Global Internet of Things (IoT) Services Market - Types, Applications and Industry Sectors
- Published: Aug 2025
- Pages: 473 | Charts: 409
- Report Code: ITM120
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Global Internet of Things (IoT) Services Market Trends and Outlook
The global Internet of Things (IoT) Services market is poised for strong growth, expanding from US$304.1 billion in 2024 to over US$551.3 billion by 2030, advancing at a CAGR of 10.4% during the forecast period. This surge is fueled by the accelerating deployment of connected devices across industry verticals and the growing demand for scalable, cloud-native, and intelligent services that enable device integration, data management, and real-time insights. Enterprises are increasingly shifting from pilot projects to full-scale implementations, prioritizing solutions that deliver ROI through predictive maintenance, asset visibility, and digital transformation.
Asia-Pacific is forecast to be the fastest-growing regional market, expanding at 13.4% CAGR, driven by rapid urbanization, industrial digitization, and government-led smart infrastructure projects in China, India, and Southeast Asia. North America remains the largest market, commanding over 35% of global revenue in 2024, supported by mature enterprise IT ecosystems, early adoption across manufacturing and healthcare, and continued investments in smart logistics and cities. Across service types, while Implementation services hold the largest share, Strategic & Advisory services are growing the fastest (11.4% CAGR), underscoring the shift toward long-term planning, value optimization, and AI/edge adoption.
Top Companies in the Global IoT Services Market
Leading companies in the IoT Services space include IBM, Accenture, TCS, Cognizant, Capgemini, HCLTech, Siemens, DXC Technology, and Infosys, among others. These vendors are shaping the market through end-to-end offerings, domain-specific expertise, edge integration, and partnerships across hardware, cloud, and telecom ecosystems.
Internet of Things (IoT) Services Regional Market Analysis
The global Internet of Things (IoT) Services market was valued at approximately US$304.1 billion in 2024, with North America emerging as the largest regional market, accounting for about 35.5% of global revenue. This dominance is driven by the region's advanced digital infrastructure, early enterprise adoption of IoT platforms, and robust investments in smart manufacturing, healthcare IoT, and connected logistics. Europe, the second-largest region, propelled by EU-wide smart city initiatives, industrial automation, and regulatory compliance in sectors such as automotive, energy, and utilities. From a growth standpoint, Asia-Pacific is expected to witness the fastest CAGR of 13.4% between 2024 and 2030. This rapid expansion is attributed to widespread digitization in emerging economies, large-scale rollouts of 5G and edge computing infrastructure, and growing demand for smart agriculture, public safety systems, and urban mobility solutions across China, India, and Southeast Asia.
Internet of Things (IoT) Services Market Analysis by Service Type
In 2024, Implementation services constituted the largest segment of the global IoT Services market, accounting for 44.3% of total market revenue. This dominance stems from the continued need for robust integration, device onboarding, and cloud/platform setup as enterprises deploy IoT systems at scale. Operations & Support services followed closely. Looking ahead, the Strategic & Advisory services segment is projected to be the fastest-growing, expanding at a CAGR of 11.4% between 2024 and 2030. This surge is primarily fueled by the growing demand for digital transformation roadmaps, data monetization strategies, ROI optimization, and security assessments as organizations evolve from pilot projects to mature IoT ecosystems.
Internet of Things (IoT) Services Market Analysis by Application
Predictive Maintenance was the largest application segment within the global IoT Services market, accounting for 17% of total revenue. This leadership position is primarily due to its widespread adoption across manufacturing, energy, transportation, and industrial sectors, where real-time equipment monitoring and failure prediction significantly reduce downtime and maintenance costs. From a growth perspective, Predictive Maintenance also stands out as the fastest-growing application, projected to expand at a CAGR of 12.6% between 2024 and 2030. This growth is fueled by increasing sensorization of assets, AI-driven analytics, and enterprise push toward operational efficiency. Asset Tracking is the second fastest-growing segment with, driven by the rising need for real-time visibility, cold chain monitoring, and inventory optimization across retail, logistics, and pharma sectors.
Internet of Things (IoT) Services Market Analysis by Company Type
As of 2024, large enterprises dominated the global IoT Services market, contributing 70% of total revenue. Their leadership is driven by large-scale IoT deployments across manufacturing, utilities, transportation, and smart city infrastructure, alongside greater budgets and established digital transformation roadmaps. In terms of growth, the SME segment is forecast to expand at a CAGR of 12.4% between 2024 and 2030, reaching US$184.6 billion by the end of the period. This makes it the fastest-growing segment, outpacing large enterprises. The acceleration in SME adoption is fueled by increased affordability of IoT technologies, government digitization initiatives, and vertical-specific offerings tailored to logistics, retail, agriculture, and smart buildings.
Internet of Things (IoT) Services Market Analysis by Industry Sector
Manufacturing stood out as the largest industry sector, accounting for 24% of the global IoT Services market in 2024. The sector's leading share is fueled by widespread adoption of Industrial IoT (IIoT) across production lines, predictive maintenance, robotics integration, and real-time analytics to optimize operations. Healthcare is projected to be the fastest-growing industry sector, expanding at a CAGR of 13.2% between 2024 and 2030. This growth is driven by the rapid rise of connected medical devices, remote patient monitoring, real-time diagnostics, and digital health transformation efforts globally. Retail follows closely with a 12.3% CAGR, supported by growing adoption of IoT in inventory tracking, in-store analytics, customer engagement, and smart checkout systems.
Internet of Things (IoT) Services Market Report Scope
This global report on Internet of Things (IoT) Services market analyzes the global and regional market based on Service Type, Application, Company Type and Industry Sector for the period 2021-2030 with forecasts from 2024 to 2030 in terms of value in US$. In addition to providing profiles of major companies operating in this space, the latest corporate and industrial developments have been covered to offer a clear panorama of how and where the market is progressing.
Key Metrics
| Historical Period: | 2021-2024 | |
| Base Year: | 2024 | |
| Forecast Period: | 2024-2030 | |
| Units: | Value market in US$ | |
| Companies Mentioned: | 15+ |
Internet of Things (IoT) Services Market by Geographic Region
- North America (The United States, Canada and Mexico)
- Europe (Germany, the United Kingdom, France, Italy, the Netherlands, Spain, Russia, Switzerland and Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, Singapore, South Korea and Rest of Asia-Pacific)
- South America (Brazil, Argentina, Colombia, Chile, Peru and Rest of South America)
- Middle East & Africa (the United Arab Emirates, South Africa, Egypt, Saudi Arabia, Morocco, Kuwait, Qatar and Rest of Middle East & Africa)
Internet of Things (IoT) Services Market by Service Type
- Implementation
- Operations & Support
- Strategic & Advisory
Internet of Things (IoT) Services Market by Application
- Predictive Maintenance
- Smart Metering
- Asset Tracking
- Remote Monitoring
- Smart Buildings
- Smart Cities
- Other Applications
Internet of Things (IoT) Services Market by Company Type
- Large Enterprises
- SMEs
Internet of Things (IoT) Services Market by Industry Sector
- Manufacturing
- Utilities
- Transportation
- Retail
- Healthcare
- Government & Public
- Cross-industry
- Other Industry Sectors
Internet of Things (IoT) Services Market Frequently Asked Questions (FAQs)
The market is valued at approximately US$304.1 billion in 2024.
It is forecast to reach US$551.3 billion by 2030, growing at a CAGR of 10.4%.
North America leads the market with over 35% share in 2024, supported by strong enterprise demand and digital infrastructure.
Asia-Pacific is the fastest-growing region, projected to expand at 13.4% CAGR, driven by urbanization and industrial IoT in China and India.
Implementation services dominate the market in 2024, accounting for 44.3% of global revenue.
Predictive Maintenance leads in growth, expanding at 12.6% CAGR through 2030, followed by Asset Tracking and Retail applications.
SMEs are the fastest-growing company type, with a projected 12.4% CAGR, driven by scalable IoT platforms and cloud-native deployment models.
PART A: GLOBAL MARKET PERSPECTIVE
1. EXECUTIVE SUMMARY
- A Roundup on Internet of Things (IoT) Services
- Market Segmentation for Internet of Things (IoT) Services
- Service Types
- Applications
- Company Types
- Industry Sectors
- Key Trends in Internet of Things (IoT) Services Market
2. INDUSTRY LANDSCAPE
- Global Internet of Things (IoT) Services Market Outlook
- Comprehensive Internet of Things (IoT) Services Industry Analysis - Growth Drivers and Inhibitors
- Growth Drivers
- Growth Inhibitors
- Market Entry Strategies for Internet of Things (IoT) Services Industry
- Startup Strategies for Internet of Things (IoT) Services Industry
- SWOT Analysis of Internet of Things (IoT) Services Industry
- Strengths
- Weaknesses
- Opportunities
- Threats
- Porter's Five Forces Analysis
- PESTEL Analysis
3. COMPETITIVE LANDSCAPE
- Market Positioning of Key Internet of Things (IoT) Services Companies
- Market Share Analysis of Internet of Things (IoT) Services Companies
- SWOT Analysis of Key Players in the Internet of Things (IoT) Services Industry
- Key Market Players
- Accenture
- Bosch.IO
- Capgemini
- ClearBlade
- Cognizant
- HCLTech
- Hitachi Vantara
- IBM
- Infosys
- Litmus
- Losant
- Microsoft (partners)
- PTC
- Siemens DI
- TCS
- Tech Mahindra
- Wipro
4. KEY BUSINESS & PRODUCT TRENDS
5. GLOBAL MARKET OVERVIEW
- Global Internet of Things (IoT) Services Market Overview by Service Type
- Internet of Things (IoT) Services Service Type Market Overview by Global Region
- Implementation
- Operations & Support
- Strategic & Advisory
- Global Internet of Things (IoT) Services Market Overview by Application
- Internet of Things (IoT) Services Application Market Overview by Global Region
- Predictive Maintenance
- Smart Metering
- Asset Tracking
- Remote Monitoring
- Smart Buildings
- Smart Cities
- Other Applications
- Global Internet of Things (IoT) Services Market Overview by Company Type
- Internet of Things (IoT) Services Company Type Market Overview by Global Region
- Large Enterprises
- SMEs
- Global Internet of Things (IoT) Services Market Overview by Industry Sector
- Internet of Things (IoT) Services Industry Sector Market Overview by Global Region
- Manufacturing
- Utilities
- Transportation
- Retail
- Healthcare
- Government & Public
- Cross-industry
- Other Industry Sectors
PART B: REGIONAL MARKET PERSPECTIVE
- Global Internet of Things (IoT) Services Market Overview by Geographic Region
REGIONAL MARKET OVERVIEW
6. NORTH AMERICA
- North American Internet of Things (IoT) Services Market Overview by Geographic Region
- North American Internet of Things (IoT) Services Market Overview by Service Type
- North American Internet of Things (IoT) Services Market Overview by Application
- North American Internet of Things (IoT) Services Market Overview by Company Type
- North American Internet of Things (IoT) Services Market Overview by Industry Sector
- Country-wise Analysis of North American Internet of Things (IoT) Services Market
- THE UNITED STATES
- United States Internet of Things (IoT) Services Market Overview by Service Type
- United States Internet of Things (IoT) Services Market Overview by Application
- United States Internet of Things (IoT) Services Market Overview by Company Type
- United States Internet of Things (IoT) Services Market Overview by Industry Sector
- CANADA
- Canadian Internet of Things (IoT) Services Market Overview by Service Type
- Canadian Internet of Things (IoT) Services Market Overview by Application
- Canadian Internet of Things (IoT) Services Market Overview by Company Type
- Canadian Internet of Things (IoT) Services Market Overview by Industry Sector
- MEXICO
- Mexican Internet of Things (IoT) Services Market Overview by Service Type
- Mexican Internet of Things (IoT) Services Market Overview by Application
- Mexican Internet of Things (IoT) Services Market Overview by Company Type
- Mexican Internet of Things (IoT) Services Market Overview by Industry Sector
7. EUROPE
- European Internet of Things (IoT) Services Market Overview by Geographic Region
- European Internet of Things (IoT) Services Market Overview by Service Type
- European Internet of Things (IoT) Services Market Overview by Application
- European Internet of Things (IoT) Services Market Overview by Company Type
- European Internet of Things (IoT) Services Market Overview by Industry Sector
- Country-wise Analysis of European Internet of Things (IoT) Services Market
- GERMANY
- German Internet of Things (IoT) Services Market Overview by Service Type
- German Internet of Things (IoT) Services Market Overview by Application
- German Internet of Things (IoT) Services Market Overview by Company Type
- German Internet of Things (IoT) Services Market Overview by Industry Sector
- THE UNITED KINGDOM
- United Kingdom Internet of Things (IoT) Services Market Overview by Service Type
- United Kingdom Internet of Things (IoT) Services Market Overview by Application
- United Kingdom Internet of Things (IoT) Services Market Overview by Company Type
- United Kingdom Internet of Things (IoT) Services Market Overview by Industry Sector
- FRANCE
- French Internet of Things (IoT) Services Market Overview by Service Type
- French Internet of Things (IoT) Services Market Overview by Application
- French Internet of Things (IoT) Services Market Overview by Company Type
- French Internet of Things (IoT) Services Market Overview by Industry Sector
- ITALY
- Italian Internet of Things (IoT) Services Market Overview by Service Type
- Italian Internet of Things (IoT) Services Market Overview by Application
- Italian Internet of Things (IoT) Services Market Overview by Company Type
- Italian Internet of Things (IoT) Services Market Overview by Industry Sector
- THE NETHERLANDS
- Dutch Internet of Things (IoT) Services Market Overview by Service Type
- Dutch Internet of Things (IoT) Services Market Overview by Application
- Dutch Internet of Things (IoT) Services Market Overview by Company Type
- Dutch Internet of Things (IoT) Services Market Overview by Industry Sector
- SPAIN
- Spanish Internet of Things (IoT) Services Market Overview by Service Type
- Spanish Internet of Things (IoT) Services Market Overview by Application
- Spanish Internet of Things (IoT) Services Market Overview by Company Type
- Spanish Internet of Things (IoT) Services Market Overview by Industry Sector
- RUSSIA
- Russian Internet of Things (IoT) Services Market Overview by Service Type
- Russian Internet of Things (IoT) Services Market Overview by Application
- Russian Internet of Things (IoT) Services Market Overview by Company Type
- Russian Internet of Things (IoT) Services Market Overview by Industry Sector
- SWITZERLAND
- Swiss Internet of Things (IoT) Services Market Overview by Service Type
- Swiss Internet of Things (IoT) Services Market Overview by Application
- Swiss Internet of Things (IoT) Services Market Overview by Company Type
- Swiss Internet of Things (IoT) Services Market Overview by Industry Sector
- REST OF EUROPE
- Rest of Europe Internet of Things (IoT) Services Market Overview by Service Type
- Rest of Europe Internet of Things (IoT) Services Market Overview by Application
- Rest of Europe Internet of Things (IoT) Services Market Overview by Company Type
- Rest of Europe Internet of Things (IoT) Services Market Overview by Industry Sector
8. ASIA-PACIFIC
- Asia-Pacific Internet of Things (IoT) Services Market Overview by Geographic Region
- Asia-Pacific Internet of Things (IoT) Services Market Overview by Service Type
- Asia-Pacific Internet of Things (IoT) Services Market Overview by Application
- Asia-Pacific Internet of Things (IoT) Services Market Overview by Company Type
- Asia-Pacific Internet of Things (IoT) Services Market Overview by Industry Sector
- Country-wise Analysis of Asia-Pacific Internet of Things (IoT) Services Market
- CHINA
- Chinese Internet of Things (IoT) Services Market Overview by Service Type
- Chinese Internet of Things (IoT) Services Market Overview by Application
- Chinese Internet of Things (IoT) Services Market Overview by Company Type
- Chinese Internet of Things (IoT) Services Market Overview by Industry Sector
- JAPAN
- Japanese Internet of Things (IoT) Services Market Overview by Service Type
- Japanese Internet of Things (IoT) Services Market Overview by Application
- Japanese Internet of Things (IoT) Services Market Overview by Company Type
- Japanese Internet of Things (IoT) Services Market Overview by Industry Sector
- INDIA
- Indian Internet of Things (IoT) Services Market Overview by Service Type
- Indian Internet of Things (IoT) Services Market Overview by Application
- Indian Internet of Things (IoT) Services Market Overview by Company Type
- Indian Internet of Things (IoT) Services Market Overview by Industry Sector
- AUSTRALIA
- Australia Internet of Things (IoT) Services Market Overview by Service Type
- Australia Internet of Things (IoT) Services Market Overview by Application
- Australia Internet of Things (IoT) Services Market Overview by Company Type
- Australia Internet of Things (IoT) Services Market Overview by Industry Sector
- SINGAPORE
- Singaporean Internet of Things (IoT) Services Market Overview by Service Type
- Singaporean Internet of Things (IoT) Services Market Overview by Application
- Singaporean Internet of Things (IoT) Services Market Overview by Company Type
- Singaporean Internet of Things (IoT) Services Market Overview by Industry Sector
- SOUTH KOREA
- South Korean Internet of Things (IoT) Services Market Overview by Service Type
- South Korean Internet of Things (IoT) Services Market Overview by Application
- South Korean Internet of Things (IoT) Services Market Overview by Company Type
- South Korean Internet of Things (IoT) Services Market Overview by Industry Sector
- REST OF ASIA-PACIFIC
- Rest of Asia-Pacific Internet of Things (IoT) Services Market Overview by Service Type
- Rest of Asia-Pacific Internet of Things (IoT) Services Market Overview by Application
- Rest of Asia-Pacific Internet of Things (IoT) Services Market Overview by Company Type
- Rest of Asia-Pacific Internet of Things (IoT) Services Market Overview by Industry Sector
9. SOUTH AMERICA
- South American Internet of Things (IoT) Services Market Overview by Geographic Region
- South American Internet of Things (IoT) Services Market Overview by Service Type
- South American Internet of Things (IoT) Services Market Overview by Application
- South American Internet of Things (IoT) Services Market Overview by Company Type
- South American Internet of Things (IoT) Services Market Overview by Industry Sector
- Country-wise Analysis of South American Internet of Things (IoT) Services Market
- BRAZIL
- Brazilian Internet of Things (IoT) Services Market Overview by Service Type
- Brazilian Internet of Things (IoT) Services Market Overview by Application
- Brazilian Internet of Things (IoT) Services Market Overview by Company Type
- Brazilian Internet of Things (IoT) Services Market Overview by Industry Sector
- ARGENTINA
- Argentine Internet of Things (IoT) Services Market Overview by Service Type
- Argentine Internet of Things (IoT) Services Market Overview by Application
- Argentine Internet of Things (IoT) Services Market Overview by Company Type
- Argentine Internet of Things (IoT) Services Market Overview by Industry Sector
- COLOMBIA
- Colombian Internet of Things (IoT) Services Market Overview by Service Type
- Colombian Internet of Things (IoT) Services Market Overview by Application
- Colombian Internet of Things (IoT) Services Market Overview by Company Type
- Colombian Internet of Things (IoT) Services Market Overview by Industry Sector
- CHILE
- Chilean Internet of Things (IoT) Services Market Overview by Service Type
- Chilean Internet of Things (IoT) Services Market Overview by Application
- Chilean Internet of Things (IoT) Services Market Overview by Company Type
- Chilean Internet of Things (IoT) Services Market Overview by Industry Sector
- PERU
- Peruvian Internet of Things (IoT) Services Market Overview by Service Type
- Peruvian Internet of Things (IoT) Services Market Overview by Application
- Peruvian Internet of Things (IoT) Services Market Overview by Company Type
- Peruvian Internet of Things (IoT) Services Market Overview by Industry Sector
- REST OF SOUTH AMERICA
- Rest of South America Internet of Things (IoT) Services Market Overview by Service Type
- Rest of South America Internet of Things (IoT) Services Market Overview by Application
- Rest of South America Internet of Things (IoT) Services Market Overview by Company Type
- Rest of South America Internet of Things (IoT) Services Market Overview by Industry Sector
10. MIDDLE EAST & AFRICA
- Middle East & Africa Internet of Things (IoT) Services Market Overview by Geographic Region
- Middle East & Africa Internet of Things (IoT) Services Market Overview by Service Type
- Middle East & Africa Internet of Things (IoT) Services Market Overview by Application
- Middle East & Africa Internet of Things (IoT) Services Market Overview by Company Type
- Middle East & Africa Internet of Things (IoT) Services Market Overview by Industry Sector
- Country-wise Analysis of Middle East & Africa Internet of Things (IoT) Services Market
- THE UNITED ARAB EMIRATES
- United Arab Emirates Internet of Things (IoT) Services Market Overview by Service Type
- United Arab Emirates Internet of Things (IoT) Services Market Overview by Application
- United Arab Emirates Internet of Things (IoT) Services Market Overview by Company Type
- United Arab Emirates Internet of Things (IoT) Services Market Overview by Industry Sector
- SOUTH AFRICA
- South African Internet of Things (IoT) Services Market Overview by Service Type
- South African Internet of Things (IoT) Services Market Overview by Application
- South African Internet of Things (IoT) Services Market Overview by Company Type
- South African Internet of Things (IoT) Services Market Overview by Industry Sector
- EGYPT
- Egyptian Internet of Things (IoT) Services Market Overview by Service Type
- Egyptian Internet of Things (IoT) Services Market Overview by Application
- Egyptian Internet of Things (IoT) Services Market Overview by Company Type
- Egyptian Internet of Things (IoT) Services Market Overview by Industry Sector
- SAUDI ARABIA
- Saudi Arabian Internet of Things (IoT) Services Market Overview by Service Type
- Saudi Arabian Internet of Things (IoT) Services Market Overview by Application
- Saudi Arabian Internet of Things (IoT) Services Market Overview by Company Type
- Saudi Arabian Internet of Things (IoT) Services Market Overview by Industry Sector
- MOROCCO
- Moroccan Internet of Things (IoT) Services Market Overview by Service Type
- Moroccan Internet of Things (IoT) Services Market Overview by Application
- Moroccan Internet of Things (IoT) Services Market Overview by Company Type
- Moroccan Internet of Things (IoT) Services Market Overview by Industry Sector
- KUWAIT
- Kuwaiti Internet of Things (IoT) Services Market Overview by Service Type
- Kuwaiti Internet of Things (IoT) Services Market Overview by Application
- Kuwaiti Internet of Things (IoT) Services Market Overview by Company Type
- Kuwaiti Internet of Things (IoT) Services Market Overview by Industry Sector
- QATAR
- Qatari Internet of Things (IoT) Services Market Overview by Service Type
- Qatari Internet of Things (IoT) Services Market Overview by Application
- Qatari Internet of Things (IoT) Services Market Overview by Company Type
- Qatari Internet of Things (IoT) Services Market Overview by Industry Sector
- REST OF MIDDLE EAST & AFRICA
- Rest of Middle East & Africa Internet of Things (IoT) Services Market Overview by Service Type
- Rest of Middle East & Africa Internet of Things (IoT) Services Market Overview by Application
- Rest of Middle East & Africa Internet of Things (IoT) Services Market Overview by Company Type
- Rest of Middle East & Africa Internet of Things (IoT) Services Market Overview by Industry Sector
PART C: INDUSTRY GUIDE
PART D: ANNEXURE
- RESEARCH METHODOLOGY
- FEEDBACK
Accenture
Bosch.IO
Capgemini
ClearBlade
Cognizant
HCLTech
Hitachi Vantara
IBM
Infosys
Litmus
Losant
Microsoft (partners)
PTC
Siemens DI
TCS
Tech Mahindra
Wipro
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