IoT Integration Market | Expected to Reach USD 78.1 Billion by 2031 | Top Players such as – IBM, Infosys Limited
Increasing penetration of IoT-powered smartphones and smart wearables is expected to aid in the growth of IoT solutions in the banking industry.
PORTLAND, PORTLAND, OR, UNITED STATES, August 8, 2023/EINPresswire.com/ — According to the report, the global IoT integration industry generated $3.8 billion in 2021, and is estimated to reach $78.1 billion by 2031, witnessing a CAGR of 35.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Rise in demand for IoT applications and the increase in penetration of IoT-powered smartphones and smart wearables are expected to fuel the growth of the global IoT integration market. However, the higher installation costs and complex infrastructural requirements hinder the market growth. On the other hand, advancements in the field of IoT and cloud technology present new opportunities for the market in future.
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Based on enterprise size, the large enterprises segment held the largest share of nearly three-fourths of the global IoT integration market in 2021, and is expected to maintain a prominent growth during the forecast period. This is due to the large-scale IoT and operation management needs of large enterprises. However, the small and medium enterprises (SMEs) segment is likely to exhibit the highest CAGR of 38.2% in 2031, owing to, the growing adoption of innovative technologies by modern SMEs.
Based on service type, the system design services segment was the largest in 2021, occupying nearly two-fifths of the overall market share and is likely to dominate the market during the forecast period. This is attributed to the growth of IoT solutions in modern business enterprises. However, the application management services segment contributed to the fastest CAGR of 40.0% in 2031, owing to the growing need to simplify IoT applications management.
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Based on industry vertical, the manufacturing segment held the largest share of around one-fourth of the global IoT integration market in 2021, and is expected to maintain a noteworthy growth during the forecast period, owing to the growing industrial IoT and automation trends. However, the healthcare segment is likely to exhibit the highest CAGR of 40.7% in 2031, owing to the growing need to optimize the patient data monitoring and collection in the healthcare sector.
Based on region, North America held the largest market share in 2021, accounting for nearly two-fifths of the global IoT integration market, and is likely to lead the trail throughout the forecast period, owing to the presence of key IoT solution vendors in the region. However, Asia-Pacific is anticipated to manifest the fastest CAGR of 38.7% during the forecast period, 2022-2031, owing to the ongoing digital and economic transformation of the region. The other regions discussed in the report are Europe and LAMEA.
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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.
The report analyzes these key players of the global IoT integration market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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