The IoT solutions and services market is projected to grow from USD 243.1 billion in 2022 to USD 575.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 18.8% during the forecast period. The growing need for automation and asset monitoring is remotely enhancing the growth of the IoT solutions and services market.
IoT is an ecosystem where various ‘things’ communicate via internet protocols and deliver intelligent, measurable information to improve the control and management of equipment for an organization in different ways. Though IoT is not considered a new term, the business application of IoT is in the growing stage now. IoT offers an interconnected system of various devices and sensors, which organizations use for various applications. The concept of IoT has revolutionized the way organizations across verticals interact with their customers. IoT helps organizations improve their operational efficiency and optimize business outcomes.
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IoT solutions have proven advantageous for almost every industry, facilitating the creation of new business and boosting efficiency. These solutions have helped connect devices, manage tasks, analyze opportunities, and securely transfer information. They provide a safe environment to operate in and help achieve business growth.
The solutions segment to hold the largest market share during the forecast period
Based on component segment, solutions segment to hold the largest market share during the forecast period. Solutions offer a wide range of technologies that help organizations meet their objectives and maintain a crucial competitive edge. Based on solutions, the IoT solutions and services market is segmented into network management, data management, device management, application management, and smart surveillance solution. The proliferation of AI and ML has forced vendors to adopt IoT solutions and help IT teams simplify and manage their decision-making process.
The major vendors offering IoT Solutions and Services solutions across the globe include Siemens (Germany), Microsoft (US), AWS (US), IBM (US), Intel (US), Cisco (US), Google (US), Oracle (US), SAP (Germany), Qualcomm (US), Oxagile (US), Aeris Communications (US), Fujitsu (Japan), PTC (US), Hitachi (Japan), GE Digital (US), ARM (UK), Software AG (Germany), Particle (US), HQ Software (Estonia), Telit (UK), ClearBlade (US), Ayla Networks (US), Hologram (US), Losant (US), Samsara (US), Litmus (US), and Confidex (Finland). These vendors have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2018 to 2022, which made companies innovate their products and services and widen their customer base.
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Microsoft designs and develops various cloud-based solutions. The company offers various solutions for cloud, mobility, and productivity. It operates in four business segments, namely personal computing, productivity and business processes, intelligent cloud, and corporate. The intelligent cloud segment provides organizations with cloud-based infrastructures and applications, which can convert vast amounts of data into predictive and analytical power using advanced machine learning technology, analytics, and cognitive services. The company also offers IoT-based Azure and Windows 10 solutions and services.
Microsoft’s Azure IoT Suite provides infrastructure and architecture-ready deployable platforms, which enable authorities to easily secure and automate their existing infrastructure. Its Azure IoT hub enables the IT infrastructure administration to manage and monitor billions of devices to develop IoT applications. The company offers a Microsoft Azure IoT platform to accelerate business transformation with the help of IoT technology. This platform reduces complexities, lowers costs, and speeds up business processes. It offers IoT services and solutions, such as remote monitoring, predictive maintenance, smart spaces, and connected products. It improves customers’ business processes using sensors and advanced analytics to predict needed maintenance and reduce unplanned downtime cutting into production time.
Cisco (US) is primarily involved in designing, manufacturing, and selling IP-based networking devices. The company is engaged in developing hardware, software, networking, and systems communication technology-based products and services for enterprise businesses, public institutions, telecommunication companies, commercial businesses, and personal residences across the world. The company provides solutions to various industries, such as automotive, consumer packaged goods, energy, materials and mining, life sciences, hospitality, education, public sector, retail, transportation, manufacturing, healthcare, government, and workplace transformation. The company has an extensive presence in North America, Europe, the Middle East & Africa (MEA), and Asia Pacific.
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