The global IoT market size is expected to grow from USD 300.3 billion in 2021 to USD 650.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.7% from 2021 to 2026. . the Internet of Things (IoT) describes the network of physical objects as things that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet.
Factors such as access to low-cost, low-power sensor technology, availability of high-speed connectivity, and increase in cloud adoption to boost the growth of Internet of Things market across the globe during the forecast period. Moreover, increase in smart city initiatives worldwide, increase in connected devices to drive the growth of IoT, and emerging 5G technology to help IoT adoption, globally would provide lucrative opportunities for Internet of Things market vendors.
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Services to grow at a higher CAGR during the forecast period
Now a days, each company is focusing on integrating new IoT services and solutions into their contemporary infrastructure, due to which, companies are required to be acquainted with comprehensive, detailed insights about the IoT services. Moreover, organizations should be aware of all the benefits provided to their employees and customers by the services. There are various channels through which organizations can gain this knowledge. Based on service, the IoT market has been segmented into professional services and managed services. There is an enormous opportunity for system integrators in the rising IoT ecosystem across industries to deliver value-added services and the partner ecosystem is expected to witness high growth with custom software services and maintenance.
Siemens (US), Microsoft (US), AWS (US), Oracle(US), Cisco (US), Qualcomm(US), SAP(Germany), IBM (US), Google(US), Intel(US), Hitachi(Japan), GE Digital(US), PTC(US), ARM(UK), Software AG (Germany), Partical(US), HQSoaftware (Estonia), Telit (UK), Clearblade (US), Ayla netwaorks (US), Hologram (US), Losant (US), Samsara (US), Litmus Automation (US), Litmus Automation (US), Confidex (Finland).
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These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the IoT market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2021 to innovate their offerings and broaden their customer base.
Siemens is one of the global market leaders in industrial automation. It specializes in electrical engineering and electronics-related products and services. The company’s principal divisions are industry, energy, healthcare, and infrastructure and cities. The company has a huge list of clients located across North America, Asia Pacific, the Middle East & Africa, Europe, and Latin America.
The company offers a wide array of IoT solutions. It provides solutions for smart buildings, smart transportation, and smart grids, among others. It also provides various smart transportation products and solutions, including rail automation, automatic train control, Communications-based Train Control (CBTC), traffic control center, urban traffic control, parking space management, tolling, and integrated smart parking. It designs and delivers various real-time products by leveraging the latest leading-edge technologies in transportation systems and automotive electronics. It is present in over 200 countries across the globe.
For smart mobility, the company provides traffic control center platforms, parking space management solutions, toll systems, road services, urban traffic technologies, eBus/eBRT, and integrated smart parking solutions.
Microsoft designs and develops various cloud-based solutions. The company offers various solutions for cloud, mobility, and productivity. It operates in four business segments, namely personal computing, productivity and business processes, intelligent cloud, and corporate. The intelligent cloud segment provides organizations with cloud-based infrastructures and applications, which can convert vast amounts of data into predictive and analytical power using advanced machine learning technology, analytics, and cognitive services. The company also offers IoT-based Azure and Windows 10 solutions and services.
Microsoft’s Azure IoT Suite provides infrastructure and architecture-ready deployable platforms, which enable authorities to easily secure and automate their existing infrastructure. Its Azure IoT hub enables the IT infrastructure administration to manage and monitor billions of devices to develop IoT applications. The company offers a Microsoft Azure IoT platform to accelerate business transformation with the help of IoT technology. This platform reduces complexities, lowers costs, and speeds up business processes. It offers IoT services and solutions, such as remote monitoring, predictive maintenance, smart spaces, and connected products. It improves customers’ business processes using sensors and advanced analytics to predict needed maintenance and reduce unplanned downtime cutting into production time.
The company also offers support and consulting services to its customers. It caters to its clientele present in over 100 countries across North America, Asia Pacific, Latin America, the Middle East & Africa, and Europe.
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