Global IoT Services Market Expected to Reach $260 Billion by 2023

Strategic Insights -

The global IoT services market, which involves the sales of IoT services and related products, is facing a decline due to the COVID-19 outbreak but is expected to recover and reach $260.41 billion in 2023 at a rate of 23.17%. The market decline in 2020 is mainly attributed to the restrictive containment measures, remote working, and the closure of industries that led to a slowdown in the economy. The market is expected to grow despite the initial decline, driven by the increasing demand for IoT services in various industries, including manufacturing, retail, and healthcare.

Key Takeaways:

  • The global IoT services market is expected to decline from $143.48 billion in 2019 to $139.36 billion in 2020 at a rate of -2.87% due to the COVID-19 outbreak.
  • The market is expected to recover and reach $260.41 billion in 2023 at a rate of 23.17%.
  • The global IoT services market is segmented into two types: professional services and managed services, with professional services being the largest segment in 2019.
  • The market is driven by the increasing demand for IoT services in various industries, including manufacturing, retail, and healthcare.
  • Edge or cloud computing is enhancing the deployment of workload on IoT devices, facilitating data processing and data storage in the cloud.
  • Accenture is one of the largest players in the IoT services market, according to The Business Research Company's IoT Services Market Global Report 2020-30: COVID-19 Growth and Change.
  • The global IoT services market is expected to grow to $260.41 billion in 2023, with a CAGR of 23.17%.

Statistics:

  • Global IoT services market value in 2019: $143.48 billion
  • Global IoT services market value decline in 2020: -2.87% (expected to decline to $139.36 billion)
  • Global IoT services market value in 2023: $260.41 billion
  • CAGR for the global IoT services market from 2019 to 2023: 23.17%
  • Edge or cloud computing market size in 2023: Not specified
  • Accenture's market share in the IoT services market: Not specified

Sources:

  • M2 PressWIRE, "Global IoT Services Market Value Expected To Reach $260 Billion By 2023", 2020
  • The Business Research Company, "IoT Services Market Global Report 2020-30: COVID-19 Growth and Change"
  • The Business Research Company, "Global IoT Services Market Report"