iCrowdNewswire Jan 21, 2021 10:00 PM ET
The growing need for enhanced operational efficiency and reduced system troubleshooting is driving the market for IoT Engineering Services Market.
Market Size – USD 15.01 Billion in 2019, Market Growth – CAGR of 21.1%, Market Trends – Acceleration of Social, Mobile, Analytics, and Cloud (SMAC) technologies.
The global IoT Engineering Services market is forecast to reach USD 65.02 Billion by 2027 Internet of things (IoT) is gaining popularity on the basis of its recent advances and increasing affordability. The increasing need for reduced system troubleshooting and improved operational efficiency, the rising requirement of risk mitigation to lower data loss, and the growing adoption of microservices are driving the market for IoT Engineering Services. However, device management across billions of connected devices are presenting a challenge to the market.
The report is furnished with the latest market scenario pertaining to the COVID-19 pandemic and its after-effects on the IoT Engineering Services industry and the key segments. The pandemic has disrupted the workflow of the industry and created financial difficulties. The report assesses the complete impact of the pandemic on the market and offers key insights into the market scenario along with trends and demands disruptions. The report also offers an outlook on the market scenario in the forecast timeline.
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Some of the players profiled in the report are Aricent, Wipro, Capgemini, IBM, TCS, Happiest Minds, Infosys, Cognizant, eInfochips, and Tech Mahindra, among others.
Further key findings from the report suggest,
- IoT-enabled devices have made remote monitoring in the healthcare sector possible, and help patients keep safe and healthy, and also empower physicians to deliver better care. It also increases patient engagement and satisfaction with doctors easier and more efficient. It also has a significant impact on reducing healthcare costs and improving treatment outcomes.
- Large Enterprises are rapidly adopting the market after being aware of its benefits. For instance, HCL Technologies used an IoT based solution to enable remote monitoring of Chiller plants, and that led to improved visibility into performance of installed base of chillers at one of its client’s sites. This means that the technology services company has helped its customers of engineering field provide better predictability of the machines and contain breakdowns.
- Industry 4.0 is driving the adoption of Digital Twin Technology in manufacturing, healthcare, utilities, transportation and logistics, and other sectors. The growing adoption of the burgeoning market for IoT engineering services across different sectors is boosting its demand in the North American region.
- IoT in healthcare is using networking technologies to connect medical devices and applications, thus enabling machine-to-machine communication and connection to the cloud. By the application of IoT in the sector, clinical and consumer data can be combined to create a smarter connected consumer and care solutions. Remote monitoring by IoT helps in reducing the length of hospital stay and prevent re-admissions. It also has a major impact on significantly improving treatment outcomes.
- Asia Pacific region is forecasted to grow with a CAGR of 26.2% during the forecast period. The IoT services providers are looking at expanding their base in most of the countries in the region, owing to the improving infrastructure and other business strategic initiatives. Rapid growth in technological innovations and increased application of connected devices have led to organizations investing in advanced security services.
The Global IoT Engineering Services Market is segmented as follows:
Application Type Outlook (Revenue, USD Billion; 2017-2027)
- Product Engineering
- Cloud Engineering
- Experience Engineering
- Analytics Services
- Maintenance Services
- Security Engineering
Organization Size Outlook (Revenue, USD Billion; 2017-2027)
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
End-Users Outlook (Revenue, USD Billion; 2017-2027)
- Aerospace and Defense
- Transportation and Logistics
- IT and Telecom
- Industrial Manufacturing
- Energy and Utilities
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Market Segmentation by Regions:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Point Summary of the Report:
The global IoT Engineering Services market research report is an investigative study offering key insights into the latest growth trends, developments, technological and product advancements, and the research and development scenario. The report also covers the market aspects that directly influence the growth of the market. These features include strategies undertaken by the prominent players, their expansion tactics, and the product portfolios of the companies, and micro and macro-economic factors.
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The study also analyses the crucial market aspects, including R&D, product launches and brand promotions, mergers and acquisitions, collaborations, joint ventures, and the growth pattern on both regional and global levels. The report offers an in-depth evaluation of factors such as cost, capacity, rates of production and consumption, gross revenue, profit margin, demand and supply ratio, import/export, market share, market size, and market trends.
The Global IoT Engineering Services Market includes relevant and verified information relating to the overall market, key players, and their market position and financial standing. The report utilizes advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, investment return analysis, and feasibility analysis to offer a comprehensive view of the market position of the major players of the industry.
Key Coverage of the IoT Engineering Services Market:
- Insightful information regarding the global IoT Engineering Services market
- Identification of growth in various segments and sub-segments of the IoT Engineering Services market
- Strategic recommendations for investment opportunities
- The report covers significant statistics related to the industry along with products, applications, price analysis, demand & supply, and production and consumptions rate
- Emerging trends and current market segment analysis to help investors formulate new business strategies
- Accelerates the decision-making process through the availability of the drivers and limitations
To summarize everything stated above, the report offers key insights into the IoT Engineering Services market to allow the reader to gain a complete understanding of the Global IoT Engineering Services Market through accurate estimations, a panoramic view of the market scenario, competitive landscape, factors influencing the growth of the market, driving factors, restraints, regulatory framework, growth prospects and opportunities, and factors propelling the market forward. The research study offers an in-depth view of the industry to offer a competitive edge to the reader and help them in formulating beneficial investment plans. The report provides a comprehensive overview of the market with facts relating to the past, present, and future of the Global IoT Engineering Services Market.
Global IoT Engineering Services Market: Table of Contents
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2026
Chapter 3. Indicative Metrics
Chapter 4. IoT Engineering Services Market Segmentation & Impact Analysis
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