What Has Been the Growth Trajectory of the IoT Solutions and Services Market?
The iot solutions and services market has seen considerable growth due to a variety of factors.
•The market size for IoT solutions and services has seen substantial expansion lately. It's predicted to escalate from a worth of $302.43 billion in 2024 to $348.06 billion in 2025, with a compound annual growth rate (CAGR) of 15.1%.
This rise in the previous period can be credited to the heightened demand for intelligent devices, industry 4.0, smart production, data analysis and insights, privacy and security considerations, as well as the efforts to decrease costs and enhance efficiency.
What Does the Future Hold for the IoT Solutions and Services Market?
The iot solutions and services market is expected to maintain its strong growth trajectory in upcoming years.
• Projected advancements in the field of IoT solutions and services are anticipated to spur a significant increase in the market size in the coming years. The market is forecasted to expand to "$683.31 billion by the year 2029, sporting a compound annual growth rate (CAGR) of 18.4%.
The upswing in the predicted timeframe is ascribable to multiple factors including the incorporation of 5g technology, the usage of edge computing, the broadening of industrial IoT (IIoT), integration with AI and machine learning, and the application of smart agriculture and sustainable practices. Key trends expected during the forecast period embrace the progression in connectivity technologies, the effects of 5g connectivity, solutions tailored to specific industries, standards of interoperability, and ecosystem collaborations.
What Are the Critical Driver Fuelling the IoT Solutions and Services Market's Growth?
The growth of the IoT solutions and services market is anticipated to be driven by the rising adoption of cloud services. This rising adoption pertains to the industry's use of cloud services, which are platform resources hosted by third parties and accessible to users over the internet. These cloud solutions contribute to the management of and analytics on data generated through IoT, and provide robust authentication and encryption protocols for IoT devices and automation systems when security threats arise. This enhances the overall functionality and productivity of IoT systems. As a result, the surge in cloud adoption boosts the need for IoT services and solutions. For instance, the Bureau of Labor Statistics, a United States government's labor economics and statistics agency, reported that cloud services climbed to $332.3 billion in 2021 as per their February 2023 findings. This amount escalated to $397.5 billion in 2022. Thus, the continual rise in cloud adoption is a significant motivator for the IoT solutions and services market.
How Is the IoT Solutions and Services Market segmented?
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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What New Trends Are Influencing the IoT Solutions and Services Market?
The emergence of product innovations is an observed trend gaining momentum in the IoT solutions and services market. Major players in the market are creating and adopting innovative products as a strategy to retain their market position. For example, in March 2023, Siemens Smart Infrastructure, a subsidiary of the German industrial manufacturing firm Siemens AG, introduced an IoT solution named 'Connect Box' for small to medium-sized buildings. The Connect Box provides user-friendly online access through desktop or smartphone, tracks building performance, bolsters energy efficiency by around 30%, and enhances indoor air quality in such buildings. Users of Connect Box have the ability to handle vital everyday building management tasks through a cloud-based interface, negating the need for any additional gateway or software.
Who Are the Key Players in 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 Is The Most Dominant Region In The IoT Solutions and Services Market?
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.
