IoT Integration Market Forecasts to 2028 – Global Analysis By Service (Device and Platform Management Services, Application Management Services, Advisory Services and System Design and Architecture Services), Organization Size (Small and Medium-Sized Ente

IoT Integration Market Forecasts to 2028 – Global Analysis By Service (Device and Platform Management Services, Application Management Services, Advisory Services and System Design and Architecture Services), Organization Size (Small and Medium-Sized Enterprises (SMEs) and Large Enterprise), Application (Smart Building and Home Automation, Smart Healthcare and Energy and Utilities), End User and By Geography

According to Stratistics MRC, the Global IoT Integration Market is accounted for $2.51 billion in 2022 and is expected to reach $12.74 billion by 2028 growing at a CAGR of 31.1% during the forecast period. IoT integration refers to the services that businesses hire to make IoT devices work effectively. Many businesses are choosing cloud-based integration systems to implement digital transformation, which enables the IoT integration industry to grow quickly. To automate processes and use analytics for insights, integration enables the collection of data from smart devices and its transfer into business applications.

According to the GSMA Intelligence Report October 2021 in North America, the total number of IoT connections is projected to reach 5.1 billion by 2025. The total number of connected devices in the region reached 2.9 billion in 2020.

Market Dynamics

Driver

Advancing wireless technologies

In communication as well as new and emerging technologies like robots, drones, self-driving cars, and innovative medical equipment, wireless technology is crucial. The demand for IoT devices is anticipated to increase over the next two years, increasing the need for wireless technologies as a result of the growing adoption of low-power wide area networks (LPWAN), long-range wide area networks (LoRaWAN), 5G, wireless sensor networks, and IPV6. In order to create the proper foundations and platforms for innovations in the IoT landscape, these emerging technologies offer features like low power consumption and long-range communication. For instance, Senet and Inland Cellular collaborated in 2018 to help Inland Cellular offer a variety of IoT use cases, including tank monitoring, water metering, and management, with the aid of LPWAN technologies.

Restraint

IoT protocols are not standardized

A common protocol and communication standard are necessary for IoT-enabled devices to share data or create an intelligent network. The ease of information exchange and interoperability between connected devices are crucial. To solve the interoperability problems between various connected devices, the current technical and market scenarios related to IoT integration services do not offer a promising architectural service or a global standard. The growth and success of the products and services leveraging IoT integration depend significantly on interoperability. The IoT connectivity between devices and products is the biggest barrier for all markets and clientele because their systems don't adhere to international standards for connectivity and integration.

Opportunity

Growing demand for business process automation

Businesses are currently seeing rapid growth in areas like IT, finance, marketing and sales, operations, and human resources (HR). Due to automation's capacity for efficiency, there is a significant amount of potential across all industries. BFSI, healthcare, telecommunications, and IT are just a few of the industries that can greatly benefit from automation because they all have well-defined, recurrent processes that are governed by rules. However, because automation is constantly changing with the aid of cutting-edge technological solutions, businesses cannot rely on in-house service managers for it. Because of this, the majority of businesses are using various vendors to outsource their services. One platform can be offered by IoT integration service providers for managing various automation service providers. The need for sophisticated infrastructure and IT systems makes managing multiple vendors a challenging task for many businesses. As a result, IoT integration service providers can take advantage of this chance to offer improved services.

Threat

Lack of knowledge and experience

Lack of skilled labor and knowledge is the biggest obstacle to the IoT integration market, making it difficult for businesses to provide service management, consulting, and advisory services. Organizations are quickly adopting and deploying technologies like the cloud, containers, and IoT, which is causing rapid change in modern IT infrastructure. These technologies depend on their platforms in the operating environment of businesses and are becoming progressively more complex. Many businesses employ service consultants and service professionals who are ill-equipped to visualize, analyze, and spot sophisticated weaknesses in IT infrastructure and who are unable to accurately identify the issues or outages in IT services.

Covid-19 Impact

The rise in customers specialized needs during the pandemic led to a rise in the use of IoT integration services. The market for IoT integration services has seen an increase in demand as a result of businesses shifting their focus to mission-critical tasks and implementing work-from-home policies. For instance, according to information provided by HCL Technologies, during the COVID-19 outbreak on March 30, 2020, 76% of HCL employees based in India and 92% of HCL employees in other geographies were asked to work from home by adhering to the safety precautions set forth by the federal and local governments.

The Large enterprises segment is expected to be the largest during the forecast period

The large enterprise market segment makes use of the IoT integration services platform to ensure effective management and integration of IoT devices for business processes. Early users of IoT integration services include large corporations. It's claimed that large businesses have a higher adoption rate of IoT integration services than SMEs do. Due to the wide range of solutions and applications available, large enterprises, which have the necessary resources, encounter problems with deployment types.

The Smart healthcare segment is expected to have the highest CAGR during the forecast period

The Smart healthcare segment is anticipated to witness the fastest CAGR growth during the forecast period. Healthcare organizations use an interconnected network of medical devices and sensors known as smart healthcare to manage patients, chronic diseases, track patients' various parameters remotely, and provide preventive care. With the help of connected devices, healthcare organizations can remotely provide real-time patient care while streamlining their administrative and operational procedures. IoT integration services are being quickly adopted by the smart healthcare application area to take advantage of IoT advantages. These services provide high value for elderly patients with chronic conditions and those who need constant supervision by integrating IoT capabilities into medical devices to enhance the quality and effectiveness of services. In order to integrate and interoperate the smart devices in the smart healthcare ecosystem, IoT integration services are essential in this application area.

Region with largest share

The IoT integration market as a whole is anticipated to be dominated by North America. The region's businesses are among the first to use IoT integration services and solutions. The area has advanced technologically, and a number of government initiatives have been adopted, including IIoT and smart cities. In North America, including the US and Canada, the IoT integration market is expanding steadily. In a variety of industries, including healthcare, manufacturing, and smart cities, these nations are among the early adopters of cutting-edge technology. Due to their enduring and established economies, these nations invest heavily in R&D activities, significantly advancing the development of new technologies.

Region with highest CAGR

Asia Pacific is projected to have the highest CAGR over the forecast period. The Asia-Pacific region accounts for a sizable portion of the global IoT integration market share and currently prevalent market trends. Due to the rapid adoption of IoT-based devices across a wide range of industrial verticals and the increasing number of government initiatives in developing economies to improve connectivity and propel market growth, Asia-Pacific is the region with the fastest-growing IoT integration market.

Key players in the market

Some of the key players in IoT Integration market include Accenture PLC, Aeris, Allerin Tech Pvt Ltd, Capgemini SE, Cognizant Technology Solutions Corporation, Dell Technologies Inc., Deloitte, HCL Technologies Ltd., IBM Corporation, Infosys Limited, Intel Corporation, International Business Machines Corporation, Macrosoft Inc., NTT Data Corporation, Phitomas, Tata Consultancy Services Ltd., Tech Mahindra Limited, Tibbo Systems, Timesys Corporation and Wipro Limited.

Key Developments

In April 2022 Accenture acquired AFD.TECH, the proficiency of AFD.TECH’s team merged with Accenture’s Cloud First capabilities provides a broad spectrum of proven practices, operational excellence and human ingenuity.

In January 2022 DXC Technology partnered with ServiceNow to deliver market-leading, cost-efficient, resilient technology services that transform enterprise service operations, built on DXC Platform XTM.

In August 2021 TCS partnered with Google Cloud, TCS is expanding its strategic partnership with Google Cloud by building experience centers for customers to evaluate cloud solutions, apart from co-developing new solutions that provide digital consumer experiences in retail, manufacturing and financial services.

Services Covered
• Device and Platform Management Services
• Application Management Services
• Advisory Services
• System Design and Architecture Services
• Testing Services
• Service Provisioning and Directory Management Services
• Third-Party API Management Services
• Database and Block Storage Management Services
• Network Protocol Management Services
• Infrastructure and Workload Management Services
• Other Services

Organization Sizes Covered
• Small and Medium-Sized Enterprises (SMEs)
• Large Enterprise
• Other Organization Sizes

Applications Covered
• Smart Building and Home Automation
• Smart Healthcare
• Energy and Utilities
• Industrial Manufacturing and Automation
• Smart Retail
• Smart Transportation
• Logistics and Telematics
• Other Applications

End Users Covered
• BFSI (Banking, Financial Services and Insurance)
• Residential
• Manufacturing
• Government and Defense
• Automotive
• Retail and E-commerce
• IT and Telecom
• Other End Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities,Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements