IoT Solutions and Services Market by Component (Platform, Solution And Services), Service (Consulting, and Integration and Deplpyment), Vertical (Smart Manufacturing, Smart Energy and Smart Transportation), and Region - Global Forecast to 2024
The global IoT Solutions and Services market size is projected to grow at a CAGR of 14.9% during the forecast period
The global IoT solutions and services market size is expected to grow from USD 139.3 billion in 2019 to USD 278.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period. The IoT solutions and services industry is driven by increasing use connected devices across the industries, deployment of wireless technologies. However, lack of interoperability standards and transition of existing IT infrastructure are challenging the growth of the IoT solutions and services market.
Connected healthcare vertical segment to grow at a higher CAGR during the forecast period
The healthcare industry has been one of the quickest to adopt IoT. The major factor for this trend is that the integration of IoT features into medical devices improves the quality and effectiveness of service, bringing particularly high value for the elderly or patients with chronic conditions. Complex event processing solutions are expected to have higher demand in the near future, especially in the healthcare industry. Complex event processing for healthcare applications, specifically IoT-based applications that provide real-time data from medical devices with other patient and community data, offers multiple benefits that will lessen risks and increase the level of patient care since data will be analyzed in real time. For instance, if a patient’s blood pressure or temperature is too high, the provider will know immediately.
Smart Manufacturing is expected to have a largest market share during the forecast period
The major driving factors for the adoption of IoT solutions in manufacturing are cost reduction, production efficiency, improved safety at workplace, and energy efficiency. One of the major use case of IoT in manufacturing is asset tracking and management. According to Zebra’s 2017 Manufacturing Vision Study, smart asset tracking solutions based on RFID and IoT are expected to overtake traditional, spreadsheet-based methods by 2022. By providing accurate real-time data about enterprise’s assets, their statuses, locations, and movements, IoT-based asset management solutions remove the tracking burden from employees and eliminate errors that arise from manual data input.
APAC to grow at the highest CAGR during the forecast period
Major economies in Asia Pacific include China, South Korea, Japan, India, and Singapore. The number of connected devices is expected to reach more than 10 billion by 2025 in APAC. The adoption of connected devices is driven by industries such as manufacturing, transportation, energy, and smart cities. Challenges faced by these industries include data analysis, security, and technology integration, which are major concerns for emerging countries in APAC where a high proportion of businesses are small and medium-sized enterprises (SMEs). Thus, companies such as IBM, Symantec, Celcom Axiata, and Avnet are focused on offering solutions of security, data analytics, and technology integration. All these factors are responsible for the expeditious growth of the IoT solutions and services market in APAC.
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the IoT solutions and services market
By Company: Tier I:19%, Tier II:35%, and Tier III:46%
By Designation: C-Level Executives:33%, Directors:26%, and Others:41%
By Region: North America: 38%, Europe: 35%, Asia Pacific (APAC): 11%, Rest of World:16%
The report includes the study of the key players offering IoT solutions and services solutions and services. It profiles major vendors in the global IoT solutions and services market. The major vendors are Accenture (Ireland) , Atos (France), IBM (US), DXC Technology (US) Deloitte (UK), Cisco (US), Huawei(China), Sierra Wireless (Canada), ARUBA HPE (US), Microsoft (US), AWS (US), PTC (US), and Oracle (US). It further includes an in-depth competitive analysis of key players in the IoT solutions and services market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
The market study covers the IoT solutions and services market across segments. It aims at estimating the market size and the growth potential of this market, across different segments, such as component, platform, solution, service, application, verticals, and region.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall IoT solutions and services market and its subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report further helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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