What Transformation Has the IoT Engineering Services Market Undergone?
The iot engineering services market has seen considerable growth due to a variety of factors.
• The market size of IoT engineering services has seen a tremendous expansion in the past few years. It's projected that it will escalate from $37.74 billion in 2024 to reach $46.32 billion in 2025, with a compound annual growth rate (CAGR) of 22.7%.
The substantial growth during the historic period can be linked to the rapid increase in IoT devices and sensors, escalating demand for interconnected systems, requirement for data analysis and discernment from IoT devices, the growing intricacy in IoT solution development, and the surge in industry-specific IoT applications.
How Will The IoT Engineering Services Market Size Evolve In The Foreseeable Future?
The iot engineering services market is expected to maintain its strong growth trajectory in upcoming years.
• Significant expansion is anticipated in the IoT engineering services market over the upcoming years, with the market size predicted to reach $112.46 billion by 2029, at a compound annual growth rate (CAGR) of 24.8%.
This growth during the projected period is largely due to the adoption of 5g networks for IoT connectivity, the broadening of edge computing in IoT models, increased demand for AI and machine learning in IoT solutions, focus on IoT security and privacy, and the ongoing expansion in industrial IoT (iIoT) adoption. Key trends for the forecasted period involve the emphasis on low-power IoT device design and enhancement, creation of modular and scalable IoT platforms, integration of IoT with blockchain technology, the emergence of digital twin technology in IoT engineering, and rising implementation of robotics in IoT applications.
What Are The Essential Drivers Behind The Growth Of The IoT Engineering Services Market?
The IoT engineering services market is forecasted to surge due to the growing need for IoT solutions within smart manufacturing applications. Broadly, smart manufacturing includes a range of manufacturing processes that employ computer-integrated programs for design, development, monitoring, and the seamless execution of supply chain functions. For the smooth operation of business tasks, IoT solutions are applied within the smart manufacturing divisions, primarily to automate task performances, oversee and manage assets, handle production activities, and offer crucial business insights. The Health Sector Cybersecurity Coordination Center (HC3), a subsidiary of the US Department of Health and Human Services' (HHS) Cybersecurity Program, released a report in August 2022 indicating around 7 billion devices were connected via the IoT in 2022. Furthermore, the report highlighted an expected remarkable expansion with an estimated 20 billion additional devices projected to utilize this technology by 2025. Consequently, this surge in demand for IoT solutions in smart manufacturing is stimulating the growth of the IoT engineering services market.
How Is The Global IoT Engineering Services Market Divided Into Key Segments?
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
Subsegments:
1) By Product Engineering: Hardware Development, Firmware Development, Software Development
2) By Cloud Engineering: Cloud Infrastructure Setup, Cloud Application Development, Cloud Migration Services
3) By Experience Engineering: User Experience (UX) Design, User Interface (UI) Development, Prototyping And Testing
4) By Analytics Services: Data Collection And Integration, Data Analytics And Visualization, Predictive Analytics
5) By Maintenance Services: System Monitoring, Technical Support, Software Updates
6) By Security Engineering: IoT Device Security, Network Security, Data Encryption
7) By Other Service Types: Consulting Services, Training And Development, Custom Solutions
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What Trends Are Reshaping The Future Of The Outlook Market?
The surge in technological advancements is a rising trend in the IoT engineering services market. Leading market participants are focusing on developing cutting-edge technologies such as LoRaWAN. They aim to enhance features like Downlink Queue Management and Network Analyzer to consolidate their market positions. For example, in January 2022, Amazon.com Inc., a US firm known for its expertise in eCommerce, cloud computing, and artificial intelligence, launched LoRaWAN technology imbued with new features. These include real-time data that enables the simultaneous connection of multiple IoT devices to save time. This technology comes with Downlink Queue Management and Network Analyzer features. They provide the capacity to transmit a message to an unreachable device instantly and to oversee and supervise communication among customers.
Who Are the Key Players in the IoT Engineering Services Market?
Major 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 are the Regional Insights into the IoT Engineering Services Market?
North America was the largest region in the IoT engineering services market in 2024.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
