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Internet of Things Integration Market Global Forecast to 2022
July 12, 2017 | PRNewswireEstimated reading time: 3 minutes
The IoT integration market is expected to grow at a Compound Annual Growth Rate (CAGR) of 34.2% during the forecast period due to the growth of the Bring Your Own Device (BYOD) trend, need for remote workplace management, and maturing partner agreements between IoT vendors.
The global IoT integration market size is expected to grow from USD 759.5 million in 2017 to USD 3,301.7 million by 2022, at a CAGR of 34.2%. IoT integration are transforming into the core aspects of IoT ecosystems to enable secure end-to-end communication between devices and datacenters, remote troubleshooting of components, interoperability across subsystems, and advanced business analytics and metrics. IoT integration offer new business propositions that benefit internal and external stakeholders, channel partners, and customers. This drives the need for reliable IoT integration for proper integration, monitoring, and management of the increasing number of smart devices.
The system design and architecture services segment is expected to grow at the highest CAGR during the forecast period.
System design and architecture services provide improved system performance, offer tailored configuration advice, and monitor the capability usage of system resources. System design and architecture services involve the analysis, design, and configuration of the software components required to support the system architecture. Being an integral part of integration, system design and architecture services support the implementation of IoT software and solutions in enterprise IoT ecosystems.
The large enterprises segment is expected to have the largest market size in the IoT integration market during the forecast period.
Large enterprises use IoT integration to ensure efficient integration and management of IoT devices for business processes. Large enterprises are the early adopters of IoT integration due to the presence of underlying technology infrastructure, increasing smart devices, and rising capital investments. In addition to this, large enterprises are investing in reliable IoT integration to streamline business operations, enhance stakeholder experience, and serve dynamic customer needs.
North America is expected to have the largest market size, and Asia Pacific (APAC) is projected to grow at the highest rate during the forecast period.
North America is expected to hold the largest market share in the IoT integration market during the forecast period. The critical need for reliable integration to ensure interoperability between heterogeneous smart devices and the rise in the use of advanced communication technologies, such as ZigBee, 6LoWPAN, and NFC, are the factors driving the growth of the IoT integration market in North America. The rise in the use of IoT devices across various application areas is another factor driving the growth of the North American IoT integration market.
The APAC market is expected to witness significant growth and is projected to be the fastest-growing region in the IoT integration market. APAC has emerged as the most lucrative market for IoT integration. Countries in the APAC region across various industry verticals are increasingly adopting IoT integration. The region has a competitive advantage over other regions due to the availability of local cost-efficient solutions, easy accessibility to trained labors, and flexible regulations and policies. Additionally, APAC countries are undertaking aggressive initiatives to improve IoT infrastructure, thereby enabling commercial users to adopt cutting-edge IoT technologies, solutions, and associated services.
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of the profiles of the primary participants is as follows:
- By Company: Tier 1 – 30 %, Tier 2 – 40%, and Tier 3 – 30%
- By Designation: C-Level – 72%, Director Level – 14%, and Others – 14%
- By Region: North America – 57%, Europe – 14%, APAC – 29%
The IoT integration market includes various major vendors such as TCS (India), Wipro (India), Capgemini (France), Infosys (India), HCL Technologies (India), Atos SE (France), Allerin (US), MuleSoft (US), Meshed (Australia), and Phitomas (Malaysia).
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