Global IoT Integration Market - Overview
According to Market Research Future (MRFR), the
global IoT Integration Market is estimated to expand from
USD 778.4 million in 2017 to USD 4,066.79 million by 2023, with a CAGR of
32.06% from 2018 to 2023 (forecast period). The research report provides a
succinct summary of the effects of COVID-19 on current/future market
conditions. The report outlines some of the key market factors that will affect
the growth of the industry, such as market share, critical region, and big players.
The term Internet of Things (IoT) refers to a
network of interrelated computing devices, mechanical and digital machines, or
any physical object capable of collecting and transmitting electronic data.
Generally, many of these physical devices are pre-built with unique identifiers
and an additional feature that enables them to transmit data over a network
without the need for human-to-computer interaction. IoT integration services
refer to the collection of services provided by vendors for the efficient
functioning of IoT. In order to unify the widely interconnected mesh of
unlikely devices distributed around the globe, IoT integration services are
commonly used in various communication protocols, multiple applications, and
separate networks.
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Market Dynamics
Increase in bring your own device and remote
workplace management culture of companies, the increasing need for data
consistency, increased regulatory compliance and regulation, and growing
traction for risk mitigation have led to a growing demand for IoT integration
services. In addition, the expansion of the partnership agreement of IoT vendors,
the increase in the adoption of IPAAS for secure, stable cloud integration, and
the increasing use of the API Approach for integration have further increased
the value of IoT integration services in different organizations.
Market Segmentation
The global market for IoT Integration has been
segmented based on services, organization size, and application.
Based on services, the global IoT Integration market
has been segmented into device and platform management, third-party API
management services, advisory services, system design and architecture,
database & block storage management, application management services, and
others.
Based on organization size, the global IoT
Integration market has been segmented into large enterprises and small &
medium enterprises (SMEs).
Based on application, the global IoT Integration
market has been segmented into smart healthcare, smart retail, smart building,
energy & utilities, and smart transportation.
Regional Analysis
The geographical analysis of the global IoT integration
market is done for North America, Europe, Asia Pacific, and the rest of the
world.
North America is expected to lead the IoT
integration market from 2018 to 2023 due to the early adoption of developing
technologies such as IoT, Big Data, DevOps, and end-user mobility in the
region. Furthermore, there is a high concentration of industry players and the
simple availability of skilled technical expertise. The area is expected to
rise at the highest CAGR in the forecast period.
Key Players
The industry giants in the global IoT integration
industry have been identified across all the major regions on the basis of
their country of origin, presence across different areas, recent key
developments, product diversification, and industry expertise. The prominent vendors
of the market are Tata Consultancy Services Limited (India), Capgemini SE
(France), Wipro Limited (India), Infosys Limited (India), ATOS SE (France),
Accenture PLC (Ireland), Fujitsu Ltd. (Japan), HCL Technologies Limited
(India), SoftDEL (US), DXC Technology (US), Tech Mahindra Limited (India),
Meshed (Australia), Intel Corporation (US), MuleSoft (US), International
Business Machines Corporation (US), Cognizant Technology Solutions Corporation
(US), NTT Data Corporation (Japan), Phitomas (Malaysia), and Allerin (US).
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