The Business Research Company’s report on the IoT Solutions and Services Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
#How have key drivers contributed to the rapid growth of the iot solutions and services market?
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, in February 2023, according to the Bureau of Labor Statistics, a US-based government agency of labor economics and statistics, estimated cloud services reached $332.3 billion in 2021. This figure rose to $397.5 billion in 2022. . The increase in cloud adoption is driving the IoT solutions and services market.
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How has the iot solutions and services market size evolved, and what are the latest forecasts for its expansion?
The IoT solutions and services market size has grown rapidly in recent years. It will grow from$302.43 billion in 2024 to $348.06 billion in 2025 at a compound annual growth rate (CAGR) of 15.1%. 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 “$683.31 billion in 2029 at a compound annual growth rate (CAGR) of 18.4%. 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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Which major companies dominate the iot solutions and services market?
Major companies operating in the IoT solutions and services market include 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.
What trends will shape the future of the iot in smart cities market?
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.
Which region dominates the iot solutions and services market, and what factors contribute to its leadership?
North America was the largest region in the IoT solutions and services market in 2024. 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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How is the iot solutions and services market segmented, and which segment holds the largest share?
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
Subsegments:
1) By Solutions: Device Management Solutions, Network Management Solutions, Data Management Solutions, Security Solutions, Application Enablement Solutions, Analytics Solutions, Connectivity Solutions
2) By Services: Consulting Services, Integration Services, Maintenance And Support Services, Managed Services, Training And Education Services, Data Analytics Services
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How is the iot solutions and services market defined?
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.
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