- The data analytics and machine learning solutions segment to hold a larger market size during the forecast period
- North America to hold the largest market size during the forecast period
The IoT Solutions and Services market size is expected to reach $278.9 billion by 2024 as per a report by MarketsandMarkets. It will reach this from $139.3 billion in 2019 at a compound annual growth rate (CAGR) of 14.9 per cent during the forecast period.
As per the report, the data analytics and machine learning solutions segment to hold a larger market size during the forecast period. This is due to the need to perform analysis of large amount of data generated by connected devices across the industry verticals.
By application, asset management and predictive maintenance segment to have the largest market share. The IoT Solutions and Services Market by application has been segmented into Remote asset monitoring/predictive maintenance, product optimization, workforce Tracking, safety and emergency management, Identity Access Management, energy efficiency, parking management, water management, telemedicine, clinical operations management, imaging and diagnostics, remote patient monitoring, energy consumption, energy transmission and distribution, production optimization, cargo tracking, fleet management, warehouse management.
The US and Canada are the two major contributors
It added that most manufacturing companies face major challenges in the actual implementation of the right IoT-based solution aimed at specific business outcomes. “To build a IoT-based solution using a combination of IoT components supplied from different vendors, managed service providers are providing the necessary skills to evaluate, acquire, integrate, and deploy IoT-based solutions” said the report.
North America to hold the largest market size during the forecast period. In North America, the US and Canada are the two major contributors to the overall IoT Solutions and Services Market growth. North American market is dominated by manufacturing and transportation industry in adoption of IoT.
The US government started a new initiative, the National Network for Manufacturing Innovation, also referred to as Manufacturing USA. It has announced nine manufacturing innovation institutes. This leads to higher demand for professional services like consulting, implementation and deployment, and support and maintenance services.