Press release
IoT Solutions and Services Market Size, Trends, Insights And Overview 2024-2033
IoT Solutions and Services Market
The iot solutions and services market size is expected to see rapid growth in the next few years. It will grow to $568.91 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to 5g implementation, edge computing adoption, expansion of industrial iot (iiot), integration with ai and machine learning, smart agriculture and sustainable practices. Major trends in the forecast period include advancements in connectivity technologies, 5g connectivity impact, industry-specific solutions, interoperability standards, ecosystem collaboration.
Market Overview -
Internet of Things (IoT) services refer to a group of end-to-end services that are contractually supplied to enterprises by outside providers for designing, developing, implementing, and operating IoT solutions. An IoT solution refers to an integrated bundle of technologies that companies can purchase to solve a problem or create new organizational value. IoT solutions and services are used to securely connect devices, manage tasks, identify opportunities, and transfer information that is beneficial for businesses to increasing productivity.
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Cloud Adoption's Impact On IOT Solutions And Services Market Growth
The increase in cloud adoption is expected to propel the growth of the IoT solutions and services market going forward. Cloud adoption refers to the industry's adoption of cloud services, which are infrastructure resources that are hosted by third-party providers and made available to users via the Internet. IoT solutions connect and allow communication between industry and cloud computing. Cloud solutions help in managing and analyzing data generated by IoT and provide reliable authentication and encryption protocols to IoT devices and automation when security concerns emerge, thereby enhancing the overall efficiency and working of IoT systems, as a result, the increase in cloud adoption increases the demand for IoT solutions and services market. For instance, according to Eurostat, an UK-based Directorate-General of the European Commission, In 2021, 41% of EU businesses used the cloud for file storage and e-mail. And, the EU, cloud computing usage grew in 2021 compared to 2020, especially in the retail sector. The increase in cloud adoption is driving the IoT solutions and services market.
Competitive Landscape -
Major companies operating in the iot solutions and services market report are 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, 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.
Product Innovations Shaping The Landscape Of The IOT Solutions And Services Market
Product innovations are a key trend gaining popularity in the IoT solutions and services market. Major companies operating in the IoT solutions and services market are adopting new innovative products to sustain their position in the market. For instance, in March 2023, Siemens Smart Infrastructure (a subsidiary of Siemens AG), a Germany-based industrial manufacturing company, launched a smart IoT solution for small to medium-sized buildings called Connect Box. Connect Box allows intuitive online access via desktop or smartphone, monitors building performance, optimizes energy efficiency by up to 30%, and improves indoor air quality in small to medium-sized buildings. Connect Box users can manage essential daily building management tasks via a cloud-based interface with no additional gateway or software.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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