IoT Engineering Services Market Size - By Service Type(Product Engineering, Cloud Engineering, Experience Engineering, Analytics Services, Maintenance Services, Security Engineering), by Vertical(Automotive, Aerospace and Defense, Healthcare, Transportation and Logistics, IT and Telecom, Industrial Manufacturing, Energy and Utilities), by End-user(Small and Medium-sized Enterprises (SMEs), Large Enterprises) & Region - Forecasts 2023 - 2033
- PUBLISHED ON
- 2024-09-27
- NO OF PAGES
- 269
- CATEGORY
- Information Communication & Technology
Global IoT engineering services Market Analysis by Component, Application, End Users, Region and segments forecast till 2033
Market Overview
The IoT engineering services market size is presently valued at USD 29,530 million, and is poised to amplify at a CAGR of 24.5% reaching a value of USD 170,460 million by 2033.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 29,530 Million |
Market Forecast in 2033 | USD 170,460 Million |
CAGR % 2023-2033 | 24.5% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more |
Key Companies | Aricent, Wipro, Capgemini, IBM Corporation, Happiest Minds, Infosys, Cognizant Technology Solutions, Infosys Technologies Pvt. Ltd., Einfochips, Rapidvalue, Tech Mahindra, Prodapt Solutions, Cisco System, Inc., Dell Technologies, Harman International Industries, Tieto Corporation, Virtusa Corporation, Accenture PLC, Luxoft Holding, Inc., EPAM Systems, Inc., NIIT Technologies, and Tata Consultancy Services. |
Global IoT engineering services market- Description
IoT engineering services refers to the utilization of advanced technologies like IoT to establish an efficient connection between all the pivotal entities encompassing an organization. Numerous companies around the world are deploying robots and other automated devices in their production units so as to simplify tasks and make the complete work process safe and less time consuming. The adoption of IoT services enhances the productivity of a firm and also saves cost and time by reducing human labor.
Escalating demand for connected wearables, rapid advancements in the field of artificial intelligence, and widespread digital evolution across the globe is augmenting the industry outlook. Furthermore, increasing requirement for enhanced operational efficient in firms, rise in smart city projects, and growing focus to mitigate risks pertaining to data breaches across organizations are positively swaying the market dynamics. Also, growing government investments to support IoT infrastructure development across various regions along with the rising internet penetration are adding momentum to the overall industry development. On the contrary, dearth of strong internet infrastructure across major economies and rising risks of cyber-attacks are hampering the remuneration scope of this business vertical.
Global IoT engineering services market- Key Trends
· Wide array of benefits offered by IoT services to aid market expansion
The adoption of IoT services aids organizations in reducing the operational costs and enhances productivity. Surge in the deployment of robots and other automated devices has simplified the work process of firms by facilitating efficient communication between all the entities. The automation of various processes has also reduced the need for human labor, which in turn has stimulated the overall market outlook.
· Surge in smart city projects to accelerate market growth
With widespread digital evolution, there has been a steep rise in the number of smart city projects. This in turn has increased the deployment of IoT enabled devices and services in residential buildings, commercial complexes, and other entities. This has accelerated the overall growth of this business sphere.
Global IoT engineering services market- Segmental Analysis
By Service Type
• Product Engineering
o Connected Devices Engineering
§ Mobile application development
§ Protocol and component development
§ Prototype testing and validation
§ System integration
o Software Engineering
• Cloud Engineering
o DevOps Engineering
o Cloud Architecture
o Embedded Platform Engineering
§ Platform migration
§ Middleware development
o Testing and Validation
• Experience Engineering
o User Interface (UI) Design
o Human Machine Interface (HMI) Engineering
o Experience Planning and Assessment
• Analytics Services
• Maintenance Services
• Security Engineering
• Others (data design, and engineering and simulation)
By Vertical
• Automotive
• Aerospace and Defense
• Healthcare
• Transportation and Logistics
• IT and Telecom
• Industrial Manufacturing
• Energy and Utilities
• Others (retail; construction; Banking, Financial Services, and Insurance (BFSI); and agriculture
The automotive segment is expected to amass notable gains over the stipulated timeline ascribing to the growing consumer inclination towards smart vehicles.
By End-User
• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises
The small and medium sized-enterprises segment is slated to capture a high market share owing to the ability of IoT services to enhance operational efficiency and reduce capital costs.
Global IoT engineering services market- Regional Insights
North America, Europe, Middle East & Africa, Latin America, and Asia Pacific are the major regions constituting the geographical landscape of this industry. Among these, North America is poised to generate significant returns over 2023-2033. This is credited to the presence of strong internet infrastructure, rise in smart city products, and growing IoT deployment in sectors such as automotive, finance, and consumer goods, among others.
Global IoT engineering services market- Recent Developments
- In 2020, IBM Corporation announced the launch of its new Watson IoT Platform, which provides a range of tools and services for developing and managing IoT solutions.
- In 2021, Infosys Limited announced a new partnership with Siemens to develop and deliver IoT solutions for the manufacturing industry.
- In 2022, Wipro Limited announced the launch of its new IoT engineering services platform, which includes a range of services such as IoT device management, data analytics, and application development.
Global IoT engineering services market: Key Companies
· Aricent, Wipro
· Capgemini
· IBM Corporation
· Happiest Minds
· Infosys
· Cognizant Technology Solutions
· Infosys Technologies Pvt. Ltd.
· Einfochips
· Rapidvalue
· Tech Mahindra
· Prodapt Solutions
· Cisco System, Inc.
· Dell Technologies
· Harman International Industries
· Tieto Corporation
· Virtusa Corporation
· Accenture PLC
· Luxoft Holding, Inc.
· EPAM Systems, Inc.
· NIIT Technologies
· Tata Consultancy Services.
· Others
Global IoT engineering services market: Regional Scope
North America
· U.S.
· Canada
· Mexico
Europe
· U.K.
· Germany
· France
· Italy
· Spain
· Rest of Europe
Asia Pacific
· China
· India
· Japan
· South Korea
· Australia
· Rest of Asia Pacific
South America
· Brazil
· Argentina
· Rest of South America
Middle East and Africa
· Saudi Arabia
· UAE
· Egypt
· South Africa
· Rest of Middle East and Africa
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1. Global IoT Engineering Services Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. IoT Engineering Services Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years – 2020 to 2021
1.3.2. Projected Data Reporting Years – 2022 to 2033
1.3.3. Reporting Data Parameters – Value (US$ Million)
1.4. Global IoT Engineering Services Market Scope and Market Estimation
1.4.1. Global IoT Engineering Services Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global IoT Engineering Services Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. Global IoT Engineering Services Market Segmentation
1.5.1. Service Type of Global IoT Engineering Services Market
1.5.2. Vertical of Global IoT Engineering Services Market
1.5.3. End-user of Global IoT Engineering Services Market
1.5.4. Key Regions of Global IoT Engineering Services Market
2. Global IoT Engineering Services Market - Executive Summary
2.1. Global IoT Engineering Services Market – Summary & Snapshot
2.2. Global IoT Engineering Services Market, By Service Type (US$ Million)
2.3. Global IoT Engineering Services Market, By Vertical (US$ Million)
2.4. Global IoT Engineering Services Market, By End-user (US$ Million)
2.5. Global IoT Engineering Services Market, By Geography (US$ Million)
2.6. Global IoT Engineering Services Market Outlook & Future Opportunities
3. IoT Engineering Services Market Trends, Outlook, and Factors Analysis
3.1. Global IoT Engineering Services Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global IoT Engineering Services Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. IoT Engineering Services Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. Growing Need for Reduced System Troubleshooting and Enhanced Operational Efficiency
3.2.1.2. Increasing Requirement of Risk Mitigation to Minimize Data Loss
3.2.1.3. Micro Services Driving the Development of Enhanced IoT Applications
3.2.2. Restraints
3.2.2.1. High Initial Upfront Cost in Designing the New IoT Ecosystem Model
3.2.2.2. Varying IoT Standards and Protocols for Interconnectivity and Interoperability
3.2.3. Opportunities
3.2.3.1. Proliferation of IoT Technology Among SMEs
3.2.3.2. Increase in the Number of Smart City Projects
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porter’s Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of IoT Engineering Services Market
3.8. Technological Roadmap
3.9. Key Investment Pockets of IoT Engineering Services Market
3.9.1. By Service Type
3.9.2. By Vertical
3.9.3. By End-user
3.9.4. By Regions
4. Global IoT Engineering Services Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global IoT Engineering Services Market, 2020 – 2021 (US$ Million)
4.2. Global IoT Engineering Services Market, By Service Type, 2020 to 2021 (US$ Million)
4.3. Global IoT Engineering Services Market, By Vertical, 2020 to 2021 (US$ Million)
4.4. Global IoT Engineering Services Market, By End-user, 2020 to 2021 (US$ Million)
4.5. Global IoT Engineering Services Market, By Region, 2020 to 2021 (US$ Million)
5. Global IoT Engineering Services Market Estimates & Forecast Trend Analysis, by Service Type
5.1. Global IoT Engineering Services Market Share (%) Estimates and Forecasts, by Service Type, 2022 & 2033
5.2. Global IoT Engineering Services Market Revenue (US$ Million) Estimates and Forecasts, by Service Type, 2022 to 2033
5.2.1. Product Engineering
5.2.1.1. Connected Devices Engineering
5.2.1.1.1. Mobile application development
5.2.1.1.2. Protocol and component development
5.2.1.1.3. Prototype testing and validation
5.2.1.1.4. System integration
5.2.1.2. Software Engineering
5.2.2. Cloud Engineering
5.2.2.1. DevOps Engineering
5.2.2.2. Cloud Architecture
5.2.2.3. Embedded Platform Engineering
5.2.2.3.1. Platform migration
5.2.2.3.2. Middleware development
5.2.2.4. Testing and Validation
5.2.3. Experience Engineering
5.2.3.1. User Interface (UI) Design
5.2.3.2. Human Machine Interface (HMI) Engineering
5.2.3.3. Experience Planning and Assessment
5.2.4. Analytics Services
5.2.5. Maintenance Services
5.2.6. Security Engineering
5.2.7. Others (data design, and engineering and simulation)
6. Global IoT Engineering Services Market Estimates & Forecast Trend Analysis, by Vertical
6.1. Global IoT Engineering Services Market Share (%) Estimates and Forecasts, by Vertical, 2022 & 2033
6.2. Global IoT Engineering Services Market Revenue (US$ Million) Estimates and Forecasts, by Vertical, 2022 to 2033
6.2.1. Automotive
6.2.2. Aerospace and Defense
6.2.3. Healthcare
6.2.4. Transportation and Logistics
6.2.5. IT and Telecom
6.2.6. Industrial Manufacturing
6.2.7. Energy and Utilities
6.2.8. Others (retail; construction; Banking, Financial Services, and Insurance (BFSI); and agriculture
7. Global IoT Engineering Services Market Estimates & Forecast Trend Analysis, by End-user
7.1. Global IoT Engineering Services Market Share (%) Estimates and Forecasts, by End-user, 2022 & 2033
7.2. Global IoT Engineering Services Market Revenue (US$ Million) Estimates and Forecasts, by End-user, 2022 to 2033
7.2.1. Small and Medium-sized Enterprises (SMEs)
7.2.2. Large Enterprises
8. Global IoT Engineering Services Market Analysis and Forecast, by Region
8.1. Global IoT Engineering Services Market Share (%) Estimates and Forecasts, by Region, 2022 & 2033
8.2. Global IoT Engineering Services Market Revenue (US$ Million) Estimates and Forecasts, by Region, 2022 to 2033
8.2.1. North America
8.2.2. Europe
8.2.3. Asia Pacific
8.2.4. Middle East and Africa
8.2.5. Latin America
9. North America IoT Engineering Services Market: Estimates & Forecast Trend Analysis
9.1. North America IoT Engineering Services Market Assessments & Key Findings
9.2. North America IoT Engineering Services Market Share (%) Estimates and Forecasts, 2022 & 2033
9.3. North America IoT Engineering Services Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
9.3.1. By Service Type
9.3.2. By Vertical
9.3.3. By End-user
9.3.4. By Major Country
9.3.4.1. The U.S.
9.3.4.2. Canada
10. Europe IoT Engineering Services Market: Estimates & Forecast Trend Analysis
10.1. Europe IoT Engineering Services Market Assessments & Key Findings
10.2. Europe IoT Engineering Services Market Share (%) Estimates and Forecasts, 2022 & 2033
10.3. Europe IoT Engineering Services Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
10.3.1. By Service Type
10.3.2. By Vertical
10.3.3. By End-user
10.3.4. By Major Country
10.3.4.1. Germany
10.3.4.2. The U.K.
10.3.4.3. France
10.3.4.4. Italy
10.3.4.5. Spain
10.3.4.6. Rest of Europe (includes all other European countries)
11. Asia Pacific IoT Engineering Services Market: Estimates & Forecast Trend Analysis
11.1. Asia Pacific IoT Engineering Services Market Assessments & Key Findings
11.2. Asia Pacific IoT Engineering Services Market Share (%) Estimates and Forecasts, 2022 & 2033
11.3. Asia Pacific IoT Engineering Services Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
11.3.1. By Service Type
11.3.2. By Vertical
11.3.3. By End-user
11.3.4. By Major Country
11.3.4.1. China
11.3.4.2. Japan
11.3.4.3. India
11.3.4.4. ASEAN
11.3.4.5. South Korea
11.3.4.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
12. Middle East & Africa IoT Engineering Services Market: Estimates & Forecast Trend Analysis
12.1. Middle East & Africa IoT Engineering Services Market Assessments & Key Findings
12.2. Middle East & Africa IoT Engineering Services Market Share (%) Estimates and Forecasts, 2022 & 2033
12.3. Middle East & Africa IoT Engineering Services Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
12.3.1. By Service Service Type
12.3.2. By Vertical
12.3.3. By End-user
12.3.4. By Major Country
12.3.4.1. GCC
12.3.4.2. South Africa
12.3.4.3. Egypt
12.3.4.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
13. Latin America IoT Engineering Services Market: Estimates & Forecast Trend Analysis
13.1. Latin America Market Assessments & Key Findings
13.2. Latin America IoT Engineering Services Market Share (%) Estimates and Forecasts, 2022 & 2033
13.3. Latin America IoT Engineering Services Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
13.3.1. By Service Service Type
13.3.2. By Vertical
13.3.3. By End-user
13.3.4. By Major Country
13.3.4.1. Brazil
13.3.4.2. Mexico
13.3.4.3. Rest of Latin America (includes all other Latin America countries)
14. Competitive Landscape
14.1. IoT Engineering Services Market Revenue Share Analysis (%), by Major Players (2021)
14.2. IoT Engineering Services Market Competition Matrix, by Leading Players
14.3. IoT Engineering Services List of Emerging, Prominent and Leading Players
14.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, etc.
15. Company Profiles
15.1. Tata Consultancy Services
15.1.1. Company Overview & Insights
15.1.2. Financial Performance
15.1.3. Product / Service Portfolio
15.1.4. Geographical Footprint & Share
15.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
15.2. Aricent
15.3. Wipro
15.4. Capgemini
15.5. IBM
15.6. Happiest Minds
15.7. Infosys
15.8. Cognizant Technology Solutions
15.9. Infosys Technologies Pvt. Ltd.
15.10. Einfochips
15.11. Rapidvalue
15.12. Tech Mahindra
15.13. Prodapt Solutions
15.14. Cisco System, Inc.
15.15. Dell Technologies
15.16. Harman International Industries
15.17. Tieto Corporation
15.18. Virtusa Corporation
15.19. Accenture PLC
15.20. Luxoft Holding, Inc.
15.21. EPAM Systems, Inc.
15.22. NIIT Technologies
15.23. Others
16. Assumptions and Research Methodology
16.1. Data Mining
16.2. Secondary Research
16.3. Primary Research
16.4. Subject Matter Expert Advice
16.5. Quality Check
16.6. Final Review
16.7. Data Triangulation
16.8. Bottom-Up Approach
16.9. Top Down Approach
16.10. Research Flow
16.11. Key Insights from Industry Experts
16.12. Data Sources
16.13. Assumptions
16.14. Limitations
17. Conclusions and Recommendations
17.1. Key Research Findings and Conclusion
17.2. Key Insights & Recommendations from AnalystsQuality Assurance Process
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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