Global IoT Solutions and Services Market Forecast to Reach $568.91 Billion by 2028: Technological Innovations and Government Initiatives Propel Growth - Long-term Forecasts to 2033

Dublin, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The "IoT Solutions and Services Global Market Report 2024" report has been added to's offering.

The global IoT solutions and services market is projected to exhibit remarkable growth, with an anticipated compound annual growth rate (CAGR) of 16.5%, culminating in a market value of $568.91 billion by 2028. This growth trajectory is underpinned by a suite of industry drivers including the expansive implementation of 5G technology, the pervasive adoption of edge computing, the proliferation of Industrial IoT (IIoT), and the integration of artificial intelligence (AI) and machine learning.

Technological advancements continue to be a cornerstone of market expansion, with recent developments in IoT platforms and collaboration within the ecosystem setting a stage for future opportunities. The burgeoning demand for cloud adoption amplifies this trend, substantially driving the market forward. Cloud solutions enhance the analysis and management of data produced by IoT devices, providing powerful security protocols and improving operational efficiency. The surge in governmental initiatives that leverage IoT applications for public services buttresses this momentum, amplifying the market's scope and spurring extensive advancements.

Product innovation remains pivotal in maintaining market competitiveness. Companies are investing in pioneering IoT solutions with the dual intent of optimizing their market position and catering to diverse industry needs. The Connect Box by Siemens Smart Infrastructure exemplifies this innovative spirit, enabling streamlined building management, energy efficiency, and improved indoor air quality through cloud-based technologies.

In alignment with these product innovations, corporate mergers and acquisitions mark a significant milestone in the market's evolution. Noteworthy within this space is the acquisition of Mobilogix by Telit, highlighting a strategic move to enhance IoT device design and engineering capabilities, thereby optimizing the efficiency and scalability of IoT solutions.

North America maintains its position as the market leader, boasting the largest regional share in 2023, with other geographies like Asia-Pacific and Western Europe following closely. As market segments continue to diversify, sectors such as smart manufacturing, energy, utilities, and healthcare are particularly primed for IoT advancements. This seamless integration of IoT into various spheres of the economy attests to its burgeoning role in global business infrastructures and consumer lifestyles.

What emerges from this comprehensive market analysis is a revealing portrait of the IoT solutions and services landscape, illuminated by key industry trends, competitive dynamics, and forward-looking opportunities. This research articulately delineates the multiple facets of the market, providing an indispensable resource to entities engaged in the IoT spectrum.

Considering the vast potential of IoT technologies and their transformative implications across diverse industries, stakeholders and decision-makers are equipped to navigate and capitalize on this evolutionary market trend. The research reinforces the compelling narrative of a dynamically changing industry, replete with potential for profound economic and societal impact.

A selection of companies mentioned in this report includes

  • Siemens AG
  • Microsoft Corporation
  • Amazon Web Services Inc.
  • International Business Machines Corporation
  • Intel Corporation
  • Cisco Systems Inc.
  • Google LLC
  • Cloudera Inc.
  • SAP SE
  • Oxagile
  • PTC Inc.
  • General Electric Company
  • Software AG
  • Hologram Software Ltd.
  • Samsara Inc.
  • Confidex Ltd.
  • Oracle Corporation
  • Litmus Software Limited
  • Cognizant Technology Solutions Corporation
  • Tech Mahindra Limited
  • Virtusa Corporation
  • TietoEVRY Oyj
  • Accenture plc
  • Infosys Limited
  • Huawei Technologies Co. Ltd.
  • Sierra Wireless Inc.
  • Spectrum Enterprise
  • Agt International LLC
  • Davra Networks
  • Flutura Business Solutions LLC
  • Maven Systems Pvt. Ltd.

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