The global IoT Solutions and Services Market size is expected to grow from USD 139.3 billion in 2019 to USD 278.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period. Major growth drivers of the market are the development of wireless technologies, need of decentralised monitoring and predictive maintenance.
The data analytics and machine learning solutions segment to hold a larger market size during the forecast period
The IoT solutions and services market is segmented into data analytics and machine learning, complex event processing, cybersecurity, and netork management by solutions. The data analytics and machine learning segment is expected to have a larger market size during the forecast period, owing to the need to perform analysis of large amount of data generated by coencted devices across the industry verticals.
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By application, asset management and predictive maintenance segment to have the largest market share
The IoT solutions and services market by application has been segmented into Remote asset monitoring/predictive maintenance, product optimization, workforce Tracking, safety and emergency management, Identity Access Management, energy efficiency, parking management, water management, telemedicine, clinical operations management, imaging and diagnostics, remote patient monitoring, energy consumption, energy transmission and distribution, production optimization, cargo tracking, fleet management, warehouse management. Most manufacturing companies face major challenges in the actual implementation of the right IoT-based solution aimed at specific business outcomes. So, in order to build a IoT-based solution using a combination of IoT components supplied from different vendors, managed service providers are providing the necessary skills to evaluate, acquire, integrate, and deploy IoT-based solutions. For example, Microsoft is optimizing its Azure cloud platform for enabling IIoT-centric device management.
Major IoT solutions and services vendors include Accenture (Ireland) , Atos (France), IBM (US), DXC Technology (US) Deloitte (UK), Cisco (US), Huawei(China), Sierra Wireless (Canada), ARUBA HPE (US), Microsoft (US), AWS (US), PTC (US), and Oracle (US) . These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global IoT solutions and services market. Partnerships and new product launches have been the most dominating strategy adopted by the major players from 2018 to 2019, which has helped them innovate their product offerings and broaden their customer base.
Accenture provides technology & business consulting and system design & integration services that leverage the IoT and cloud with advanced analytics to improve productivity. The company offers digital and cloud-based IoT infrastructure services that provide intelligent infrastructure to transforms business through a combination of software-defined infrastructure, automation, and continuous deployment. It offers experience agency capabilities that deliver comprehensive insights from start to finish to offer strong business outcomes. It offers integrated digital business and IoT technology services using Industry X.0 framework that helps in designing and developing the product and service that includes hardware and embedded software. These services are guided by an expert for customer-centric, data-driven engineering, and product lifecycle management which is powered by Digital Twin technology. The company offers services to industries including communication, media & high tech, resources, automotive & manufacturing. It provides services to enhance industrial equipment required for IoT solutions such as device engineering, communications technologies, infrastructure outsourcing, IoT platforms, API management, multi-platform application development, and data scientists and visualization.
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Atos provides digital consulting and system design & integration services that leverage the real-time actionable intelligence and insight to improve productivity.Atos provides digital consulting, and system design & integration services that integrate real-time actionable intelligence and insight along with control for multi-service management to achieve a seamless service eco-system. It offers IoT services using Codex which is a complete portfolio for data-driven business transformation in every market. With deep domain knowledge and expertise, It help in design, build, run and secure smart business services and data platforms. The company leverages its deep knowledge of both the technologies and the type of sectors to track trends and provides critical insights to transform both IT infrastructure and business operations which include data center transformation, data center services, and network services for IoT. Its systems integration services manage all aspects of solution design and implementation, with a strong emphasis on interoperability to provide an end-to-end solution.
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