Asia Pacific IoT Engineering Services Market to Grow at 24% CAGR until 2023: TechSci Research

Industry 4.0 is driving adoption of Digital Twin technology across manufacturing, transportation & logistics, utilities, healthcare, aerospace & defense, and several other sectors, thereby fueling Asia-Pacific IoT engineering services market

According to TechSci Research report, “Asia-Pacific IoT Engineering Services Market By Service, By End User Sector, By Country, Competition Forecast & Opportunities, 2013 – 2023”, IoT engineering services market in the region is forecast to grow at a CAGR of over 24%, in value terms, during 2018-2023. Industrie 4.0 revolution has taken the world on a transformational whirlwind by integrating physical and digital assets, thereby accelerating the digitalization in the marketplace by leveraging Digital Twin, IIoT and analytical capabilities majorly across manufacturing, transportation, and energy & utilities sectors. These factors are anticipated to boost demand for IoT engineering services across the region in coming years.

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On the basis of service, security engineering segment is likely to grow at the fastest rate in the Asia-Pacific IoT engineering services market during the forecast period, owing to increasing data privacy, theft and loss concerns, on account of growing business-technology interdependencies giving rise to these business vulnerabilities. Over the coming years, share of healthcare sector is expected to grow at a robust pace in the market, majorly due to increasing focus on healthcare quality quotient, giving rise to reformed, intelligent, connected and mobile healthcare services. China is expected to dominate the region’s IoT engineering services market, owing to the tech-savvy population, digitalized governance and rich economy.

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“With continuous technological innovations, data telecommuting and mobility trends, and increasing IT quotient among millennials, businesses and government organizations, demand for smart and connected things is growing, consequently, requiring IoT engineering services across entire product development, deployment, maintenance and security phases across the region.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Asia-Pacific IoT Engineering Services Market By Service, By End User Sector, By Country, Competition Forecast & Opportunities, 2013 – 2023” has evaluated the future growth potential of the IoT engineering services market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities existing in the market.

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