Emerging Technology - Industry - North America Market, Share and Trends 2023-2028

Summary of Emerging Technology

Extensive R&D spending & a supportive entrepreneurial culture, and early adoption of new innovations actively drive the rapid growth of the emerging technology sector across North America. The total market value for emerging tech in the region impressively stands at $578 billion in 2023.

The United States overwhelmingly dominates the landscape by accounting for around 85% of the market due to the size of its economy and presence of global tech giants. Major hubs like – Silicon Valley, New York and Boston actively lead the development of cutting-edge solutions in fields such as – AI, robotics, biotech and blockchain. Startup funding and venture capital investment in these spaces far surpasses other global regions.

Canada has also established itself as a leader in emerging sectors including quantum computing, autonomous systems and digital health. The country is well known for strongly encouraging private sector R&D through its engineering talent pool and government incentives. Major cities like – Toronto, Montreal and Vancouver actively host thriving tech communities.

Mexico has seen its tech industry blossom in recent years, with emerging fields like- fintech, edtech and IoT driving significant growth. The government actively promotes STEM education and entrepreneurship through initiatives that enhance access to skills training and startup capital.

Across North America — the COVID-19 pandemic accelerated digital transformation trends and further increased demand for technologies that actively enable remote work capabilities. If supportive conditions remain, the region’s emerging tech market stands to continue expanding rapidly at a projected CAGR 20.73 % to make it a $1831.5 Billion dollar industry by 2029.

Recent Trends and Insights

Investment and activity in emerging technologies across North America has skyrocketed in recent years. In 2022, global tech investments exceeded $400 billion for the first time ever, with the United States cementing its position as the top destination for funding and startup formation worldwide.

Venture capital financing for artificial intelligence startups in particular reached unprecedented highs, as AI is increasingly powering innovations in fields such as:– healthcare, transportation and education. Total global tech spending is projected to reach $1.36 trillion in 2023, further fueling R&D.

The rapid deployment of 5G networks and edge computing infrastructure has enabled more powerful applications of technologies like:– augmented reality, autonomous systems and the Internet of Things. This next-gen connectivity is laying the groundwork for billions of devices to come online over the next decade.

However — the digital transformation has also highlighted the need to address issues of inclusion, skills and workforce disruption. Ensuring access to high-speed internet and technology training for underserved groups remains a priority, as does preparing workers for job losses in certain industries and careers.

Data privacy and security are additional ongoing concerns– as more personal and sensitive information is collected and shared online. North American governments and companies continue strengthening regulations and protocols to build public trust. If these challenges can be managed responsibly, the region is well-positioned to further cement its leadership in emerging sectors and help drive global innovation. Continued investment and collaboration will be crucial.

Product Insights

Companies and researchers are actively striving to develop more transparent and interpretable machine learning models by making explainable AI a major focus area. This helps ensure people understand how and why automated systems actively reach decisions.

Intelligent agents powered by technologies like robotic process automation, digital process automation, machine learning and natural language processing are becoming increasingly common and actively enhancing customer service and supporting a range of self-service functions.

Privacy-preserving computing techniques including homomorphic encryption, federated learning and anonymization are also in high demand as these methods actively aim to securely process and analyze sensitive personal data while upholding privacy protections.

Autonomous vehicles continue advancing towards more complex driving capabilities without human operators as automakers and tech firms actively test self-driving trucks, taxis, delivery bots and more across North American roads and highways.

Augmented and virtual reality are finding new applications in fields such as education, healthcare, real estate, gaming and more by actively enhancing user experiences through 5G and edge computing that enable high-performance AR/VR services.

Key Companies

Some major players within this vast domain of industry are

• OpenAI
• DeepMind Technologies
• Coinbase
• Gemini
• Crowdstrike
• Palo Alto Networks
• Chime
• Robinhood
• Honeywell
• Amazon Web Services (AWS)
• IBM Quantum
• Google Quantum AI

Regional Analysis

North America emerges as the largest and most advanced market for technologies. The market actively grows the size to $578.2 billion in 2023 and projects to actively grow at a CAGR of 17.49% until 2028.

The United States dominates and accounts for 81% share of the North American market in 2023. The US market stands at $468.34 billion in 2023 and expects to register the fastest active growth at a CAGR of 23% during the forecast period. This rapid active growth can be attributed to significant investments that actively invest from both public and private sectors in developing innovative solutions using emerging technologies.

Canada accounts for 12% share of the North American market. The Canadian emerging tech market actively values at $69.38 billion in 2023 and expects to actively grow at a CAGR of 14% until 2028. The active growth in Canada can be attributed to strong support from the government that actively supports research and development in areas like:– AI, blockchain, quantum computing.

Mexico has a 7% share of the overall North American market. The Mexican emerging technology market stands at $40.47 billion in 2023 and projects to actively grow at a modest CAGR of 6% during the forecast period. The active growth in Mexico actively drives increasing adoption of technologies that actively adopts across industries such as:– manufacturing, automotive, oil & gas.

Market Segmentation

By Type:

• Information Technology
• Biotechnology
• Robotics and Automation
• Internet of Things (IoT)
• Nanotechnology

By Industry/Application:

• Healthcare and Life Sciences
• Finance and Banking
• Manufacturing
• Energy and Environment
• Transportation

By Market Segment:

• Startups and Innovators
• Corporate Enterprises
• Government and Public Sector
• Research and Development
• Consumer Electronics

By Country:

• The U.S.
• Canada
• Mexico

Our Methodology

We have offered a well-founded review of the North America’s regional emerging technology  market along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as– case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.