Internet of things Integration Market Future Estimations with Top Key Players |CAGR of 34.5% | Atlantic Market Research
Global Internet of things Integration market is estimated to be rising at a CAGR of 34.5 % during the 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 the global IoT integration market. Increasing adoption of BYOD culture has added value 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 help companies to cut hardware and service costs. Moreover, IoT technology has enabled employees to connect their personal devices with the company enterprise network.
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. As per the Royal Academy of engineering, the 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
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Smart building and home automation in the end-user segment lead the global IoT integration market by capturing the largest market share of approximately 21.3% in terms of revenue in 2020. The smart building and home automation market are expected to grow at a 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. According to the 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 is further expected to rise to $3.48 trillion by 2026 globally.
Industrial manufacturing and automation in the end-user are expected to grow at the highest CAGR of 35.2% in the 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.
Geographically, the global Internet of things Integration market has been segmented into North America, Europe, Asia Pacific, and the 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. Moreover, Asia Pacific is growing with the fastest CAGR of around 35.5% during the forecast period. A positive economic outlook has driven government and public bodies across the Asia Pacific to implement investment-friendly policies.Partnership and collaboration is the primary strategy adopted by the companies in the IoT Integration market. The 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.
KEY MARKET MOVEMENTS
- 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.
- The Smart building and home automation is the dominating segment with a revenue share of 21.31% in the year 2020.
- Industrial manufacturing and automation in the end-user is expected to grow at highest CAGR of 35.2% in the forecast period.
- Partnership and collaboration is the primary strategy adopted by the companies in the IoT Integration market.
- North America is dominating region in the global Internet of things Integration market with a revenue share of 38.98 % in 2020.
- Asia pacific is growing with a fastest CAGR of around 35.5% during the forecast period.
- Top companies in this market include Accenture, IBM, Cognizant, TCS and Capgemini.
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