IoT Solutions and Services Market Revenue to Reach USD 460.4 Billion by 2028 at a CAGR of 14.5% | Valuates Reports

BANGALORE, India, March 7, 2022 /PRNewswire/ -- The IoT Solutions and Services Market is Segmented by Type (Hardware, Platform, Solutions, Services), by Application (Smart Manufacturing, Smart Transportation, Smart Energy, Connected Healthcare, Smart Building): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Software Category.

According to the most conservative estimate, the global IoT Solutions and Services market size in 2021 is USD 178.3 Billion, and the global market size will reach USD 460.4 Billion by 2028, with a CAGR of 14.5 %.

Major factors driving the growth of IoT solutions and services:

Increasing application in Smart Manufacturing, Smart Transportation, Smart Energy, Connected Healthcare, and Smart Building is expected to drive the growth of the IoT solution and services market. 

Connecting devices, managing tasks, analyzing opportunities, and securely sending data have all become easier thanks to IoT solutions. They provide a safe working environment and assist with business expansion. These advantages are expected to further increase the IoT solutions and services market growth.

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TRENDS INFLUENCING THE GROWTH OF IOT SOLUTIONS AND SERVICES MARKET

The need for smart energy management is expected to drive the growth of the IoT Solutions and Services market. Smart energy solutions include Smart Meter and Smart Grid to improve energy efficiency and delivery. Energy availability and consumption data are provided in real time by smart meters. This information assists energy providers in distributing energy to maximize benefits and minimize outages. Customers can change their energy usage to save money and be more environmentally conscious thanks to improved accounting and billing transparency. Energy suppliers can use IoT-enabled smart electrical grid systems to help meet rising demand. They contribute to improving the quality and reliability of energy delivery. Providers can shift demand loads and distribute electricity more cost-effectively with improved operations visibility and diagnoses.

The shift to industry 4.0 is expected to fuel the growth of the IoT Solutions and Services market. Smart manufacturing enables factory managers to collect and analyze data automatically in order to make more informed decisions, optimize production and predictive maintenance. IoT connectivity solutions deployed at the factory level communicate data from sensors and machines to the Cloud.

The need for a better healthcare experience is expected to drive the growth of the IoT Solutions and Services market. Your healthcare devices can use IoT solutions to track patients and their conditions in real-time. The quality of medical care is dramatically improved by accurate monitoring of heart rate, blood pressure, and body temperature.

Smart buildings, which use the Internet of Things (IoT) to connect building operations, make tasks like controlling building temperature, security, and maintenance easier to manage via mobile devices and computers. Furthermore, smart transportation and smart city traffic management are changing the way cities approach mobility and emergency response while also reducing traffic congestion on city streets. These applications are in turn expected to propel the growth of the IoT Solutions and Services market.

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IOT SOLUTIONS AND SERVICES MARKET SHARE

The Smart Energy vertical is expected to be the most lucrative during the forecast period. Modernizing grid infrastructure, workforce management, and cyberattacks are just a few of the major challenges that energy companies are facing. To address these issues, the energy industry has begun to implement IoT technology and analytics. IoT platforms are assisting energy and utility companies in overcoming these obstacles by providing applications and capabilities that aid in asset maintenance, asset utilization, and performance management.

Based on region, North America is expected to be the most lucrative. Manufacturing, transportation, and healthcare are among the industries in which IoT is in high demand in North America.

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By Company

• Accenture
• Atos
• IBM
• DXC Technology
• Deloitte
• Cisco
• Huawei
• Sierra Wireless
• ARUBA HPE
• Microsoft
• AWS
• PTC
• Oracle
• AGT International
• Intel.

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SIMILAR REPORTS:

-  The global IoT Platforms Market size is projected to reach USD 17100 Million by 2027 from USD 2956.7 Million in 2020 at a CAGR of 28.5% during 2021-2027.

-  The global IoT Device Management market size is projected to reach USD 7668.1 Million by 2028, from USD 1783.2 Million in 2021, at a CAGR of 22.6% during 2022-2028.

-  The global IoT Healthcare market size is projected to reach USD 222260 Million by 2028, from USD 53340 Million in 2021, at a CAGR of 22.1% during 2022-2028.

-  The global Internet of Things (IoT) Develop Services market size is projected to reach USD 1127.9 Million by 2027, from USD 298.7 Million in 2020, at a CAGR of 20.9% during 2021-2027.

-  The global IoT Engineering Services market size is projected to reach USD 44280 Million by 2028, from USD 12100 Million in 2021, at a CAGR of 19.8% during 2022-2028

-  The global Internet of Things (IoT) Professional Services market size is projected to reach USD 395100 Million by 2028, from USD 132920 Million in 2021, at a CAGR of 16.5% during 2022-2028.

-  The global IoT Telecom Services market size is projected to reach USD 41320 Million by 2028, from USD 14610 Million in 2021, at a CAGR of 15.7% during 2022-2028.

-  The global Internet of Things (IoT) in Smart Cities market size is projected to reach USD 372120 Million by 2028, from USD 132770 Million in 2021, at a CAGR of 15.6% during 2022-2028.

-  The global Internet of Things (IoT) Managed Services market size is projected to reach USD 99380 Million by 2028, from USD 34570 Million in 2021, at a CAGR of 15.8% during 2022-2028.

-  The global Internet of Things (IoT) in Utility market size is projected to reach USD 77650 Million by 2028, from USD 36260 Million in 2021, at a CAGR of 11.3% during 2022-2028.

-  In 2021, the global IoT in Transportation market size will be USD 186120 Million and it is expected to reach USD 292080 Million by the end of 2027, with a CAGR of 7.8% during 2021-2027.

-  Global Industrial Iot Gateway Market Report, History and Forecast 2016-2027, Breakdown Data by Manufacturers, Key Regions, Types and Application

-  Global Internet of Things (IoT) Integration Market Insights and Forecast to 2028

-  Global Industrial IoT Wireless Module Market Insights and Forecast to 2028

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