According to Market Research Future (MRFR), the global IoT integration market is estimated to expand from USD 778.4 million in 2017 to USD 4,066.79 million by 2023, with a CAGR of 32.06% from 2018 to 2023 (forecast period). The research report provides a succinct summary of the effects of COVID-19 on current/future market conditions. The report outlines some of the key market factors that will affect the growth of the industry, such as market share, critical region, and big players.
The term Internet of Things (IoT) refers to a network of interrelated computing devices, mechanical and digital machines, or any physical object capable of collecting and transmitting electronic data. Generally, many of these physical devices are pre-built with unique identifiers and an additional feature that enables them to transmit data over a network without the need for human-to-computer interaction. IoT integration services refer to the collection of services provided by vendors for the efficient functioning of IoT. In order to unify the widely interconnected mesh of unlikely devices distributed around the globe, IoT integration services are commonly used in various communication protocols, multiple applications, and separate networks.
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Increase in bring your own device and remote workplace management culture of companies, the increasing need for data consistency, increased regulatory compliance and regulation, and growing traction for risk mitigation have led to a growing demand for IoT integration services. In addition, the expansion of the partnership agreement of IoT vendors, the increase in the adoption of IPAAS for secure, stable cloud integration, and the increasing use of the API Approach for integration have further increased the value of IoT integration services in different organizations.
The global market for IoT Integration has been segmented based on services, organization size, and application.
- Based on services, the global IoT Integration market has been segmented into device and platform management, third-party API management services, advisory services, system design and architecture, database & block storage management, application management services, and others.
- Based on organization size, the global IoT Integration market has been segmented into large enterprises and small & medium enterprises (SMEs).
- Based on application, the global IoT Integration market has been segmented into smart healthcare, smart retail, smart building, energy & utilities, and smart transportation.
The geographical analysis of the global IoT integration market is done for North America, Europe, Asia Pacific, and the rest of the world.
North America is expected to lead the IoT integration market from 2018 to 2023 due to the early adoption of developing technologies such as IoT, Big Data, DevOps, and end-user mobility in the region. Furthermore, there is a high concentration of industry players and the simple availability of skilled technical expertise. The area is expected to rise at the highest CAGR in the forecast period.
The industry giants in the global IoT integration industry have been identified across all the major regions on the basis of their country of origin, presence across different areas, recent key developments, product diversification, and industry expertise. The prominent vendors of the market are Tata Consultancy Services Limited (India), Capgemini SE (France), Wipro Limited (India), Infosys Limited (India), ATOS SE (France), Accenture PLC (Ireland), Fujitsu Ltd. (Japan), HCL Technologies Limited (India), SoftDEL (US), DXC Technology (US), Tech Mahindra Limited (India), Meshed (Australia), Intel Corporation (US), MuleSoft (US), International Business Machines Corporation (US), Cognizant Technology Solutions Corporation (US), NTT Data Corporation (Japan), Phitomas (Malaysia), and Allerin (US).
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