The global IoT solutions and services market addresses the growing need for seamless connectivity of devices and machines across various industries enabling data collection, analysis, and sharing with other systems and applications. IoT connects various physical objects with sensors and actuators attached while enabling their remote monitoring and management. Major advantages of IoT solutions include enhanced visibility and control, improved productivity, reduced operational costs, better customer experience, and data-driven decision making.
The Global IoT Solutions and Services Market is estimated to be valued at US$ 286.35 Billion in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the IoT Solutions and Services market are Cisco Systems, Inc, IBM Corporation, Microsoft Corporation, Intel Corporation, Amazon Web Services (AWS), Google, AT&T, and SAP SE.
There is immense potential for IoT Solutions and Services Demand in applications across various industry verticals like manufacturing, healthcare, agriculture, logistics, transportation, retail, energy management, and smart cities presenting key opportunities for market players. Many companies are also exploring cross-industry collaboration and partnerships to leverage each other's core competencies and build innovative IoT platforms and solutions on a global scale.
An increasing number of companies are adopting hybrid or multi-cloud IoT strategies to optimize costs while expanding their IoT capabilities, services, and geographical footprint globally.
Market Drivers
Increased demand for cloud-based IoT solutions and services from SMBs and large enterprises is a key driver as cloud platforms provide scalability, reliability, and pay-as-you-go pricing models. Cloud services help businesses leverage IoT without large upfront investments.
Market Restraints
Concerns around data privacy, security vulnerabilities from unplanned or unauthorized system access, and device bottlenecks can negatively impact the adoption of IoT solutions and services in the absence of robust security and privacy measures. Strict and evolving regulations around data management may also restrain the market to some extent.
Segment Analysis
The global IoT solutions and services market can be segmented based on component, type, platform, application, industry, and region.
Based on component, the IoT solutions segment is expected to dominate the market during the forecast period. This is due to the rising need for various solutions such as data management, network management, security solutions, streaming analytics etc. among enterprises across industries to securely connect, collect and analyze IoT data.
The services segment is projected to grow at a high rate during 2021-2026. This is because along with solutions, supportive managed and professional services are also required for effective functioning of IoT infrastructure.
Global Analysis
Regionally, North America held the largest share of the global market in 2020. However, Asia Pacific is poised to grow at the highest CAGR during 2021-2026. This is attributed to the rising adoption of emerging technologies and increasing manufacturing and digital transformation activities in countries such as China, India, Japan and South Korea.
The presence of some of the prominent players developing and incorporating innovative solutions is also fueling the market growth in Asia Pacific. For instance, China has emerged as one of the major countries generating IoT data in the world. Growing adoption of IoT across industries including manufacturing, healthcare, retail and transportation are propelling the demand for IoT solutions and services in Asia Pacific.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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