Global IoT Services Market Trends And Strategies Of Major Players In The IoT Services Market 2020
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The global IoT services market is expected to decline from $143.48 billion in 2019 to $139.36 billion in 2020 at a compounded annual growth rate (CAGR) of -2.87%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities that eventually led to a slowdown in the economy. The market is then expected to recover and reach $260.41 billion in 2023 at a CAGR of 23.17%. An increase in the internet of things use cases is expected to drive the IoT service 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. 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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The global IoT services market is further segmented based on type and geography.
By Type: Professional Services, Managed Services
By Vertical: Manufacturing, Retail, IT & Telecom, Transportation & Logistics, Utilities, Healthcare, Energy, Others.
By Geography: The global IoT services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American IoT services was the largest region in the global IoT services market 2019.
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Trends In The 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.
IoT Services Global Market Report 2020 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.