IoT Engineering Services Market size is expected to grow from USD 29.53 Billion in 2022, at a CAGR of 24.5% reaching a value of USD 170.46 Billion by 2030
Internet of things is a technology introduced or designed to interlink data with the help of Internet or connection of the various devices.
Multiple types of software as well as hardware are functional for sharing data and this data is transmitted through an operating system, which also provides information about surrounding system and present working environment.
Certain small and medium business enterprises faced issues concerning about managing and monitoring their systems and devices which led to increased adoption of IoT engineering services in order to avoid these problems.
This is another prime factor estimated to augment the growth of this market.
However, dearth of awareness about IoT engineering services is anticipated to hinder growth of this market.
Additionally, some concerns related to privacy of data is a key factor that could restrict the growth of this market.
Global IoT Engineering Services Market: Overview
The IoT engineering services market size is expected to grow from USD 29.53 Billion in 2022, at a CAGR of 24.5% reaching a value of USD 170.46 Billion by 2030.
Heightened demand for IoT engineering services for several motives such as for maintenance, security, analytics, product engineering, among others will lead to augmented commonness of IoT engineering services, and is one of the major factors anticipated to augment the growth of this market.
The growing need to improvise the efficiency and minimise the risk to critical data in various industries such as manufacturing, government and healthcare, and energy & utilities are other factors projected to thrust the growth of this market.
Moreover, significant growth in data sharing over Internet as well as constantly evolving need for data sharing and need to monitor & evaluate the data is a factor estimated to drive growth of this market.
Furthermore, IoT engineering services offer business values such as standardization of implementation process, reduction in cycle times, less product expenditure, reduced rework cycles, and enhanced productivity, which in turn is expected to give away higher demand for such services and support growth of this market.
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Key Trends: Growth Determinants and Challenges:
Increasing need of developing Industrial IoT solutions:
The expanding need for developing industrial IoT solutions for smart manufacturing and effective deployment of asset tracking systems and digital performance management tools push this market’s growth.
The rising adoption of connected devices in the healthcare sector and increasing demand for connected vehicles emphatically impact this market.
Moreover, the increasing need for inflated operational efficiency, reduced system troubleshooting, and the increasing requirement of risk mitigation to lower data loss is expected to provide abundance of growth opportunities for this market.
Segmental Analysis of Global IoT Engineering Services market:
Based on Services Type
- Cloud Engineering
- Security Engineering
- Maintenance Services
- Product Engineering
Based on End-User
- Small and Medium Enterprises
- Large Enterprises
Based on Vertical
- Transportation and Logistics
- Healthcare
- IT and Telecom
- Energy Utilities
- Aerospace and Defence
- Industrial Manufacturing
Based on Region
NORTH AMERICA (Canada, US), EUROPE (Spain, UK, Germany, Italy, France), ASIA-PACIFIC (India, China, Thailand, Japan, South Korea), LATIN AMERICA (Colombia, Brazil, Mexico, Argentina), MIDDLE EAST & AFRICA (UAE, Saudi Arabia, South Africa)
Asia Pacific market is expected to account for highest revenue share in this market. High prevalence of enhanced technologies, initiatives to make smart cities, stable economic growth in some countries of this region are major factors expected to thrive the growth of this market in Asia Pacific.
Competitive Landscape:
Many companies are focusing on organic growth strategies such as product launches, product acceptance and others such as patents and events. Inorganic growth plans and activities observed in the market were acquisitions, and collaborations & partnerships.
- Atos SE
- Capgemini SE
- Cisco Systems, Inc.
- Cognizant
- Einfochips
- Happiest Minds
- HARMAN International
- IBM Corporation
- RapidValue Solutions
- Tata Consultancy Services Limited
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Major questions answered in the report:
- What are the major challenges and growth factors in this market?
- Which top companies are contributing in the growth of global IoT engineering services market?
- Which region accounts for the largest share in the global IoT engineering services market?
Key Takeaways from the report:
- Deep-insights on regional analysis.
- Growth factors, key trends and challenges.
- The IoT engineering services market size is expected to grow from USD 29.53 Billion in 2022, at a CAGR of 24.5% reaching a value of USD 170.46 Billion by 2030.
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