IoT Engineering Services Market on Track for Strong Growth, Estimated to Grow at 24.7% CAGR Through 2029

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What Is the Expected CAGR for the IoT Engineering Services Market Through 2025?
The market for IoT engineering services has seen a remarkable surge in recent years. It is projected to increase from a worth of $37.74 billion in 2024 to a valuation of $46.46 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 23.1%. Factors such as the widespread adoption of IoT devices and sensors, the escalating requirement for interconnected systems, the necessity for data analytics and insights derived from IoT implements, the growing intricacy in developing IoT solutions, and the uptick in industry-tailored IoT applications all contribute to the growth experienced during the historical period.

What's the Projected Size of the Global IoT Engineering Services Market by 2029?
Expectations are high for the iot engineering services market, with predictions of exponential growth in the coming years. In specific, it is forecasted to expand to a size of $112.37 billion by 2029, growing at a compound annual growth rate (CAGR) of 24.7%. The predicted growth during this period is likely due to the integration of 5g networks with IoT connectivity, the expansion of edge computing within IoT structures, a surge in demand for AI and machine learning in IoT services, and increased focus on security and privacy in the IoT sector. Furthermore, the sustained growth in the adoption of industrial IoT (iIoT) is also a contributing factor. During the forecast period, key trends likely to shape the sector will include an emphasis on the design and optimization of low-power IoT devices, the creation of scalable and modular IoT platforms, the merging of IoT and blockchain technology, an upswing in the use of digital twin technology in IoT engineering, and a rise in the application of robotics within IoT.

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Top Growth Drivers in the IoT Engineering Services Industry: What's Accelerating the Market?
The expanding interest in IoT solutions for smart manufacturing is likely to fuel the growth of the IoT engineering services market in the future. Smart manufacturing comprises a wide range of manufacturing activities that utilize computer-integrated setups for designing, development, monitoring, and managing straightforward supply chain operations. IoT solutions are incorporated in the smart manufacturing sectors of businesses to automatize the execution of tasks, enabling and overseeing assets, managing production tasks, and offering insight into business functions. For example, a report from the Health Sector Cybersecurity Coordination Center (HC3), which is part of the US Department of Health and Human Services' (HHS) Cybersecurity Program, revealed in August 2022 that about 7 billion devices are interconnected through IoT in 2022. The report also forecasts significant growth, predicting an additional 20 billion devices will utilize this technology by 2025. Consequently, this growing interest in IoT solutions for smart manufacturing is stimulating the expansion of the IoT engineering services market.

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What Trends Will Shape the IoT Engineering Services Market Through 2029 and Beyond?
The augmentation of technology is a major trend that is growing in prominence in the IoT engineering services market. Big market participants are channeling their energies into developing breakthrough technologies like LoRaWAN, focusing on features like Downlink Queue Management and Network Analyzer to fortify their market standing. To exemplify, in January 2022, Amazon.com Inc., a tech firm from the US that excels in eCommerce, cloud computing, and artificial intelligence, rolled out LoRaWAN technology coupled with new features like real-time data that facilitates the simultaneous connection of multiple IoT devices, thereby minimizing time. This technology offers the Downlink Queue Management and Network Analyzer features, enabling messages to be sent to devices that are not instantly accessible and aiding in the regulation and observation of communication between customers.

What Are the Main Segments in the IoT Engineering Services Market?
The iot engineering servicesmarket 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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Which Top Companies are Driving Growth 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.

Which Regions Will Dominate the IoT Engineering Services Market Through 2029?
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

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