The global IoT services market size is expected grow from $163.70 billion in 2021 to $188.80 billion in 2022 at a compound annual growth rate (CAGR) of 15.3%. The growth in the market 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 $340.61 billion in 2026 at a CAGR of 15.9%.
What is the Global IoT Services Market?
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.
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What drives the Global IoT Services Market?
An increase in the internet of things use cases is expected to drive the IoT service market. IoT use cases are the areas where IoT can be used for automating the process and increasing productivity. Over the years IoT has found its use in many areas such as manufacturing, farming, smartwatches, smart cities, transportation, and other fields, which has increased the need for IoT services that provide support by delivering services such as consulting, data management, network management, security services, and others. For instance, Telit, a leading IoT enabler, provides an IoT security system that helps users to control and monitor the surveillance along with collecting data and analysing it to improve the security of buildings, turning them into smart buildings. The IoT use cases eventually increase the demand for IoT services and are expected to drive market growth.
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Global IoT Services Market Segments
The global IoT services market is segmented:
By Type: Professional Services, Managed Services
By Vertical: Manufacturing, Retail, IT and Telecom, Transportation and Logistics, Utilities, Healthcare, Energy, Others
By Application: Smart Buildings, Smart Manufacturing, Smart Transport and Logistics, Smart Healthcare, Smart Retail, Smart Energy
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.
IoT Services Global Market Report 2022provides market size and growth forecasts for the global IoT services market, global IoT services market share, IoT services market segments and geographies, IoT services market competitive landscape including 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.
Global IoT Services Industry Playersinclude Cisco Systems, Cognizant, Google, Infosys, Tieto Corporation, Virtusa Corporation, Accenture PLC, IBM, Tech Mahindra, Harman International Industries, Microsoft, Wipro, HCL Technologies, Tata Consultancy Services Limited, AT&T, Honeywell International Inc., Amazon, HP (Hewlett Packard), Intel Security Group, Apple, and Qualcomm. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
