IoT Solutions and Services Global Market Report 2024

The iot solutions and services market 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 expansion observed in the historical period can be attributed to factors such as the increased demand for smart devices, the adoption of Industry 4.0 and smart manufacturing practices, the utilization of data analytics and insights, concerns related to security and privacy, as well as the focus on cost reduction and efficiency improvement in various industries.

The iot solutions and services market 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 anticipated growth in the forecast period can be attributed to the implementation of 5G technology, the adoption of edge computing, the expansion of Industrial IoT (IIoT), integration with AI and machine learning, and the adoption of smart agriculture and sustainable practices. Key trends expected in the forecast period encompass advancements in connectivity technologies, the impact of 5G connectivity, the development of industry-specific solutions, the establishment of interoperability standards, and increased collaboration within the ecosystem.

The anticipated surge in cloud adoption is poised to drive the growth of the IoT solutions and services market. Cloud adoption refers to the widespread integration of cloud services, where third-party providers host infrastructure resources accessible to users via the Internet. IoT solutions establish connections and facilitate communication between industries and cloud computing. Cloud solutions play a vital role in managing and analyzing data generated by IoT, offering robust authentication and encryption protocols for IoT devices. This enhances overall efficiency and functionality in IoT systems, contributing to increased demand in the IoT solutions and services market. For example, Eurostat reported a notable increase in cloud adoption among EU businesses in 2021, with 41% utilizing cloud services for file storage and e-mail. The rise in cloud adoption, especially in the retail sector, is a driving force behind the growth of the IoT solutions and services market.

Government initiatives are expected to be a significant driver propelling the growth of the IoT solutions and services market. Government initiatives encompass specific actions, programs, or policies implemented by governmental authorities to address issues, achieve goals, or bring about positive changes in various societal aspects. These initiatives leverage IoT screening and solutions to enhance efficiency, effectiveness, and sustainability across sectors, ultimately improving the quality of life for citizens. For instance, the US Department of Homeland Security (DHS) initiated a project in August 2022 to address IoT security issues, leveraging its expertise in cybersecurity, critical infrastructure protection, and readiness initiatives. Given that IoT connects physical and cyber aspects, government initiatives play a crucial role in advancing the IoT solutions and services market.

A prominent trend gaining traction in the IoT solutions and services market is product innovation. Major companies within this market are embracing innovative products to maintain their competitive positions. Siemens Smart Infrastructure, a subsidiary of Siemens AG, introduced a smart IoT solution called Connect Box for small to medium-sized buildings in March 2023. This solution provides intuitive online access, monitors building performance, optimizes energy efficiency by up to 30%, and enhances indoor air quality. Users can manage essential building management tasks through a cloud-based interface without the need for additional gateways or software. Product innovation is a key strategy for companies to stay competitive in the evolving landscape of the IoT solutions and services market.

Technological advancements, such as the development of IoT platforms, represent another avenue for major companies to enhance profitability in the IoT solutions and services market. IoT platforms serve as central hubs connecting, managing, and analyzing data from diverse devices and sensors. Qualcomm, a US-based company, launched the Qualcomm Aware Platform in February 2023, featuring built-in 5G IoT processors to support new robotics platforms and operating systems. This platform facilitates the development of industrial applications and contributes to expanding the IoT ecosystem. Additionally, Qualcomm introduced satellite IoT solutions for continuous remote monitoring and asset tracking, aiming to transform industries and support businesses in monitoring their operations more effectively.

In August 2022, Telit, a US-based IoT company, acquired Mobilogix for an undisclosed amount. This strategic acquisition integrated Mobilogix's IoT device design and engineering capabilities, reducing project time, business risk, cost, and complexity. Mobilogix's expertise in custom IoT solutions enhances the delivery of ready-to-certify and mass-produce IoT solutions. Mobilogix, a US-based company specializing in custom IoT solutions, brings valuable capabilities to the IoT solutions and services market through this acquisition.

Major companies operating in the iot solutions and services market report are 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.

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. The countries 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.

The main components of IoT solutions and services include solutions and services themselves. An IoT solution refers to a bundled set of technologies that companies can acquire to address specific challenges or generate new organizational value. Focus areas for IoT solutions encompass smart manufacturing, smart transportation/mobility, smart energy and utilities, smart retail, connected healthcare, smart agriculture, smart buildings, and others. These solutions cater to organizations of varying sizes, including small and medium-sized enterprises (SMEs) and large enterprises. They find applications in various areas such as web security, network security, database security, cloud security, and email security. End-users utilizing IoT solutions and services span industries such as wind, oil, gas, solar, and others.

The IoT solutions and services market research report provides IoT solutions and services market statistics, including IoT solutions and services industry global market size, regional shares, competitors with IoT solutions and services market share, detailed IoT solutions and services market segments, market trends and opportunities, and any further data you may need to thrive in the IoT solutions and services industry. This IoT solutions and services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The IoT solutions and services market consists of revenues earned by entities by providing IoT services such as medical treatment, remote controlling, enhancing lighting experiences, detecting machine failure, and IoT solutions such as connected security systems, smart appliances, and smart agriculture equipment. The market value includes the value of related goods sold by the service provider or included within the service offering. The IoT solutions and services market also includes sales of home voice controller devices, doorbell cams, echo plus voice controllers, and smart locks, which are used in providing IoT solutions and services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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