The IoT Integration Market: Seamlessly Connecting Devices, Data and Applications
The global IoT integration market is poised for robust growth as enterprises aim to securely connect IoT devices, platforms, data, and applications across diverse systems. IoT integration services solve complex interoperability challenges involved in combining disparate IoT components into a unified infrastructure. As enterprise IoT deployments scale, the market outlook remains positive.
IoT integration implements specialized middleware solutions to bridge connectivity, protocol, and data gaps between IoT devices, networks, cloud services and on-premise enterprise systems. It establishes seamless bi-directional data flows between field devices and backend databases and analytics tools. IoT integration is pivotal for organizations to realize the full potential of IoT investments.
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The global IoT integration market is projected to register a CAGR of over 25.80% during 2023-2030, reaching USD 2493.56 billion by 2030. The market is driven by rising enterprise focus on enhancing supply chain visibility, optimizing business processes, and enabling insightful decision making based on real-time data analysis. Investments made towards Industry 4.0 and Industrial IoT spur the need for robust integration.
By service, the market is segmented into device and platform management, advisory, system designing and architecture, and others. Based on organization size, it caters to SMEs and large enterprises. Key end-user verticals include manufacturing, energy, transportation, retail, healthcare, BFSI and IT & telecom. The major regional markets are North America, Europe, APAC, MEA, and Latin America.
Leading IoT integration service providers include Accenture, Atos, Capgemini, Cognizant, HCL Technologies, IBM, Infosys, Intel, Mulesoft, NTT Data, and TCS. Large IT consulting firms offer a comprehensive range of IoT integration services for clients across industries. Mergers and acquisitions are focused strategies to widen the market footprint.
- Rising need to securely connect distributed IoT devices, data, applications and platforms across locations.
- Growing focus on improving real-time data capture, analysis, and actionable insights generation capabilities.
- Increased need to integrate IoT data with existing enterprise business systems like ERP and CRM.
- Importance of overcoming interoperability challenges involved in combining IoT, IT and OT environments.
- Tactical partnerships between IoT vendors and IT service providers to deliver joint solutions catering integration needs.
Regional Insights North America leads the IoT integration market share while Asia Pacific exhibits the fastest growth considering China’s thriving manufacturing sector. Europe accounts for the second highest share driven by Industry 4.0 initiatives in countries like Germany. Expanding IoT applications across industries are catalyzing growth globally.
Industry Latest News
- IBM acquired Envizi to strengthen its sustainability and environmental data analytics offerings in 2022.
- Microsoft introduced Azure IoT Central, a SaaS app to quickly build IoT solutions in 2021.
- Siemens partnered with AWS in 2020 to enhance its Industrial IoT integration services on AWS cloud.
- Accenture acquired Realworld E2E to bolster its connected platforms capabilities across industries in 2020.
- Atos acquired Processia, an industrial IoT company to expand its digital manufacturing integration services in 2019.
As enterprise IoT adoption matures from proof of concept to production systems, the need for robust and scalable integration will intensify, presenting strong growth opportunities.
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