CHICAGO, Aug. 27, 2020
CHICAGO, Aug. 27, 2020 /PRNewswire/ -- According to a new market research report "IoT Solutions and Services Market by Component (Platform, Solution And Services), Service (Consulting, and Integration and Deployment), Vertical (Smart Manufacturing, Smart Energy and Smart Transportation), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the IoT Solutions and Services Market size is expected to grow from USD 139.3 billion in 2019 to USD 278.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period.
Major factors fueling the market growth are the growing number of connected devices and need of predictive analysis for verticals such as smart manufacturing, smart energy etc.
Browse in-depth TOC on "IoT Solutions and Services Market"
4 – Tables
10 – Figures
164 – Pages
Request PDF Brochure:
The data analytics and machine learning solutions segment to hold a larger market size during the forecast period
The IoT Solutions and Services Market is segmented into data analytics and machine learning, complex event processing, cybersecurity, and network management by solutions. The data analytics and machine learning segment is expected to have a larger market size during the forecast period, owing to the need to perform analysis of large amount of data generated by connected devices across the industry verticals.
By application, asset management and predictive maintenance segment to have the largest market share
The IoT Solutions and Services Market by application has been segmented into Remote asset monitoring/predictive maintenance, product optimization, workforce Tracking, safety and emergency management, Identity Access Management, energy efficiency, parking management, water management, telemedicine, clinical operations management, imaging and diagnostics, remote patient monitoring, energy consumption, energy transmission and distribution, production optimization, cargo tracking, fleet management, warehouse management. Most manufacturing companies face major challenges in the actual implementation of the right IoT-based solution aimed at specific business outcomes. So, in order to build a IoT-based solution using a combination of IoT components supplied from different vendors, managed service providers are providing the necessary skills to evaluate, acquire, integrate, and deploy IoT-based solutions. For example, Microsoft is optimizing its Azure cloud platform for enabling IIoT-centric device management.
Speak to Analyst:
North America to hold the largest market size during the forecast period
In North America, the US and Canada are the two major contributors to the overall IoT Solutions and Services Market growth. North American market is dominated by manufacturing and transportation industry in adoption of IoT. For the betterment of industrial digitalization, the US government started a new initiative, the National Network for Manufacturing Innovation, also referred to as Manufacturing USA. Under this initiative, the US government announced 9 manufacturing innovation institutes. All these initiatives have demonstrated higher demand for professional services, including consulting, implementation and deployment, and support and maintenance services.
Major IoT solutions and services vendors include Accenture (Ireland) , Atos (France), IBM (US), DXC Technology (US) Deloitte (UK), Cisco (US), Huawei(China), Sierra Wireless (Canada), ARUBA HPE (US), Microsoft (US), AWS (US), PTC (US), and Oracle (US) .
Browse Adjacent Markets: Digitalization and Internet of Things (IoT) Market Research Reports & Consulting
IoT Cloud Platform Market by Offering (Platform and Service), Deployment Mode (Public Cloud, Private Cloud, and Hybrid), Organization Size, Application Area (Building & Home Automation and Connected Healthcare), and Region - Global Forecast to 2025
Internet of Things (IoT) in Energy Market by Solution (Asset Management, Data Management and Analytics, SCADA, Energy Management), Service, Platform, Application (Oil and Gas, Smart Grid, Coal Mining), and Region - Global Forecast to 2025
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets' flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.