The major players in the Internet of Things (IoT) services market are Cisco Systems; Competent; Google; Infosys; Tieto Corporation; Virtusa Corporation; Accenture PLC; IBM; Tech Mahindra; Harman International Industries; Microsoft; Wipro; HCL technologies; Tata Consultancy Services Limited; AT and T; Honeywell International Inc.
New York, March 22, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the “IoT Services Global Market Report 2022” – https://www.reportlinker.com/p06246479/?utm_source=GNW
; Amazon; HP (Hewlett-Packard); Intel Security Group; Apple and Qualcomm.
The global IoT services market is expected to grow from $163.70 billion in 2021 to $188.80 billion in 2022 at a compound annual growth rate (CAGR) of 15.3%. The growth is primarily due to businesses resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, remote work and the closure of business activities that have resulted in operational challenges. The market is expected to reach $340.61 billion in 2026 with a CAGR of 15.9%.
The Internet of Things (IoT) services market includes sales of IoT as services and their related products. Business entities act as a support for enterprise end users by providing professional and managed services such as network management, platforms, and deployment of IoT technology to make them automated and smarter.
Internet of Things (IoT) services are provided by IoT Service Providers who provide consulting, security, and analytics services as per business needs.
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 provider sells to help a customer manage a specific part of their business.
The different types of verticals are manufacturing, retail, IT and telecommunications, transportation and logistics, utilities, healthcare, energy, and others. The various applications of Internet of Things (IoT) services are smart buildings, smart manufacturing, smart transportation and logistics, smart healthcare, smart retail, and smart energy.
Asia-Pacific was the largest region in the Internet of Things (IoT) services market in 2021. North America was the second largest region in the Internet of Things (IoT) services market.
Regions covered in Internet of Things (IoT) Services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle- East and Africa.
An increase in Internet of Things use cases is expected to drive the IoT services market. IoT use cases are the areas where IoT can be used to automate the process and increase productivity.
Over the years, IoT has found its use in many fields such as manufacturing, agriculture, smart watches, smart cities, transportation and other fields, which has increased the need for IoT services who provide assistance by providing services such as consulting, data management, network management, security services and others. For example, Telit, one of the leading IoT enablers, provides an IoT security system that helps users control and monitor surveillance while collecting data and analyzing it to improve building security, turning it into smart buildings.
IoT use cases will eventually increase the demand for IoT services and are expected to drive the market growth.
Low enterprise adoption is expected to hamper the IoT services market. Even though IoT has found it useful in many vertical industries, the adoption by enterprises is low due to many factors such as little or no awareness, involvement of more humans in the system of operation gives little or no room for automation and mostly due to security concerns regarding data.
According to Omida data survey, only 29% of enterprises adopted IoT solutions in their enterprise or businesses in 2019. Low enterprise adoption thus limits the market for IoT services.
Edge or cloud computing improves the deployment of workload on IoT devices.Edge or cloud computing is a solution that facilitates the processing and storage of data in the cloud.
For example, Microsoft recently released its Azure IoT Edge, a managed service based on Azure IoT Hub that deploys workloads such as artificial intelligence, third-party services, or its own business logic to the cloud and runs the workload on an IoT edge device. Edge devices spend less time communicating with the cloud and respond quickly to changes and operate reliably.
Amazon provides two IoT software FreeRTOS and AWS IoT Greengrass, AWS IoT Greengrass extends AWS to edge devices and they can act locally by generating the data and FreeRTOS is an open source operating system used for microcontrollers which makes edge devices to low power that are easy to secure, deploy and manage.
In September 2020, Accenture, an Irish-based global professional services leader that provides strategic, digital and technology services, acquired industrial cloud-based Internet of Things consultancy SALT Solutions, headquartered in Würzburg, Germany, for an undisclosed amount, to expand its IoT services. The acquisition is expected to build cloud-based IoT platforms that “accelerate and optimize customer production and logistics.”
SALT Solutions will help customers improve the way they operate plants and plants. SALT implements and maintains computer systems for production, operations, and logistics in various businesses such as automotive, manufacturing, consumer goods, chemicals, and other businesses.
The countries covered in the Internet of Things (IoT) Services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the United Kingdom and the United States.
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