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IoT Engineering Services Global market Report 2024 –Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's IoT Engineering Services Global Market Report 2024 –Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UNITED KINGDOM, October 21, 2024 /EINPresswire / -- The iot engineering services market has experienced robust growth in recent years, expanding from the market is projected to grow from $30.9 billion in 2023 to $37.92 billion in 2024, with a compound annual growth rate (CAGR) of 22.7%. This growth during the historic 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 from IoT devices, increasing complexity in IoT solution development, and the rise of industry-specific IoT applications.
What Is The Estimated Market Size Of The Global IoT Engineering Services Market And Its Annual Growth Rate?
The iot engineering services market is projected to continue its strong growth, reaching the market is expected to reach $89.32 billion by 2028, with a compound annual growth rate (CAGR) of 23.9%. This growth during the forecast period can be attributed to the integration of 5G networks for IoT connectivity, the expansion of edge computing within IoT architectures, increased demand for AI and machine learning in IoT solutions, a stronger emphasis on IoT security and privacy measures, and the continued growth in the adoption of industrial IoT (IIoT).
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Growth Driver Of The IoT Engineering Services Market
The increasing demand for IoT solutions in smart manufacturing is expected to drive the growth of the IoT engineering services market in the future. Smart manufacturing encompasses a wide range of operations that utilize computer-integrated programs for design, development, monitoring, and managing supply chain functions. In smart manufacturing environments, IoT solutions automate task performance by enabling and monitoring assets, managing production processes, and providing insights into business operations.
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Which Market Players Are Steering The IoT Engineering Services Market Growth ?
Key players in the market includeTata 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.
What Are The Key Trends That Influence IoT Engineering Services Market Share And Analysis?
Leading companies in the IoT engineering services market are developing new on-device connectivity software solutions to enhance their competitive advantage. On-device connectivity software solutions encompass applications and technologies that allow devices to establish and manage network connections, facilitating communication and data exchange without solely relying on cloud-based or external servers.
How Is The Global IoT Engineering Services Market Segmented?
1) By Service Type: Product Engineering, Cloud Engineering, Experience Engineering, Analytics Services, Maintenance Services, Security Engineering, Other Service Types
2) By Size Of Organization: Small Enterprises, Mid-Size Enterprises, Large Enterprises
3) By End Users: Healthcare, Automotive, Information Technology And Telecom, Building Automation, Agriculture, Public Utility, Retail, Other End Users
Geographical Insights: North America Leading The IoT Engineering Services Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
IoT Engineering Services Market Definition
IoT engineering services encompass a range of design, development, and deployment activities for various IoT devices aimed at assessing and enhancing business performance. These services act as a communication medium across all departments within an organization, helping to automate repetitive tasks and improve operational efficiency and productivity. Organizations utilize IoT engineering services to lower operational and maintenance costs while also enhancing data security.
IoT Engineering Services Global Market Report 2024 from The Business Research Company covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global iot engineering services market report covering trends, opportunities, strategies, and more
The IoT Engineering Services Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on iot engineering services market size, iot engineering services market drivers and trends, iot engineering services market major players and iot engineering services market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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The Business Research Company
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