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IoT Solutions and Services Market: Growth Overview, Industry Size, and Future Scope Analysis
IoT Solutions and Services Global Market Report 2024
According to The Business Research Company's, The iot solutions and services market size has grown rapidly in recent years. It will grow from $265.48 billion in 2023 to $308.96 billion in 2024 at a compound annual growth rate (CAGR) of 16.4%. The growth in the historic period can be attributed to increased demand for smart devices, industry 40 and smart manufacturing, data analytics and insights, security and privacy concerns, cost reduction and efficiency improvement.
The iot solutions and services market size is expected to see rapid growth in the next few years. It will grow to $568.91 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to 5g implementation, edge computing adoption, expansion of industrial iot (iiot), integration with ai and machine learning, smart agriculture and sustainable practices. Major trends in the forecast period include advancements in connectivity technologies, 5g connectivity impact, industry-specific solutions, interoperability standards, ecosystem collaboration.
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Market Drivers and Trends:
The increase in cloud adoption is expected to propel the growth of the IoT solutions and services market going forward. Cloud adoption refers to the industry's adoption of cloud services, which are infrastructure resources that are hosted by third-party providers and made available to users via the Internet. IoT solutions connect and allow communication between industry and cloud computing. Cloud solutions help in managing and analyzing data generated by IoT and provide reliable authentication and encryption protocols to IoT devices and automation when security concerns emerge, thereby enhancing the overall efficiency and working of IoT systems, as a result, the increase in cloud adoption increases the demand for IoT solutions and services market. For instance, according to Eurostat, an UK-based Directorate-General of the European Commission, In 2021, 41% of EU businesses used the cloud for file storage and e-mail. And, the EU, cloud computing usage grew in 2021 compared to 2020, especially in the retail sector. The increase in cloud adoption is driving the IoT solutions and services market.
Product innovations are a key trend gaining popularity in the IoT solutions and services market. Major companies operating in the IoT solutions and services market are adopting new innovative products to sustain their position in the market. For instance, in March 2023, Siemens Smart Infrastructure (a subsidiary of Siemens AG), a Germany-based industrial manufacturing company, launched a smart IoT solution for small to medium-sized buildings called Connect Box. Connect Box allows intuitive online access via desktop or smartphone, monitors building performance, optimizes energy efficiency by up to 30%, and improves indoor air quality in small to medium-sized buildings. Connect Box users can manage essential daily building management tasks via a cloud-based interface with no additional gateway or software.
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Major Key Players of the Market:
Siemens AG; Microsoft Corporation; Amazon Web Services Inc.; International Business Machines Corporation; Intel Corporation; Cisco Systems Inc.; Google LLC; Cloudera Inc.; SAP SE; Oxagile; PTC Inc.; General Electric Company; Software AG; Hologram Software Ltd.; Samsara Inc.; Confidex Ltd.; Oracle Corporation; Litmus Software Limited; Cognizant Technology Solutions Corporation; Tech Mahindra Limited; Virtusa Corporation; TietoEVRY Oyj; Infosys Limited; Huawei Technologies Co. Ltd.; Sierra Wireless Inc.; ARUBA HPE; Spectrum Enterprise; Agt International LLC; Davra Networks; Flutura Business Solutions LLC; Maven Systems Pvt. Ltd.
IoT Solutions and Services Market 2024 Key Insights:
• The iot solutions and services market size will grow to $568.91 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%.
• Cloud Adoption's Impact On IOT Solutions And Services Market Growth
• Product Innovations Shaping The Landscape Of The IOT Solutions And Services Market
• North America was the largest region in the IoT solutions and services market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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