A new market research report claims that the IoT market will grow by a third every year.
MarketsandMarkets beancounters claim that the global IoT Integration Market size is expected to grow from $ 759.5 million in 2017 to $ 3,301.7 million by 2022, at a Compound Annual Growth Rate (CAGR) of 34.2 percent.
The major forces driving the growth of the IoT Integration Market include the growth of the Bring Your Own Device (BYOD) trend and the need for remote workplace management.The increasing demands for data consistency and growing regulatory compliances and regulations are also some of the factors that are driving the market growth, the report said.
The system design and architecture services segment is expected to be the fastest growing service in the IoT Integration Market during the forecast period.
System design and architecture services involve the analysis, design, and configuration of the software components that support the system architecture.
System design engagement typically provides advice for sizing of new systems and scaling of existing systems. It provides improved system performance, offers tailored configuration advice, and monitors the capability usage of system resources.
Service providers also design and offer customized services as per client requirement and budget. These customised services help manage business workflows and improve business efficiency for commercial customers.
The smart building and home automation application area is expected to hold the largest market share in the IoT Integration Market during the forecast period.
Smart buildings comprise energy-saving equipment for the efficient functioning of all components and systems of a building, including lighting, monitoring, safety and security, emergency systems, heating, ventilation and air conditioning systems, and car parking.
The concept of smart buildings has gained prominence due to the increasing adoption of IoT solutions and services. IoT-enabled smart buildings offer enhanced features such as operations personalization, in-building device mobility, occupant comfort, and indoor activities automation.
IoT home automation systems use control systems and smart devices to automatically control and manage basic home functions over the internet from any location.
The major vendors in the IoT Integration Market include Infosys , HCL , TCS, Capgemini, Cognizant, Wipro, Atos, Intel, MuleSoft, Phitomas, Meshed and Allerin.