IoT Solutions and Services Market by Component (Solutions and Services), Organization Size, Deployment Mode, Focus Area (Smart Manufacturing, Smart Energy and Utilities, and Smart Retail) and Region - Global Forecast to 2027

IoT Solutions and Services Market by Component (Solutions and Services), Organization Size, Deployment Mode, Focus Area (Smart Manufacturing, Smart Energy and Utilities, and Smart Retail) and Region - Global Forecast to 2027

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 IoT Solutions and Services market is expected to grow at a rapid pace due to the evolution of new technologies, and adoption and scaling of digital initiatives.

The internet of things (IoT) is defined as an extension of the internet and other network connections to various sensors and devices or ""things,"" allowing even simple objects such as lightbulbs, locks, and vents to have more processing and analytical capabilities. One of the important elements of the IoT that contributes to its growing popularity is interoperability. Connected or ""smart"" devices, often known as ""things"" in the IoT, can collect and share data from their surroundings with other devices and networks. Devices can perform their jobs with little or no human contact specifically for data analysis and processing.

Given the growing number of connected devices, the Internet of Things (IoT) will continue to evolve, adding layers to the data that is currently being shared and analyzed and giving rise to complex algorithms that result in increased automation. Because of the wide range of ""things"" that may be connected to it, the IoT has opened up a world of possibilities for both individual users and large industries.

The on premises segment to have the larger market size during the forecast period

Among deployment mode, the on premises segment is estimated to grow with the larger market size during the forecast period. The increasing generation of data leads to various challenges for several organizations. These challenges include storage, privacy, and affordability.

The Large Enterprises segment to hold higher CAGR during the forecast period

Among the organization size, the large enterprises are projected to lead the market. The adoption of IoT Solutions and Services and services among large enterprises is elevated as large enterprises use IoT Solutions and Services solutions for specific use cases. They are challenged with the problematic assignment of fundamentally managing security because of the distinct nature of IT infrastructure, which is complicated in nature. Large enterprises must create digital infrastructure and focus on leadership and organization structure by creating central innovation groups to drive the digital objectives.

Among regions, Asia Pacific to hold highest CAGR during the forecast period

Asia Pacific is expected to grow at a good pace during the forecast period. The need to improve and streamline business processes and support decision-making is driving the demand for IoT Solutions and Services in the Asia Pacific. Hence, IoT Solutions and Services vendors in this region focus on innovations related to their product line. China, Japan, and India have displayed ample growth opportunities in the IoT Solutions and Services market.

Breakdown of primaries

In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the IoT Solutions and Services market.

By Company: Tier I: 35%, Tier II: 45%, and Tier III: 20%

By Designation: C-Level Executives: 35%, D-Level Executives: 25%, and Managers: 40%

By Region: Asia Pacific: 25%, Europe: 30%, North America: 30%, Middle East & Africa: 10%, Latin America: 5%

The report includes the study of key players offering IoT Solutions and Services solutions and services. It profiles major vendors in the global IoT Solutions and Services market. The major vendors in the global IoT Solutions and Services market 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).

Research Coverage

The market study covers the IoT Solutions and Services market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components, deployment mode, organization size, application, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report

The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall IoT Solutions and Services market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.