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Increased cloud use is likely to encourage innovation in the manufacture of IoT solutions and services, propelling the market over the forecast period.

The global IoT solutions and services market is expected to grow from $227.90 billion in 2022 to $265.48 billion in 2023 at a compound annual growth rate (CAGR) of 16.5%. The global IoT solutions and services market size is expected to reach $483.57 billion in 2027 at a CAGR of 16.2%.

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Global IoT Solutions And Services Market Segments Include:

• By Component: Solution, Services
• By Focus Area: Smart Manufacturing, Smart Transportation/mobility, Smart Energy and Utilities, Smart Retail, Connected Healthcare, Smart Agriculture, Smart Buildings, Other Focus Area
• By Organization Size: Small and Medium-Sized Enterprises, Large Enterprises
• By Application: Web Security, Network Security, Database, Cloud Security, Email Security, Other Application
• By End-User: Wind, Oil And Gas, Solar, Other End-User
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global IoT solutions and services market in 2021.

Major Market Players in the IoT solutions and services market include Siemens AG, Microsoft Corporation, Amazon Web Services Inc, International Business Machines Corporation (IBM), Intel Corporation, Cisco Systems Inc, Google LLC, Cloudera Inc.

Technology developments are a crucial trend that is gaining traction in the market for IoT solutions and services. To maintain their market position, major players in the IoT solutions and services market are adopting new technology. For example, Siemens Smart Infrastructure (a subsidiary of Siemens AG), a Germany-based industrial manufacturing business, announced the “Connect Box” smart IoT solution for small to medium-sized buildings in March 2023. Connect Box provides simple internet access via PC or smartphone, analyses building performance, improves indoor air quality, and improves energy efficiency by up to 30% in small to medium-sized buildings. Users of Connect Box can manage key everyday building management chores through a cloud-based interface without the need for an additional gateway or software.

The IoT Solutions And Services Global Market Report 2023  provides a IoT solutions and services market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The IoT solutions and services market forecast analyzes IoT solutions and services market size, IoT solutions and services market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Internet of Things (IoT) services are a set of end-to-end services that are contractually provided to businesses by third-party providers for the purpose of planning, developing, implementing, and operating IoT systems. An IoT solution is a bundled set of technologies that businesses can acquire to solve an issue or create new organisational value. IoT solutions and services are used to connect devices securely, manage tasks, uncover opportunities, and transfer information that helps businesses increase efficiency.

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