IoT Engineering Services Market Pegged For Robust Expansion During 2031

 

IoT Engineering Services: Introduction

• IoT engineering services market efficiently connect all the assets of the organization such as people, process, and technology, enabling them to communicate with each other by collecting real-time data, and make the entire process safer and more efficient
• IoT engineering services have ushered in the next level of the industrial revolution. Companies have deployed automation, robots, and advanced machines in their production units, and adoption of IoT engineering services helps control machines easily and reliably.
• In small factories, IoT engineering services make equipment maintenance a smart and cost-effective process. The IoT infrastructure provides real-time data on equipment health, tracks depreciation, and predicts failure before it occurs. This, in turn, increases productivity, saves costs, and enhances operational efficiency.
• The global IoT engineering services market is estimated to expand at a rapid pace during the forecast period, as expanding sectors such as e-commerce, retail, healthcare, manufacturing, logistics, supply chain, government, and utility are adopting IoT technology at a rapid pace 

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Global IoT Engineering Services Market: Dynamics

Global IoT Engineering Services Market: Key Drivers

• Rise in demand for connected wearable devices and increase in investment by governments to promote the development of IoT based infrastructure, such as smart cities, are expected to drive the demand for IoT engineering services during the forecast period
• Advancements in artificial intelligence, 5G, IoT, and digital technologies in various field are estimated to further boost the IoT engineering services market during the forecast period
• Widespread applications of IoT-based services in expanding sectors such as automotive, consumer durable, IT, and telecommunication is expected to boost the IoT engineering services market during the forecast period
• Rising number of smart city projects and the deployment of IoT-enabled building management systems (BMS) in residential buildings, shopping malls, and commercial buildings, which make buildings more efficient and sensor generated data improves the user experience in buildings, is expected to increase the demand for IoT engineering services during the forecast period
• However, lack of strong internet infrastructure is a major obstacle for connecting IoT devices and rising risk of cyber-attacks are expected to hamper the market during the forecast period

Impact of COVID-19 on Global IoT Engineering Services Market

• Increase in cases of COVID-19 across the globe is resulting in global lockdown, and the demand of IoT products and services declined because organizations across the world reduced their infrastructure expenses. Customers are working from home and spending a significant time at home; however, it seems they are not going out and buying personal IoT devices. Thus, COVID-19 has had a negative impact in terms of adoption of IoT engineering services.

North America to Hold Major Share of Global IoT Engineering Services Market

• In terms of region, the global IoT engineering services market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
• North America dominated the global IoT engineering services market. The U.S. holds a prominent share of the IoT engineering services market due to its strong connectivity infrastructure to support IoT devices and increasing adoption of AI, machine learning, IoT in the commercial and utility sectors in the region.
• The IoT engineering services market in Asia Pacific is projected to expand at a rapid pace during the forecast period. In India, Japan, and China, increasing government investment in smart cities and Industry 4.0 projects has propelled the demand for IoT based services in Asia Pacific, which in turn is projected to fuel the demand for IoT engineering services.

Global IoT Engineering Services Market: Competition Landscape

In India, retailers are aggressively investing to build IoT and cloud infrastructures. In August 2019, Reliance Jio announced a strategic partnership with Microsoft Corporation to strengthen its IoT, Al, and cloud infrastructure in order to improve operational efficiency and customer experience.

Key Players Operating in Global IoT Engineering Services Market Include:

• Cisco System, Inc.
• Dell Technologies
• Tata Consultancy Services
• Cognizant Technology Solutions
• Infosys Technologies Pvt. Ltd.
• Harman International Industries
• Tech Mahindra
• Tieto Corporation
• Virtusa Corporation
• Accenture PLC
• Luxoft Holding, Inc
• EPAM Systems, Inc
• NIIT Technologies

Global IoT Engineering Services Market: Research Scope

Global IoT Engineering Services Market, by Application

• Product engineering
• Cloud engineering
• Experience engineering
• Analytics services
• Maintenance services
• Security engineering
• Others

Global IoT Engineering Services Market, by Size of organization

• Small enterprises
• Mid-size enterprises
• Large enterprises

Global IoT Engineering Services Market, by Application

• Healthcare
• Automobile
• IT & Telecommunication
• Building automation
• Agriculture
• Public utility
• Retail
• Others

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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

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