Global IoT Services Market Share 2024, Forecast To 2033
16 Jan, 2024
The IoT services market has surged from $214.47 billion in 2023 to $249.12 billion in 2024, with a 16.2% CAGR in the historic period. Proliferation of IoT devices, connectivity advancements, data analytics, and industry-specific applications fueled this growth. The forecast period anticipates a rise to $470.42 billion in 2028, with a 17.2% CAGR attributed to 5G connectivity, edge computing, smart cities, and IIoT. Notable trends include edge computing, AI and machine learning integration, smart cities, and IIoT.
Global IoT Services Market Key Driver
The rise in Internet of Things (IoT) use cases is anticipated to propel the IoT service market. IoT use cases represent various areas where IoT can automate processes and enhance productivity. Over time, IoT has found applications in diverse sectors, including manufacturing, farming, smartwatches, smart cities, and transportation. This widespread adoption has heightened the necessity for IoT services, encompassing consulting, data management, network management, security services, and more. For example, Telit, a prominent IoT enabler, offers an IoT security system enabling users to supervise surveillance, collect data, and analyze it to enhance building security, transforming them into smart buildings. The increasing IoT use cases drive demand for IoT services, fostering market growth.
Get A Free Sample Of The Global IoT Services Market ReportGlobal IoT Services Market Segments
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
By Geography: The regions covered in the iot services market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions
Asia-Pacific was the largest region in the internet of things (IoT) services market in 2023. North America 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
Major IoT Services Industry Players
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.
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IoT Services Market Overview
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.
IoT Services Global Market Report 2023 provides data on the global iot services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The iot services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.