The IoT Solutions and Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s IoT Solutions and Services Global Market Report 2024, 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.
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.
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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 Are
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
Product innovations are a key trend gaining popularity in the IoT solutions and services market. Major companies operating in the IoT solutions and services market are adopting new innovative products to sustain their position in the market. For instance, in March 2023, Siemens Smart Infrastructure (a subsidiary of Siemens AG), a Germany-based industrial manufacturing company, launched a smart IoT solution for small to medium-sized buildings called Connect Box. Connect Box allows intuitive online access via desktop or smartphone, monitors building performance, optimizes energy efficiency by up to 30%, and improves indoor air quality in small to medium-sized buildings. Connect Box users can manage essential daily building management tasks via a cloud-based interface with no additional gateway or software.
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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26. South America IoT Solutions and Services Market
27. Brazil IoT Solutions and Services Market
28. Middle East IoT Solutions and Services Market
29. Africa IoT Solutions and Services Market
30. IoT Solutions and Services Market Competitive Landscape And Company Profiles
Top Major Players:
- Siemens AG
- Microsoft Corporation
- Amazon Web Services Inc
- International Business Machines Corporation
- Intel Corporation
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