The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s IoT Services Global Market Report 2024, the IoT services market is expected to show significant growth in the forecast period.

The IoT services market has undergone remarkable growth, surging from $214.47 billion in 2023 to a projected $249.12 billion in 2024, demonstrating a noteworthy Compound Annual Growth Rate (CAGR) of 16.2%. This exponential expansion is credited to the proliferation of IoT devices, advancements in connectivity, data analytics, and the adoption of industry-specific applications. Looking ahead, the market is poised for rapid growth, reaching $470.42 billion in 2028, with a projected CAGR of 17.2%. The forecasted growth is attributed to pivotal factors like 5G connectivity, edge computing, the emergence of smart cities, and the flourishing realm of Industrial IoT (IoT).

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Rising Adoption of Smart Homes: Smart Homes as Catalysts: The escalating number of smart homes is anticipated to be a key driver for the continued growth of the IoT services market. Smart homes, equipped with remotely monitored and automated devices, have become a focal point for IoT services. Notably, the US boasts 63.43 million smart homes, with 7 in 10 homebuyers expressing a willingness to invest in smart home technology, as reported by RubyHome, a US-based real estate company.

Market Influence: Major industry players such as Cisco Systems, Google, and Microsoft are capitalizing on the growing smart home trend, providing innovative IoT services that cater to the evolving needs of consumers. The increasing adoption of IoT solutions in smart homes presents businesses with unprecedented opportunities to deliver cutting-edge services.

Nippon Telegraph and Telephone (NTT) and Cisco Collaborate: Innovative Enterprise-Grade IoT as-a-Service: Leading companies in the IoT services market are actively innovating to maintain their market positions. Nippon Telegraph and Telephone (NTT), a Tokyo-based telecommunications giant, collaborated with Cisco, a US-based technology company, to launch an IoT as-a-Service solution for enterprise customers. This offering aims to expedite the realization of IoT benefits, such as improved decision-making, reduced operational costs, and enhanced customer experiences. Emphasizing enterprise-grade Edge and IoT technologies, this collaboration ensures the reliability, scalability, and security of the solutions provided.

Aeris Acquires Ericsson IoT Business: Strategic Acquisition for Market Dominance: In December 2022, Aeris, a prominent US-based IoT network and platform provider, acquired the IoT business from Ericsson, a Sweden-based telecommunications company. This strategic move positions Aeris as a dominant player in the IoT sector, leveraging synergies to offer enterprises unparalleled IoT solutions. The acquisition is expected to unlock new revenue opportunities for communication service providers and strengthen Aeris’s market presence.

Market Segmentation: IoT Services Types: The IoT services market is segmented into Professional Services and Managed Services, offering businesses flexibility in choosing service models that suit their operational requirements.

Applications Across Verticals: Diverse applications across Smart Buildings, Smart Manufacturing, Smart Transport and Logistics, Smart Healthcare, Smart Retail, and Smart Energy showcase the widespread adoption of IoT services in various sectors.

Industry Verticals: Segmentation based on industry verticals encompasses Manufacturing, Retail, IT & Telecom, Transportation & Logistics, Utilities, Healthcare, Energy, and Other Verticals, reflecting the versatility of IoT services across sectors.

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The IoT Services Global Market Report 2024  provides an in-depth analysis on the IoT services market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the IoT services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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