IoT Integration Market to Reach $78.1 Billion by 2031 | CAGR 35.4%
Market Size : The global iot integration market size was valued at USD 3.8 billion in 2021, and is projected to reach USD 78.1 billion by 2031, growing at a CAGR of 35.4% from 2022 to 2031.
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IoT integration refers to the development of independently designed applications and databases that work well together. IoT integration entails ensuring the combination of new IoT devices, IoT data, IoT platforms, and IoT applications work effectively together in the context of developing end-to-end IoT business solutions. The Internet of Things integration market is defined as the collection of IoT integration capabilities required by IoT project implementers to properly integrate end-to-end IoT business solutions.
Furthermore, key factors that drive the IoT integration market growth include, the growth in demand for IoT applications, which propels the growth of the global IoT in the banking market. Furthermore, increase in penetration of IoT-powered smartphones and smart wearables is expected to aid in the growth of IoT solutions in the banking industry. However, higher installation costs and complex infrastructural requirements can hamper the IoT integration market growth. Conversely, advancements in the field of IoT and cloud technology are expected to offer remunerative opportunities for the expansion of the IoT integration market forecast during the period.
On the basis of service type, the system design services segment dominated the overall IoT integration market in 2021, and is expected to continue this trend during the forecast period. This is attributed to custom IoT requirements of different business sectors and regions. However, the application management services segment is expected to witness the highest growth, owing to easier application management and maintenance offerings of application management services, which is expected to fuel the growth of the global IoT integration market.
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Region-wise, the IoT integration industry was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its high expenditure on technological solutions, which is expected to drive the IoT integration market during the forecast period. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to its transforming technological and communication sector, which is expected to fuel the growth of IoT integration industry in the region in the coming few years.
Key Findings Of The Study :
By enterprise size, the large enterprise segment accounted for the largest IoT integration market share in 2021.
By region, North America generated the highest revenue in 2021.
By service type, the system design services segment generated the highest revenue in 2021.
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The key players profiled in the IoT integration market analysis are Accenture, ATOS SE, Capgemini, Cognizant, Dell Technology, DXC Technology, Fujitsu Limited, HCL Technologies, IBM Corporation, Infosys Limited, NTT data corporation, Salesforce Inc., Tech Mahindra, Tata Consultancy Services, Wipro, Deloitte, and Softdel. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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