IoT Engineering Services: Innovations and Global Growth Insights 2024

"The Business Research Company recently released a comprehensive report on the Global IoT Engineering Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

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.

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

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Major Key Players of the Market:

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, Accentur*e 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.

IoT Engineering Services Market 2024 Key Insights:

• 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%.
• Surging Demand For Smart Manufacturing Solutions Drives Growth In IOT Engineering Services Market
• Technological Advancements Driving Innovation In IOT Engineering Services Market
• North America was the largest region in the IoT engineering services market in 2023

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