Press release
IoT Services Market Report 2024: Strategies And Recent Developments | Cisco Systems Inc., Cognizant Technology Solutions Corporation, Google LLC, Infosys Limited
IoT Services Market Size
The Business Research Company offers in-depth market insights through IoT Services Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The iot services market size has grown rapidly in recent years. It will grow from $214.47 billion in 2023 to $249.12 billion in 2024 at a compound annual growth rate (CAGR) of 16.2%. The growth in the historic period can be attributed to proliferation of iot devices, connectivity advancements, data analytics, industry-specific applications.
The iot services market size is expected to see rapid growth in the next few years. It will grow to $470.42 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%. The growth in the forecast period can be attributed to 5g connectivity, edge computing, smart cities and infrastructure, industrial iot (iiot). Major trends in the forecast period include edge computing, ai and machine learning integration, smart cities, industrial iot (iiot).
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Market Segmentation:
The main types of internet of things (IoT) services are professional services and managed services. A professional service is an intangible product that a contractor or product vendor sells to help a customer manage a specific part of their business. The various type of verticals are manufacturing, retail, IT & telecom, transportation & logistics, utilities, healthcare, energy, and others. The various applications of internet of things (IoT) services are smart buildings, smart manufacturing, smart transport and logistics, smart healthcare, smart retail, and smart energy.
Major Driver - IOT Service Market Growth Fueled By Increasing Iot Use Cases And Applications
An increase in the internet of things use cases is expected to drive the IoT service market. 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. For instance, Telit, a leading IoT enabler, provides an IoT security system that helps users to control and monitor the surveillance along with collecting data and analyzing it to improve the security of buildings, turning them into smart buildings. The IoT use cases eventually increase the demand for IoT services and are expected to drive market growth.
Competitive Landscape:
Major companies operating in the iot services market include Cisco Systems Inc., Cognizant Technology Solutions Corporation, Google LLC, Infosys Limited, Tieto Corporation, Virtusa Corporation, International Business Machines Corporation (IBM), Tech Mahindra Limited, Harman International Industries Incorporated, Microsoft Corporation, Wipro Limited, HCL Technologies Limited, Tata Consultancy Services Limited, AT&T Inc., Honeywell International Inc., Amazon.com Inc., HP Inc., Intel Security Group, Apple Inc., Qualcomm Incorporated, Vates Inc., Oxagile LLC, Verizon Communications Inc., HQSoftware LLC, General Electric Digital LLC, Bosch IoT Sensor Company GmbH, Arm Limited, Sierra Wireless Inc., PTC Inc., Telit Communications PLC, SoluLab Inc., Amazon Web Services Inc., Oracle Corporation, Qualcomm Technologies Inc., Telefonaktiebolaget LM Ericsson, Hewlett-Packard Company Inc., Marvell Technology Group Ltd., Nlyte Software Inc., Western Digital Corporation, Broadcom Inc., NVIDIA Corporation, OVHcloud Co., Tencent Holdings Limited, Alibaba Group Holding Limited, Meta Platforms Inc., Equinix Inc., Digital Realty Trust Inc., CyrusOne Inc.
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https://www.thebusinessresearchcompany.com/report/iot-services-global-market-report
Top Trend - Enhancing Iot Workload Deployment With Edge And Cloud Computing Solutions
Edge or cloud computing is enhancing the deployment of workload on IoT devices. 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.
The Table Of Content For The Market Report Include:
1. 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
…..
27. IoT Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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