Internet of Things Services 2024 Market Insights™

April, 2024


Report Summary

This report identifies key demand-side trends in the IoT services space to assist companies in their IoT digital transformation journeys. It provides an overview of key IoT trends and enterprise challenges that Avasant considers important to highlight.

Why read this Market Insights?

The Internet of Things (IoT) technology has become mainstream, with projects in production increasing from 63% in 2020 to 76% in 2023. The Industrial IoT sector continues to lead in adopting IoT services, propelled by use cases such as predictive maintenance, asset management, and remote monitoring. This momentum is fueled by technological advancements in edge computing, 5G, digital twins, and AI and analytics, which are unlocking new use cases and opportunities. Enterprises are increasingly collaborating with service providers to achieve their operational and strategic objectives, thereby delivering key outcomes with greater efficacy.

The Internet of Things Services 2024 Market Insights™ aids enterprises in identifying important market trends and challenges for their IoT transformation projects.


The industry insights and recommendations are based on our ongoing interactions with enterprise CXOs and other key executives, targeted discussions with service providers, subject matter experts, and Avasant Fellows, and lessons learned from consulting engagements.

Table of contents

About the report (Page 3)

Executive summary (Pages 4–7)

    • Defining the Internet of Things
    • Key enterprise IoT trends shaping the market
    • Avasant recognizes 28 top-tier providers offering IoT services

Demand-side trends (Pages 8–15)

    • IoT continues to mature, with more projects moving to the production stage.
    • The manufacturing sector continues to lead in IoT adoption, followed by healthcare and life sciences, utilities, and high-tech
    • Industrial IoT remains the most mature segment, with heightened demand for Industry 4.0 initiatives
    • Enterprises are using edge computing in convergence with 5G, AI, and analytics to drive innovation and efficiency across use cases
    • As digital twin technology advances, it plays a crucial role in addressing global challenges

Key contacts (Page 16)

Read the Research Byte  based on this report.

Please refer to Avasant’s Internet of Things Services 2024 RadarView™  for detailed insights on the service providers and supply-side trends.