Global IoT Services Market

Global IoT Services Market size was valued at USD 93.35 Bn in 2024 and the total IoT Services Market revenue is expected to grow by 12.46% from 2025 to 2032, reaching nearly USD 238.84 Bn by 2032, fuelled by rapid digital transformation and AI-powered IoT adoption across industries.

Formed the second largest component after IoT hardware that have changed the IoT functioning and application. Connection through the internet has become a necessity nowadays, forming the stepping stone of the IoT boom and its related services.

The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.

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Almost half of the population all around the world are connected with each other. While China formed the largest online market globally with average internet users crossing 720 million in 2016 itself, US followed closely with around 300 million users in 2016.

Growth of smartphones and other devices is also increasing the number of contacts present between brands and consumers, thereby giving new opportunities to connect. A few of these contacts together with mobile technology is reshaping IoT services industry by enabling broader brand experiences, like branded content and social media engagement to boost market share.

Services that are used for supporting essential features and components of the IoT network are together known as IoT services. Global IoT services market has witnessed important growth as a result of technological advancements, automated processing, and booming consumer electronics industry. Also, rise in demand for wearable, remote patient monitoring system, intelligent freight & transportation system market and increasing data volume and analytics is also expected to boost Global IoT services market during forecast period.

Maximize Market Research, a global market research firm have extensively worked on with researchers about the current Global IoT Services Market viewpoint. The report is based not only on the growing implementation of the IoT related services but also on the shift in market outlook toward consumer spending, expectations and brand share. Report segments Global IoT Services Market by type, vertical, and region, providing the exhaustive analysis of overall industry ecosystem. It is especially useful for making the informed strategic decision by the key stakeholders present in the industry. Most importantly, the report delivers forecasts and share of the market, together with giving an insight into the market dynamics, and future opportunities that might exist in the Global IoT Services Market. The driving forces, as well as considerable restraints, have also been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have also been taken into consideration for enhancing market know-how of our clients and at the same time explaining the market positioning of competitors.

Managed services in terms of network, security, data and device management across the cyber security issues have progressed and grown into a key industry for IoT system survival. With more than USD 95 billion spending for cyber-security globally, and cybercrime damages costing USD 6 Trillion by 2021 the demand for managed services have reached an all-time high.

Transportation and logistics are expected to hold a major market share for IoT services industry. A few key factors to influence the growth are existing transportation infrastructure making way for real-time surveillance and connectivity. Increasing requirement for managing analytics, security, data, high volume networking, management, digitalization, an increase in the overall operations & responsiveness have further driven the overall Global IoT Services Market demand.

IoT Services Market Segment Analysis

Based on Offering, IoT Services Market is segmented into Platform and services. The platform segment dominates the IoT Services Market, as it provides the essential infrastructure for device connectivity, data management, and application enablement, serving as the backbone for scalable IoT deployments. Enterprises increasingly adopt IoT platforms to streamline integration, reduce development complexity, and leverage built-in capabilities like edge computing, AI analytics, and security—avoiding the cost of building in-house solutions. The rise of industry-specific platforms (e.g., for smart manufacturing, healthcare, or utilities) further accelerates growth, as they offer pre-configured tools tailored to vertical needs. While services remain crucial for customization, the platform’s recurring revenue model and ability to standardize IoT ecosystems solidify its market leadership.

Based on Vertical, IoT Services Market is segmented into Manufacturing, Retail, IT & Telecom, Transportation & Logistics, Utilities, Healthcare, Energy and Others. Manufacturing dominates the IoT Services Market, driven by the widespread adoption of Industry 4.0 technologies like smart factories, predictive maintenance, and asset tracking. IoT services enable real-time monitoring of production lines, optimized supply chains, and reduced downtime through connected sensors and data analytics. The sector's focus on operational efficiency, cost reduction, and automation fuels demand, as manufacturers leverage IoT to enhance productivity and competitiveness. Additionally, government initiatives promoting smart manufacturing and the integration of AI/ML with IoT further solidify this segment's leadership.

Key players operating in market include AT&T, Ericsson, Cisco, Cognizant, Infosys, Harman International Industries, Tieto Corporation, Virtusa Corporation, Tata Consultancy Services, Vodafone Global PLC, Accenture PLC, Atos SE, NTT Data Corporation, Tech Mahindra, Luxoft Holding Inc., EPAM Systems, Inc., NIIT Technologies, Lochbridge Inc., Dell Technologies Inc., Bosch, Rogers Communication Inc., Deloitte, AGT, Jetter AG, CGI, Wind River, Verizon Enterprise Solutions, Globecomm, Integron, Arrow Sustainable Technology Solutions.

The objective of the report is to present comprehensive Global IoT Services Market  including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with analysis of complicated data in simple language.

The report covers all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.

The report also helps in understanding Global IoT Services Market   North America for Asia Pacific dynamics, structure by analyzing the market segments, and project the Global IoT Services Market  North America for Asia Pacific   size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global IoT Services Market   North America for Asia Pacific make the report investor’s guide.

IoT Services Market Scope: Inquire before buying

IoT Services Market, by Region:

North America (United States, Canada, and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, and the Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, ASEAN, Indonesia, Philippines, Malaysia, Vietnam, Thailand, ASEAN, Rest of Asia Pacific)
Middle East & Africa (South Africa, GCC, Nigeria, Rest of ME&A)
South America (Brazil, Argentina, Rest of South America)

IoT Services Market, Key Players

1. AT&T
2. Ericsson
3. Cisco
4. Cognizant
5. Infosys
6. Harman International Industries
7. Tieto Corporation
8. Virtusa Corporation
9. Tata Consultancy Services
10. Vodafone Global PLC
11. Accenture PLC
12. Atos SE
13. NTT Data Corporation
14. Tech Mahindra
15. Luxoft Holding Inc.
16. EPAM Systems, Inc.
17. NIIT Technologies
18. Lochbridge Inc.
19. Dell Technologies Inc.
20. Bosch
21. Rogers Communication Inc.
22. Deloitte
23. AGT
24. Jetter AG
25. CGI
26. Wind River
27. Verizon Enterprise Solutions
28. Globecomm
29. Integron
30. Arrow Sustainable Technology Solutions

Frequently Asked Questions:

1. Which region has the largest share in Global IoT Services Market?
Ans: North America region held the highest share in 2024.

2. What is the growth rate of Global IoT Services Market?
Ans: The Global IoT Services Market is growing at a CAGR of 12.46% during forecasting period 2025-2032.

3. What is scope of the Global IoT Services market report?
Ans: Global IoT Services Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global market?
Ans: The important key players in the Global Market are AT&T, Ericsson, Cisco, Cognizant, Infosys, Harman International Industries, Tieto Corporation, Virtusa Corporation, Tata Consultancy Services, Vodafone Global PLC, Accenture PLC, Atos SE, NTT Data Corporation, Tech Mahindra, Luxoft Holding Inc., etc.

5. What is the study period of this market?
Ans: The Global Market is studied from 2025 to 2032.