Major players in the internet of things (IoT) services market are Cisco Systems, Cognizant, Google, Infosys, Tieto Corporation, Virtusa Corporation, Accenture PLC, IBM, Tech Mahindra, and Harman International Industries.
New York, July 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "IoT Services Global Market Report 2020-30: Covid 19 Growth and Change" - https://www.reportlinker.com/p05935470/?utm_source=GNW
The global IoT services market is expected to decline from $143.48 billion in 2019 to $139.36 billion in 2020 at a compounded annual growth rate (CAGR) of -2.87%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities that eventually led to a slowdown in the economy. The market is then expected to recover and reach $260.41 billion in 2023 at a CAGR of 23.17%.
The internet of things (IoT) services market consists of the sales of IoT as services and their related products. Business entities act as a support to the end-user companies by providing professional and managed services such as network management, data management platforms, infrastructure, and deployment of the IoT technology for making them automated and smarter. Internet of things (IoT) services are delivered by the IoT service providers who provide consulting, security, and analytics services as per the requirement of the business.
North America was the largest region in the IoT services market in 2019.
Edge or cloud computing is enhancing the deployment of workload on IoT devices. Edge or cloud computing is a solution that facilitates data processing and data storage in the cloud. For instance, Microsoft recently released its Azure IoT Edge, a managed service built on Azure IoT Hub that deploys the workloads like artificial intelligence, third party services, or own business logic on cloud and runs the workload on IoT edge device. Edge devices spend less time communicating with the cloud and react quickly to changes and operate reliably. Amazon provides two IoT software FreeRTOS and AWS IoT Greengrass, AWS IoT Greengrass extends AWS to the edge devices and they can act locally by generating the data and FreeRTOS is open source and operating system used for microcontrollers that makes low power edge devices easy to secure, deploy and manage.
The IoT services market covered in this report is segmented by type into professional services; managed services and by vertical into manufacturing; retail; IT & telecom; transportation & logistics; utilities; healthcare; energy; others.
Low enterprise adoption is expected to hinder the IoT services market. Even though IoT has found it useful in many vertical industries, the enterprise adoption is low due to many factors such as little or no awareness, the involvement of more humans in the operating system gives a less or no room for automation and most importantly due to security concerns regarding the data. According to the Omida data survey, only 29% of enterprises have adopted IoT solutions into their business or enterprises in 2019. Low enterprise adoption thereby restrains the IoT services market.
In June 2019, Accenture, an Ireland-based leading global professional service provider that provides strategy, digital, and technology services, had acquired Deja vu Security for an undisclosed amount. The acquisition is expected to help Accenture in enhancing the security of connected IoT devices and also for combating a threat of $5.2 trillion to enterprises worldwide. Deja vu Security is a leading security provider that specializes in designing security and testing of enterprise software platforms and IoT Technologies.
An increase in the internet of things use cases is expected to drive the IoT service market. IoT use cases are the areas where IoT can be used for automating the process and increasing productivity. Over the years IoT has found its use in many areas such as manufacturing, farming, smartwatches, smart cities, transportation, and other fields, which has increased the need for IoT services that provide support by delivering services such as consulting, data management, network management, security services, and others. For instance, Telit, a leading IoT enabler, provides an IoT security system that helps users to control and monitor the surveillance along with collecting data and analyzing it to improve the security of buildings, turning them into smart buildings. The IoT use cases eventually increase the demand for IoT services and are expected to drive market growth.
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