IoT Integration Market worth $9.2 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 27, 2022 /PRNewswire/ -- According to a research report "IoT Integration Market by Service (Device and Platform Management, System Design and Architecture, Network Management, Advisory), Organization Size, Application (Smart Building and Home Automation, Smart Healthcare) and Region - Global Forecast to 2027", published by MarketsandMarkets™, the IoT Integration Market size is expected to grow from USD 2.4 billion in 2022 to USD 9.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 30.2% during the forecast period.
IoT integration services help in managing device vulnerability, ensuring uninterrupted communication, handling the internet, and tackling data security risks associated with the use of connected devices. Connected devices can be accessed digitally and controlled from anywhere using mobiles, desktop computers, tablets, and wearables. The increased demand for these connected devices across the globe has led to a rise in the demand for IoT integration services to ensure the proper functioning of connected devices.
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The smart building and home automation is expected to lead the IoT Integration Market in 2022.
The concept of 'IoT home automation' is advancing with the introduction of connected devices for buildings and houses. IoT home automation promises to open up significant new revenue sources and allow businesses to connect with customers to deliver better service, more value, and greater innovation. However, managing many connected devices requires highly advanced IoT software and services. Vendors provide IoT integration services to manage IoT home automation devices and other connected solutions. These platforms take the complexity out of provisioning and securing IoT products, managing and integrating the data they produce, and turning it into insights.
Smart buildings comprise energy-saving equipment for the efficient functioning of all components and systems of a building, including lighting; monitoring; safety and security; emergency systems; heating, ventilation, and air conditioning systems; and car parking. The concept of smart buildings has gained pace due to the increasing adoption of IoT solutions and services and the growing deployment of IoT sensors. With the growing numbers of IoT network devices, the critical need for reliable IoT integration services, such as system design and architecture services, advisory services, and testing services, has emerged for the smooth integration, interconnectivity, and functioning of connected devices.
System design and architecture services is expected to grow with the fastest growth rate during the forecast priod.
The System design and architecture services comprise analysis, design, and configuration of the software components needed to support the system architecture. System design engagement directs the sizing of new systems and the scaling of existing systems. It improved system performance, provides customized configuration advice, and monitors the capability usage of system resources. Service providers offer reliable system and architecture services, including IoT solution and connectivity design, wireless network design, and IoT infrastructure design.
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Asia Pacific likely to emerge as the fastest-growing segment 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. The region is a strong adopter of IoT-based devices due to factors such as its unique combination of government advocacy, manufacturing roots, and R&D know-how. For instance, the Government of China launched the "Made in China 2025" to improve manufacturing competitiveness. The initiative is modeled on Germany's 'Industrie 4.0'. With this initiative, the country aims to strengthen its global position in the manufacturing sector. According to the Computer Weekly/TechTarget IT Priorities survey of 2019, 42% of nearly 1,000 IT decision-makers in Asia Pacific revealed that they are looking to upgrade their IT infrastructure to support digital transformation initiatives, while 35% expect to harness technologies that improve employee experience and productivity. This indicates spending on software is also expected to grow to keep up with rising demands in terms of online accessibility of services from enterprises. Hence, this rapid investment in technologies and providing online services is expected to drive the growth of the IoT Integration Market in Asia Pacific.
The major vendors covered in the 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).
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