According to a new report published by Allied Market Research, titled, “IoT Integration Market,” The iot integration market size was valued at $3.8 billion in 2021, and is estimated to reach $78.1 billion by 2031, growing at a CAGR of 35.4% from 2022 to 2031.
IoT integration refers to the development of independently designed applications and databases that work well together. IoT integration entails ensuring the combination of new IoT devices, IoT data, IoT platforms, and IoT applications work effectively together in the context of developing end-to-end IoT business solutions. The Internet of Things integration market is defined as the collection of IoT integration capabilities required by IoT project implementers to properly integrate end-to-end IoT business solutions.
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Furthermore, key factors that drive the IoT integration market growth include, the growth in demand for IoT applications, which propels the growth of the global IoT in the banking market. Furthermore, increase in penetration of IoT-powered smartphones and smart wearables is expected to aid in the growth of IoT solutions in the banking industry. However, higher installation costs and complex infrastructural requirements can hamper the IoT integration market growth. Conversely, advancements in the field of IoT and cloud technology are expected to offer remunerative opportunities for the expansion of the IoT integration market forecast during the period.
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic positively impacted the growth of the global IoT integration market. This is due to the rise in the adoption of work-from-home culture across the globe and growth in demand for IoT and automation solutions during the period.
- The COVID-19 pandemic forced banks to rapidly switch to digital platforms. This is attributed to the stringent lockdown and movement restrictions in public places by governments in a majority of countries. This in turn, helped to drive the market growth, as various businesses sped up their digital transformation during the period to keep up with various social distancing and hygiene challenges during the period.
Iot Integration Market segmentation:
Based on service type, the system design services segment was the largest in 2021, occupying nearly two-fifths of the overall market share and is likely to dominate the market during the forecast period. This is attributed to the growth of IoT solutions in modern business enterprises. However, the application management services segment contributed to the fastest CAGR of 40.0% in 2031, owing to the growing need to simplify IoT applications management.
Based on enterprise size, the large enterprises segment held the largest share of nearly three-fourths of the global IoT integration market in 2021, and is expected to maintain a prominent growth during the forecast period. This is due to the large-scale IoT and operation management needs of large enterprises.
However, the small and medium enterprises (SMEs) segment is likely to exhibit the highest CAGR of 38.2% in 2031, owing to, the growing adoption of innovative technologies by modern SMEs. The manufacturing segment to maintain its lion’s share during the forecast period
Based on industry vertical, the manufacturing segment held the largest share of around one-fourth of the global IoT integration market in 2021, and is expected to maintain a noteworthy growth during the forecast period, owing to the growing industrial IoT and automation trends. However, the healthcare segment is likely to exhibit the highest CAGR of 40.7% in 2031, owing to the growing need to optimize the patient data monitoring and collection in the healthcare sector.
Based on region, North America held the largest market share in 2021, accounting for nearly two-fifths of the global IoT integration market, and is likely to lead the trail throughout the forecast period, owing to the presence of key IoT solution vendors in the region. However, Asia-Pacific is anticipated to manifest the fastest CAGR of 38.7% during the forecast period, 2022-2031, owing to the ongoing digital and economic transformation of the region. The other regions discussed in the report are Europe and LAMEA.
- Accenture
- ATOS SE
- Capgemini
- Cognizant
- Dell Technology
- DXCTechnology
- Fujitsu Limited
- HCL Technologies
- IBM Corporation
- Infosys Limited
- NTT data corporation
- Salesforce Inc.
- Tech Mahindra
- Tata Consultancy Services
- Wipro
- Deloitte
- Softdel
The report analyzes these key players of the global IoT integration market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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