. (Switzerland)', 'Honeywell International Inc. (US)', 'Bosch Rexroth AG (Germany)', 'Schneider Electric SE (France)', 'Intel Corporation (US)', 'SAP SE (Germany)', 'Oracle Corporation (US)', 'Amazon Web Services Inc. (US)', 'Hewlett Packard Enterprise Development LP (US)', 'PTC Inc. (US)', 'Hitachi Ltd. (Japan)', 'Siemens Digital Industries Software (US)', 'Accenture plc (Ireland)', 'Fujitsu Limited (Japan)'

The adoption of Industry 4.0 principles and technologies, such as IoT, is a significant driver for the IoT in the manufacturing market. Industry 4.0 aims to create intelligent and interconnected manufacturing environments, enabling real-time data analytics, automation, and smart decision-making. This adoption is driven by the need for increased productivity, efficiency, and flexibility in manufacturing processes.

Edge Computing in Manufacturing: Edge computing, which involves processing data near the edge of the network instead of relying on cloud-based systems, is gaining traction in manufacturing. With the increasing volume of data generated by IoT devices, edge computing enables real-time analytics, reduced latency, and improved decision-making capabilities on the factory floor.

In 2022, North America emerged as the leading market for industrial IoT, capturing a significant market share of over 32%. The region's dominance can be attributed to its early adoption and implementation of industrial IoT technology. North America has witnessed strong government support for promoting digitalization in the industrial sector, which has spurred the adoption of industrial IoT devices. Furthermore, the increasing utilization of cutting-edge technologies like cloud computing and AI has further contributed to the growth of the industrial IoT market in the region. These factors are expected to continue driving market growth in North America throughout the forecast period.

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