IoT as a Service - Worldwide

IoT as a Service Market Definition

The IoT as a service market deals with providing solutions that help organizations deploy IoT solutions without investing in new infrastructure. The various components of this industry consist of sensors, cloud, network connection, devices, IoT hub, and others. The different types of services this market provides consist of professional and managed services. The growing trend of smart homes in developed economies has boosted industrial expansion. This market is anticipated to rise significantly with the growth of the telecom industry across the world.

The growing developments associated with internet facilities and a rise in the number of smartphone users worldwide has boosted the market growth. Also, the rising application of these services in several sectors, such as smart buildings, smart manufacturing, smart healthcare, smart energy, smart retail, smart logistics, and others, is shaping the market positively. Moreover, the increased use of IoT as a service in various industries of manufacturing, retail, utilities, energy, and some others is expected to boost the growth of the IoT as a service market.

Advancements in data visualization technology, along with the integration of blockchain and edge computing in IoT as a service industry, are expected to create ample growth opportunities for the market players in the future. In May 2023, NTT Ltd collaborated with Cisco. This collaboration is done to launch an IoT as a service for enterprise customers.