IoT Services Industry Revenue to Reach $552.6 Billion by 2029 with CAGR of 17.5% (2025–2029)

 

The iot services market size has grown rapidly in recent years. It will grow from $249.12 billion in 2024 to $289.53 billion in 2025 at a compound annual growth rate (CAGR) of 16.2%. The growth in the historic period can be attributed to proliferation of iot devices, connectivity advancements, data analytics, industry-specific applications.

The iot services market size is expected to see rapid growth in the next few years. It will grow to $552.6 billion in 2029 at a compound annual growth rate (CAGR) of 17.5%. The growth in the forecast period can be attributed to 5g connectivity, edge computing, smart cities and infrastructure, industrial iot (iiot). Major trends in the forecast period include edge computing, ai and machine learning integration, smart cities, industrial iot (iiot).

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What Are the Key Growth Factors Supporting the IoT Services Market Expansion?
An increase in the internet of things use cases is expected to drive the IoT service market. IoT use cases are the areas where IoT can be used for automating the process and increasing productivity. Over the years IoT has found its use in many areas such as manufacturing, farming, smartwatches, smart cities, transportation, and other fields, which has increased the need for IoT services that provide support by delivering services such as consulting, data management, network management, security services, and others. For instance, Telit, a leading IoT enabler, provides an IoT security system that helps users to control and monitor the surveillance along with collecting data and analyzing it to improve the security of buildings, turning them into smart buildings. The IoT use cases eventually increase the demand for IoT services and are expected to drive market growth.

What Segments Are Covered in the IoT Services Market Report?
The iot servicesmarket covered in this report is segmented –

1) By Type: Professional Services, Managed Services
2) By Application: Smart Buildings, Smart Manufacturing, Smart Transport and Logistics, Smart Healthcare, Smart Retail, Smart Energy
3) By Vertical: Manufacturing, Retail, IT And Telecom, Transportation And Logistics, Utilities, Healthcare, Energy, Other Verticals

Subsegments:
1) By Professional Services: Consulting Services, Deployment And Integration Services, Support And Maintenance Services
2) By Managed Services: Device Management, Network Management, Application Management, Data Management

How Are Current Trends Influencing the IoT Services Market Growth?
Edge or cloud computing is enhancing the deployment of workload on IoT devices. Edge or cloud computing is a solution that facilitates data processing and data storage in the cloud. For instance, Microsoft recently released its Azure IoT Edge, a managed service built on Azure IoT Hub that deploys the workloads like artificial intelligence, third party services, or own business logic on cloud and runs the workload on IoT edge device. Edge devices spend less time communicating with the cloud and react quickly to changes and operate reliably. Amazon provides two IoT software FreeRTOS and AWS IoT Greengrass, AWS IoT Greengrass extends AWS to the edge devices and they can act locally by generating the data and FreeRTOS is open source and operating system used for microcontrollers that makes low power edge devices easy to secure, deploy and manage.

Who Are the Key Players Driving the IoT Services Market?
Major companies operating in the IoT services market include Cisco Systems Inc., Cognizant Technology Solutions Corporation, Google LLC, Infosys Limited, Tieto Corporation, Virtusa Corporation, Accenture plc, International Business Machines Corporation (IBM), Tech Mahindra Limited, Harman International Industries Incorporated, Microsoft Corporation, Wipro Limited, HCL Technologies Limited, Tata Consultancy Services Limited, AT&T Inc., Honeywell International Inc., Amazon.com Inc., HP Inc., Intel Security Group, Apple Inc., Qualcomm Incorporated, Vates Inc., Oxagile LLC, Verizon Communications Inc., HQSoftware LLC, General Electric Digital LLC, Bosch IoT Sensor Company GmbH, Arm Limited, Sierra Wireless Inc., PTC Inc., Telit Communications PLC, SoluLab Inc., Amazon Web Services Inc., Oracle Corporation, Qualcomm Technologies Inc., Telefonaktiebolaget LM Ericsson, Hewlett-Packard Company Inc., Marvell Technology Group Ltd., Nlyte Software Inc., Western Digital Corporation, Broadcom Inc., NVIDIA Corporation, OVHcloud Co., Tencent Holdings Limited, Alibaba Group Holding Limited, Meta Platforms Inc., Equinix Inc., Digital Realty Trust Inc., CyrusOne Inc.

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How Does IoT Services Market Growth Vary Across Major Regions?
Asia-Pacific was the largest region in the internet of things (IoT) services market in 2024. North America was the second largest region in the internet of things (IoT) services market. The regions covered in the iot services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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