IoT Integration Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2028

September 03 12:35 2023
IoT Integration Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2028
TCS Limited (India), Wipro Limited (India), Atos SE (France), Accenture (Ireland), Fujitsu Ltd. (Japan), Infosys Limited (India), Capgemini (France), HCL Technologies Limited (India), Tech Mahindra Limited (India), DXC Technology (US), IBM Corporation (US), Cognizant (US), NTT Data Corporation (Japan), Dell EMC (US), Deloitte (US), Salesforce (US), and Meshed (Australia).
IoT Integration Market by Service (Device & Platform Management, System Design & Architecture, Network Management, Advisory Services), Application (Smart Building & Home Automation, Smart Healthcare) and Region – Global Forecast to 2028

The IoT integration market size is expected to grow from USD 3.2 billion in 2023 to USD 12.1 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 30.8% during the forecast period. The IoT integration solutions enable companies to simplify the process and improve production optimization by utilizing connected devices, driving the IoT integration market.

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The smart building and home automation is expected to lead the IoT integration market during the forecast period.

The smart building and home automation segment within the IoT integration market is witnessing remarkable growth driven by the convergence of technology and the increasing demand for enhanced living and working environments. This segment involves the integration of IoT devices, sensors, and systems into residential and commercial spaces to create intelligent, efficient, and connected environments.

Industrial Manufacturing and Automation segment is expected to hold the second-largest market share during the forecast period

The industrial manufacturing and automation segment within the IoT integration market is undergoing significant transformation, driven by the convergence of IoT technology and the need for increased efficiency, productivity, and competitiveness in the manufacturing sector. This segment encompasses the integration of IoT devices, sensors, data analytics, and automation systems to optimize manufacturing processes, enhance quality control, and enable predictive maintenance.

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Unique Features in IoT Integration Market:

There have been recognisable trends in the IoT integration market. Integrating edge computing capabilities, which enable data processing closer to the source for quicker insights, has been a primary focus. Predictive maintenance and data-driven decision-making are now possible thanks to integration solutions that have adopted AI and machine learning. Encryption and authentication are being implemented to protect IoT data and devices since security is still a top priority.

In this complex environment, standardisation has been essential, inspiring efforts to develop common communication protocols and guarantee interoperability across devices from various vendors. The focus on reliable APIs, which enable seamless connectivity between IoT devices and various applications or platforms, has been a crucial feature. The secure and effective data transfer between on-premises and cloud settings has been made possible by hybrid cloud integration.

Advanced data analytics and visualisation tools made possible by IoT integration are helping businesses make sense of the massive amounts of generated data. As the Internet of Things (IoT) permeates numerous industries, the cross-domain integration trend has evolved, enabling the sharing of data and insights for creative applications. Given their scalability and cost-effectiveness, subscription-based pricing structures have gained popularity. In industrial settings, in particular, real-time monitoring and control capabilities have become important.

Last but not least, the market is moving in the direction of user-friendly integration solutions with low-code or no-code approaches, enabling users with varied levels of technical expertise to effortlessly combine IoT devices and data. Overall, these developments work together to build the dynamic IoT integration landscape.

Major Highlights of the IoT Integration Market:

Significant trends that characterise the IoT integration market’s landscape are on display. By processing data closer to its source, edge computing has made it possible to analyse real-time data, and the combination of AI and ML has made it possible to gain predicted insights for proactive decision-making. With more sophisticated authentication and encryption techniques, security measures have improved.

Diverse communication protocols among IoT devices present a difficulty that is addressed by efforts towards standardisation. A foundational component that enables seamless communication between platforms, apps, and devices is a set of robust APIs. Secure data interchange is made possible by hybrid cloud integration, which fills the gap between on-premises and cloud solutions.

The significant volume of data generated by IoT is making it possible to extract useful insights through the use of advanced data analytics and visualisation technologies. Cross-domain integration acknowledges the influence of IoT across industries and promotes creative applications by utilising shared data and insights. Scalability and cost-effectiveness are provided via flexible subscription-based pricing schemes.

Manufacturing industries benefit from real-time monitoring and control capabilities because they enable quick reactions and increased productivity. In addition, the emergence of user-friendly low-code or no-code solutions democratises IoT integration by allowing individuals with various technical backgrounds to participate successfully. When taken as a whole, these tendencies create a vibrant IoT integration industry that influences technical development in a variety of industries.

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Top Key Companies in IoT Integration Market:

The major vendors covered in the IoT integration market include TCS Limited (India), Wipro Limited (India), Atos SE (France), Accenture (Ireland), Fujitsu Ltd. (Japan), Infosys Limited (India), Capgemini (France), HCL Technologies Limited (India), Tech Mahindra Limited (India), DXC Technology (US), IBM Corporation (US), Cognizant (US), NTT Data Corporation (Japan), Dell EMC (US), Deloitte (US), Salesforce (US), Allerin Tech Pvt Ltd (India), Softdel (US), Phitomas (Malaysia), eInfochips (US), Timesys Corporation (US), Tibbo Systems (Taiwan), Aeris (US), Macrosoft Inc. (US), Damco (US) and Meshed (Australia). These players have adopted various growth strategies, such as partnerships, business expansions, agreements, and collaborations, new product launches to expand their presence in the IoT integration market.

Accenture company majorly offers management consulting, technology, and outsourcing services. Accenture is one of the key vendors in the global IoT integration market. The company focuses on providing end-to-end capabilities at scale across the full spectrum of IoT integration services, such as strategic planning, advisory, digital, technologies, and operations. The company provides a variety of services and solutions for strategy, consulting, digital, technology, and operations.  As a part of its growth strategies, the company continues to make significant investments in strategic acquisitions, assets & offerings, branding & thought leadership, and attracting & developing new talents to enhance its competitiveness. The company delivers end-to-end services and solutions to clients in more than 120 countries across the globe.

DXC Technology offers its solutions and services to different enterprises for verticals, which include insurance, healthcare and life sciences, travel and transportation, banking and capital markets, and manufacturing. DXC Technology has been instrumental in offering a wider portfolio of integration and consulting services through a wide strategic partnership and reseller network to its extended commercial clientele across the globe. It also offers managed IoT services for system integration and network infrastructure using a cloud platform, data analytics, and AI. It provides consulting and proof of concept (PoC) to design and implementations and enterprise-wide deployments. DXC Technology focuses on providing Industry 4.0 services for an ecosystem of IoT partners that augment end-to-end, scalable IoT capabilities to improve the company’s insights, maximize value chains, improve agility, and reduce costs. It offers IoT advisory services that deliver converged enterprise and operational technology security. The company offers its services to different industry verticals such as manufacturing, transportation, healthcare, and energy industries to simplify operations, reduce costs, and increase speed to market.

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