by The Internet of Things (IoT) refers to the growing network of sensors, controllers and smart devices that collect and exchange data digitally. IoT solutions and services connect these devices over the internet and enable various technologies including wireless sensing, cloud infrastructure and big data analytics. These solutions provide seamless connectivity for devices, real-time data analysis and monitoring across various industries.
The Global IoT Solutions and Services Market is estimated to be valued at US$ 286.35 Billion in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2031.
IoT has gained traction across smart homes, industrial automation, smart transportation and healthcare domains. Growing penetration of IoT devices coupled with advancements in connectivity technologies is fueling market demand.
Key Takeaways
Key players operating in the Iot Solutions And Services Market Companies are Cisco Systems, Inc., IBM Corporation, Microsoft Corporation, General Electric Company, Siemens AG, Intel Corporation, Oracle Corporation, Honeywell International Inc. These companies offer comprehensive IoT platforms integrating sensors, cloud computing services and analytics tools.
Growing number of connected devices, rising adoption of cloud computing platforms and government initiatives towards development of smart cities are fueling demand for IoT solutions. As per estimates, over 40 billion devices are projected to be connected globally by 2023.
Rapid globalization of connected technology has prompted leading IoT vendors to expand their presence across emerging regions. For instance, Cisco acquired MindMeld in 2020 to strengthen its capabilities in Artificial Intelligence and IoT across India, Middle East and other Asian markets. In addition, partnerships between firms are enabling seamless connectivity across international borders.
Market key trends
One of the major driver in the Iot Solutions And Services Market Trend is increased adoption of cloud platforms. Cloud-based platforms are scalable, cost-effective and enable remote monitoring of IoT devices globally. Leading cloud providers like AWS, Microsoft Azure and IBM Cloud offer pre-built IoT services simplifying development and management of connected solutions. This is contributing significantly to the global expansion of the IoT solutions and services market.
Porter’s Analysis
Threat of new entrants: High initial capital requirement with advanced technology and infrastructure poses barrier to entry for new players.
Bargaining power of buyers: Large pool of solution providers provides choice to buyers but specific customer requirements increase their bargaining power.
Bargaining power of suppliers: Integration capabilities and customized solutions are key for suppliers in this evolving market.
Threat of new substitutes: Adjacent technologies like cloud and analytics offer some level of substitution.
Competitive rivalry: Large players continuously invest in innovation to gain competitive advantages in solutions and services.
Geographical Regions
North America currently accounts for the largest share of the global IoT solutions and services market in terms of value, owing to large-scale implementation of IoT across industries for inventory management, predictive maintenance, and asset tracking. An increasing number of IoT startups and major technology players in the US and Canada are driving market growth.
Asia Pacific is expected to witness the fastest growth over the forecast period. Proliferation of consumer IoT devices along with government initiatives for smart infrastructure and cities offer immense opportunities for solution providers. Countries like India, China, Japan, and South Korea are rapidly adopting IoT across sectors like manufacturing, transportation, energy and utilities to enhance operations and boost productivity.
For Deeper Insights, Find the Report in the Language that You want
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
