Updated 2025 Market Reports Released: Trends, Forecasts to 2034 – Early Purchase Your Competitive Edge Today!
What is The Projected Market Size for The global IoT Engineering Services Market?
The IoT engineering services market size is marking incredible growth, expanding from $37.74 billion in 2024 to a projected $46.32 billion in 2025, reflecting a compound annual growth rate (CAGR) of 22.7%. The proliferation of IoT devices and sensors, growing demand for interconnected systems, need for data analytics and insights from IoT devices, increasing complexity in IoT solution development, and rise in industry-specific IoT applications have led to this significant expansion in the historic period.
Looking forward, market growth is expected to reach new heights, with size predictions of $112.46 billion in 2029 at a compound annual growth rate (CAGR) of 24.8%. This impressive growth is anticipated due to integration of 5g networks for IoT connectivity, expansion of edge computing in IoT architectures, demand for AI and machine learning in IoT solutions, the emphasis on IoT security and privacy measures, and continued growth in industrial IoT (iIoT) adoption.
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What Factors Are Driving The IoT Engineering Services Market Growth?
The IoT engineering services market is slated to witness substantial growth, accelerated by the rising demand for IoT solutions for smart manufacturing. Automating manufacturing operations and enabling real-time performance monitoring, IoT solutions serve essential functions in the smart manufacturing domains of businesses. The Health Sector Cybersecurity Coordination Center (HC3) reported in August 2022 that around 7 billion devices are currently connected through IoT, with projections indicating an additional 20 billion devices to leverage this technology by 2025. This indicates extraordinary growth potential for the IoT engineering services market.
The Main Market Segments Are:
1) Service Type: Product Engineering, Cloud Engineering, Experience Engineering, Analytics Services, Maintenance Services, Security Engineering, Other Service Types
2) Size Of Organization: Small Enterprises, Mid-Size Enterprises, Large Enterprises
3) End Users: Healthcare, Automotive, IT And Telecom, Building Automation, Agriculture, Public Utility, Retail, Other End Users
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Which Major Companies Are Dominating The IoT Engineering Services Market?
Prominent companies operating in the IoT engineering services market include Tata Consultancy Services Limited, Infosys Limited, Cognizant Technology Solutions Corporation, Happiest Minds Technologies Limited, Capgemini SE, Microsoft Corporation, Amazon Web Services Inc., IBM Corporation, Cisco Systems Inc., General Electric Company, Oracle Corporation, Salesforce.com Inc., Google Inc., Innowise Group, Integra Sources LLC, Softeq Development Corporation, Advantech Co. Ltd., Telefonica SA, Accenture plc, Wipro Limited, HCL Technologies Limited, Tech Mahindra Limited, Mindtree Limited, Virtusa Corporation, Vodafone Global plc, NTT Data Corporation, Luxoft Holding Inc., EPAM Systems Inc., Coforge Limited, Lochbridge Inc., Dell Technologies Inc., Rogers Communication Inc.
What Future Trends Are Being Observed in The IoT Engineering Services Market?
Market players aim to strengthen their position through innovative technologies such as LoRaWAN, optimized for downlink queue management and network analyzer features. For example, Amazon.com Inc., in January 2022, unveiled LoRaWAN technology-integrated features, which can connect multiple IoT devices simultaneously, reducing time and offering real-time information.
Which Regions Are Seeing Significant Growth in The IoT Engineering Services Market?
In 2024, North America dominated the IoT engineering service market. However, in the forecast period, Asia-Pacific is expected to register the fastest growth. The regions covered in this market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The IoT Engineering Services Market Report 2025 Offer?
IoT engineering services enhance business performance by designing, developing, and deploying varied IoT devices. These services automate repetitive tasks, improvise operational efficiency, and boost productivity while reducing operational and maintenance costs and securing data. The IoT Engineering Services Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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