Analyzes Market Scope, Growth Drivers, And Trends Shaping The Future Of Iot Engineering Services Industry

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

IoT Engineering Services Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $89.32 billion In 2028 At A CAGR Of 23.9% :

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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IoT Engineering Services Market Major 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

Key Driver - Surging Demand For Smart Manufacturing Solutions Drives Growth In IOT Engineering Services Market

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.

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Prominent Trend - Technological Advancements Driving Innovation In IOT Engineering Services Market

Technological advancement is a key trend gaining popularity in the IoT engineering services market. Major market players are concentrating their efforts on creating innovative technologies such as LoRaWAN by working on Downlink Queue Management and Network Analyzer features to strengthen their position in the market. For instance, in January 2022, Amazon.com Inc., a US-based technology company specializing in eCommerce, cloud computing, and artificial intelligence, introduced LoRaWAN technology integrated with new features such as real-time information that helps to join multiple IoT devices at the same time to reduce time. This technology provides Downlink Queue Management and Network Analyzer features that offer the ability to send a message to a device that is not immediately reachable and to manage and monitor communication between customers.

IoT Engineering Services Market 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, 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.

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Largest And Fastest Growing Region In The Market
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

The Table Of Content For The Market Report Include:
1. Executive Summary
2. IoT Engineering Services Market Report Structure
3. IoT Engineering Services Market Trends And Strategies
4. IoT Engineering Services Market - Macro Economic Scenario
5. IoT Engineering Services Market Size And Growth
…..
27. IoT Engineering Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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