Press release
IoT Services Market Size, Share, Growth And Global Forecast 2023-2032
IoT Services Market Report
The Business Research Company's IoT Services Global Market Report 2023 identifies an increase in the internet of things as the major driver for the IoT services market's growth in the forecast period. IoT use cases are the areas where IoT can be used for automating the process and increasing productivity. Over the years IoT has found its use in many areas such as manufacturing, farming, smartwatches, smart cities, transportation, and other fields, which has increased the need for IoT services that provide support by delivering services such as consulting, data management, network management, security services, and others.
The global iot services market size will grow from $188.8 billion in 2022 to $214.47 billion in 2023 at a compound annual growth rate (CAGR) of 13.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global iot services market size is expected to grow to $400.78 billion in 2027 at a CAGR of 16.9%.
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Major competitors in the IoT services market are Cisco Systems; Cognizant; Google; Infosys; Tieto Corporation; Virtusa Corporation; IBM; Tech Mahindra; Harman International Industries; Microsoft; Wipro; Hcl Technologies; Tata Consultancy Services Limited; AT and T; Honeywell International Inc.; Amazon; HP (Hewlett Packard); Intel Security Group; Apple and Qualcomm.
A key trend in the IoT services market includes edge or cloud computing. Edge or cloud computing is a solution that facilitates data processing and data storage in the cloud. For instance, Microsoft recently released its Azure IoT Edge, a managed service built on Azure IoT Hub that deploys the workloads like artificial intelligence, third party services, or own business logic on cloud and runs the workload on IoT edge device. Edge devices spend less time communicating with the cloud and react quickly to changes and operate reliably. Amazon provides two IoT software FreeRTOS and AWS IoT Greengrass, AWS IoT Greengrass extends AWS to the edge devices and they can act locally by generating the data and FreeRTOS is open source and operating system used for microcontrollers that makes low power edge devices easy to secure, deploy and manage.
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The IoT services market is segmented -
•By Type: Professional Services, Managed Services
•By Vertical: Manufacturing, Retail, IT & Telecom, Transportation & Logistics, Utilities, Healthcare, Energy, Other Verticals
•By Application: Smart Buildings, Smart Manufacturing, Smart Transport and Logistics, Smart Healthcare, Smart Retail, Smart Energy
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the IoT services market.
The Business Research Company's "Global IoT Services Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The IoT Services Market Include:
1. Market Executive Summary
2. IoT Services Market Characteristics
3. IoT Services Market Trends And Strategies
4. IoT Services Market - Macro Economic Scenario
5. IoT Services Market Size And Growth
……
26. Africa IoT Services Market
27. IoT Services Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The IoT Services Market
29. IoT Services Market Future Outlook and Potential Analysis
30. Appendix
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