IoT Services Global Market Report 2022
Major players in the internet of things (IoT) services market are Cisco Systems; Cognizant; Google; Infosys; Tieto Corporation; Virtusa Corporation; Accenture PLC; IBM; Tech Mahindra; Harman International Industries; Microsoft; Wipro; Hcl Technologies; Tata Consultancy Services Limited; AT and T; Honeywell International Inc.
New York, March 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "IoT Services Global Market Report 2022" - https://www.reportlinker.com/p06246479/?utm_source=GNW
; Amazon; HP (Hewlett Packard); Intel Security Group; Apple and Qualcomm.
The global IoT services market is expected grow from $163.70 billion in 2021 to $188.80 billion in 2022 at a compound annual growth rate (CAGR) of 15.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $340.61 billion in 2026 at a CAGR of 15.9%.
The internet of things (IoT) services market consists of the sales of IoT as services and their related products.Business entities act as a support to the end-user companies by providing professional and managed services such as network management, data management platforms, infrastructure, and deployment of the IoT technology for making them automated and smarter.
Internet of things (IoT) services are delivered by the IoT service providers who provide consulting, security, and analytics services as per the requirement of the business.
The main types of internet of things (IoT) services are professional services and managed services.A professional service is an intangible product that a contractor or product vendor sells to help a customer manage a specific part of their business.
The various type of verticals are manufacturing, retail, IT & telecom, transportation & logistics, utilities, healthcare, energy, and others. The various applications of internet of things (IoT) services are smart buildings, smart manufacturing, smart transport and logistics, smart healthcare, smart retail, and smart energy.
Asia Pacific was the largest region in the internet of things (IoT) services market in 2021.North America was the second largest region in the internet of things (IoT) services market.
The regions covered in internet of things (IoT) services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
An increase in the internet of things use cases is expected to drive the IoT service market.IoT use cases are the areas where IoT can be used for automating the process and increasing productivity.
Over the years IoT has found its use in many areas such as manufacturing, farming, smartwatches, smart cities, transportation, and other fields, which has increased the need for IoT services that provide support by delivering services such as consulting, data management, network management, security services, and others.For instance, Telit, a leading IoT enabler, provides an IoT security system that helps users to control and monitor the surveillance along with collecting data and analysing it to improve the security of buildings, turning them into smart buildings.
The IoT use cases eventually increase the demand for IoT services and are expected to drive market growth.
Low enterprise adoption is expected to hinder the IoT services market.Even though IoT has found it useful in many vertical industries, the enterprise adoption is low due to many factors such as little or no awareness, the involvement of more humans in the operating system gives a less or no room for automation and most importantly due to security concerns regarding the data.
According to the Omida data survey, only 29% of enterprises have adopted IoT solutions into their business or enterprises in 2019. Low enterprise adoption thereby restrains the IoT services market.
Edge or cloud computing is enhancing the deployment of workload on IoT devices.Edge or cloud computing is a solution that facilitates data processing and data storage in the cloud.
For instance, Microsoft recently released its Azure IoT Edge, a managed service built on Azure IoT Hub that deploys the workloads like artificial intelligence, third party services, or own business logic on cloud and runs the workload on IoT edge device.Edge devices spend less time communicating with the cloud and react quickly to changes and operate reliably.
Amazon provides two IoT software FreeRTOS and AWS IoT Greengrass, AWS IoT Greengrass extends AWS to the edge devices and they can act locally by generating the data and FreeRTOS is open source and operating system used for microcontrollers that makes low power edge devices easy to secure, deploy and manage.
In September 2020, Accenture, an Ireland-based leading global professional service provider that provides strategy, digital, and technology services, has acquired cloud industrial Internet of Things consultancy SALT Solutions, headquartered in Würzburg, Germany for an undisclosed amount to expand its IoT services.The acquisition is expected to build cloud-based IoT platforms that “speed up and optimize clients’ production and logistics”.
SALT Solutions will help clients improve how they operate factories and plants. SALT implements and maintains IT systems for production, operations and logistics at various companies such as automotive, manufacturing, consumer goods, chemicals and other companies.
The countries covered in the internet of things (IoT) services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06246479/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
CONTACT: Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001
