A Deep Dive into IoT Services Market 2025: Key Drivers, Growth Factors, and Projections 2025-2034

What Are the Market Size and Growth Forecast for the IoT Services Market?
The market size of IoT services has seen swift expansion in the previous years. The market's value, which stands at $243.8 billion in 2024, is projected to increase to $281.65 billion in 2025, with a compound annual growth rate (CAGR) of 15.5%. Factors such as an increase in IoT devices, advances in connectivity, data analytics, and industry-specific applications have been substantial contributors to its growth during the historic period.

In the coming years, the market size for IoT services is projected to undergo swift expansion, reaching a value of $563.19 billion in 2029 with an 18.9% compound annual growth rate (CAGR). The surge anticipated over the forecast period is linked to factors such as 5g connectivity, edge computing, intelligent urban infrastructure and industrial internet of things (iiot). The period also sees several leading trends including edge computing, the integration of ai and machine learning, smart cities and industrial IoT (iiot).

What Is Contributing to the Growth of the IoT Services Market?
The anticipated rise in the application of the internet of things is predicted to fuel the growth of the IoT service market. IoT use cases, referring to the sectors where IoT can enhance process automation and productivity, have expanded over the years. These sectors include manufacturing, agriculture, smartwatches, smart cities, transport, and more, which have heightened the demand for IoT services. These services extend support through delivering various offerings including consultation, data management, network management, and security services, among others. Consider Telit, a prominent IoT enabler, which offers an IoT security system enabling users to govern and oversee surveillance, collect and analyze data, thereby enhancing the security of buildings and making them smart buildings. Ultimately, these IoT use cases escalate the need for IoT services and are likely to stimulate the market's growth.

Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=3261&type=smp

Which Key Market Leaders Are Driving IoT Services Industry Growth?
Major companies operating in the IoT services market include Cisco Systems Inc., Cognizant Technology Solutions Corporation, Google LLC, Infosys Limited, Tieto Corporation, Virtusa Corporation, accenture* plc, 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.

What Are the Emerging Trends in the IoT Services Industry?
The advancement of edge or cloud computing is intensifying the capacity to handle workload on IoT devices. Essentially, this solution allows for the processing and storage of data in the cloud. As an illustration, Microsoft has launched its Azure IoT Edge, a managed service rooted in Azure IoT Hub. This service allows for the execution of workloads such as artificial intelligence, third-party services, or internal business logic on the cloud while simultaneously powering the workload on IoT edge devices. These edge devices take less time to interact with the cloud, are able to swiftly respond to alterations, and maintain reliable operations. Amazon offers two IoT softwares - FreeRTOS and AWS IoT Greengrass. AWS IoT Greengrass expands AWS to edge devices which can operate locally by creating data, while FreeRTOS, a freely available and open-source operating system, simplifies the task of securing, deploying and managing low power edge devices.

What Are the Main Segments in the IoT Services Market?
The IoT services market covered in this report is segmented -

1) By Type: Professional Services, Managed Services
2) By Application: Smart Buildings, Smart Manufacturing, Smart Transport and Logistics, Smart Healthcare, Smart Retail, Smart Energy
3) By Vertical: Manufacturing, Retail, IT And Telecom, Transportation And Logistics, Utilities, Healthcare, Energy, Other Verticals

Subsegments:
1) By Professional Services: Consulting Services, Deployment And Integration Services, Support And Maintenance Services
2) By Managed Services: Device Management, Network Management, Application Management, Data Management

Pre-Book Your Report Now For A Swift Delivery:
https://www.thebusinessresearchcompany.com/report/iot-services-global-market-report

Which Geographic Area Leads the IoT Services Market?
Asia-Pacific was the largest region in the internet of things (IoT) services market in 2023. North America was the second largest region in the internet of things (IoT) services market. The regions covered in the iot services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

What Is Covered In The IoT Services Global Market Report?

- Market Size Analysis: Analyze the IoT Services Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the IoT Services Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall IoT Services Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the IoT Services Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=3261

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.