CHICAGO, Aug. 24, 2023 /PRNewswire/ -- Rapid device growth, AI-driven insights, improved 5G connection, industry-specific solutions, and a stronger emphasis on security and privacy are all aspects of the IoT Integration Market's future. IoT will propel autonomous systems, sustainable practises, and immersive experiences as it converges with AI, 5G, and industry needs; ethical considerations and data monetization will influence its future.
The IoT Integration Market size is expected to grow from USD 3.2 billion in 2023 to USD 12.1 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 30.8% during the forecast period, according to a new report by MarketsandMarkets™. IoT integration refers to the seamless interconnection of diverse devices, systems, and technologies within the Internet of Things (IoT) ecosystem. It encompasses the intricate process of linking sensors, actuators, devices, platforms, and data analytics to enable efficient communication, data sharing, and collaboration.
Through IoT integration, disparate elements become part of a unified network, fostering real-time data exchange and enabling informed decision-making. This integration extends across various industries, from manufacturing and healthcare to smart cities and agriculture, transforming how businesses operate and enhancing user experiences. It necessitates strategic planning, architectural design, and implementation expertise to create functional, secure, and scalable IoT solutions that leverage the power of connectivity to drive innovation and efficiency.
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206 - Tables
38 - Figures
239 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2018-2028 |
Base year considered | 2022 |
Forecast period | 2023-2028 |
Forecast units | Value (USD Million/ Billion) |
Segments covered | By service, application, and region |
Regions covered | North America, Europe, Asia Pacific, Latin America, and Middle East and Africa |
Companies covered | 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) and many more. |
The smart building and home automation is expected to lead the IoT Integration Market during the forecast period.
The smart building and home automation segment within the IoT Integration Market is witnessing remarkable growth driven by the convergence of technology and the increasing demand for enhanced living and working environments. This segment involves the integration of IoT devices, sensors, and systems into residential and commercial spaces to create intelligent, efficient, and connected environments.
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Industrial Manufacturing and Automation segment is expected to hold the second-largest market share during the forecast period
The industrial manufacturing and automation segment within the IoT Integration Market is undergoing significant transformation, driven by the convergence of IoT technology and the need for increased efficiency, productivity, and competitiveness in the manufacturing sector. This segment encompasses the integration of IoT devices, sensors, data analytics, and automation systems to optimize manufacturing processes, enhance quality control, and enable predictive maintenance
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 its unique combination of governmehttps://www.marketsandmarkets.com/requestsampleNew.asp?id=169191050nt advocacy, manufacturing roots, and R&D know-how. The vast and diverse region, comprising countries such as China, India, Japan, South Korea, and many others, is witnessing rapid adoption of IoT solutions across various industries. With a massive population and growing urbanization, the Asia Pacific region is leveraging IoT integration to address challenges related to urban development, healthcare, agriculture, manufacturing, and more.
Top Key Companies in IoT Integration Market:
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).
Recent Developments:
- In August 2023, TCS and Lexmark, a global imaging and IoT solutions provider, entered into a partnership to transform its enterprise applications, accelerate its cloud journey, and scale up its innovation program
- In July 2023, Accenture acquired Strongbow Consulting, a data-driven strategic advisory firm with deep expertise in helping organizations plan and execute technology transformation strategies while minimizing risk and maximizing cost savings..
- In June 2023, DXC Technology partnered with Nokia to launch DXC Signal Private LTE and 5G Solution.
- In May 2023, Deloitte acquired substantially all of the assets of Optimal Design Co., a leading product engineering services (PES) company specializing in the innovation and development of smart connected products and IoT devices..
- In October 2022, Capgemini acquired Braincourt, a Germany-based firm specialized in business intelligence and data science services.
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IoT Integration Market Advantages:
- Massive volumes of data from connected devices and sensors can be collected thanks to IoT integration. In order to make wise decisions, this data can be used to analyse operations, consumer behaviour, and product performance.
- Device connectivity enables processes to be automated and optimised, improving operational efficiency. In real time, traditionally laborious tasks can now be optimised, minimising human error and gaining efficiency.
- Through a variety of techniques, including predictive maintenance, IoT integration can result in cost savings. In order to minimise downtime and save money on repairs, sensors can monitor the state of equipment and warn maintenance staff before a malfunction occurs.
- IoT-integrated systems can offer clients individualised and real-time experiences. For instance, smart home equipment can adjust to a resident's preferences and businesses can provide personalised recommendations based on a customer's previous behaviour.
- New business models and revenue streams can be developed because to IoT integration. On top of their main products, businesses can provide value-added services, subscription-based services, and data monetization.
- Real-time tracking of products in the supply chain is possible thanks to IoT integration. This boosts supply chain management overall, increases visibility, and lowers the cost of inventory keeping.
- By optimising resource utilisation, IoT integration can support efforts to promote sustainability. Smart energy systems, for instance, can reduce waste by adjusting energy usage based on demand.
- Through real-time monitoring of vital infrastructure, the detection of anomalies, and the activation of alarms in the event of possible threats, IoT integration can improve safety and security.
Report Objectives
- To determine and forecast the global IoT Integration Market based on service, organization size, application, and regions from 2023 to 2028s, and analyze various macro and microeconomic factors that affect the market growth.
- To forecast the size of the market's segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA).
- To provide detailed information about the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the IoT Integration Market.
- To analyze each submarket with respect to individual growth trends, prospects, and contributions to the total IoT Integration Market.
- To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the IoT Integration Market.
- To profile key market players (top vendors and startups); provide a comparative analysis based on their business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the market's competitive landscape.
- To track and analyze competitive developments, such as mergers and acquisitions, a new product launched and product developments, partnerships, agreements, and collaborations, business expansions, and Research & Development (R&D) activities, in the market
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