IoT Integration Market worth $5.3 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 16, 2020 /PRNewswire/ -- According to market research report on "IoT Integration Market by Service (Device and Platform Management, System Design and Architecture, Network Management, Advisory), Organization Size, Application (Smart Building and Home Automation, Smart Healthcare), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the IoT Integration Market size is projected to grow from USD 1.5 billion in 2020 to USD 5.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 28.5% during the forecast period.
The major factors driving the growth of the IoT Integration Market include the proliferation of connected devices to encourage BYOD and remote workplace management, development of wireless technologies, increased operational efficiency, maturing partner agreements of IoT vendors, and the emergence of Internet Protocol version 6 (IPv6).
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Based on services, the services segment to grow at a higher CAGR during the forecast period
The services segment includes device and platform management services, application management services, advisory services, system design and architecture, testing services, service provisioning and directory management, third party API management services, database and block storage management services, network management services, infrastructure, and workload management services. System design and architecture services involve the analysis, design, and configuration of the software components required to support the system architecture. System design engagement typically provides advice for the sizing of new systems and the scaling of existing systems. It provides improved system performance, offers tailored configuration advice, and monitors the capability usage of system resources. Service providers also design and offer client requirements and budget-specific customized services to manage business workflows. Additionally, service providers offer reliable systems and architecture services, including IoT solution and connectivity design, wireless network design, and IoT infrastructure design.
Based on organization size, large enterprises is to lead the market during the forecast period
The large enterprise segment uses the IoT integration services platform to ensure efficient integration and management of IoT devices for business processes. Large enterprises are early adopters of IoT integration services. The adoption of IoT integration services in large enterprises is said to be higher as compared to SMEs. Large enterprises have the necessary resources but face issues when it comes to deployment type due to the variety of solutions and applications available. This complexity and sophistication of the IT infrastructure may lead to the requirement of a dedicated department for IT infrastructure management. These organizations have larger budgets due to the number of users and the importance of data; however, the size of the budget may vary from industry to industry, majorly in smart healthcare, smart manufacturing, and smart transport and logistics industries.
Based on application, the smart healthcare segment to grows at a higher CAGR during the forecast period
Smart healthcare is an interconnected system of medical devices and sensors that healthcare organizations use for patient management, chronic disease management, remote monitoring of various parameters of patients, and preventive care. The connected devices enable healthcare organizations to streamline their operations, business processes and offer real-time patient care, even from remote locations. The smart healthcare application area is rapidly adopting IoT integration services to leverage IoT benefits. These services integrate IoT capabilities into medical devices for improving the quality and effectiveness of services and offering high value for elderly patients with chronic conditions and those patients who require constant supervision. IoT integration services play a vital role in the smart healthcare application area to integrate and interoperate the smart devices involved in the smart healthcare ecosystem. In addition, they help integrate vital vendor-agnostic monitoring devices and support HIPAA-compliant authorization processes and data flow management. IoT healthcare applications include smart glucose level sensing and controlling, heart monitoring, blood pressure monitoring, and smart temperature monitoring.
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Asia Pacific to hold the highest market size during the forecast period
APAC is the fastest-growing region in the IoT Integration Market; this growth can be attributed to the significant adoption of advanced technologies, the proliferation of IoT-enabled devices, continuously enhancing network connectivity and government initiatives for IoT. APAC has emerged as the most lucrative market for IoT integration services. Countries of this region have a positive outlook toward IoT services and applications over various business verticals.
Moreover, these countries are taking aggressive initiatives to upsurge the IT infrastructure, thus enabling commercial users to adopt cutting-edge technology. According to the GSM Association, APAC represents the single largest market for IoT services with an expected seven billion connections by 2021. The presence of IoT vendors, such as TCS, Wipro, NTT Data, Fujitsu, and others, is one of the factors driving the growth of the IoT integration in the APAC region. The size of the revenue potential in the APAC region is attracting international IoT vendors to offer their IoT integration services in the region.
Major vendors operating in the IoT Integration Market include TCS Limited (India), DXC Technology (US), Wipro Limited (India), Atos SE (France), Accenture (Ireland), Fujitsu Ltd. (Japan), Infosys Limited (India), Capgemini (France), HCL Technologies Limited (India), Tech Mahindra Limited (India), , IBM Corporation (US), Cognizant (US), NTT Data Corporation (Japan), Dell EMC (US), Deloitte (US), Mulesoft LLC (US), Allerin Tech Pvt Ltd (India), Softdel (US), Phitomas (Malaysia), Einfochips (US), Timesys Corporation (US), Tibbo Systems (China), Aeris (US), Macrosoft Inc. (US), and Damco (US).
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