According to the Market Statsville Group (MSG), the global IoT solutions and services market size is expected to grow from USD 209.7 billion in 2021 to USD 951.9 billion by 2030, at a CAGR of 18.3% from 2022 to 2030. The growing use of IoT solutions and services in smart manufacturing, smart transportation, smart energy, connected healthcare, and the smart building is predicted to fuel the market development. IoT solutions have made connecting devices, managing tasks, analyzing opportunities, and securely communicating data simpler. They create a secure working environment and aid in corporate growth. These benefits are projected to fuel the IoT solutions and services market expansion.
IoT solutions and services assist in the collection and intelligent use of data from physical things for process automation and corporate insight. It is a collection of end-to-end services in which organizations contract with third-party providers to design, create, install, and run IoT solutions, such as advisory consulting for IoT planning. The growing demand for Internet-based services mostly drives this expansion.
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COVID–19 Impact on the Global IoT Solutions and Services Market
The COVID-19 outbreak is causing havoc in the world, businesses, and economies, affecting people’s livelihoods, interactions, and company management. Sustainability has become the new normal for businesses as they turn their attention away from development prospects and toward adopting dramatic efforts to prevent the impact of the COVID-19 pandemic. As many firms and prospective government initiatives were put on hold due to the pandemic, competition among big companies that offer IoT solutions and services is projected to expand. Work-from-home and social distancing are driving the demand for remote monitoring, smart payment technologies, and the development of digital infrastructure for large-scale deployments.
The worldwide shutdown caused a slowdown in the IoT solutions and services industry in 2020. Global supply chains and logistics have been severely disrupted. However, with the continuation of numerous projects and the demand for automation among organizations, the IoT solutions, and services industry is likely to grow post-COVID-19, opening the door for new IoT initiatives.
Global IoT Solutions and Services Market Dynamics
Drivers: The availability of high-speed connections is boosting the growth of the IoT market
Wireless technologies have evolved from theoretical observations to a widely applicable science that plays an important part in many facets of modern life. Bluetooth, Wi-Fi, ZigBee, Insteon, Z-Wave, and Digital Enhanced Cordless Telecommunications are examples of these technologies (DECT). Peer-to-peer technologies like AllSeen, DLNA, and UPnP also see rapid development and direct device-to-device communication. Wireless technologies enable compatible desktop computers, laptops, smartphones, and tablet devices to communicate with one another. This connection increase will result in more people interested in acquiring IoT devices. High-speed network access has given enterprises in a variety of industries new choices. The evolution of high-speed wireless network technology and the number of devices equipped with this technology is accelerating.
LTE is a modern high-speed wireless communications standard for mobile phones and data terminals that supports 4G and 5G services. It is simple to set up and enhances network connectivity by utilizing independent radio links for device-to-tower uplink and tower-to-device downlink. LTE is significant as it offers more efficient use of the ever-shrinking spectrum for linking low-power IoT devices to back-end systems. Furthermore, the introduction and evolution of IPv6 are fueling organizational demand for linked technology. The introduction of IPv6 addresses will benefit IoT-connected devices. Furthermore, IPv6 can make network administration easier by leveraging auto-pattern capabilities and improving security and privacy features.
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Restraints: Data security and privacy are critical constraints
As IoT grows more prevalent, businesses need greater security and privacy protection to avoid corporate spying and data breaches. Many security and privacy risks will develop as the number of IoT-enabled equipment grows; every endpoint, gateway, sensor, and smartphone will become a possible target for hackers. The most harmful aspect of the IoT ecosystem is that organizations unknowingly give up their privacy little by bit because they are uninformed of what data is being gathered and how it is being utilized. IoT devices detect variables such as speed, pressure, consumption, and temperature in numerous company business processes. At the same time, actuators regulate physical systems such as brakes, valves, lights, power circuits, or automated medicine dispensers.
These applications are intriguing from the standpoint of security and privacy since they all impact the real world, sometimes operating essential infrastructure and other times obtaining extremely sensitive information about various activities and smart devices. Enterprises require IoT security and privacy protection because certain IoT devices have extremely low memory, processing capability, and battery power.
Opportunities: Expansion of smart city initiatives
The rapid proliferation of IoT and smart city projects is increasing the demand for smart security systems, such as Perimeter Intrusion Detection System (PIDS), to safeguard borders. Furthermore, there is a strong emphasis on efficient energy management technologies to guarantee correct metering and avoid waste. Smart cities’ transportation infrastructure also welcomes IoT technology suppliers to contribute to ensuring reduced carbon emissions, adequate monitoring and management, and improved route planning and optimization.
Scope of the Global IoT Solutions and Services Market
The study categorizes the IoT solutions and services market based on organization size, solution, deployment mode and focus area at regional and global levels.
By Deployment Mode Outlook (Sales, USD Billion, 2017–2030)
By Solution Outlook (Sales, USD Billion, 2017–2030)
- Data analytics and machine learning
- Complex event processing
- Network management
By Organization Size Outlook (Sales, USD Billion, 2017–2030)
- Small and Medium-Sized Enterprises
- Large Enterprises
By Focus Area Outlook (Sales, USD Billion, 2017–2030)
- Smart Manufacturing
- Smart Transportation/mobility
- Smart Energy and Utilities
- Smart Retail
- Connected Healthcare
- Smart Agriculture
- Smart Buildings
- Other Focus Areas
By Region Outlook (Sales, USD Billion, 2017–2030)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
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Data analytics and machine learning segment accounts for the largest market share by solution
Based on the solution, the IoT solutions and services market is divided into data analytics and machine learning, cybersecurity, complex event processing, and network management. The data analytics and machine learning segment is accounted to have the largest market size due to the requirement to analyze massive amounts of data created by connected devices across industrial verticals.
Asia Pacific accounts for the highest CAGR during the forecast period by Region
Based on the regions, the global IoT Solutions and Services Market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa.The Asia Pacific region is expected to have the fastest CAGR over the forecast period. Several developed and rising economies can be found in the Asia Pacific, including Singapore, Australia, India, China, and Japan. This region has become a valuable market for the IT industry thanks to the high adoption rate of new technology. The IoT solutions and services market is anticipated to grow at the fastest rate in the Asia Pacific as a result.
Key Market Players in the Global IoT Solutions and Services Market
The global IoT solutions and services market is highly competitive, with key industry players adopting strategies such as partnerships, product development, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
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Major players in the global IoT solutions and services market are: