Overview and Scope
IoT engineering services refer to a set of design, development, and deployment of various IoT devices to assess business performance that helps to increase the business functions. IoT engineering services are used as a communication medium between all departments of a business and help automate repetitive tasks to improve operational efficiency and productivity. IoT engineering services are employed by organizations to reduce operational and maintenance costs and improve the security of data.
Sizing and Forecast
The iot engineering services market size has grown exponentially in recent years. It will grow from $30.9 billion in 2023 to $37.92 billion in 2024 at a compound annual growth rate (CAGR) of 22.7%. The growth in the historic period can be attributed to 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, rise in industry-specific iot applications.
The iot engineering services market size is expected to see exponential growth in the next few years. It will grow to $89.32 billion in 2028 at a compound annual growth rate (CAGR) of 23.9%. The growth in the forecast period can be attributed to integration of 5g networks for iot connectivity, expansion of edge computing in iot architectures, demand for ai and machine learning in iot solutions, emphasis on iot security and privacy measures, continued growth in industrial iot (iiot) adoption. Major trends in the forecast period include focus on low-power iot device design and optimization, development of modular and scalable iot platforms, convergence of iot with blockchain technology, rise of digital twin technology in iot engineering, increasing adoption of robotics in iot applications.
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Segmentation & Regional Insights
The iot engineering services market covered in this report is segmented –
1) By Service Type: Product Engineering, Cloud Engineering, Experience Engineering, Analytics Services, Maintenance Services, Security Engineering, Other Service Types
2) By Size Of Organization: Small Enterprises, Mid-Size Enterprises, Large Enterprises
3) By End Users: Healthcare, Automotive, Information Technology And Telecom, Building Automation, Agriculture, Public Utility, Retail, Other End Users
North America was the largest region in the IoT engineering services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the iot engineering services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising demand for IoT solutions for smart manufacturing is expected to propel the IoT engineering services market going forward. Smart manufacturing refers to a broad category of manufacturing operations that are used in computer-integrated programs for design and development and monitoring and manufacturing of easy supply chain functions. IoT solutions are used in smart manufacturing departments of a business to automate the performance of tasks as they help in enabling and monitoring assets, managing production tasks, and providing insights into business operations. For instance, according to SaM Solutions, a Germany-based company specializing in software development, in July 2021. The total global value of manufacturing operations integrated with IoT solutions was $3.9 trillion and is expected to reach $11.1 trillion by 2025. Companies adopt the integration of IoT solutions with manufacturing operations for automation of production lines to reduce the time and cost associated with manufacturing. Therefore, the rising demand for IoT solutions for smart manufacturing is driving the growth of the IoT engineering services market.
Key Industry Players
Major companies operating in the iot engineering services market report are 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.
The iot engineering services market report table of contents includes:
1. Executive Summary
2. IoT Engineering Services Market Characteristics
3. IoT Engineering Services Market Trends And Strategies
4. IoT Engineering Services Market – Macro Economic Scenario
5. Global IoT Engineering Services Market Size and Growth
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26. South America IoT Engineering Services Market
27. Brazil IoT Engineering Services Market
28. Middle East IoT Engineering Services Market
29. Africa IoT Engineering Services Market
30. IoT Engineering Services Market Competitive Landscape And Company Profiles
Top Major Players:
- Tata Consultancy Services Limited
- Infosys Limited
- Cognizant Technology Solutions Corporation
- Happiest Minds Technologies Limited
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