IoT Integration Services Market: Introduction
- The Internet of Things is a system of interconnected computing devices, virtual machines, and objects that are provided with distinct identifiers with the capability to transfer data over a network without any human-to-computer interaction. IoT integration includes services that are delivered by providers for proficient functioning of IoT devices. Several companies are moving toward cloud-based integration systems to bring digital transformation that enables rapid growth of the IoT integration services market.
- IoT integration is useful to capture data from smart devices and move it into business applications to apply analytics for insights and to automate processes. IoT integration services has capabilities that matches competitive scenarios that are constantly changing industries such as transportation, manufacturing, healthcare, hospitality, retail, and energy.
- The Covid-19 outbreak has disturbed many markets, including IoT integration services. Covid-19 has impacted projects due to low productivity, and organizations are slowing down the adoption of IoT integration services. Thus, growth of the IoT integration services market declined in 2020 as compared to year 2019. Technologies such as extended reality, data analytics, Internet of Things, and artificial intelligence are aiding governments and companies to solve unique challenges posed by Covid-19.
Global IoT Integration Services Market: Dynamics
Global IoT Integration Services Market: Key Drivers
- Rising demand for IoT devices has increased the adoption of BYOD and remote workplace management solutions. Organizations are inspiring employees to bring their own devices to the office. BYOD has aided organizations to cut down cost by not spending on corporate devices and empowered employees to work from home and use the device of their choice. This trend has led to demand for a shared platform across all devices that incorporates a variety of applications.
- IoT integration services are a solution to connect different devices. These services provide two-way and real-time communication among the systems and devices. Additionally, the platforms act on data locally, systematize corrective responses, and stores data on the cloud for improved business insights. Growing dependency on BYOD and remote workplace management has driven the need to manage assets and devices in organizations. An integrated platform helps organizations to track an employee’s activities in their personal devices, monitor data and detect web activities that employees are not authorized to perform. Thus, the immense growth in number of interrelated devices is anticipated to be a major driver of the IoT integration services market.
North America to Account for Major Share of the IoT Integration Services Market
- In terms of region, the global IoT integration service market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is projected to be the major regional market for IoT integration services. Majority of players are based in North America and the region is a key contributor to IoT integration services due to technological development and government initiatives that have adopted Industrial IoT and smart cities.
- Canada and the US are the early adopters of advanced technologies in numerous verticals such as smart cities, manufacturing, and healthcare and have well-established economies that empowers them to invest in R&D activities. Organizations in North America are keen to integrate IoT technologies into their processes. Rising digitalization in the manufacturing sector amongst both large enterprises, and small & medium enterprises have also driven the growth of the IoT integration services market in North America.
- The US is the leader in the IoT integration services market and Canada is anticipated to witness a surge in adoption of IoT integration services as there is an understanding of the value propositions and relationship to the integration services infrastructure.
Global IoT Integration Services Market: Competitive Landscape
Key Players Operating in the IoT Integration Services Market
IoT integration services solution providers are implementing development strategies to improve their presence & expand their share in the global IoT integration services market. IoT integration services solution providers have adopted prime growth strategies such as product launches, partnerships and acquisitions, & forming of regional and global distribution networks to enhance their presence in the market.
Key Players of the IoT Integration Services Market Include:
- Accenture PLC
- Allerin Tech Pvt. Ltd.
- Capgemini SE
- Cognizant Technology Solutions Corporation
- Dell Technologies, Inc.
- Deloitte Touche Tohmatsu Ltd.
- Dex Technology
- Fujitsu Ltd.
- HCL Technologies Ltd.
- Infosys Ltd.
- Intel Corporation
- International Business Machines Corporation
- Mulesoft, Inc.
- Tech Mahindra Ltd.
- Tibbo Systems
- Wipro Ltd.
In May 2020, Accenture PLC acquired Callisto Integration Ltd., an IT service management company that provides digital manufacturing services, to offer a unique combination of manufacturing, technology, and analytics services.
In May 2019, Atos, a computers and information technology company, introduced a security system with a hardware security module for IoT ecosystems that integrate Software-as-a-Service with IoT security services and centralized key management systems for a fully integrated solution.
In August 2019, DXC Technology entered into partnership with Google Cloud to drive innovation for enterprises at scale that enable organization clients to assimilate digital solutions and streamline their mission-critical IT.
Global IoT Integration Services Market Dynamics: Research Scope
Global IoT Integration Services Market, by Services
- Advisory Services
- Application Management Services
- Database & Block Storage Management
- Device and Platform Management
- System Design and Architecture
- Testing Services
- Third Party API Management Services
Global IoT Integration Services Market, by Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Global IoT Integration Services Market, by Application
- Energy & Utilities
- Industrial Manufacturing & Automation
- Smart Healthcare
- Smart Building & Home Automation
- Smart Transportation, Logistics, & Telematics
- Smart Retail
Global IoT Integration Services Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of MEA
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.