Cloud services and IT services are fastest-growing component segments
Cloud services will continue to be the fastest-growing segment of the IoT market despite inroads from edge and hybrid architectures. IT services, primarily design and implementation services, is also a strong segment, playing a role in both custom solutions and in integration and deployment of packaged and bundled solutions. While budgetary constraints stemming from the COVID-19 pandemic will slow overall IoT growth, cloud-based solutions are often easier to implement and more resilient. They also facilitate remote and distributed development. New wireless communications technologies, including 5G and Narrowband IoT, contribute to IoT growth, lowering costs and making new solutions feasible. Wireless technology enables mobile and distributed solutions, which will be helpful as public and private organizations leverage IoT to meet new requirements.
TBR’s Commercial IoT Market Forecast includes current-year market sizing and a five-year market forecast for multiple commercial IoT market segments and geographies. This research projects growth by technology and vertical, enabling vendors to identify revenue opportunities that most closely align with their go-to-market strategies. The report also provides a view of growth drivers and the ways in which commercial IoT trends will influence the market.
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