Press release
Explosive Growth Expected in IoT Engineering Services Market: $46.32 billion by 2025 at a 22.7% CAGR and $112.46 billion by 2029 at a 24.8% CAGR
IoT Engineering Services Market
What Is The Projected Market Size Of The Global IoT Engineering Services Market And Its Growth Rate?
The IoT Engineering Services Market is experiencing rapid growth:
• Growth from $37.74 billion in 2024 to $46.32 billion in 2025, reflecting a CAGR of 22.7%.
• Rise to $112.46 billion in 2029 at a CAGR of 24.8%.
• Significant growth drivers include the proliferation of IoT devices and sensors, rising demand for interconnected systems, the complexity of IoT solution development, and an increase in industry-specific IoT applications.
What Is Driving The Growth In The IoT Engineering Services Market?
The rising demand for IoT solutions within smart manufacturing is driving the growth of the IoT engineering services market. IoT solutions are used to design, develop, monitor, and manage operations within smart manufacturing businesses. By automating tasks, managing production tasks, enabling assets, and delivering insights into business operations, IoT solutions are significantly contributing to the market growth. By 2025, it is projected that 20 billion additional devices will be leveraging IoT technology, further spurring market growth.
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Who Are the Key Players Driving IoT Engineering Services Market Growth?
Key players impacting 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
What Are The Key Trends In The IoT Engineering Services Market?
Key trends propelling the IoT Engineering Services Market 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
What Are The Segments Of The Global IoT Engineering Services Market?
Major segments in the Global IoT Engineering Services Market include:
• Service Type: Product Engineering, Cloud Engineering, Experience Engineering, Analytics Services, Maintenance Services, Security Engineering, Other Service Types
• Organization Size: Small Enterprises, Mid-Size Enterprises, Large Enterprises
• End Users: Healthcare, Automotive, IT, and Telecom, Building Automation, Agriculture, Public Utility, Retail, Other End Users
Which Region Leads The IoT Engineering Services Market?
North America region leads the IoT Engineering Services Market. However, the Asia-Pacific region is anticipated to be the fastest-growing region in the forecast period.
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What Is Covered In The IoT Engineering Services Market Global Market Report?
- Market Size Analysis
- Market Segmentation Analysis
- Key Player Focus
- Growth Trends Analysis
- Market Contribution
- Growth Drivers
- Industry Challenges
- Competitive Developments
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