With a compound annual growth rate (CAGR) of 16.5%, the market for IoT solutions and services is projected to increase from $227.90 billion in 2022 to $265.48 billion in 2023. At least temporarily, the Russia-Ukraine conflict hampered the possibilities of a COVID-19 pandemic-related global economic rebound. Economic sanctions on a number of nations, an increase in commodity prices, and disruptions in the supply chain as a result of the conflict between these two nations have caused inflation in the prices of products and services and had an impact on numerous markets throughout the world. At a CAGR of 16.2%, the market for IoT solutions and services is anticipated to reach $483.57 billion in 2027.

 

The market for IoT solutions and services is made up of companies that generate income by offering IoT solutions like connected security systems, smart appliances, and smart agriculture equipment as well as IoT services like medical treatment, remote controlling, enhancing lighting experiences, and detecting machine failure.The value of associated goods sold by the service provider or incorporated into the service providing is included in the market value.

 

Sales of doorbell cameras, echo plus voice controllers, smart locks, and other IoT solutions and services are also included in the market for IoT solutions and services.Values in this market are referred to as "factory gate values," which are the prices at which goods are sold directly to consumers or to other businesses (including downstream manufacturers, wholesalers, distributors, and retailers).

 

The creators of the items who provide associated services are included in the value of the commodities in this market.

 

IoT services are a collection of end-to-end services for designing, developing, deploying, and managing IoT systems that are contractually provided to businesses by outside suppliers.