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Some prominent players profiled in the study include TCS Limited (India), DXC Technology (US), Wipro Limited (India), Accenture (Ireland), Fujitsu Ltd. (Japan), Infosys Limited (India), Capgemini (France), and HCL Technologies Limited (India).
The IoT integration market size is projected to grow from USD 1.5 billion in 2022
to USD 5.3 billion by 2031, at a Compound Annual Growth Rate (CAGR) of 28.5% during the forecast period. The major factors driving the growth of the
iot integration market
include the proliferation of connected devices to encourage BYOD and remote workplace management, development of wireless technologies, need to increase operational efficiency, maturing partner agreements of IoT vendors, and the emergence of Internet Protocol version 6 (IPv6).
Based on service, the device and platform management services segment leads the IoT integration market during the forecast period
The IoT integration market service segment is further segmented into device and platform management services, application management services, advisory services, system design and architecture, testing services, service provisioning and directory management, third party API management services, database and block storage management services, network management services, infrastructure and workload management services. Device management services offer IoT vendors a competitive market edge and help them rapidly launch new devices and allied services. These services assist to cost-effectively manage these devices by providing remote monitoring and support facilities through IoT integration services. Device management services help enterprises in managing, tracking, securing, and sustaining numerous IoT-enabled devices.
Based on organization size, SMEs is estimated to grow at a higher CAGR during the forecast period
The IoT integration market b organization size segment is further segmented into SMEs and Large enterprises. SMEs have been slow adopters of IoT integration services in the current market scenario. However, with the increasing emphasis on the adoption of advanced IT technologies and the demand for secure IT infrastructure, the SMEs segment is expected to adopt IoT integration services at a faster rate over the coming years. SMEs face challenges, such as budget constraints, labor costs, and expertise, to manage the advanced IT infrastructure and technologies and cybersecurity risks.
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Based on application, the smart building and home automation segment to lead the market during the forecast period
The global IoT integration market by application is segmented into smart building and home automation, smart healthcare, energy and utilities, industrial manufacturing and automation, smart retail, and smart transportation, logistics, and telematics. The IoT home automation promises to open up significant new revenue sources and allow businesses to connect with customers for delivering better service, more value, and greater innovation. However, managing a multitude of connected devices requires highly advanced IoT software and services. Vendors are providing IoT integration services to manage IoT home automation devices and other connected solutions. These platforms take the complexity out of provisioning and securing IoT products, managing and integrating the data they produce, and turning that data into insights.
North America to lead the market share in 2020
North America is one of the most prominent regions in the IoT integration market. The majority of players are based in this region. North America is a major contributor to the IoT integration market as the region is technologically developed, and a number of government initiatives have been adopted, including smart cities, and IIoT. The IoT integration market is steadily growing in North America, which includes the US and Canada. These countries are the early adopters of advanced technologies across various verticals, such as healthcare, manufacturing, and smart cities. These countries have sustainable and well-established economies, which empower them to invest in R&D activities, thereby contributing to the
By Company Type: Tier 1 – 62%, Tier 2 – 23%, and Tier 3 – 15% By Designation: C-level – 38%, Directors – 30%, and Others – 32% By Region: North America – 40%, Europe – 15%, APAC – 35%, MEA – 5%, Latin America– 5%.
Some prominent players profiled in the study include TCS Limited (India), DXC Technology (US), Wipro Limited (India), Atos SE (France), Accenture (Ireland), Fujitsu Ltd. (Japan), Infosys Limited (India), Capgemini (France), HCL Technologies Limited (India), Tech Mahindra Limited (India), , IBM Corporation (US), Cognizant (US), NTT Data Corporation (Japan), Dell EMC (US), Deloitte (US), Mulesoft LLC (US), Allerin Tech Pvt Ltd (India), Softdel (US), Phitomas (Malaysia), Einfochips (US), Timesys Corporation (US), Tibbo Systems (China), Aeris (US), Macrosoft Inc. (US), and Damco (US).
The market study covers IoT integration market across different segments. It aims at estimating the market size and the growth potential of this market across different segments, such as services, organization sizes, applications, and regions. The services segment is further segmented into device and platform management services, application management services, advisory services, system design and architecture, testing services, service provisioning and directory management, third party API management services, database and block storage management services, network management services, infrastructure and workload management services. The organization size segment is segmented into SMEs and large enterprises.
Application areas include smart building and home automation, smart healthcare, energy and utilities, industrial manufacturing and automation, smart retail, and smart transportation, logistics, and telematics. The regional analysis of the IoT integration market covers North America, Europe, APAC, MEA, and Latin America. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
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Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall IoT integration market and its segments. This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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