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. The growing need for automation and asset monitoring is remotely enhancing the growth of the IoT solutions and services market.
The major vendors offering IoT Solutions and Services solutions across the globe 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 (US), and Confidex (Finland). These vendors have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2018 to 2022, which made companies innovate their products and services and widen their customer base.
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Microsoft designs and develops various cloud-based solutions. The company offers various solutions for cloud, mobility, and productivity. It operates in four business segments, namely personal computing, productivity and business processes, intelligent cloud, and corporate. The intelligent cloud segment provides organizations with cloud-based infrastructures and applications, which can convert vast amounts of data into predictive and analytical power using advanced machine learning technology, analytics, and cognitive services. The company also offers IoT-based Azure and Windows 10 solutions and services.
Microsoft’s Azure IoT Suite provides infrastructure and architecture-ready deployable platforms, which enable authorities to easily secure and automate their existing infrastructure. Its Azure IoT hub enables the IT infrastructure administration to manage and monitor billions of devices to develop IoT applications. The company offers a Microsoft Azure IoT platform to accelerate business transformation with the help of IoT technology. This platform reduces complexities, lowers costs, and speeds up business processes. It offers IoT services and solutions, such as remote monitoring, predictive maintenance, smart spaces, and connected products. It improves customers’ business processes using sensors and advanced analytics to predict needed maintenance and reduce unplanned downtime cutting into production time.
Cisco (US) is primarily involved in designing, manufacturing, and selling IP-based networking devices. The company is engaged in developing hardware, software, networking, and systems communication technology-based products and services for enterprise businesses, public institutions, telecommunication companies, commercial businesses, and personal residences across the world. The company provides solutions to various industries, such as automotive, consumer packaged goods, energy, materials and mining, life sciences, hospitality, education, public sector, retail, transportation, manufacturing, healthcare, government, and workplace transformation. The company has an extensive presence in North America, Europe, the Middle East & Africa (MEA), and Asia Pacific.
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
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