Overview and Scope
IoT (Internet of Things) services refers to a set of end-to-end services in which businesses contract with external providers to design, build, install, and operate IoT solutions. IoT services help elaborate on the idea of IoT adoption and set up secure technology infrastructure for advanced data tasks.
Sizing and Forecast
The iot services market size has grown rapidly in recent years. It will grow from <b>$214.47 billion in 2023 to $249.12 billion in 2024 at a compound annual growth rate (CAGR) of 16.2%. </b> The growth in the historic period can be attributed to proliferation of iot devices, connectivity advancements, data analytics, industry-specific applications.
The iot services market size is expected to see rapid growth in the next few years. It will grow to <b>$470.42 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%. </b> The growth in the forecast period can be attributed to 5g connectivity, edge computing, smart cities and infrastructure, industrial iot (iiot). Major trends in the forecast period include edge computing, ai and machine learning integration, smart cities, industrial iot (iiot).
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Segmentation & Regional Insights
The iot services market covered in this report is segmented –
1) By Type: Professional Services, Managed Services
2) By Application: Smart Buildings, Smart Manufacturing, Smart Transport and Logistics, Smart Healthcare, Smart Retail, Smart Energy
3) By Vertical: Manufacturing, Retail, IT & Telecom, Transportation & Logistics, Utilities, Healthcare, Energy, Other Verticals
<b>Asia-Pacific</b> was the largest region in the internet of things (IoT) services market in 2023. <b>North America</b> was the second largest region in the internet of things (IoT) services market. The regions covered in the iot 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
An increase in the internet of things use cases is expected to drive the IoT service market. IoT use cases are the areas where IoT can be used for automating the process and increasing productivity. Over the years IoT has found its use in many areas such as manufacturing, farming, smartwatches, smart cities, transportation, and other fields, which has increased the need for IoT services that provide support by delivering services such as consulting, data management, network management, security services, and others. For instance, Telit, a leading IoT enabler, provides an IoT security system that helps users to control and monitor the surveillance along with collecting data and analyzing it to improve the security of buildings, turning them into smart buildings. The IoT use cases eventually increase the demand for IoT services and are expected to drive market growth.
Key Industry Players
Major companies operating in the iot services market include <b>Cisco Systems Inc., Cognizant Technology Solutions Corporation, Google LLC, Infosys Limited, Tieto Corporation, Virtusa Corporation, Accenture plc, International Business Machines Corporation (IBM), Tech Mahindra Limited, Harman International Industries Incorporated, Microsoft Corporation, Wipro Limited, HCL Technologies Limited, Tata Consultancy Services Limited, AT&T Inc., Honeywell International Inc., Amazon.com Inc., HP Inc., Intel Security Group, Apple Inc., Qualcomm Incorporated, Vates Inc., Oxagile LLC, Verizon Communications Inc., HQSoftware LLC, General Electric Digital LLC, Bosch IoT Sensor Company GmbH, Arm Limited, Sierra Wireless Inc., PTC Inc., Telit Communications PLC, SoluLab Inc., Amazon Web Services Inc., Oracle Corporation, Qualcomm Technologies Inc., Telefonaktiebolaget LM Ericsson, Hewlett-Packard Company Inc., Marvell Technology Group Ltd., Nlyte Software Inc., Western Digital Corporation, Broadcom Inc., NVIDIA Corporation, OVHcloud Co., Tencent Holdings Limited, Alibaba Group Holding Limited, Meta Platforms Inc., Equinix Inc., Digital Realty Trust Inc., CyrusOne Inc.</b>
The iot services market report table of contents includes:
1. Executive Summary
2. IoT Services Market Characteristics
3. IoT Services Market Trends And Strategies
4. IoT Services Market – Macro Economic Scenario
5. Global IoT Services Market Size and Growth
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26. South America IoT Services Market
27. Brazil IoT Services Market
28. Middle East IoT Services Market
29. Africa IoT Services Market
30. IoT Services Market Competitive Landscape And Company Profiles
Top Major Players:
- Cisco Systems Inc
- Cognizant Technology Solutions Corporation
- Google LLC
- Infosys Limited
- Tieto Corporation
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