IoT Integration Market Research & Forecast: Market Size Predicted to Surpass USD 78.1 Billion by 2031
Growing demand for connected devices, industry automation, data-driven insights, and operational efficiency are driving the IoT integration market.
PORTLAND, OREGON, UNITED STATES, July 27, 2023/EINPresswire.com/ — The Global IoT Integration Market was valued at $3.8 billion in 2021, and it is anticipated to expand at a CAGR of 35.4% from 2022 to 2031 to reach $78.1 billion.
IoT integration is the creation of separately created databases and apps that function nicely together. In order to establish end-to-end IoT business solutions, IoT integration requires making sure the mix of new IoT devices, IoT data, IoT platforms, and IoT applications functions effectively together. The group of IoT integration capabilities needed by IoT project implementers to correctly integrate end-to-end IoT business solutions is referred to as the Internet of Things integration market.
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Industrial IoT is witnessing substantial growth, with industries such as manufacturing, logistics, and healthcare leveraging IoT to improve efficiency and productivity. The integration of IoT devices, sensors, and analytics platforms allows businesses to monitor equipment health, streamline operations, and optimize resource allocation. As more industries recognize the value of IIoT, the demand for robust IoT integration solutions is on the rise.
With the increasing volume of IoT-generated data, the need for real-time analysis and decision-making is becoming paramount. Edge computing has emerged as a solution to address this challenge. By processing data closer to the source, at the edge of the network, organizations can reduce latency and bandwidth consumption while obtaining critical insights in real time. IoT integration providers are developing solutions that seamlessly bridge edge devices with centralized systems for efficient data processing.
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As the IoT ecosystem expands with diverse devices and platforms, the issue of interoperability becomes significant. Industry players are emphasizing the development of open standards to ensure seamless communication and data exchange between different IoT components. IoT integration solutions that can work across multiple devices and protocols are gaining popularity, as they provide flexibility and scalability to businesses.
With the proliferation of IoT devices, the importance of robust security measures cannot be overlooked. IoT integration must address security and privacy challenges to protect sensitive data and prevent potential breaches. As cyber threats evolve, businesses are seeking reliable IoT integration solutions that incorporate encryption, authentication mechanisms, and comprehensive security protocols.
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The key players profiled in the IoT integration market analysis are Accenture, ATOS SE, Capgemini, Cognizant, Dell Technology, DXC Technology, Fujitsu Limited, HCL Technologies, IBM Corporation, Infosys Limited, NTT data corporation, Salesforce Inc., Tech Mahindra, Tata Consultancy Services, Wipro, Deloitte, and Softdel. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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