The Global IoT Integration Market size is expected to reach $11.6 billion by 2028, rising at a market growth of 29.4% CAGR during the forecast period.
Making data and applications that were separately developed function nicely together is integration. When implementing end-to-end IoT business solutions, IoT integration refers to making the combination of new IoT devices, IoT data, IoT platforms, and IoT applications combined with IT assets such as business applications, legacy data, mobile, and SaaS function well together. The collection of IoT integration that IoT project implementers require to successfully integrate end-to-end IoT business solutions is referred to as the IoT integration market.
With oil analysis, it would be possible to manually check the oil level and condition of equipment every week. However, being aware of the oil condition right now will help avoid equipment failure in between those weekly inspections. There are numerous potentials for efficiency and cost savings due to all the data and reporting. IoT-connected lights are a basic illustration.
To save on electricity, they can be programmed to only turn on when a space is being used or have automated settings to switch lights on or off based on business hours. The in-line oil analysis example resulted in an average cost reduction of 50% as those companies use their oil twice as much. Through this integration, the user can avoid having to enter any data while creating a work order and spend less time checking the oil. Additionally, the company lessens its environmental impact by using less oil.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The below illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
IoT integration services are among the many businesses that the Covid-19 pandemic has disrupted. Due to Covid-19's low productivity, projects have been disrupted, and businesses are delaying the deployment of IoT integration services. As a result, the market for IoT integration services grew less rapidly in 2020 than it did in 2019. Governments and businesses are using technologies like extended reality, data analytics, the Internet of Things, and artificial intelligence to address the particular problems brought by Covid-19. The healthcare sector has undergone tremendous upheaval as a result of the new coronavirus pandemic.
The popularity of BYOD and remote workplace management solutions has surged in response to the rising demand for IoT devices. Employers are encouraging workers to bring their own devices to work. By allowing workers to work from home and on the device of their choosing, BYOD has helped firms save money by avoiding the purchase of corporate devices. Demand for a universal platform that supports several applications has been generated by this development. A way to connect various devices is through IoT integration services. These services offer real-time, two-way communication between the systems and gadgets.
Emerging technologies like robots, drones, self-driving cars, and new medical devices all depend heavily on wireless technology. Over the next two years, there will likely be an increase in the need for wireless technologies due to the growing adaptation of Low Power Wide Area Network (LPWAN), Long Range Wide Area Network (LoRaWAN), and wireless sensor networks, 5G, and IPV6. These new technologies provide capabilities like low power consumption and long-range connectivity to create the proper foundations and platforms for IoT landscape advancements.
A standardized interface and communication standards are necessary for IoT-enabled devices to share data or create an intelligent network. The ease of information flow and interoperability amongst linked devices are crucial. To solve the interoperability problems across various connected devices, the existing technical and market situations related to IoT integration services do not offer a promising architectural solution or a standard. The growth and success of the products and services embracing IoT integration depend significantly on interoperability. The IoT interconnection between devices and products is the biggest barrier for all markets and customers since their systems don't adhere to international standards for connectivity and integration.
On the basis of Organization Size, the IoT Integration Market is divided into Small & medium-sized enterprises and large enterprises. The small & medium-sized enterprises segment witnessed a substantial revenue share in the IoT integration market in 2021. SMEs may have historically managed their IT systems, and they hardly ever know when their information is in danger. IoT integration services have been difficult to catch on with SMEs in the present market environment.
Based on the Service, the IoT Integration Market is segmented into Device and Platform Management Services, Application Management Services, Advisory Services, System Design and Architecture, Testing Services, Service Provisioning and Directory Management, Third-party API Management Services, Database, and Block Storage Management Services, Network Management Services, and Infrastructure and Workload Management Services. The device & platform management services segment acquired the highest revenue share in the IoT integration market in 2021. It is due to the category of device and platform management services because they provide a wide range of services, such as connectivity, remote monitoring, and troubleshooting of heterogeneous devices. Additionally, the platform enables integration, connection, and management of visibility across international IoT chains. Additionally, rising automation use across numerous business verticals to satisfy rising customer demand fuels market expansion.
By Application, the IoT Integration Market is bifurcated into Smart building and home automation, Smart Healthcare, Energy & utilities, Industrial manufacturing and automation, Smart retail, and Smart transportation, logistics, and telematics. The industrial manufacturing and automation segment registered a significant revenue share in the IoT integration market in 2021. Due to the rising demand for improved operational performance and improved production methods. To increase operational efficiency, the manufacturing sectors are implementing IoT technologies, sensors, and wireless connectivity.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 2 Billion |
| Market size forecast in 2028 | USD 11.6 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 29.4% from 2022 to 2028 |
| Number of Pages | 340 |
| Number of Tables | 444 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Organization Size, Service, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the IoT Integration Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region acquired the largest revenue share in the IoT integration market in 2021. It is due to the early users of IoT integration solutions and services including businesses in the region. The area has advanced technologically, and several government programs, including smart cities and IIoT, have been embraced. In North America, which includes the US and Canada, the market for IoT integration is expanding steadily.
Free Valuable Insights: Global IoT Integration Market size to reach USD 11.6 Billion by 2028
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Tata Consultancy Services Ltd., Infosys Limited, Capgemini SE, Accenture PLC, IBM Corporation are the forerunners in the IOT Integration Market. Companies such as IBM Corporation, NTT Data Corporation, Cognizant Technology Solutions Corporation are some of the key innovators in IOT Integration Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Tata Consultancy Services Ltd., Wipro Limited, Atos Group, Accenture PLC, Fujitsu Limited, Infosys Limited, Capgemini SE, HCL Technologies Ltd. (HCL Enterprises), IBM Corporation, Cognizant Technology Solutions Corporation and NTT Data Corporation.
By Organization Size
By Service
By Application
By Geography
The global IoT Integration Market size is expected to reach $11.6 billion by 2028.
Increasing acceptance of bring your own devices are driving the market in coming years, however, Lack of cutting-edge communication tools and insufficient operational effectiveness restraints the growth of the market.
Tata Consultancy Services Ltd., Wipro Limited, Atos Group, Accenture PLC, Fujitsu Limited, Infosys Limited, Capgemini SE, HCL Technologies Ltd. (HCL Enterprises), IBM Corporation, Cognizant Technology Solutions Corporation and NTT Data Corporation.
The expected CAGR of the IoT Integration Market is 29.4% from 2022 to 2028.
The Large Enterprises market dominated the Global IoT Integration Market by Organization Size in 2021, achieving a market value of $8.9 billion by 2028.
The North America market dominated the Global IoT Integration Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $4.2 billion by 2028, growing at a CAGR of 28.5 % during the forecast period.
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