The internet of things (IoT) services market consists of the sales of IoT as services and their related products. Business entities act as a support to the end-user companies by providing professional and managed services such as network management, data management platforms, infrastructure, and deployment of the IoT technology for making them automated and smarter. Internet of things (IoT) services are delivered by the IoT service providers who provide consulting, security, and analytics services as per the requirement of the business.
Global IoT Services Market Size And Drivers:
The global IoT services market is expected grow from $139.24 billion in 2020 to $162.39 billion in 2021 at a compound annual growth rate (CAGR) of 16.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The internet of things services market is expected to reach $381.16 billion in 2025 at a CAGR of 24%. An increase in the internet of things use cases is expected to drive the IoT service market.
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Trends In The Global IoT Services Market
Edge or cloud computing is enhancing the deployment of workload on IoT devices. Edge or cloud computing is a solution that facilitates data processing and data storage in the cloud. For instance, Microsoft recently released its Azure IoT Edge, a managed service built on Azure IoT Hub that deploys the workloads like artificial intelligence, third party services, or own business logic on cloud and runs the workload on IoT edge device. Edge devices spend less time communicating with the cloud and react quickly to changes and operate reliably. Amazon provides two IoT software FreeRTOS and AWS IoT Greengrass, AWS IoT Greengrass extends AWS to the edge devices and they can act locally by generating the data and FreeRTOS is open source and operating system used for microcontrollers that makes low power edge devices easy to secure, deploy and manage.
Global IoT Services Market Segments:
The global IoT services market is further segmented –
By Type: Professional Services, Managed Services
By Vertical: Manufacturing, Retail, IT & Telecom, Transportation & Logistics, Utilities, Healthcare, Energy, Others
By Application: Smart Buildings, Smart Manufacturing, Smart Transport and Logistics, Smart Healthcare, Smart Retail, Smart Energy
By Geography: The global internet of things services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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IoT Services Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides IoT services market overviews, analyzes and forecasts market size and growth for the global IoT services market, IoT services market share, IoT services market players, IoT services market segments and geographies, IoT services market’s leading competitors’ revenues, profiles and market shares. The IoT services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
