(PharmaNewsWire.Com, March 31, 2020 ) According to market research report "(Internet of Things) IoT Integration Market by Service (Device and Platform Management, System Design and Architecture, Advisory Services), Organization Size, Application Area (Smart Healthcare, Smart Retail), and Region - Global Forecast to 2022", The global IoT integration services market size is expected 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%.
Browse and in-depth TOC on “IoT Integration Market” 39 - Tables 43 - Figures 128 - Pages
The major forces driving the growth of the IoT integration services market include the growth of the Bring Your Own Device (BYOD) trend and the need for remote workplace management. Moreover, the increasing demands for data consistency and growing regulatory compliances and regulations are also some of the factors that are driving the market growth.
The system design and architecture services segment is expected to be the fastest growing service in the IoT integration services market during the forecast period.
System design and architecture services involve the analysis, design, and configuration of the software components that support the system architecture. System design engagement typically provides advice for sizing of new systems and scaling of existing systems. It provides improved system performance, offers tailored configuration advice, and monitors the capability usage of system resources. Service providers also design and offer customized services as per client requirement and budget. These customized services help manage business workflows and improve business efficiency for commercial customers.
The smart building and home automation application area is expected to hold the largest market share in the IoT integration services market during the forecast period.
Smart buildings comprise energy-saving equipment for the efficient functioning of all components and systems of a building, including lighting, monitoring, safety and security, emergency systems, heating, ventilation and air conditioning systems, and car parking. The concept of smart buildings has gained prominence due to the increasing adoption of IoT solutions and services. IoT-enabled smart buildings offer enhanced features such as operations personalization, in-building device mobility, occupant comfort, and indoor activities automation. IoT home automation systems utilize control systems and smart devices to automatically control and manage basic home functions over the internet from any location.
North America is expected to have the largest market share in the IoT integration market during the forecast period.
North America is expected to hold the largest market share and dominate the IoT integration market during the forecast period. The region has the presence of major sustainable and well-established economies who invest substantially in Research and Development (R&D) activities, thereby contributing to the development of new technologies. The early adoption of trending technologies such as IoT, big data, DevOps, and mobility has boosted the overall growth of the IoT integration market in North America. Moreover, North America is technologically developed and a number of government initiatives have been adopted in the region. Smart cities, Industrial Internet of Things (IIoT), and digitalization are also fueling the growth of the IoT integration services market in the North American region. Data driven enterprises in North America are adopting IoT-based systems over legacy systems. IoT integration services play a vital role in integrating and managing the interoperability between new systems and legacy systems.
The major vendors in the IoT integration services market include Infosys (India), HCL (India), TCS (India), Capgemini (France), and Cognizant (US), Wipro (India), Atos SE (France), Intel Corporation (US), MuleSoft (US), SoftDEL (US), Phitomas (Malaysia), Meshed (Australia), and Allerin (US).
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