IoT Integration Market to Reach $78.1 Billion, Globally, by 2031 at 35.4% CAGR: Allied Market Research

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Oct 27, 2022, 07:30 ET

Rise in demand for IoT applications and the increase in penetration of IoT-powered smartphones and smart wearables are expected to drive the global IoT integration market. Region wise, the market in North America is likely to dominate through 2031.

PORTLAND, Ore., Oct. 27, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "IoT Integration Market by Service Type (System Design Services, Device and Platform Management Services, Application Management Services, Network Management Services, Testing Services, Others), by Enterprise Size (Large Enterprises, Small and Medium Enterprises), by Industry Vertical (BFSI, Manufacturing, Healthcare, Government and Defense, Energy and Utilities, Automotive and Transportation, Retail and E-commerce, IT and Telecom, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." 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.

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Drivers and Opportunities

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.

Covid-19 Scenario

The outbreak of the COVID-19 pandemic positively impacted the growth of the global IoT integration market. This is due to the rise in the adoption of work-from-home culture across the globe and growth in demand for IoT and automation solutions during the period.
The COVID-19 pandemic forced banks to rapidly switch to digital platforms. This is attributed to the stringent lockdown and movement restrictions in public places by governments in a majority of countries. This in turn, helped to drive the market growth, as various businesses sped up their digital transformation during the period to keep up with various social distancing and hygiene challenges during the period.

The system design services segment to dominate in terms of revenue during the forecast period

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.

The large enterprises segment to maintain its lion's share during the forecast period

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.

The manufacturing segment to maintain its lion's share during the forecast period

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.

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North America to maintain its leadership in terms of revenue by 2031

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.

Leading Market Players

Accenture
ATOS SE
Capgemini
Cognizant
Dell Technology
DXCTechnology
Fujitsu Limited
HCL Technologies
IBM Corporation
Infosys Limited
NTT data corporation
Salesforce Inc.
Tech Mahindra
Tata Consultancy Services
Wipro
Deloitte
Softdel

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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