New York, NY -- (SBWIRE) -- 02/12/2021 -- 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. Several business values like less expenditure, enhancement of innovative processes, decreased rework, and more productivity are provided by IoT engineering services. 

Key participants include Aricent, Wipro, Capgemini, IBM, TCS, Happiest Minds, Infosys, Cognizant, eInfochips, and Tech Mahindra, among others.

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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.

- 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.

Market Drivers

The rising need to decrease system troubleshooting and efficient operations, the rising requirement of risk mitigation to reduce data loss, rising adoption of micro services, and the growing SMAC (Social, Mobile, Analytics, and Cloud) technologies are major factors that are expected to bolster the market growth and demand. Robust growth in sharing of data across the internet and the continuous need to share, monitor, and evaluate the data are expected to propel the market demand. Additionally, the rising need to enhance efficiency and reduce the risks associated with critical and bulk data in various segments like manufacturing, government, energy, healthcare, and utilities are propelling the market demand.

Application Type Outlook (Revenue, USD Billion; 2017-2027)

- Product Engineering
- Cloud Engineering
- Experience Engineering
- Analytics Services
- Maintenance Services
- Security Engineering
- Others

Organization Size Outlook (Revenue, USD Billion; 2017-2027)

- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises

End-Users Outlook (Revenue, USD Billion; 2017-2027)

- Automotive
- Aerospace and Defense
- Healthcare
- Transportation and Logistics
- IT and Telecom
- Industrial Manufacturing
- Energy and Utilities
- Others

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Regional Landscape

Presently, Asia Pacific is at a novice stage; however, it will witness massive growth during the forecast period and will emerge as the dominator of the market. The presence of major players in this region and their efforts to expand their marketing strategies in the APAC nations due to improvement in infrastructure is expected to propel the market demand. The region is going through cutting-edge technological innovation, which will create a spur of demand in the market.

There has been significant growth in the adoption of IoT engineering services in Europe; thereby, this region will witness robust growth. The rising concerns about security and proper delivery of services and the rise in the use of the internet and networking are fuelling market demand.

Major Regions Analyzed in Report:

North America (U.S., Canada, Mexico)
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)

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Global IoT Engineering Services Market: Table of Contents

Chapter 1. Market Synopsis

    1.1. Market Definition
    1.2. Research Scope & Premise
    1.3. Methodology
    1.4. Market Estimation Technique

Chapter 2. Executive Summary

    2.1. Summary Snapshot, 2019-2027

Chapter 3. Indicative Metrics

Chapter 4. IoT Engineering Services Market Segmentation & Impact Analysis

    4.1. IoT Engineering Services Market Material Segmentation Analysis
    4.2. Industrial Outlook

Continue……

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