Global IoT integration market size to grow from USD 2.4 billion in 2022 to USD 9.2 billion

The global IoT integration market size is expected to grow from USD 2.4 billion in 2022 to USD 9.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 30.2% during the forecast period.

IoT devices enable performing multiple functions faster in real-time due to its high computational power. The increasing adoption of IoT devices is increasing the need for integration services globally. The insights obtained after data analysis play an important role in improving the business functions.

The small and medium sized enterprises are estimated to account higher CAGR during the forecast period
As it is complicated and costly to set up a secured IT infrastructure, SMEs may traditionally run their IT infrastructures and are seldom aware of threats to their information. SMEs have been slow adopters of IoT integration services in the current market scenario. However, with the increasing emphasis on the adoption of advanced IT technologies and the demand for secure IT infrastructure, the SMEs segment is expected to adopt IoT integration services faster over the coming years.

SMEs are typically more flexible in using and adopting emerging technologies, such as IoT, cloud, and analytics, as their existing IT investments are not huge. Hence, they can adopt any technology at a faster pace.