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(Wireless-NewsWire.Com, May 26, 2018 ) SUMMARY
Research Cosmos forecasts the global IoT integration market size to grow from USD 759.5 Million in 2017 to USD 3,301.7 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 34.2%.
The IoT integration market is segmented on the basis of services, organization size, application areas, and regions. The services segment is segmented into device and platform management services, application management services, advisory services, system design and architecture services, testing services, service provisioning and directory management services, third party API management services, database and block storage management services, network protocol management services, and infrastructure and workload management services.
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The device and platform management services segment is expected to hold the largest market share during the forecast period as these services provide connectivity, facilitate remote monitoring, and troubleshoot heterogeneous devices across diverse geographical locations. Additionally, platform management services connect, integrate, and manage the visibility across global IoT value chains. The organization size segment is categorized into Small and Medium-Sized Enterprises (SMEs) and large enterprises. The application area segment is categorized into smart building and home automation, smart healthcare, energy and utilities, industrial manufacturing and automation, smart retail, and smart transportation, logistics, and telematics.
IoT integration are offered by service providers, Communication Service Providers (CSPs), and Network-as-a-Service (NaaS) providers. IoT integration services are gaining importance as they are mandatory for integrating multiple heterogeneous components across IoT ecosystems. They also offer cohesive functionalities to streamline and exchange data among multiple IoT components and provide a unified view of the metrics and data to the relevant stakeholders.
IoT integration require a dedicated team to deploy the service blueprint across multiple IoT components as per the needs of the end-user. A strategic approach along with a strong integration strategy is essential for enabling cohesion and streamlining IoT components, since all components may not work well in isolation. The IoT integration services market is gaining traction due to the increasing adoption of smart devices and technologies that are revolutionizing and transforming electronic products, which are connected to the internet and adopted by different industries. IoT integration services decrease daily business operations and reduce operational expenses.
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North America is expected to hold the largest market share and dominate the IoT integration market during the forecast period. The region is witnessing a rise in the use of IoT devices across various application areas, thereby increasing the need for reliable integration services. This is one of the important factors driving the growth of the IoT integration services market in North America. Furthermore, the advent of SMEs and the start-up culture in North America is growing at a faster pace as compared to the other regions.
Asia Pacific (APAC) has witnessed advanced and dynamic adoption of new technologies and has always been a lucrative market. The region is expected to grow at the highest CAGR during the forecast period in the IoT integration services market. Countries in the APAC region are increasingly adopting IoT integration services.
Lack of standards for interconnectivity and interoperability, and data security and privacy concerns are some of the restraining factors for the IoT integration market. However, the recent developments, new product launches, and acquisitions undertaken by the major market players are boosting the growth of the market.
The study measures and evaluates the major offerings and key strategies of the major market vendors, including TCS (India), Wipro (India), Capgemini (France), Infosys (India), HCL (India), ATOS SE (France), Allerin (US), MuleSoft (US), Meshed (Australia), and Phitomas (Malaysia). These companies have been at the forefront in offering innovative IoT integration services to commercial clients across diverse geographical locations.
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Dani Rodriguez
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