IoT Services Market Poised to Hit $552.6 Billion by 2029 with Accelerating Growth Trends

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How Large Will the IoT Services Market Size By 2025?
In recent times, the IoT services market size saw exponential growth. The market, which is valued at $249.12 billion in 2024, is predicted to reach $289.53 billion in 2025, marking a compound annual growth rate (CAGR) of 16.2%. Factors such as the rise of IoT devices, advances in connectivity, data analytics, and applications that cater to specific industries are the key drivers of growth during the historic period.

How Big Is the IoT Services Market Size Expected to Grow by 2029?
In the upcoming years, the market size for iot services is predicted to experience swift expansion. It is estimated to surge to $552.6 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 17.5%. The driving factors for this surge during the forecast period can be associated with the introduction of 5g connectivity, advancements in edge computing, the development of smart cities and infrastructure, and the rollout of industrial iot (iiot). The key trends in the prediction period encompass edge computing, the integration of artificial intelligence and machine learning, the rise of smart cities, and the progress of industrial iot (iiot).

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Which Key Market Drivers Powering IoT Services Market Expansion and Growth?
The expansion of Internet of Things (IoT) application scenarios is projected to fuel the IoT service market. These scenarios refer to contexts in which IoT can automate processes and enhance efficiency. In recent years, IoT has found applications in numerous fields such as manufacturing, agriculture, smart watches, smart cities, transport, among others, thereby escalating the demand for IoT services. These services involve provision of support in various ways including consultation, management of data and networks, security services, and many more. For instance, Telit, a prominent IoT facilitator, offers an IoT security system designed to enable users to supervise and control surveillance, gather and analyse data, thereby enhancing the security of buildings and transforming them into smart structures. Ultimately, these IoT application scenarios augment the need for IoT services, and are likely to propel market growth.

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Which Fast-Growing Trends Are Poised to Disrupt the IoT Services Market?
Edge or cloud computing is advancing the way workloads are deployed on IoT devices. It's a solution that enables data to be stored and processed in the cloud. A prime example of this is Microsoft's newly launched Azure IoT Edge, an administered service developed on Azure IoT Hub. This service conducts workloads such as artificial intelligence, third-party services, or personalized business logic in the cloud and proceeds to run the workload on IoT edge devices. These edge devices communicate less with the cloud, respond swiftly to changes, and operate consistently. Amazon offers two IoT software options, FreeRTOS and AWS IoT Greengrass. AWS IoT Greengrass allows AWS to extend to the edge devices, empowering them to act locally by generating data. FreeRTOS, on the other hand, is an open-source operating system used for microcontrollers, simplifying the securing, deploying, and managing of low power edge devices.

What Are the Emerging Segments in the IoT Services Market?
The iot servicesmarket 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

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Who Are the Global Leaders in the IoT Services Market?
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.

Which are the Top Profitable Regional Markets for the IoT Services Industry?
Asia-Pacific was the largest region in the internet of things (IoT) services market in 2024. 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

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