According to a new market research report "IoT Solutions and Services Market by Component (Platform, Solution And Services), Service (Consulting, and Integration and Deployment), Vertical (Smart Manufacturing, Smart Energy and Smart Transportation), and Region - Global Forecast to 2024" published by MarketsandMarkets™, the IoT Solutions and Services Market size 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 factors fueling the market growth are the growing number of connected devices and need of predictive analysis for verticals such as smart manufacturing, smart energy etc.
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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 network 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 connected devices across the industry verticals.
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.
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North America to hold the largest market size during the forecast period
In North America, the US and Canada are the two major contributors to the overall IoT Solutions and Services Market growth. North American market is dominated by manufacturing and transportation industry in adoption of IoT. For the betterment of industrial digitalization, the US government started a new initiative, the National Network for Manufacturing Innovation, also referred to as Manufacturing USA. Under this initiative, the US government announced 9 manufacturing innovation institutes. All these initiatives have demonstrated higher demand for professional services, including consulting, implementation and deployment, and support and maintenance services.
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) .
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