According to a research report "loT Integration Market Forecast by Service (Device & Platform Management, System Design & Architecture, Network Management, Advisory Services), Application (Smart Building & Home Automation, Smart Healthcare) and Region - Global Forecast to 2028" published by MarketsandMarkets, the IoT integration market size is expected to grow from USD 3.2 billion in 2023 to USD 12.1 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 30.8% during the forecast period. IoT integration refers to the seamless interconnection of diverse devices, systems, and technologies within the Internet of Things (IoT) ecosystem. It encompasses the intricate process of linking sensors, actuators, devices, platforms, and data analytics to enable efficient communication, data sharing, and collaboration. Through IoT integration, disparate elements become part of a unified network, fostering real-time data exchange and enabling informed decision-making. This integration extends across various industries, from manufacturing and healthcare to smart cities and agriculture, transforming how businesses operate and enhancing user experiences. It necessitates strategic planning, architectural design, and implementation expertise to create functional, secure, and scalable IoT solutions that leverage the power of connectivity to drive innovation and efficiency.
The smart building and home automation is expected to lead the IoT integration market during the forecast period.
The smart building and home automation segment within the IoT integration market is witnessing remarkable growth driven by the convergence of technology and the increasing demand for enhanced living and working environments. This segment involves the integration of IoT devices, sensors, and systems into residential and commercial spaces to create intelligent, efficient, and connected environments.
Industrial Manufacturing and Automation segment is expected to hold the second-largest market share during the forecast period
The industrial manufacturing and automation segment within the IoT integration market is undergoing significant transformation, driven by the convergence of IoT technology and the need for increased efficiency, productivity, and competitiveness in the manufacturing sector. This segment encompasses the integration of IoT devices, sensors, data analytics, and automation systems to optimize manufacturing processes, enhance quality control, and enable predictive maintenance
Asia Pacific likely to emerge as the fastest-growing segment during the forecast period.
The growth of the IoT integration market in Asia Pacific is highly driven by the rapid digitalization of enterprises across the region. The region is a strong adopter of IoT-based devices due to its unique combination of government advocacy, manufacturing roots, and R&D know-how. The vast and diverse region, comprising countries such as China, India, Japan, South Korea, and many others, is witnessing rapid adoption of IoT solutions across various industries. With a massive population and growing urbanization, the Asia Pacific region is leveraging IoT integration to address challenges related to urban development, healthcare, agriculture, manufacturing, and more.
Market Players
The major vendors covered in the IoT integration market include TCS Limited (India), Wipro Limited (India), Atos SE (France), Accenture (Ireland), Fujitsu Ltd. (Japan), Infosys Limited (India), Capgemini (France), HCL Technologies Limited (India), Tech Mahindra Limited (India), DXC Technology (US), IBM Corporation (US), Cognizant (US), NTT Data Corporation (Japan), Dell EMC (US), Deloitte (US), Salesforce (US), Allerin Tech Pvt Ltd (India), Softdel (US), Phitomas (Malaysia), eInfochips (US), Timesys Corporation (US), Tibbo Systems (Taiwan), Aeris (US), Macrosoft Inc. (US), Damco (US) and Meshed (Australia).
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