Overview and Scope
Internet of Things (IoT) services refer to a group of end-to-end services that are contractually supplied to enterprises by outside providers for designing, developing, implementing, and operating IoT solutions. An IoT solution refers to an integrated bundle of technologies that companies can purchase to solve a problem or create new organizational value. IoT solutions and services are used to securely connect devices, manage tasks, identify opportunities, and transfer information that is beneficial for businesses to increasing productivity.
Sizing and Forecast
The iot solutions and services market size has grown rapidly in recent years. It will grow from $265.48 billion in 2023 to $308.96 billion in 2024 at a compound annual growth rate (CAGR) of 16.4%. The growth in the historic period can be attributed to increased demand for smart devices, industry 40 and smart manufacturing, data analytics and insights, security and privacy concerns, cost reduction and efficiency improvement.
The iot solutions and services market size is expected to see rapid growth in the next few years. It will grow to $568.91 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to 5g implementation, edge computing adoption, expansion of industrial iot (iiot), integration with ai and machine learning, smart agriculture and sustainable practices. Major trends in the forecast period include advancements in connectivity technologies, 5g connectivity impact, industry-specific solutions, interoperability standards, ecosystem collaboration.
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Segmentation & Regional Insights
The iot solutions and services market covered in this report is segmented-
1) By Component: Solution, Services
2) By Focus Area: Smart Manufacturing, Smart Transportation/mobility, Smart Energy and Utilities, Smart Retail, Connected Healthcare, Smart Agriculture, Smart Buildings, Other Focus Area
3) By Organization Size: Small and Medium-Sized Enterprises, Large Enterprises
4) By Application: Web Security, Network Security, Database, Cloud Security, Email Security, Other Application
5) By End-User: Wind, Oil And Gas, Solar, Other End-User
North America was the largest region in the IoT solutions and services market in 2023 The regions covered in the iot solutions and services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increase in cloud adoption is expected to propel the growth of the IoT solutions and services market going forward. Cloud adoption refers to the industry’s adoption of cloud services, which are infrastructure resources that are hosted by third-party providers and made available to users via the Internet. IoT solutions connect and allow communication between industry and cloud computing. Cloud solutions help in managing and analyzing data generated by IoT and provide reliable authentication and encryption protocols to IoT devices and automation when security concerns emerge, thereby enhancing the overall efficiency and working of IoT systems, as a result, the increase in cloud adoption increases the demand for IoT solutions and services market. For instance, according to Eurostat, an UK-based Directorate-General of the European Commission, In 2021, 41% of EU businesses used the cloud for file storage and e-mail. And, the EU, cloud computing usage grew in 2021 compared to 2020, especially in the retail sector. The increase in cloud adoption is driving the IoT solutions and services market.
Key Industry Players
Major companies operating in the IoT solutions and services market report are Siemens AG, Microsoft Corporation, Amazon Web Services Inc., International Business Machines Corporation, Intel Corporation, Cisco Systems Inc., Google LLC, Cloudera Inc., SAP SE, Oxagile, PTC Inc., General Electric Company, Software AG, Hologram Software Ltd., Samsara Inc., Confidex Ltd., Oracle Corporation, Litmus Software Limited, Cognizant Technology Solutions Corporation, Tech Mahindra Limited, Virtusa Corporation, TietoEVRY Oyj, Accenture PLC, Infosys Limited, Huawei Technologies Co. Ltd., Sierra Wireless Inc., ARUBA HPE, Spectrum Enterprise, Agt International LLC, Davra Networks, Flutura Business Solutions LLC, Maven Systems Pvt. Ltd.
The iot solutions and services market report table of contents includes:
1. Executive Summary
2. IoT Solutions and Services Market Characteristics
3. IoT Solutions and Services Market Trends And Strategies
4. IoT Solutions and Services Market – Macro Economic Scenario
5. Global IoT Solutions and Services Market Size and Growth
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31. Global IoT Solutions and Services Market Competitive Benchmarking
32. Global IoT Solutions and Services Market Competitive Dashboard
33. Key Mergers And Acquisitions In The IoT Solutions and Services Market
34. IoT Solutions and Services Market Future Outlook and Potential Analysis
35. Appendix
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