IoT Engineering Services Global Market Report 2024

IoT engineering services encompass the design, development, and deployment of various IoT devices aimed at assessing and enhancing business performance. These services serve as a communication medium across different business departments, automating repetitive tasks to improve operational efficiency and productivity. Organizations employ IoT engineering services to reduce operational and maintenance costs and enhance data security.

The key services within IoT engineering include product engineering, cloud engineering, experience engineering, analytics services, maintenance services, security engineering, and various other service types. Product engineering involves the automation of production processes to improve efficiency, reduce product development costs, minimize human error, and encompasses aspects such as device design, configuration, and hardware component selection. IoT technology is utilized in product engineering to provide operational insights, enhancing product features. These services cater to various types of organizations, including small enterprises, mid-size enterprises, and large enterprises. Additionally, IoT engineering services find applications across diverse end-user industries such as healthcare, automotive, information technology & telecom, building automation, agriculture, public utilities, retail, and other sectors.

The IoT engineering services market research report is one of a series of new reports that provides IoT engineering services market statistics, including IoT engineering services industry global market size, regional shares, competitors with a IoT engineering services market share, detailed IoT engineering services market segments, market trends and opportunities, and any further data you may need to thrive in the IoT engineering services industry. This IoT engineering services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The iot engineering services market size has grown exponentially in recent years. It will grow from $30.9 billion in 2023 to $37.92 billion in 2024 at a compound annual growth rate (CAGR) of 22.7%. The expansion observed in the historical period can be attributed to the proliferation of IoT devices and sensors, a growing demand for interconnected systems, the need for data analytics and insights derived from IoT devices, the increasing complexity in IoT solution development, and a rise in industry-specific IoT applications.

The iot engineering services market size is expected to see exponential growth in the next few years. It will grow to $89.32 billion in 2028 at a compound annual growth rate (CAGR) of 23.9%. The anticipated growth in the forecast period can be attributed to the integration of 5G networks for IoT connectivity, the expansion of edge computing in IoT architectures, the increasing demand for AI and machine learning in IoT solutions, a heightened emphasis on IoT security and privacy measures, and the continued growth in the adoption of Industrial IoT (IIoT). Major trends expected during this forecast period include a focus on low-power IoT device design and optimization, the development of modular and scalable IoT platforms, the convergence of IoT with blockchain technology, the rise of digital twin technology in IoT engineering, and an increasing adoption of robotics in IoT applications.

The IoT engineering services market is anticipated to witness growth, propelled by the increasing demand for IoT solutions in smart manufacturing. Smart manufacturing encompasses a range of operations utilizing computer-integrated programs for design, development, monitoring, and manufacturing within easy supply chain functions. In the smart manufacturing departments, IoT solutions automate tasks, enable asset monitoring, manage production tasks, and offer insights into business operations. As per SaM Solutions, a Germany-based software development company, the global value of manufacturing operations integrated with IoT solutions was $3.9 trillion in July 2021, projected to reach $11.1 trillion by 2025. Companies are embracing IoT integration for automating production lines, reducing time and costs associated with manufacturing, thereby driving the growth of the IoT engineering services market.

The IoT engineering services market is expected to experience growth due to the increasing adoption of IoT in healthcare. Healthcare providers seek customized IoT solutions to address patient monitoring, data analysis, and treatment requirements. IoT engineering services play a crucial role in creating tailored solutions, enabling remote patient monitoring, managing vast patient data, integrating IoT devices with existing healthcare infrastructure, and ensuring compliance with healthcare regulations. According to the Centers for Disease Control and Prevention, a US-based government agency, in 2021, 37.0% of adults utilized telemedicine, a healthcare IoT solution. This increasing adoption of IoT in healthcare is a key driver for the growth of the IoT engineering services market.

A notable trend in the IoT engineering services market is technological advancement. Leading market players are investing efforts in innovative technologies such as LoRaWAN, incorporating features like Downlink Queue Management and Network Analyzer to enhance their market position. Amazon. com Inc., a US-based technology company, introduced LoRaWAN technology in January 2022, featuring real-time information and Downlink Queue Management, allowing simultaneous joining of multiple IoT devices and effective communication monitoring.

Major companies in the IoT engineering services market are focused on developing new on-device connectivity software solutions to gain a competitive advantage. On-device connectivity software solutions enable devices to establish and manage network connections, facilitating communication and data exchange without relying solely on external servers. Eseye, a UK-based IoT solutions company, launched AnyNet SMARTconnect in January 2023, an on-device connectivity software solution that reduces development time, improves resilience, and cuts engineering costs. It integrates intelligent global IoT connectivity directly into devices, accelerating time-to-market by up to nine months.

In September 2021, iLink Digital, a US-based software company, acquired Connexis, an Indian-based technologically driven product engineering company specializing in data, IoT, and product engineering. This strategic acquisition enhances iLink's capabilities in experience-led transformation, leveraging Connexis' expertise to drive digital transformation across multiple industries.

Major companies operating in the in the iot engineering services market report are 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.

North America was the largest region in the IoT engineering services market in 2023. 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

The countries covered in the iot engineering services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The IoT engineering services market includes revenues earned by entities by providing services such as Cloud Architecture, Embedded Platform Engineering, Platform migration, Middleware development, Testing and Validation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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