The global IoT solutions and services market size was valued at USD 179.2 billion in 2021 and is expected to surpass USD 775 billion by 2030, expanding at a CAGR of 18.2% during the forecast period, 2022–2030. The growth of the market is attributed to the increasing deployment of IoT solutions for better data management and operations by business enterprises as well as the rising demand for automation processes across industries.
Internet of Things (IoT) solutions and services include a range of advanced digital devices and software that allow easy communication for an organization through the use of the internet. IoT platforms are widely deployed by business organizations either on-premises or cloud-based systems to help in effective data operations of businesses. Using IoT solutions and services, a company can connect with advisory consultant platforms to develop an effective digital ecosystem and also extract valuable information about the performance of various departments within a large business enterprise. IoT basically provides an interconnected system of various wireless devices and helps to facilitate direct device-to-device communication across several verticals in an organization. Since these solutions allow users to monitor data operations and control over operational processes of an organization, business enterprises can formulate the best decision-making for better performance of businesses and enhance customer experiences.
The COVID-19 pandemic had affected the market due to the prolonged shutdown of various industries including manufacturing, energy, and transport resulting in the slow demand for IoT services worldwide. However, the trend of digital transformation and increasing adoption of IoT analytics among companies as a key method to survive in the harsh environment of the corporate world and cope with the work-from-home practices, impacted by the pandemic has opened up opportunities for the rapid expansion of the market. In the coming years, the rising government projects and rescheduling of the previous information technology-related projects are key factors expected to propel the demand for IoT solutions globally.
Market Trends, Drivers, Restraints, and Opportunities
- Advancements in wireless and connectivity technology, rising numbers of smart device users, and increasing adoption of high-speed internet systems are key factors driving the market.
- Increasing need for advanced components for direct device-to-device communication in the corporate world and the rising use of the 5G spectrum present another key driver of the market.
- Wide acceptance of cloud-based IoT solutions for various applications such as smart utilities, smart retail, connected healthcare, and smart manufacturing is projected to boost the market in the coming years.
- Issues concerning data security and privacy of users along with the lack of experts for handling IoT solutions act as major hurdles that can hamper the market during the forecast period.
- Ongoing R&D programs and wide integration of advanced technology such as Artificial Intelligence (AI) and Machine Learning (ML) are offering several growth opportunities for the market.
Scope of the Report
The report on the global IoT solutions and services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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IoT Solutions and Services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2021
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Historic Data
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2019–2020
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Forecast Period
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2022–2030
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Segmentation
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Components (Solutions [Device Management, Data Management, Application Management, Network Management, and Smart Surveillance] and Services), Deployments (Cloud-based and On-premises), Enterprises (Small & Medium-sized Enterprises and Large Enterprises), and Applications (Smart Retail, Smart Manufacturing, Smart Energy & Utilities, Smart Agriculture, Smart Buildings, Smart Transportation/Mobility, Connected Healthcare, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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IBM Corp.; Intel Corp.; Microsoft Corp.; AWS, Inc.; Google LLC; Oracle Corp.; Siemens AG; Cisco Systems, Inc.; SAP SE; Qualcomm; Fujitsu Limited; PTC Inc.; GE Digital; Hitachi, Ltd.; Arm Limited; Software AG; Oxagile; Aeris.; HQ Software; Confidex; Samsara Inc.; ClearBlade; and Ayla Networks.
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Market Segment Insights
Solutions segment to expand at a robust growth rate
Based on components, the global IoT solutions and services market is bifurcated into solutions and services. The solutions segment is further divided into device management, data management, application management, network management, and smart surveillance. The solutions segment is expected to expand at a robust growth rate during the forecast period owing to the wide acceptance of IoT solutions among business enterprises. Moreover, the rapid introduction of innovative solutions for commercial applications and wide applications of IoT device management presents another key driver of the segment. With the integration of various IoT solutions in business operations, organizations can achieve several objectives and gain a competitive edge in the market.
Wide deployment by SMEs drives the on-premises segment
In terms of deployments, the market is segmented into cloud-based and on-premises. The on-premises segment is expected to exhibit a high growth rate during the forecast period due to the wide deployment of on-premise IoT services by small & medium business organizations and easy customization. On-premise IoT solutions and services offer flexibility in the deployment and can be adopted as per the needs of users. On the other hand, the cloud-based segment is projected to hold a large market share in the coming years due to the increasing acceptance of cloud-based IoT platforms by companies and the availability of cost-effective cloud-based solutions, which provide secured and reliable IoT services.
Rising adoption of advanced technology boosts the large enterprise segment
Based on enterprises, the global IoT solutions and services market is bifurcated into small & medium-sized enterprises and large enterprises. The large enterprise segment is anticipated to account for a large market share in the coming years owing to the rising adoption of advanced technology for better management of data operations by big business organizations. IoT solutions also provide several other benefits to business organizations such as gaining new insights about consumer behavior and direct monitoring of operational performance by various departments. The use of these solutions offers business organizations a range of new opportunities for high performance of business operations among large-scale business enterprises.
Smart manufacturing segment to register a considerable CAGR
On the basis of applications, the market is segregated into smart retail, smart manufacturing, smart energy & utilities, smart agriculture, smart buildings, smart transportation/mobility, connected healthcare, and others. The smart manufacturing segment accounted for a key market share in 2021 and is projected to register a considerable CAGR during the forecast period owing to the wide integration of IoT services in the manufacturing industry to ensure efficiency and high performance in production activities. The rising adoption of automated manufacturing operations requires the use of advanced IoT solutions, which allow manufacturers to use resources effectively for maximum production output.
Asia Pacific to dominate the market
In terms of regions, the global IoT solutions and services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific constituted a major market share in 2021 and is expected to dominate the market during the projected period owing to the rising penetration of high-speed internet networks and rising awareness regarding the benefits of IoT solutions among business enterprises in the region. On the other hand, the market in North America is anticipated to expand at a rapid pace during the forecast period owing to the wide adoption of IoT solutions across various industrial applications such as retail, manufacturing, and transportation. Moreover, the early adoption of advanced IT solutions, wide acceptance of IoT services among business organizations, and the presence of key global players in the region further drive the regional market.
Segments
The global IoT solutions and services market has been segmented on the basis of
Components
- Solutions
- Device Management
- Data Management
- Application Management
- Network Management
- Smart Surveillance
- Services
Deployments
Enterprises
- Small & Medium-sized Enterprises
- Large Enterprises
Applications
- Smart Retail
- Smart Manufacturing
- Smart Energy & Utilities
- Smart Agriculture
- Smart Buildings
- Smart Transportation/Mobility
- Connected Healthcare
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- IBM Corp.
- Intel Corp.
- Microsoft Corp.
- AWS, Inc.
- Google LLC
- Oracle Corp.
- Siemens AG
- Cisco Systems, Inc.
- SAP SE
- Qualcomm
- Fujitsu Limited
- PTC Inc.
- GE Digital
- Hitachi, Ltd.
- Arm Limited
- Software AG
- Oxagile
- Aeris.
- HQ Software
- Confidex
- Samsara Inc.
- ClearBlade
- Ayla Networks
Competitive Landscape
Key players competing in the global IoT solutions and services market are IBM Corp.; Intel Corp.; Microsoft Corp.; AWS, Inc.; Google LLC; Oracle Corp.; Siemens AG; Cisco Systems, Inc.; SAP SE; Qualcomm; Fujitsu Limited; PTC Inc.; GE Digital; Hitachi, Ltd.; Arm Limited; Software AG; Oxagile; Aeris.; HQ Software; Confidex; Samsara Inc.; ClearBlade; and Ayla Networks. Some of these players have adopted a series of business development strategies including merger and acquisition, entering into partnerships and collaboration, product launches, and innovative IoT solutions development to expand their consumer base and enhance their market share.
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