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According to The Business Research Company’s research on the IOT engineering services market, 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.
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The global IoT engineering services market size is expected to grow from $20.36 billion in 2021 to $25.33 billion in 2022 at a compound annual growth rate (CAGR) of 24.42%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The IoT engineering services market is expected to reach $58.48 billion in 2026 at a compound annual growth rate (CAGR) of 23.26%.
Technological advancement is a key trend gaining popularity in the IoT engineering services market. Major market players are concentrating their efforts on creating innovative technologies such as LoRaWAN by working on Downlink Queue Management and Network Analyzer features to strengthen their position in the market. For instance, in January 2022, Amazon.com Inc., a USA-based technology company specializing in eCommerce, cloud computing, and artificial intelligence, introduced LoRaWAN technology integrated with new features such as real-time information that helps to join multiple IoT devices at the same time to reduce time. This technology provides Downlink Queue Management and Network Analyzer features that offer the ability to send a message to a device that is not immediately reachable and to manage and monitor communication between customers.
Major players in the IoT engineering services market are Tata Consultancy Services, Infosys Limited, Cognizant, Happiest Minds Technologies Limited, Capgemini SE, Wipro Limited, Cisco Systems Inc, EPAM Systems Inc, Telefonaktiebolaget LM Ericsson, Luxoft Holding Inc, Arrow Electronics, KORE Wireless, NTT Data Corporation, Nitor Infotech and Coforge Limited.
North America was the largest region in the IoT engineering services market in 2021. Asia-Pacific is expected to be the fastest-growing region in the IOT engineering services market during the forecast period. The regions covered in the IoT engineering services market research are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global IoT engineering services market is segmented by service type into product engineering, cloud engineering, experience engineering, analytics services, maintenance services, security engineering, other service types; by size of organization into small enterprises, mid-size enterprises, large enterprises; by end users into healthcare, automotive, information technology and telecom, building automation, agriculture, public utility, retail, other end users.
IOT Engineering Services Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide IOT engineering services market forecast size and growth, IOT engineering services market segments, IOT engineering services market trends, IOT engineering services market drivers and restraints, IOT engineering services market leading competitors’ revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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