Uncovering the NAICS Code for Internet of Things (IoT) Industry: A Comprehensive Guide
The Internet of Things (IoT) is a rapidly growing industry that is transforming the way we live and work. From smart homes to connected factories, IoT technologies are transforming industries and creating new business opportunities. As a result, it is essential to know how to classify businesses that operate in this sector to facilitate regulatory compliance and reporting. This article aims to provide a comprehensive guide to the North American Industry Classification System (NAICS) code for the IoT industry.
What is NAICS code?
The North American Industry Classification System (NAICS) is a classification system used in Canada, Mexico, and the United States, to help categorize businesses in the region into different sectors.
Each business can be classified using a six-digit hierarchical code, which classifies the business into different levels of detailed sectors, subsectors, industry groups, and industries. The NAICS code helps in collecting, analyzing, and publishing data related to businesses, making it easy for policymakers, researchers, and regulators to measure economic activity and track industry trends.
NAICS code for IoT industry
The NAICS code for the IoT industry is 334515, which relates to Instrument Manufacturing for Measuring and Testing Electricity and Electrical Signals. This code includes businesses engaged in the production of instruments that measure, test, and control variables such as voltage, current, resistance, frequency, and electrical signals to support IoT technologies.
This NAICS code includes a wide range of technological devices, including sensors, controllers, and actuators, used in IoT applications. Moreover, it consists of businesses that manufacture devices used for data collection, storage, and analysis. Besides, the code includes businesses that provide software solutions for IoT devices and cloud computing services.
Examples of industries under NAICS code 334515
The following industries fall under the NAICS code 334515 for IoT technologies:
– Sensor and instrument manufacturing
– Industrial automation control systems
– Control systems integration
– IoT component manufacturing
– Smart home technology manufacturing
– Embedded system manufacturing
– Data analytics solutions for IoT systems
– Cloud computing technologies for IoT devices
– Mobile application development for IoT devices
Conclusion
The NAICS code for IoT technologies is 334515, which covers businesses engaged in the measurement and testing of electrical signals, including sensors, controllers, and actuators, used in IoT applications. It also includes the production of IoT devices, software solutions, cloud computing services, data analytics, and mobile application development. Understanding this classification and its associated industries are crucial for businesses seeking to establish themselves in the IoT space as it helps with regulatory compliance, research, and tracking of industry trends.
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