IoT Services Market
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What Is the Expected CAGR for the IoT Services Market Through 2025?
In recent times, the size of the IoT services market has witnessed considerable expansion. This growth had a significant jump from $243.8 billion in 2024 to an estimated $281.65 billion in 2025, with a compound annual growth rate (CAGR) standing at 15.5%. The driving forces behind this impressive growth during the historic period include the widespread adoption of IoT devices, advancements in connectivity, the utility of data analytics, and applications specific to various industries.
What’s the Projected Size of the Global IoT Services Market by 2029?
In the upcoming years, the market size for IoT services is anticipated to expand exponentially, reaching a estimated value of $563.19 billion by 2029 with a compound annual growth rate (CAGR) of 18.9%. The predicted surge during this timeframe can be credited to advancements in 5G connectivity, edge computing, and the development of smart cities and infrastructure, as well as the industrial internet of things (IIoT). The forecasting period is also expected to witness prominent trends such as the inclusion of edge computing, AI, machine learning, smart city development, and industrial internet of things (IIoT).
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Top Growth Drivers in the IoT Services Industry: What’s Accelerating the Market?
The expansion in the utilization of the internet of things is predicted to fuel the growth of the IoT service market. IoT use cases, represent the sectors where IoT can enhance automation and productivity. Over time, a variety of industries such as smart cities, transportation, farming, manufacturing, and smartwatches have begun to incorporate IoT, amplifying the need for IoT services. These services include consultation, data and network management, and security services among others. An illustration of this would be Telit, a prominent IoT facilitator, which delivers security systems that allow users to oversee surveillance, collect and analyze data, thus enhancing the security of structures and transforming them into smart buildings. Consequently, the rise in IoT use cases bolsters the demand for IoT services, which is anticipated to stimulate market expansion.
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What Trends Will Shape the IoT Services Market Through 2029 and Beyond?
The implementation of workload on IoT gadgets is being improved by edge or cloud computing. Edge or cloud computing is a technology that enables both data processing and storage in the cloud. For example, Azure IoT Edge – a managed service designed on Azure IoT Hub, was recently introduced by Microsoft to execute workloads such as artificial intelligence, third party services, or separate business logic on the cloud, which is then run on an IoT edge device. Edge gadgets reduce the amount of time spent on interaction with the cloud, respond swiftly to alterations, and function reliably. Amazon offers two IoT programs, FreeRTOS and AWS IoT Greengrass. AWS IoT Greengrass allows edge devices to perform locally by generating data, whilst FreeRTOS is an open-source operating system meant for microcontrollers to simplify the security, deployment, and management of low-power edge devices.
What Are the Main Segments in the IoT Services Market?
The IoT services market covered in this report is segmented –
1) By Type: Professional Services, Managed Services
2) By Application: Smart Buildings, Smart Manufacturing, Smart Transport and Logistics, Smart Healthcare, Smart Retail, Smart Energy
3) By Vertical: Manufacturing, Retail, IT And Telecom, Transportation And Logistics, Utilities, Healthcare, Energy, Other Verticals
Subsegments:
1) By Professional Services: Consulting Services, Deployment And Integration Services, Support And Maintenance Services
2) By Managed Services: Device Management, Network Management, Application Management, Data Management
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Which Top Companies are Driving Growth in the IoT Services Market?
Major companies operating in the IoT services market include Cisco Systems Inc., Cognizant Technology Solutions Corporation, Google LLC, Infosys Limited, Tieto Corporation, Virtusa Corporation, accenture* plc, International Business Machines Corporation (IBM), Tech Mahindra Limited, Harman International Industries Incorporated, Microsoft Corporation, Wipro Limited, HCL Technologies Limited, Tata Consultancy Services Limited, AT&T Inc., Honeywell International Inc., Amazon.com Inc., HP Inc., Intel Security Group, Apple Inc., Qualcomm Incorporated, Vates Inc., Oxagile LLC, Verizon Communications Inc., HQSoftware LLC, General Electric Digital LLC, Bosch IoT Sensor Company GmbH, Arm Limited, Sierra Wireless Inc., PTC Inc., Telit Communications PLC, SoluLab Inc., Amazon Web Services Inc., Oracle Corporation, Qualcomm Technologies Inc., Telefonaktiebolaget LM Ericsson, Hewlett-Packard Company Inc., Marvell Technology Group Ltd., Nlyte Software Inc., Western Digital Corporation, Broadcom Inc., NVIDIA Corporation, OVHcloud Co., Tencent Holdings Limited, Alibaba Group Holding Limited, Meta Platforms Inc., Equinix Inc., Digital Realty Trust Inc., CyrusOne Inc.
Which Regions Will Dominate the IoT Services Market Through 2029?
Asia-Pacific was the largest region in the internet of things (IoT) services market in 2023. North America was the second largest region in the internet of things (IoT) services market. The regions covered in the iot services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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