According to a research report "IoT Solutions and Services Market by Component (Solutions and Services), Organization Size, Deployment Mode, Focus Area (Smart Manufacturing, Smart Energy and Utilities, and Smart Retail) and Region - Global Forecast to 2027" published by MarketsandMarkets, the IoT solutions and services market is projected to grow from USD 243.1 billion in 2022 to USD 575.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 18.8% during the forecast period. Because of the ongoing developments in IoT technology platform, the market for IoT Solutions and Services is growing at a rapid pace.
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IoT is an ecosystem where various ‘things’ communicate via internet protocols and deliver intelligent, measurable information to improve the control and management of equipment for an organization in different ways. Though IoT is not considered a new term, the business application of IoT is in the growing stage now. IoT offers an interconnected system of various devices and sensors, which organizations use for various applications. The concept of IoT has revolutionized the way organizations across verticals interact with their customers. IoT helps organizations improve their operational efficiency and optimize business outcomes.
IoT solutions have proven advantageous for almost every industry, facilitating the creation of new business and boosting efficiency. These solutions have helped connect devices, manage tasks, analyze opportunities, and securely transfer information. They provide a safe environment to operate in and help achieve business growth.
The solutions segment to hold the largest market share during the forecast period
Based on component segment, solutions segment to hold the largest market share during the forecast period. Solutions offer a wide range of technologies that help organizations meet their objectives and maintain a crucial competitive edge. Based on solutions, the IoT solutions and services market is segmented into network management, data management, device management, application management, and smart surveillance solution. The proliferation of AI and ML has forced vendors to adopt IoT solutions and help IT teams simplify and manage their decision-making process.
Large Enterprises segment to have larger market size during the forecast period
Among the organization size, the large enterprises are projected to dominate the market. Organizations are adopting IoT for greater visibility and control over operational processes. This service can help them identify new revenue opportunities by collecting customer data and business insights. Large organizations are expected to continue adopting IoT to develop the remote monitoring of their businesses with process enhancements across regions and fulfill various standards and regulations. It has become important for large enterprises to invest more in digital technologies to achieve growth and sustain the market. Investments are made in IoT to enable enterprises to discover new opportunities for maximizing customer experiences and operational efficiencies.
On-premises segment to have larger market size during the forecast period
Organizations opt for their preferred deployment mode based on their requirements regarding the scalability and level of image quality required. By deployment mode, the IoT market has been categorized into on-premises and cloud. The need to ensure better maintenance of servers and fulfil the business needs through customization is expected to drive the adoption of on-premises IoT platform
Smart manufacturing segment to have larger market size during the forecast period
Based on the focus area, the IoT solutions and services market is segmented into smart manufacturing, smart transportation/mobility, smart energy and utilities, smart retail, connected healthcare, smart agriculture, smart buildings, and other focus areas. The smart manufacturing segment is projected to record the largest market size during the forecast period. Manufacturing enterprises, including metal and mining, have been increasingly focusing on improving their business process efficiency and production output with optimum resource utilization. Industrial IoT vendors have been controlling multiple heterogeneous manufacturing processes by integrating advanced IoT platforms and solutions to automate manufacturing operations.
Asia Pacific to hold higher CAGR during the forecast period
The IoT solutions and services market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific consists of several emerging and developed economies, such as Australia, India, China, Japan, and Singapore. Countries in the region are taking aggressive initiatives to upsurge their IT infrastructures, enabling commercial users to adopt cutting-edge technologies. Some countries are more technologically developed, while some are still reluctant to adopt the latest technologies. The high adoption rate of new technologies has made this region a lucrative market for the IT industry. Due to this reason, the IoT solutions and services market in Asia Pacific is expected to grow at the highest rate
The major vendors in the global IoT solutions and services market include Siemens (Germany), Microsoft (US), AWS (US), IBM (US), Intel (US), Cisco (US), Google (US), Oracle (US), SAP (Germany), Qualcomm (US), Oxagile (US), Aeris Communications (US), Fujitsu (Japan), PTC (US), Hitachi (Japan), GE Digital (US), ARM (UK), Software AG (Germany), Particle (US), HQ Software (Estonia), Telit (UK), ClearBlade (US), Ayla Networks (US), Hologram (US), Losant (US), Samsara (US), Litmus (), and Confidex (Finland).
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