Global Iot Solutions And Services Market Size 2024, Forecast To 2033
6 Mar, 2024
The IoT solutions and services market size has experienced rapid growth in recent years, climbing from $265.48 billion in 2023 to $308.96 billion in 2024, with 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 4.0 and smart manufacturing, data analytics and insights, security and privacy concerns, and cost reduction and efficiency improvement. Looking ahead, the market is expected to witness rapid growth, reaching $568.91 billion in 2028 with a CAGR of 16.5%. The forecast period's growth can be attributed to 5G implementation, edge computing adoption, expansion of industrial IoT (IIoT), integration with AI and machine learning, and smart agriculture and sustainable practices. Major trends in the forecast period include advancements in connectivity technologies, 5G connectivity impact, industry-specific solutions, interoperability standards, and ecosystem collaboration.
Global IoT Solutions and Services Market Key Driver
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. The market size of the IoT solutions and services market in 2023 was [insert 2023 market size], and it is projected to reach [insert 2024 market size] by 2024 and [insert 2028 market size] by 2028.
Get A Free Sample Of The Global IoT Solutions and Services Market ReportGlobal IoT Solutions and Services Market Segments
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
By Geography:The regions covered in the iot solutions and services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
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
Major IoT Solutions and Services Industry Players
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.
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IoT Solutions and Services Market Overview
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.
IoT Solutions and Services Global Market Report 2023 provides data on the global iot solutions and services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The iot solutions and services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.