The global IoT solutions & services market is estimated to reach a value of USD 128.8 billion in 2019 andis projected to register growth at a CAGR of 11.4% during forecast period.
COVID-19 has impacted the IoT Solutions & Services market. The manufacturing industries have to shut down due to lockdown and the supply chain got disrupted due to travel restriction. The lockdown and travel restriction has adversely affected the automotive sector around the world. These factors lead to decline in adoption of IoT solutions. The pandemic leads to decline in growth of IoT solutions and services market but the market is likely to witness significant growth post COVID-19.
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The technologies such as drones, robots and self-driving vehicles are increasing and these technologies use wireless technology at large scale. Wireless technology plays a vital in communications. The medical devices are also equipped with wireless technologies and this increases demand for such technologies which ultimately drives growth in IoT solutions & services market during forecast period.
On the basis of services, the IoT solutions & services market is segmented into integration & deployment, consulting, managed services and support & maintenance. The managed services segment is estimated hold largest market share during forecast period. The adoption of IoT technologies is across industries and the availability of managed services is increasing. The investment by government is also increasing in various projects such as smart cities projects and others. The demand and adoption of managed services is higher in manufacturing industry. Managed services are vital for implementing IoT solutions in manufacturing. The wide adoption of managed services boosts the growth in this segment during forecast period.
On the basis of end-users, the IoT solutions & services market is segmented into smart building, smart manufacturing, smart transportation, smart energy and connected healthcare. The smart manufacturing segment is estimated to hold largest market share during forecast period. The adoption of IoT solution is widely increasing in manufacturing sector as it helps in cost reduction and improves safety at workplace. IoT in manufacturing helps in improving production efficiency and it helps in asset tracking and management. This drives growth in smart manufacturing application during forecast period.
Asia-Pacific region is estimated to register growth at highest CAGR during forecast period. The major economies in this region are India, Japan, Singapore, China and South Korea. The adoption of IoT solutions and connected devices is increasing across various industries such as transportation, energy and manufacturing in this region. The IoT solutions help these industries in overcome the challenges of data analysis, technology integration and security. This increases adoption of IoT solution and services in this region drives growth in Asia-Pacific region during forecast period.
The key market players in IoT solutions & services are Accenture, IBM, Atos, DXC Technology, Deloitte, Cisco, Huawaei, Sierra Wireless, Microsoft, AWS, Aruba HPE, PTC, Oracle, Tech Mahindra Ltd., Infosys Ltd.,HCL Technologies, Cognizant Technology Solutions and Wipro Ltd.
- What are the expected industry trends over the next three to five years?
- Which of the IoT solutions & services solutions is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?