New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "IoT Solutions and Services Global Market Report 2023" - https://www.reportlinker.com/p06466691/?utm_source=GNW
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The global IoT solutions and services market is expected to grow from $227.90 billion in 2022 to $265.48 billion in 2023 at a compound annual growth rate (CAGR) of 16.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The IoT solutions and services market is expected to reach $483.57 billion in 2027 at a CAGR of 16.2%.
The IoT solutions and services market consists of revenues earned by entities by providing IoT services such as medical treatment, remote controlling, enhancing lighting experiences, detecting machine failure, and IoT solutions like connected security systems, smart appliances, and smart agriculture equipment.The market value includes the value of related goods sold by the service provider or included within the service offering.
The IoT solutions and services market also includes sales of home voice controller devices, doorbell cams, echo plus voice controllers, and smart locks, which are used in providing IoT solutions and services.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Internet of Things (IoT) services refer to a group of end-to-end services that are contractually supplied to enterprises by outside providers for designing, developing, implementing, and operating IoT solutions.An IoT solution refers to an integrated bundle of technologies that companies can purchase to solve a problem or create new organizational value.
IoT solutions and services are used to securely connect devices, manage tasks, identify opportunities, and transfer information that is beneficial for businesses to increasing productivity.
North America was the largest region in the IoT solutions and services market in 2022 The regions covered in IoT solutions and services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of IoT solutions and services are solutions and services.An IoT solution refers to an integrated bundle of technologies that companies can purchase to solve a problem or create new organizational value.
The various focus area includes smart manufacturing, smart transportation/mobility, smart energy and utilities, smart retail, connected healthcare, smart agriculture, smart buildings, and others. The various organization size includes small and medium-sized enterprises and large enterprises, and these are used in various applications such as web security, network security, database, cloud security, email security, and others by various end-users such as wind, oil, gas, solar, and others.
The increase in cloud adoption is expected to propel the growth of the IoT solutions and services market going forward.Cloud adoption refers to the industry’s adoption of cloud services, which are infrastructure resources that are hosted by third-party providers and made available to users via the Internet.
IoT solutions connect and allow communication between industry and cloud computing.Cloud solutions help in managing and analyzing data generated by IoT and provide reliable authentication and encryption protocols to IoT devices and automation when security concerns emerge, thereby enhancing the overall efficiency and working of IoT systems, as a result, the increase in cloud adoption increases the demand for IoT solutions and services market.
For instance, according to Eurostat, an UK-based Directorate-General of the European Commission, In 2021, 41% of EU businesses used the cloud for file storage and e-mail.And, the EU, cloud computing usage grew in 2021 compared to 2020, especially in the retail sector.
The increase in cloud adoption is driving the IoT solutions and services market.
Technology advancements are a key trend gaining popularity in the IoT solutions and services market.Major companies operating in the IoT solutions and services market are adopting new technologies to sustain their position in the market.
For instance, in March 2023, Siemens Smart Infrastructure (a subsidiary of Siemens AG), a Germany-based industrial manufacturing company, launched a smart IoT solution for small to medium-sized buildings called "Connect Box".Connect Box allows intuitive online access via desktop or smartphone, monitors building performance, optimizes energy efficiency by up to 30%, and improves indoor air quality in small to medium-sized buildings.
Connect Box users can manage essential daily building management tasks via a cloud-based interface with no additional gateway or software.
In August 2022, Telit, a US-based Internet of Things (IoT) company, acquired Mobilogix for an undisclosed amount.Through this acquisition, Mobilogix IoT device design and engineering capabilities are integrated reducing project time, business risk cost, and complexity to streamline new and existing customer projects.
Mobilogix customized IoT project expertise helps in delivering ready-to-certify and mass-produce IoT solutions. Mobilogix is a US based company that specializes in custom IoT solutions.
The countries covered in the IoT solutions and services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The IoT solutions and services market research report is one of a series of new reports that provides IoT solutions and services market statistics, including IoT solutions and services industry global market size, regional shares, competitors with IoT solutions and services market share, detailed IoT solutions and services market segments, market trends and opportunities, and any further data you may need to thrive in the IoT solutions and services industry. This IoT solutions and services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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