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IoT Integration Market Overview
IoT Integration Market Size was valued at USD 500.1 billion in 2022. The IoT integration market industry is projected to grow from USD 629.12 Billion in 2023 to USD 2493.56 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 25.80% during the forecast period (2023 - 2030). Increased adoption of bring your own device (BYOD), increasing cloud technology, and Advancing wireless technology are the key market drivers enhancing the market growth.
Figure 1: IoT Integration Market Size, 2022-2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
IoT Integration Market Trends
Growing adoption of bring your own device (BYOD) is driving the market growth
The increasing adoption of BYOD drives the Market CAGR for IoT integration market. The acceptance of BYOD and more remote workplace management programmes has increased dramatically in response to the expanding demand for IoT devices. Employers are promoting the use of personal gadgets at work. BYOD has helped companies save money by avoiding the purchase of corporate devices by enabling employees to work from home and on the device of their choice. This growth has increased demand for a platform that can run many apps. Utilizing IoT integration services, different devices may be linked. These services provide two-way, real-time communication between the systems and devices.
Additionally, new medical equipment, drones, self-driving cars, and other emerging technologies rely significantly on wireless technology. Due to the increased use of wireless sensor networks, LoRaWAN, Low Power Wide Area Networks (LPWAN), 5G, and IPV6, there will probably be a rise in the demand for wireless technologies during the next two years. In order to lay the right groundwork and build the appropriate platforms for the evolution of the IoT landscape, these new technologies offer features like low power consumption and long-range communication.
A developing cloud computing technology enables businesses to access and store data online. Among the key attributes of cloud technology are flexibility, scalability, dependability, and agility. On-demand services or Software as a Service (SaaS) are two examples of cloud computing service models where consumers pay for what their use. Cloud-based apps somewhat reduce the cost of a company’s IT infrastructure. The cost of a company’s IT infrastructure can be somewhat reduced by cloud-based apps. This is the main factor driving businesses to embrace more cloud-based apps. As mobile devices become increasingly ingrained in people’s lives, businesses are investing in cloud-connected mobile applications to make it simple to access information whenever and wherever. Thus, all these factors are driving the IoT integration market revenue.
IoT Integration Market Segment Insights
IoT Integration Service Insights
Based on services, the global IoT integration market segmentation, includes device and platform management, system design and architecture, advisory services, database & block storage management, application management services, third party management services, and others. The device and platform management segment dominated the market. Since they offer various heterogeneous devices, device and platform management services fall under this category. The platform also offers visibility management, integration, and connectivity across global IoT chains. Likewise, automation is expanding across many corporate sectors in order to meet growing client demand.
IoT Integration Organization Size Insights
Based on organization size, the global IoT Integration market segmentation, includes large enterprises and small & medium enterprises (SMEs). The small & medium enterprises (SMEs) category generated the most income in the IoT integration market. Small & medium enterprises may have previously controlled their IT infrastructure, and they seldom recognize a security threat to their data. In the current market scenario, SMEs need help utilizing IoT integration services.
IoT Integration Application Insights
Based on application, the global IoT integration market data includes smart healthcare, smart retail, smart building, energy & utilities, and smart transportation. The smart building segment dominated the marketing of the IoT integration market. Due to the growing acceptance of IoT technologies that enable energy-saving equipment for all electrical components to work effectively, the sector of smart building accounts for a sizable portion of the IoT integration market. This sector includes control systems and smart gadgets for lighting, monitoring, some emergency systems, device safety and security, ventilation, automobile packing, and air conditioning.
Figure 2: IoT Integration Market, by Application, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
IoT Integration Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American IoT integration market area will dominate this market, owing to the early users of IoT integration solutions and services, including businesses in the region. In addition, the advanced technology, and various government programs, such as smart cities and IIoT, will boost market growth in this region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: IoT INTEGRATION MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s IoT Integration market accounts for the second-largest market share due to technological advancement. Further, the German IoT Integration market held the largest market share, and the UK IoT Integration market was the fastest-growing market in the European region.
The Asia-Pacific IoT Integration Market is expected to grow at the fastest CAGR from 2023 to 2030. This is due to expanding digital and economic transformation and the developing communication network infrastructure in the region. Moreover, China’s IoT Integration market held the largest market share, and the Indian IoT Integration market was the fastest-growing market in the Asia-Pacific region.
IoT Integration Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the IoT Integration market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, IoT Integration industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global IoT Integration industry to benefit clients and increase the market sector. In recent years, the IoT Integration industry has offered some of the most significant advantages to medicine. Major players in the IoT Integration market, including Cognizant Technology Solutions Corporation (US), NTT Data Corporation (Japan), International Business Machines Corporation (US), ATOS SE (France), Tata Consultancy Services Limited (India), Dell Technologies Inc. (US), Intel Corporation (US), Fujitsu Ltd. (Japan), Wipro Limited (India), Accenture PLC (Ireland), and others, are attempting to increase market demand by investing in research and development operations.
NTT Group is a pioneer in the telecommunication industry. In order to solve social problems by promoting digital transformation and CSR through partnerships with our partners, NTT Group, an organization that combines elements of public utility and those of a private company, makes full use of a variety of business resources and capabilities, including research and development, ICT infrastructure, and personnel, to address social issues by promoting digital transformation and CSR through partnerships. For Instance: In May 2022, NTT debut its range of IoT services for sustainability. With the help of the new set of technologies, businesses might grow in the global sustainability sector and make data-driven decisions to reduce their carbon footprint.
Atos is a global leader in digital transformation. As Europe’s number one in cloud and high-performance computing, cyber security, the group provides personalized end-to-end solutions for all industries. As a developer in decarbonization services and products, Atos is committed to secure and decarbonized digital for its clients. The group enables its employees, customers, and members of society at large to live, develop, and work sustainably, in a safe and secure information space. For Instance: In conjunction with Dell Technologies, Atos unveiled their 5G, edge, and IoT portfolio, Atos Business Outcomes-as-a Service. With end-to-end automated monitoring, deployement, and administration, the new Atos Business Outcomes-as-a-Service brings the advantages of cloud architecture to the edge and far edge to give AI-based organizational value.
Key Companies in the IoT Integration market include
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Cognizant Technology Solutions Corporation (US)
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Dell Technologies Inc. (US)
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International Business Machines Corporation (US)
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ATOS SE (France)
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Tata Consultancy Services Limited (India)
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Intel Corporation (US)
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Fujitsu Ltd. (Japan)
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Wipro Limited (India)
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Accenture PLC (Ireland)
IoT Integration Industry Developments
April 2024
Today, Smart City Software and Internet of Things (IoT) technology pioneer Affluence Corporation announced that it would acquire three IoT technology startups and establish Digibriks with OneMind Technologies. Complementary software, engineering, integration, and implementation services firms are being acquired. After signing Letters of Intent with all three companies, Digibriks will become a wholly owned subsidiary of Affluence, giving OneMind Technologies an end-to-end solution and entry into telecom, manufacturing, and smart city markets.
"This purchase continues our 2024 strategy to greatly increase Affluence. Affluence Corporation CEO James E. Honan, Jr. stated the purchase meets numerous purposes. "This purchase will boost top-line sales, profitability, and cash flow first and foremost. These three firms generated $5 million in sales and $1 million in EBITDA in 2023. Secondly, Affluence will dominate many sectors with an upgraded technological platform merging Digibriks' connectivity solutions, IIOT platforms, and digital twin technologies with OneMind. Third, the new OneMind product will gain a big installed base, a developing world-class partner ecosystem, and a significant reseller and distribution network."
The planned purchase would boost OneMind Technologies' Hypervisor NG product, allowing it to manage devices and networks, connect to industrial systems and standards, and expedite industrial project operations and maintenance. The combined solutions will broaden the company's integration capabilities beyond Smart Cities to provide new telecom and manufacturing possibilities.
After completing the official purchase paperwork, Affluence will announce the three amalgamated firms in a news release. The first combined company builds profitable ecosystems using powerful IoT software and networking technologies. The organizations use cutting-edge software, integration skills, and consulting services to specialize in linked systems, solution creation, and network optimization. One firm excels at project completion, adapting design and installing smart technologies in the Mobility, Telecom, and Manufacturing industries. Their client-centric approach and technical competence turn complicated technologies into simple solutions. The third business makes sophisticated IoT platform software. Their software comprises intelligent device monitoring, operations centers, and, most significantly, cyber security operations centers. Marketplace integration of these technologies with OneMind will be unrivaled. All three firms generate revenue and cash flow.
IoT Integration Market Segmentation
IoT Integration Services Outlook
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Device and Platform Management
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System Design and Architecture
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Advisory Services
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Database & Block Storage Management
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Third Party API Management Services
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Others
IoT Integration Organization Size Outlook
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Large Enterprises
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Small & Medium Enterprises
IoT integration Application Outlook
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Smart Healthcare
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Smart Retail
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Smart Building
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Energy & Utilities
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Smart Transportation
IoT Integration Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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