Allied Market Research

Rise in demand for IoT applications and the increase in penetration of IoT-powered smartphones and smart wearables are expected to drive the global IoT integration market. Region wise, the market in North America is likely to dominate through 2031.

PORTLAND, Ore., Oct. 27, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "IoT Integration Market by Service Type (System Design Services, Device and Platform Management Services, Application Management Services, Network Management Services, Testing Services, Others), by Enterprise Size (Large Enterprises, Small and Medium Enterprises), by Industry Vertical (BFSI, Manufacturing, Healthcare, Government and Defense, Energy and Utilities, Automotive and Transportation, Retail and E-commerce, IT and Telecom, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global IoT integration industry generated $3.8 billion in 2021, and is estimated to reach $78.1 billion by 2031, witnessing a CAGR of 35.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers and Opportunities

Rise in demand for IoT applications and the increase in penetration of IoT-powered smartphones and smart wearables are expected to fuel the growth of the global IoT integration market. However, the higher installation costs and complex infrastructural requirements hinder the market growth. On the other hand, advancements in the field of IoT and cloud technology present new opportunities for the market in future.

Covid-19 Scenario

• The outbreak of the COVID-19 pandemic positively impacted the growth of the global IoT integration market. This is due to the rise in the adoption of work-from-home culture across the globe and growth in demand for IoT and automation solutions during the period.
• The COVID-19 pandemic forced banks to rapidly switch to digital platforms. This is attributed to the stringent lockdown and movement restrictions in public places by governments in a majority of countries. This in turn, helped to drive the market growth, as various businesses sped up their digital transformation during the period to keep up with various social distancing and hygiene challenges during the period.

The system design services segment to dominate in terms of revenue during the forecast period