IoT Solutions and Services Market Size, Share, Analysis 2031
IoT Solutions and Services Market Size, Share, Analysis 2031
Segments - IoT Solutions and Services Market by Components (Solutions [Device Management, Data Management, Application Management, Network Management, and Smart Surveillance] and Services), Deployments Mode (Cloud-based and On-premises), Enterprises (Small & Medium-Sized Enterprises and Large Enterprises), Applications (Smart Retail, Smart Manufacturing, Smart Energy & Utilities, Smart Agriculture, Smart Buildings, Smart Transportation/Mobility, Connected Healthcare, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2022 – 2030
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| Report ID :ICT-SE-4532
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| 190 Pages
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Report Description
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 |
Details |
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Report Title |
IoT Solutions and Services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2021 |
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Historic Data |
2019–2020 |
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Forecast Period |
2022–2030 |
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Segmentation |
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 |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
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 |
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. |
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
- Cloud-based
- On-premises
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.
Frequently Asked Questions
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.
The solutions segment is expected to expand at a robust growth rate during the forecast period.
The key drivers of the market include the increasing deployment of IoT solutions for better data management and operations by business enterprises as well as the rising demand for automation process across industries.
Asia Pacific constituted a major market share in 2021 and is expected to dominate the market during the projected period.
The key players of the market are IBM Corp.; Intel Corp.; Microsoft Corp.; AWS, Inc.; Google LLC; Oracle Corp.; Siemens AG; Cisco Systems, Inc.; SAP SE; Qualcomm; Fujitsu Limited; and PTC Inc.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. IoT Solutions and Services Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. IoT Solutions and Services Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. IoT Solutions and Services Market - Supply Chain
4.5. Global IoT Solutions and Services Market Forecast
4.5.1. IoT Solutions and Services Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. IoT Solutions and Services Market Size (000’ Units) and Y-o-Y Growth
4.5.3. IoT Solutions and Services Market Absolute $ Opportunity
5. Global IoT Solutions and Services Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. IoT Solutions and Services Market Size and Volume Forecast by Applications
5.3.1. Smart Retail
5.3.2. Smart Manufacturing
5.3.3. Smart Energy & Utilities
5.3.4. Smart Agriculture
5.3.5. Smart Buildings
5.3.6. Smart Transportation/Mobility
5.3.7. Connected Healthcare
5.3.8. Others
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global IoT Solutions and Services Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. IoT Solutions and Services Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global IoT Solutions and Services Demand Share Forecast, 2019-2026
7. North America IoT Solutions and Services Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America IoT Solutions and Services Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America IoT Solutions and Services Market Size and Volume Forecast by Applications
7.4.1. Smart Retail
7.4.2. Smart Manufacturing
7.4.3. Smart Energy & Utilities
7.4.4. Smart Agriculture
7.4.5. Smart Buildings
7.4.6. Smart Transportation/Mobility
7.4.7. Connected Healthcare
7.4.8. Others
7.5. Basis Point Share (BPS) Analysis by Applications
7.6. Y-o-Y Growth Projections by Applications
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America IoT Solutions and Services Demand Share Forecast, 2019-2026
8. Latin America IoT Solutions and Services Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America IoT Solutions and Services Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America IoT Solutions and Services Market Size and Volume Forecast by Applications
8.4.1. Smart Retail
8.4.2. Smart Manufacturing
8.4.3. Smart Energy & Utilities
8.4.4. Smart Agriculture
8.4.5. Smart Buildings
8.4.6. Smart Transportation/Mobility
8.4.7. Connected Healthcare
8.4.8. Others
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America IoT Solutions and Services Demand Share Forecast, 2019-2026
9. Europe IoT Solutions and Services Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe IoT Solutions and Services Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe IoT Solutions and Services Market Size and Volume Forecast by Applications
9.4.1. Smart Retail
9.4.2. Smart Manufacturing
9.4.3. Smart Energy & Utilities
9.4.4. Smart Agriculture
9.4.5. Smart Buildings
9.4.6. Smart Transportation/Mobility
9.4.7. Connected Healthcare
9.4.8. Others
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe IoT Solutions and Services Demand Share Forecast, 2019-2026
10. Asia Pacific IoT Solutions and Services Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific IoT Solutions and Services Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific IoT Solutions and Services Market Size and Volume Forecast by Applications
10.4.1. Smart Retail
10.4.2. Smart Manufacturing
10.4.3. Smart Energy & Utilities
10.4.4. Smart Agriculture
10.4.5. Smart Buildings
10.4.6. Smart Transportation/Mobility
10.4.7. Connected Healthcare
10.4.8. Others
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific IoT Solutions and Services Demand Share Forecast, 2019-2026
11. Middle East & Africa IoT Solutions and Services Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa IoT Solutions and Services Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa IoT Solutions and Services Market Size and Volume Forecast by Applications
11.4.1. Smart Retail
11.4.2. Smart Manufacturing
11.4.3. Smart Energy & Utilities
11.4.4. Smart Agriculture
11.4.5. Smart Buildings
11.4.6. Smart Transportation/Mobility
11.4.7. Connected Healthcare
11.4.8. Others
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa IoT Solutions and Services Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global IoT Solutions and Services Market: Market Share Analysis
12.2. IoT Solutions and Services Distributors and Customers
12.3. IoT Solutions and Services Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. IBM Corp.
12.4.2. Intel Corp.
12.4.3. Microsoft Corp.
12.4.4. AWS, Inc.
12.4.5. Google LLC
Methodology
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