Internet Of Things Integration Market

Global Internet of things Integration market is estimated to be rising at a CAGR of 34.5 % during forecast period (2021-2030). The increased adoption of Bring Your Own Device (BYOD) and remote workplace management is expected to positively influence the growth of global IoT integration market. Increasing adoption of BYOD culture has added values to organizations as it allows the employees to access emails, business data and databases on their personal devices such as smartphones, laptops, and others which can helped companies to cut hardware and service costs. Moreover, IoT technology has enabled the employees to connect their personal devices with the company enterprise network. Furthermore, the novel advancements in IoT technology and wearable devices have led to new opportunities for BYOD culture such as reinvention of IT, new mobile workforce opportunities. BYOD is occurring in governments and companies of all sizes. It is most prevalent in large and midsize organizations. 

Rise in The Use of Networked Appliances and Sensors to Drive Significant Market Growth

The global Internet of things Integration market has been segmented on the basis of service, end-user, Organization size.  The end-user segment is further segmented into energy and utilities, industrial manufacturing and automation, smart building and home automation, smart healthcare, smart retail, and smart transportation, logistics & telematics. Smart building and home automation is the dominating segment with a revenue share of 21.31% in the year 2020. The rising adoption of sensors and smart meters is increasing the demand for IoT integration which is one of the key factors that is increasing the adoption of IoT integration services and technology in smart buildings and home automation. Sensors are increasingly installed in buildings to collect data about movement, light, heat, use of space. As per the Royal Academy of engineering, U.K estimated that by 2021, there would be more than 50 billion networked appliances and sensors globally. Moreover, Industrial Manufacturing and Automation segment is growing with the fastest CAGR during the forecast period. The rising adoption of industrial 4.0 by the companies in order to transform their manufacturing units to make them more digitally advanced and across the world is driving the industrial automation and manufacturing market. It is expected to drive the market as it is creating a demand of IOT integration services to integrate all the IOT devices which is required to make the manufacturing digital and automated. Industry 4.0, or the fourth Industrial Revolution, is the new trend of automation in manufacturing where technologies such as cyber-physical systems, the Internet of Things are increasingly entrenched and implemented in production systems of the companies.

Exponential Increase in Investments on Smart City Technology to Lead Smart Building Segment to The Top

Smart building and home automation in the end user segment leads the global IoT integration market by capturing largest market share of approximately 21.3% in terms of revenue in 2020. Smart building and home automation market is expected to grow at CAGR of 34.9% during the forecast period. IoT devices are deployed in both commercial and residential buildings to make energy and resource allocation more efficient with enhanced security. The smart building and home automation market is primarily driven by high investment in the smart city development in which IoT is expected to play an important role. According to Global Smart Cities Primer report published by Bank of America Merrill Lynch (BAML) smart city technology and management investment reached more than $1.6 trillion in 2020 globally which further expected to rise to $3.48 trillion by 2026 globally.

Industrial Manufacturing: Fastest Growing Application Segment

Industrial manufacturing and automation in the end user is expected to grow at highest CAGR of 35.2% in forecast period. The entire manufacturing industry is undergoing a radical change. Adoption of new advanced technologies that include IoT and robotics, efficiency within supply chain network, operational efficiency, and costs are the factors driving the changes. Organizations are looking forward to streamlining the entire manufacturing process for better inventory control, to improve supply chain management, and to bring about business agility whilst keeping overhead cost under control and hence increasingly adopting new advanced technologies. Further, the adoption of Industry 4.0 initiative that aims at utilizing Internet of Things (IoT) capabilities to connect small and medium-sized companies efficiently in global innovation and production and on intelligent production, has given boost to the growth of IoT integration market in industrial manufacturing and automation.

NA Takes Almost 40% of Revenue Share

Geographically, the global Internet of things Integration market has been segmented into North America, Europe, Asia Pacific and Rest of the World (ROW). North America is dominating region in the global Internet of things Integration market with a revenue share of 38.98 % in 2020. The early acceptance of trending technologies such as big data, IoT, mobility and DevOps has fueled the growth of the IoT integration market in North America. Furthermore, Industrial Internet of Things (IIoT), smart cities, and digitalization are also fueling the growth of the IoT Integration Market in the North American region. Moreover, Asia pacific is growing with a fastest CAGR of around 35.5% during the forecast period.  Positive economic outlook has driven government and public bodies across Asia Pacific to implement investment friendly policies.

Partnerships: Top Preferred Strategy

Partnership and collaboration is the primary strategy adopted by the companies in the IoT Integration market. Strategic partnership allows the companies to leverage resources and economic advantage for mutual growth. Product launch is the secondary strategy adopted by the companies in the IoT Integration market. New and advanced products and services help to improve company market visibility while competing effectively with the key competitors already present in the market. Top companies in this market include Accenture, IBM, Cognizant, TCS and Capgemini.

Historical & Forecast Period

This research report presents the analysis of each segment from 2020 to 2030 considering 2020 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period from 2021 to 2030.

Key questions answered in this report

• What are the key market segments in current scenario and in the future by product categories?
• What are the key market segments in current scenario and in the future by regions?
• What is the key impact of Covid-19 over market revenues and market determinants in the global IoT Integration market?
• What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
• What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
• How to overcome the current market challenges and leverage the opportunities in each of the market segment?
• Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies?
• What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc that companies are deploying to enhance market revenues and growth?