The global market for Internet of Things (IoT) Engineering Services was estimated at US$62.7 Billion in 2023 and is projected to reach US$242.2 Billion by 2030, growing at a CAGR of 21.3% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
Global Internet of Things (IoT) Engineering Services Market - Key Trends and Drivers Summarized
Why Are Internet of Things (IoT) Engineering Services Important for IoT Project Success?
IoT engineering services are critical for the successful design, development, and deployment of IoT solutions. These services encompass everything from hardware design and sensor integration to software development and cloud integration, ensuring that IoT systems function efficiently and reliably. As businesses across various industries increasingly adopt IoT, the need for customized engineering services that address specific use cases is growing. IoT engineering services are particularly important in sectors like manufacturing, healthcare, and transportation, where systems must be designed to handle complex operations and large-scale device deployments. These services ensure that IoT solutions are tailored to the specific needs of businesses and industries, maximizing the value of IoT investments.How Are Technological Advancements Shaping the IoT Engineering Services Market?
Technological advancements are significantly expanding the scope and capabilities of IoT engineering services. The rise of edge computing and AI integration is driving demand for IoT systems that can process data in real-time and make autonomous decisions. This requires specialized engineering expertise to develop systems that combine AI algorithms, sensors, and network technologies. Additionally, advancements in low-power, high-efficiency chipsets are enabling the development of energy-efficient IoT devices, which require engineering services to optimize hardware and software for power management. Cloud-based platforms are also playing a crucial role by providing scalable solutions for data storage and analytics, while cybersecurity advancements ensure that IoT systems are protected from cyber threats. These innovations are making IoT engineering services more complex and specialized, increasing the demand for expert support.How Do Market Segments Define the Growth of the IoT Engineering Services Market?
Service types include product engineering, cloud engineering, data analytics services, and security engineering, with product engineering leading the market due to the need for customized hardware and software development. End-use industries include healthcare, automotive, energy, and industrial manufacturing, with the industrial sector driving significant demand for IoT engineering services to support automation and predictive maintenance. Regions like North America and Europe dominate the market, where businesses are heavily investing in digital transformation initiatives and large-scale IoT deployments. However, Asia-Pacific is emerging as a key growth region due to the rapid adoption of IoT technologies across industries.What Factors Are Driving the Growth in the IoT Engineering Services Market?
The growth in the IoT engineering services market is driven by several factors, including the increasing complexity of IoT projects, the need for customized solutions, and the growing adoption of AI and edge computing. As IoT solutions become more advanced, businesses require specialized engineering services to design, develop, and deploy systems that meet their unique operational needs. The rise of AI and edge computing is also fueling demand for IoT engineering services that can integrate these technologies into real-time decision-making systems. Additionally, the growing trend toward digital transformation across industries is driving investments in IoT, further increasing the need for expert engineering services that can ensure successful IoT implementations.Key Insights:
- Market Growth: Understand the significant growth trajectory of the Product Engineering Services segment, which is expected to reach US$66.0 Billion by 2030 with a CAGR of a 22.6%. The Cloud Engineering Services segment is also set to grow at 20.9% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was estimated at $17.9 Billion in 2023, and China, forecasted to grow at an impressive 20.6% CAGR to reach $37.1 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Internet of Things (IoT) Engineering Services Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Internet of Things (IoT) Engineering Services Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Questions Answered:
- How is the Global Internet of Things (IoT) Engineering Services Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players in the Internet of Things (IoT) Engineering Services market such as Accenture PLC, AGT, Arrow Sustainable Technology Solutions, AT&T, Atos SE and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Some of the 36 companies featured in this Internet of Things (IoT) Engineering Services market report include:
- Accenture PLC
- AGT
- Arrow Sustainable Technology Solutions
- AT&T
- Atos SE
- Bosch
- Capgemini
- CGI
- Cisco
- Cognizant
- Dell Technologies Inc
- Deloitte
- EPAM Systems, Inc
- Ericsson
- Globecomm
- Harman International Industries
- Infosys
- Integron
- Jetter AG
- Lochbridge Inc
- Luxoft Holding Inc
- NIIT Technologies
- NTT Data Corporation
- Rogers Communication Inc
- Tata Consultancy Services
- Tech Mahindra
- Tech Mahindra
- Tieto Corporation
- Verizon Enterprise Solutions
- Virtusa Corporation
- Vodafone Global PLC
- Wind River
Table of Contents
I. METHODOLOGYII. EXECUTIVE SUMMARY2. FOCUS ON SELECT PLAYERSIII. MARKET ANALYSISIV. COMPETITION
1. MARKET OVERVIEW
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
UNITED STATES
CANADA
JAPAN
CHINA
EUROPE
FRANCE
GERMANY
ITALY
UNITED KINGDOM
REST OF EUROPE
ASIA-PACIFIC
REST OF WORLD
Companies Mentioned
- Accenture PLC
- AGT
- Arrow Sustainable Technology Solutions
- AT&T
- Atos SE
- Bosch
- Capgemini
- CGI
- Cisco
- Cognizant
- Dell Technologies Inc
- Deloitte
- EPAM Systems, Inc
- Ericsson
- Globecomm
- Harman International Industries
- Infosys
- Integron
- Jetter AG
- Lochbridge Inc
- Luxoft Holding Inc
- NIIT Technologies
- NTT Data Corporation
- Rogers Communication Inc
- Tata Consultancy Services
- Tech Mahindra
- Tech Mahindra
- Tieto Corporation
- Verizon Enterprise Solutions
- Virtusa Corporation
- Vodafone Global PLC
- Wind River
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 92 |
| Published | November 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 62.7 Billion |
| Forecasted Market Value ( USD | $ 242.2 Billion |
| Compound Annual Growth Rate | 21.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 32 |
