IoT as a Service Market Key Highlights:
- Market Size (2024): USD 124.52 Billion
- Projected Market Size (2034): USD 238.18 Billion
- CAGR (2023-2034): 6.7%
Pricing Analysis:
- Price Growth
- Regional Variations
Market Historic Sales
- Total sales volume, year-over-year growth, product categories, and market share.
Revenue Estimation
- Forecasting future revenues based on historical data, market trends, and economic indicators.
Sales by Region
- Breakdown of sales performance across different geographical areas.
Revenue by Manufacturer
- Analysis of revenue contributions from different manufacturers in the market.
IoT as a Service Market Definition
The IoT as a service market deals with providing solutions that help organizations deploy IoT solutions without investing in new infrastructure. The various components of this industry consist of sensors, cloud, network connection, devices, IoT hub, and others. The different types of services this market provides consist of professional and managed services. The growing trend of smart homes in developed economies has boosted industrial expansion. This market is anticipated to rise significantly with the growth of the telecom industry across the world.
The growing developments associated with internet facilities and a rise in the number of smartphone users worldwide has boosted the market growth. Also, the rising application of these services in several sectors, such as smart buildings, smart manufacturing, smart healthcare, smart energy, smart retail, smart logistics, and others, is shaping the market positively. Moreover, the increased use of IoT as a service in various industries of manufacturing, retail, utilities, energy, and some others is expected to boost the growth of the IoT as a service market.
Advancements in data visualization technology, along with the integration of blockchain and edge computing in IoT as a service industry, are expected to create ample growth opportunities for the market players in the future. In May 2023, NTT Ltd collaborated with Cisco. This collaboration is done to launch an IoT as a service for enterprise customers.
IoT as a Service Market Segmentation:
By Type
- Device Software
- Connectivity and Control Service
- Analytics Service
By Application
- Industrial
- Retailing
- Medical Care
- Automobile
- Other
IoT as a Service Market Companies:
- PTC
- Cisco
- Microsoft
- Google
- IBM
- Intel
- SAP
- Oracle
- Amazon
- Telit
- General Electric
- Gemalto
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