The IoT integration market size is expected to grow from USD 3.2 billion in 2023 to USD 12.1 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 30.8% during the forecast period. IoT devices enable performing multiple functions faster in real-time due to their high computational power. The increasing adoption of IoT devices increases the need for integration services globally. The insights obtained after data analysis are important in improving business functions. IoT integration enables the convergence of physical and digital worlds, opening up new possibilities for automation, data-driven insights, and enhanced user experiences across various sectors.
Among service type, Device and Platform Management Services to hold the highest market share during the forecast period
Device and platform management services are integral components of the IoT integration market, focusing on the efficient and effective operation of IoT devices and the platforms that support them. The need to ensure seamless functioning and minimize disruptions will drive the segment’s growth.
Among service type, Application Management Services hold the second highest market share during the forecast period
Application management services are instrumental in addressing the data retrieved from connected devices over networks and hosting applications. They also offer additional services, such as remote device management; data storage, monitoring, sharing, and management; and analytics. The application management services in the IoT integration market are driven by the need for optimized user experiences, security, scalability, and innovation.
Among regions, Asia Pacific is to hold a higher CAGR during the forecast period
The growth of the IoT integration market in Asia Pacific is highly driven by the rapid digitalization of enterprises across the region. Also, in Asia Pacific, smart city initiatives are particularly prominent, with governments and cities implementing IoT technologies to improve infrastructure, transportation, energy management, and public services will drive the market across the region.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the IoT integration market.
- By Company: Tier I: 62%, Tier II: 23%, and Tier III: 15%
- By Designation: C-Level Executives: 38%, Directors: 30%, and others: 32%
- By Region: North America: 40%, Europe: 15%, Asia Pacific: 35%, Middle East and Africa: 5%, Latin America: 5%
The report includes the study of key players offering IoT integration solutions and services. It profiles major vendors in the global IoT integration market. The major vendors in the global IoT integration market include TCS Limited (India), Wipro Limited (India), Atos SE (France), Accenture (Ireland), Fujitsu Ltd. (Japan), Infosys Limited (India), Capgemini (France), HCL Technologies Limited (India), Tech Mahindra Limited (India), DXC Technology (US), IBM Corporation (US), Cognizant (US), NTT Data Corporation (Japan), Dell EMC (US), Deloitte (US), Salesforce (US), Allerin Tech Pvt Ltd (India), Softdel (US), Phitomas (Malaysia), eInfochips (US), Timesys Corporation (US), Tibbo Systems (Taiwan), Aeris (US), Macrosoft Inc. (US), Damco (US) and Meshed (Australia).
The market study covers the IoT integration market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as service, organization size, application, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Reasons To Buy the Report
The report would help the market leaders and new entrants in the following ways:
- It comprehensively segments the connected toys market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different regions.
- It would help stakeholders understand the market’s pulse and provide information on the key market drivers, restraints, challenges, and opportunities.
- It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market. The competitive landscape includes a competitor ecosystem, new service developments, partnerships, and mergers and acquisitions.
The report provides insights on the following pointers:
- Analysis of key drivers (Proliferation of connected devices to encourage BYOD and remote workplace management, Development of wireless technologies, Need to increase operational efficiency, Maturing partner agreements of IoT vendors, Emergence of IPv6 ) restraints (Lack of standardization in IoT protocols) opportunities (Growing need to align management strategies with organizations’ strategic initiatives, Need for reduced downtime and increased operational efficiency, Increasing demand for automation in business processes, Increasing adoption of iPaaS) challenges (Data security and privacy concerns, Lack of skills and expertise) influencing the growth of the connected toys. Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in IoT integration market. Market Development: Comprehensive information about lucrative markets – the report analyses the IoT integration market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the IoT integration market. Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players TCS Limited (India), Wipro Limited (India), Atos SE (France), Accenture (Ireland), Fujitsu Ltd. (Japan), Infosys Limited (India), Capgemini (France), HCL Technologies Limited (India), Tech Mahindra Limited (India), DXC Technology (US), IBM Corporation (US), Cognizant (US), NTT Data Corporation (Japan), Dell EMC (US), Deloitte (US), Salesforce (US), Allerin Tech Pvt Ltd (India), Softdel (US), Phitomas (Malaysia), eInfochips (US), Timesys Corporation (US), Tibbo Systems (Taiwan), Aeris (US), Macrosoft Inc. (US), Damco (US) and Meshed (Australia).