IoT Solutions And Services Market Size, Share, and Trends 2024 to 2034

IoT Solutions and Services Market Size and Forecast 2024 to 2034

The global IoT solutions and services market size is estimated at USD 320.33 billion in 2024 and is anticipated to reach around USD 1330.10 billion by 2034, expanding at a CAGR of 15.30% from 2024 to 2034.

IoT Solutions and Services Market Key Takeways

• North America dominated IoT solutions and services market in 2023.
• By deployment model, the on-premise segment led the market in 2023.
• By end user, the healthcare segment led the market in 2023.

U.S. IoT Solutions and Services Market Size and Growth 2024 to 2034

The U.S. IoT solutions and services market size is estimated at USD 96.42 billion in 2024 and is expected to be worth around USD 407.92 billion by 2034, rising at a CAGR of 15.50 from 2024 to 2034.

On the basis of geography, North America accounts for the largest market revenue share with an enhanced growth rate of the Internet of Things with increased utilization and increased installation of the network with increased cloud services to improve the work with less period of time with increased research and development in the IoT solutions and services with increased safety and enhanced security with reduced cyber-attacks and protection of the information helps to boost the market rate.

Increased investment from the government for the development of the Internet of Things and improving infrastructure helps to propel the market growth rate. Europe, Asia Pacific, the Middle East, and Africa also the significant growth rates during the forecast period.

Market Overview

The internet of things solutions and services with increased technologies with enhanced connectivity through embedded systems are utilized for processing the data and used for collection of the data from different devices with enhanced connectivity of the system over the software through an internet connection. Internet of things solutions and services which involves objects such as sensors, software, processor, and other technologies are involved in the system with improved connectivity to run the system with increased efficiency of the technology which can share the data from one system to another with the help of the network connectivity. Enhanced technologies in the internet of things solutions and services with embedded systems, wireless connections, controlling system, smart home and enhanced support to the economy with the utilization of the internet of things solutions and services.

IoT Solutions and Services Market Growth Factors

Internet of things solutions and services with enhanced technologies and developments to carry out the procedure with improved network connectivity with real-time accessing the collection of the data over the system through internet connectivity with enhanced clouding systems, embedded system and other technologies developed with increased software system to carry out the work and increased the speed of the workflow through the speed of the internet connectivity with developed solutions and services in the internet of the things for collection of the data and analyzing the data over the developed software such as fleet management and asset performance management with enhance utilization of the software services due to increased network connectivity helps to boost  the market of internet of things solutions and services due to rising demands from the market with increased efficiency of the internet of things and number of utilization of IoT drives the growth rate of the internet of things and solutions. Many industries utilize the internet of things to increase the workflow and efficiency of the work and makes it easy to carry data from one system to another with easy access to other system using the internet if things and enhanced benefits of the internet of things to increase the performance of the IoT solutions and services with increased integration of the software in the industry drives the market growth rate to larger extend during the forecast period.

Adoption of IoT solutions and services with increasing benefits, enhanced efficiency, increased workflow, real-time data management, collection and analyzing the data, increased performance and improved production of the data with wireless network connections is one of the most important factors that propel the market of IoT solutions and services with increased demands from the market.

Medicals sector also with increased installation of software through wireless network connections to improve the workflow and easy management of the data can easily access the information through a clouding system and reduce paperwork with developed advanced technologies in the IoT solutions and services helps to expand the market with improved growth rate and enhance CAGR due to increasing demands for the developed technologies. 

Market Scope

Covid-19 Impact

Impact of Covid-19 across the market of internet of things solutions and services with fewer new developments in the IoT and reduced demands from the market due to increased rules and regulations imposed and ceased transportation due to wide spread of the disease which reduced the market rate of the IoT solutions and services. The post-pandemic situation with increased demands from the customer for installing software with increased connectivity. The government provided the funds for the development the advanced technologies in IoT solutions and services and the improvement of the infrastructure. The key market players are the major role players in introducing the IoT solutions and services with enhanced research and development help to grow the market rate to a larger extent.

Market Dynamics

Key Market Drivers

• Increased demands for the security of IoT - The advanced developed technologies in the market of IoT solutions and services with increased speed and increased workflow with the internet of things with developed technologies in the IoT fields for managing the information and collection of the data. Utilization of the IoT in various engineering companies with increased solutions over the problems helps to drive the market of IoT solutions and services with improved security services by developing the blockchain technology which helps to prevent the duplication copy of the data and the data is securely safe with improved technology with the clouding systems helps to boost the market rate of IoT solution and services to a larger extend.
• Enhanced demands from various industries - Rising needs for the IoT solutions and services in various industries with increased demands for advanced developed technologies and increased integration in the industry to increase the workflow and increased efficiency of the work and easy access to the data and analyzing of the data over the software with improved clouding systems and enhanced connectivity helps to drive the market of IoT solution and services due to enhanced demands from the customer during the forecast period.  

Key Market Challenges

• The increased cost of the IoT solutions and services - The enhanced cost of the developed technologies in the IoT solutions and services may hamper the market due to the rising cost of network connectivity with reduced demands may decline the growth rate of the IoT solutions and services during the forecast period is one of the major challenges to grow the market rate to a larger extend.
• Lack of connectivity - An increased market growth rate of the IoT solutions and improved services with developed software and increased network connectivity to carry out the workflow to increase the productivity and demands from the market for easy access to the data. Lack of internet connection or network connectivity problems may lead to a stop in the workflow and may decline the market growth rate of IoT solutions and services during the forecast period. 
• Lack of skill - To carry out the procedures involved in the IoT solutions and services which requires updated knowledge and skill in the IT field. Lack of skill among the individuals to perform the allocated task and to increase productivity may reduce the market growth rate due to lack of skill and confidence. 

Key Market Opportunities

• Increased research and developments - The continuous research and development carried out with improving developments in the IoT solution and services with increased demands from the various industries with the increased installation of the IoT with increased network connectivity may help to drive the market growth with increased wireless network connections and embedded systems. Which boosts the market of IoT solutions and services during the forecast period.
• Government support - Increased support from the government of various regions with the increased economy of the nation and increased digitalization with increased network connectivity with improved technologies in the wireless connections helps to boost the market growth rate. Enhanced funds from the government for continuous research and development in IoT and development of the infrastructure.

Components Insights

On the basis of the components, the platform with the highest market revenue share with increasing demands from the customer with enhanced platforms with increased network connectivity developed servers and increased number of applications with the advanced developed technologies in IoT with an increased number of solutions and services and increased acquisition of the IoT with the installment of the software devices. Which helps to run the market growth with an increased rate of IoT solutions and services during the forecast period.

Organization Site Insights

On the basis of the organization site, the large-scale enterprises which account for the largest market share with an increased growth rate of the IoT with advanced developed technologies with enhanced adoption of the new advanced developed technologies in the business with developed strategies in the business to enhance the workflow helps to grow the market rate of the IoT solutions and services with increased demands and enhance the collection of the information, analyzing the information with improved security helps to protect the data from the cyber-attacks. This helps to expand the market of IoT solutions and services with enhanced demands which accelerates the growth rate.

Deployment Insights

On the basis of the deployment, the on-premises accounts for the largest market growth with increasing demands from the customer for improving the network connectivity to carry out the workflow easily with advanced developed technologies with increased security and improved solutions with the highest market growth help to grow the market of IoT solutions and services help to expand the market growth rate with increased connectivity in various industries and development of the infrastructure and increased demands from the customer and enhanced workflow helps to boost the market of IoT solutions and services to increase the market growth rate.

End-User Insights

On the basis of the end-user, the healthcare sector accounts for the largest market share due to increased installation of the IoT with new software-developed technologies utilized in the healthcare sector with enhanced demands and increases in the workflow and easy access to the patient's personal medical history and increased online prescription of the patients and online pharmacy in the health care sector with advanced developed technologies in IoT with improved solutions and services with increased performance with enhanced efficiency of the IoT with increased quality of the work, less time requires for accessing the information and increased supply of the information with the increased connection of the servers with enhanced connectivity helps to propel the market of IoT solutions and services.

IoT Solutions and Services Market Companies

• Siemens AG
• SAP SE
• Oracle Corporation
• IBM Corporation
• Cisco Systems, Inc
• Robert Bosch GmBH
• PTC Inc
• Microsoct Corporation
• Intel Corporation
• Amazon Web Services, Inc
• Confidex
• Litmus
• Samsara
• Losant
• Hologram
• Clearblade
• Telit
• HQ Particle
• GE Digital
• AWS

Recent Developments

• In the year 2021 August, the Introduction of IoT Analytics from the AWS company with improved services and helps to run the system with increased workflow with developed services with increased data over the IoT and increased analysis over the platform.
• In the year 2021 November, AWS and Nasdaq collaborated with each other for the launch of the developed clouding system with improved infrastructure.

Segment Covered in the Report

By Component

• Solution
• Service

By Deployment

• On-Premise
• Cloud

By Organization Site 

• Large Enterprises
• Small Enterprises

By Platform

• Device Management
• Network Management
• Application Management

By Technology

• Radiofrequency Identification
• Data Processing
• Network Communications
• Pressure Sensors
• Near-Field Communication

By End-User

• Manufacturing
• IT & Telecom
• Transport & Logistics
• Healthcare
• Energy & Utility
• Retail, E-Commerce, & Consumer Electronics
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)